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Thread: IMF Prepares For Global Cataclysm, Expands Backup Rescue Facility By Half A Trillion

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    Default IMF Prepares For Global Cataclysm, Expands Backup Rescue Facility By Half A Trillion.

    Reported by ZeroHedge this evening:
    And all the pundits thought that the IMF would be on the hook for just €10 billion... The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion. The current lending participant group of 26 entities will be increased by 13 new members all of whom will contribute token amount of capital to the NAB. The one country most on the hook in the new and revised NAB - the United States of America, will provide over $105 billion in total commitments, or 20% of the total facility. The US is currently on the hook for just $10 billion, meaning its participation in global bail outs just increased by $95 billion. And the bulk of these bailouts will certainly be located across the Atlantic. What is most troublesome is the massive expansion of the NAR. If the IMF believes that over half a trillion in short-term funding is needed imminently, is all hell about to break loose.
    More at: IMF Prepares For Global Cataclysm, Expands Backup Rescue Facility By Half A Trillion For "Contribution To Global Financial Stability".

    Notice at the link that the BRIC nations have now joined those "funding" the IMF, with China third only to Japan and the U.S. in amount of support.

    I remain convinced that:

    • The current big bubble is U.S. Treasuries.
    • The next big bubble is IMF paper.

    I also expect that the transition from the Treasury bubble to the IMF bubble will coincide with a loss of reserve status for the U.S. Dollar and with some stressful event(s) on the American home front, in order to drive us into going along with this through fear. America will get a taste of an IMF austerity program before this is over.

    The Treasury bubble has been abuilding over the last 30 years, underlying various shorter lived bubbles. The IMF bubble could be similarly long lived.
    Last edited by ThePythonicCow; 04-28-10 at 02:41 PM. Reason: testing title edit
    Most folks are good; a few aren't.

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