Worst of financial crisis yet to come: IMF chief economist

[transdimensional]

Worst of financial crisis yet to come: IMF chief economist

AFP via France24.com
Sunday, November 23, 2008 - 00:20


The IMF's chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.

Olivier Blanchard also warned that the institution does not have the funds to solve every economic problem.

"The worst is yet to come," Blanchard said in an interview with the Finanz und Wirtschaft newspaper, adding that "a lot of time is needed before the situation becomes normal."

He said economic growth would not kick in until 2010 and it will take another year before the global financial situation became normal again.

The International Monetary Fund on Friday promised to help Latvia deal with its economic crisis after it assisted Iceland, Hungary, Ukraine, Serbia and Pakistan.

But Blanchard said the IMF was not able to solve all financial issues, in particular problems of liquidity.

Withdrawals of capital leading to problems of liquidity "can be so significant that the IMF alone cannot counter them," he said, adding that massive withdrawals of investments from emerging countries could represent "hundreds of billions of dollars.

"We do not have this money. We never had it," he said.

The IMF had spent a fifth of its 250 billion dollar (200 billion euro) fund in the last two weeks, Blanchard added.

He also urged central banks around the world to cut interest rates, after the Swiss National Bank made a surprise one percentage point rate cut Thursday.

The central banks "should lower interest rates to as close to zero as possible," he said.

source: France24.com

 

[Ruth]

The post above is from 2008. Well it appears "the worst" has finally arrived.....

 

[Joe]

Well it appears "the worst" has finally arrived.....

Explainer for video. Property developer is sounding the alarm on property values in Texas being artificially inflated by the local govt. in order to charge more property tax from home-owners and then be able to claim that they haven't raised taxes. They do this on about 30% of properties to avoid being called out on it. Guests suggest that it's happening across the USA.

 

[happyliza]

Explainer for video. Property developer is sounding the alarm on property values in Texas being artificially inflated by the local govt. in order to charge more property tax from home-owners and then be able to claim that they haven't raised taxes. They do this on about 30% of properties to avoid being called out on it. Guests suggest that it's happening across the USA.

Another ploy they are doing here in TRNC is in the Famagusta area the land registry is purposefully over estimating the property value by 30% to get in more taxes of 12%. Retrospectively too. No matter when it was bought. As many developers not only fail to provide the title deed on sale completion, but charge up to £30k to even hand it over before the inflated taxes are paid. So most pensioners have no chance of paying this. In which case the Gov will soon declare all such sales contracts null and void. With NO compensation!

 

[Jim Daniels]

...in order to charge more property tax from home-owners and then be able to claim that they haven't raised taxes. They do this on about 30% of properties to avoid being called out on it.

I own 2 houses in Texas and can confirm this is true. It's about 30% over.

Each local County Tax Assessor decides how much padding to build into their valuations, based upon how much fraud they think their local cattle will tolerate. Small Cities also do this on their School Tax valuations.

They also do this with vehicles. I buy and sell BMW Motorcycles. The vehicle valuations I pay taxes upon are always around 30% higher than what the bikes are actually selling for.

Fraud and dishonesty are saturating every crevice of society because Technology made it possible. In the past, the small margins, data measurement, and the necessary accounting were too expensive to make the fraud worthwhile. Computerization made it cheap enough to engage in.

Examples: cell phone plans, extended warranties, health insurance, cheap junk on Amazon, telemarketing, auto insurance, et al.

Thank you Ruth for the video. I made an audio-only .mp3 file of it so I can listen later on my phone while I mow my yard. Available for 2 weeks here... (31 MB)

xr3xb5xm64ux

send.cm

 

[Luis Miguel]

In this interview, Witnery Webb examines the looming economic crisis in the United States, expressing apprehensions about the role of BlackRock and the potential shift towards programmable currencies, including Central Bank Digital Currencies (CBDCs). It underscores the historical dependence of both Republican and Democratic administrations on BlackRock's expertise during financial emergencies and cautions against policies that may threaten individual liberties.

At some point you can see that there's confusion about the bottomless greed and hunger for control of the globalist elites, they try to rationalize it in many unsatisfactory ways, but Political Ponerology could clear that up for them pretty fast.

There's also the discussion about creating self-sufficient communities with like-minded people who have useful skills, and investing in blockchain tokens tied to real estate - I'm reading about that because I didn't understand how it works. But better to invest in things that are more tangible and useful, I think.

Highlights:

The Looming Economic Crisis

The forthcoming U.S. president is anticipated to confront a government debt crisis, raising concerns about the reactions from either political party. The historical dependence on financial entities like BlackRock is a cause for alarm.

BlackRock's pivotal involvement in previous economic downturns, particularly during the COVID-19 pandemic, illustrates their growing sway over fiscal policy, irrespective of the ruling political party.

The agenda of BlackRock appears to focus on the centralization of wealth and authority, which will diminish the freedom of the average American. Executives from BlackRock are prominent in the economic teams of both major political parties.

The historical engagement of BlackRock in crucial economic policies highlights the challenges associated with relying on private asset management firms during periods of economic turmoil.

Digital Currencies and Financial Oversight
In anticipation of a future economic crisis, there is a push for programmable and surveillable currencies, whether through CBDCs or stablecoins, which could jeopardize financial privacy.

Governments' control over digital currencies may enable them to impose limitations on how individuals utilize their funds, thereby undermining financial autonomy.

Societal Consequences (Digital totalitarianism)

Current governmental strategies in response to crises frequently result in heightened surveillance and diminished freedoms for citizens. The speaker emphasizes the necessity of remaining vigilant regarding governmental actions amid economic instability.

The suggested digital identification systems could limit access to essential needs and services, which are presented as measures for safety.

Preparing for Future Crises
It is recommended that individuals cultivate self-sufficiency skills, foster resilient communities, and minimize reliance on major technology firms that are linked to government surveillance. Webb highlights the importance of mental preparedness and readiness, as well as the necessity of having contingency plans in case of societal or economic disruptions.

Evaluating Government Power
The interplay between organized crime and governmental authority raises significant concerns regarding power dynamics and accountability. The potential influence of intelligence agencies on domestic policies is particularly emphasized.

The advocacy for new regulations on technology may result in limitations on free speech and privacy, posing a substantial threat to civil liberties.

Conclusion and Future Outlook
The path forward in the coming years remains unpredictable; however, it is crucial to foresee and counteract the encroachment of digital surveillance and the erosion of personal autonomy.

In conclusion, a strong community and individual preparedness will be vital for navigating a future fraught with economic and governmental challenges.

 

[Jim Daniels]

There's also the discussion about creating self-sufficient communities with like-minded people who have useful skills, and investing in blockchain tokens tied to real estate - I'm reading about that because I didn't understand how it works. But better to invest in things that are more tangible and useful, I think.

My Cousin is building a self-sufficient community near Flagstaff, AZ.

I donated money to buy entry there in case I ever need it. I think everyone should have a Plan B for when things go sideways.

Whitney Webb has very good videos on how Elites will use crypto-currencies to tokenize every asset on this planet. Luis I hope you subscribe to her podcast and her video interviews.

Elites want to tokenize everything because it makes hard assets like land, gold, and human resources much easier to run scams on.

I contend crypto-currencies are like guns. You will eventually need to learn to use them. Saying "I refuse to own a gun because I don't like them" is irresponsible and negligent in the violent craphole where I live (Houston, TX). Crypto will soon be the same way, world-wide.