Wednesday March 26th news on IMF reforms
Post From KTFA by Memphis » March 26th, 2014, 8:10 pm •
Memphis note: About 24 hrs ago I promised some posts before the day's end. As I got into the press releases from Wednesday it seemed important to delay those posts and speak to the news of the week…yet again.
This post is rather long but has an important message for those with interest:
As expected, this week is not without it's drama. We are seeing much crazy and conflicting press regarding our Senate's proceedings (this alone should draw our attention), what does it all mean?
What's really going on here? Or to take a step backwards, is there even something going on?
This post will speak to these questions and bring to the surface what's REALLY taking place in these news articles.
Today we have witnessed repeated evidence that the debate is being framed for us. We are being fed a steady, consistent diet of what constitutes yet another example of the Hegelian Dialectic as we witness the "problem" being prominently displayed while others are calling out for the solution, the "higher truth".
I encourage everyone to review this important topic as taking this time to review prior to this post will frame our thinking:
link to: the Hegelian Dialectic - A Key to Everything
OK, everyone back? Let's talk about today's "news"…. In reading these articles things began to jump out at me. The public is being given clear evidence that:
A) a solution is NEEDED and;
B) the IMF is the solution to all our ills.
Even as this message is being put forward, we are also being reminded of what the problem is and just how big, how urgent it is. The media is being fully compliant, the politicians are reading from the script and things are playing out exactly as we have been studying.
It gets frustrating when we come across new thoughts/ideas/information as it forces us to STOP and reflect. The point is that regardless of how much we know or don't know, it is important to understand a thing before moving on and if the answer seems illusive?
That's ok too, simply file it away in your "questions box" and eventually? It will get answered and sometimes from a most unlikely direction. At times we will even discover that a thing that we thought we understood needed some adjustment.
It's a journey and like all such discussions we cannot skip to the end and walk away with any quick answers. It's just how this stuff works as it requires time and study.
Some of you are three steps ahead of me in this post while others are reading with interest and so I will highlight many items in these articles that caught my eye for the benefit of those who have further interest in how we might read news with more discernment and thus walk away leaving the fluff behind and clinging only to those things that truly have... value. Blessings, Memphis
Memphis: In this 1st article we see a clear message that the IMF is waiting with arms outstretched to assist in any way to "make this happen". In so doing, we have been given the solution without any voice of dissent asking the hard questions that should precede.
Even the title has a message! We read article after article that speaks to the aid package for Ukraine with little or no reference to the IMF 2010 Code of Reforms and certainly NEVER any use of the word "Governance". Are the gloves now coming off?
by JJONESMX » March 26th, 2014, 4:50 pm • [Post 336]
Statement by IMF Managing Director Christine Lagarde on IMF Quota and Governance Reforms
March 25, 2014
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today after reports that the U.S. Congress had not adopted a measure necessary for the U.S. to ratify the 2010 Quota and Governance Reforms:
“I am utterly disappointed that the necessary legislative steps have not been taken by the U.S. Congress to allow these important reforms to be implemented without further delay. These reforms would both strengthen the IMF’s capacity to respond to our members’ needs and help to make its governance more representative of our dynamic membership.
“I will personally continue to work together with my management colleagues and staff to support completion of the reforms by the membership and hope that the U.S. authorities will give it the high priority that it deserves.”
Without ratification by the U.S., the 2010 Quota and Governance Reforms cannot become effective.
[[Memphis note: The last sentence AGAIN presumes that all intelligent debate has led us to this point and that these 2010 reforms are the only option that stood the test of time. It is the only choice being offered.
I remain of the opinion that there is a script being followed regarding this issue and that all the characters have their line memorized to perfection. Christine is "...utterly disappointed…"]]
Memphis: a member's thoughts that are reflective of many many people trying to follow this all important topic:
by edwww » March 26th, 2014, 2:39 pm • [Post 289]
A statement was made last night the senate was told to shut up about the reform but yet chairman Menendez talks all about it today also said we retain our veto vote so whats is it ???? what really happened???
[[Memphisnote: as I stated Tuesday, the world's centralized system of monetary control is now itself becoming centralized (at a higher level) and the extreme level of debt held by all nations is the perfect opportunity to implement.
Think all this was pure accident? Folks this is a prime example of where I draw my confidence. The acceleration of America's debt in recent years paired with that of all other nations?
There is a playbook being followed here and as Nova stated so well Tuesday, we can L@@K at their playbook (over their shoulder) and then make thoughtful plans or we can pretend that no such playbook exists and then simply react as we see things all around us…changing.]]
by hawger03 » March 26th, 2014, 3:03 pm • [Post 308]
...IMO It becomes increasingly evident that the path that we are being led down by the IMF is exactly as Mr. Collins has predicted in our studies with Memphis. It seems the procedure to relinquish control over monetary policy is being done through IMF financial rescues….It seems counterproductive in linear thinking but don't be surprised when the IMF comes to bail the US out and installs the very same provisions on us. Our national debt is the noose around our necks!
[[Memphis note: As stated here, I do not accept that all the sudden crisis of Ukraine is real crisis. This nation is being manipulated and harvested as they also provide a platform for other discussions to be…leveraged.
For example, shall we conclude that it was mere coincidence that this past week we read press about China/Russia's massive gas deal and India/Russia's great desire to do likewise?]]
by The Snod » March 26th, 2014, 3:11 pm • [Post 314] It does make one wonder if China and Russia's strengthened relationship is emboldening them to throw off the yoke, or leverage the negotiation's more in their favor because of our QE nonsense...........Shades of Hegelian Dialectic, perhaps.........
by hawger03 » March 26th, 2014, 3:29 pm • [Post 320 Yes Snod......You are spot on regarding the Hegelian Dialectic.
I do believe that the countries who have made suggestions that had merit but were squashed by the US veto power will bring those same requests to the table for approval. If the US was not leveraged so much by the continual printing of money and fiscal irresponsibility, we wouldn't be in this position.
We really have only two choices.....submit to the IMF and allow for a more gradual decrease in the dollar value or continue to play the money shuffle game and see it all come crashing down at once.
The former would be my choice as I really don't want to see mass hysteria, marshal law and military vehicles and troops coming down main street.......IMO!
[[Memphis note: My only added thought (not subtracting anything) is that the choice, the fork in the road, has already been decided and we are simply waiting for the evidence.]]
[[Memphis note: this article is long but important in the discussion. To avoid getting lost in my attempt to add comments it is important to remember that all words in [brackets] have been added by me.]]
by Waiting3 » March 26th, 2014, 2:03 pm • [Post 284]
[[Memphis note: speaking of "reading from the script"? This article oozes scripting. I found indignation rising inside as I studied this article. It is likely that you will too.]]
Home >Press Room >Chairman's Press
CHAIRMAN MENENDEZ REMARKS ON SENATE UKRAINE LEGISLATION AND IMF REFORM
Tuesday, March 25, 2014
WASHINGTON, DC – U.S. Sen. Robert Menendez (D-NJ), Chairman of the Senate Foreign Relations Committee, delivered the below statement, as prepared for delivery, on the Senate Floor regarding the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 and IMF reform.
“M. President, I rise to express my robust concern about Russia’s actions and the continuing escalation of tensions in Central and Eastern Europe.
Even with Ukrainian troops leaving Crimea, Russia continues to extort Ukraine – disavowing an agreement on gas prices that was part of a bilateral agreement allowing Russia to lease the Black Sea port in Crimea for its fleet.
Russia is now arguing that it not only no longer has to provide the discounted gas – because it illegally seized the port -- but that it also must be paid back $11 Billion for prior discounts.
“And at the same time, Russia has amassed more than 100,000 troops at Ukraine’s border, in addition to 23,000 troops in Crimea, making clear the threat of an out-right invasion of Ukraine and possible a portion of Moldova.
“Putin is watching to see what we’ll do – to see if we’ll have the resolve to act or if he has a green-light to take the next step.
“I believe we need to act now, this week.
“So although I also believe that our response to Russia’s annexation of Crimea should include IMF reforms – to strengthen the assistance package for Ukraine and strengthen U.S. global leadership, I recognize that us being able to move that package this week is unlikely.
“The House Republican leadership has proven itself intransigent on IMF Reform and we all know why -- trying to link support for IMF reforms on of C-4 political committees that may have violated campaign finance laws -- and may have individuals who illegally use them to influence federal elections is outrageous.
[[Memphis note: The evidence of freedom of speech being suppressed is not lacking despite Mr. Menendez implications to the contrary. Perhaps he should qualify some of his many attempts to "link" events without evidence? Notice his outrage in the next sentence:]]
“I cannot believe House Republicans will not put national security interests above their partisan political interest... Politics clearly don’t stop at the water’s edge on this issue.
[[Memphis note: No sir, they clearly do not….]]
“So while I'm not happy about it, I believe we need to move forward on a bill today that sends the necessary message of support to Ukraine and resolve to Russia.
“But let us take that step, but realize that it’s the IMF that is leading the effort to stabilize Ukraine’s fragile economy.
“Congressional ratification of the 2010 IMF reforms would increase IMF emergency funding to Ukraine by up to 60%, and provide an additional $6 billion for longer-term support, setting an important marker for other donors such as the EU and World Bank.
[[Memphis note: SO disingenuous here!! Let's back up and ask a rather obvious question here. Cannot the IMF provide assistance to Ukraine (since we all want to do the right thing here) and do so at what ever level desired? No?
It must be preceded by passing your reforms in the US Congress?
Let's get back to the article as he makes all things "clear" for us (his word not mine) as I propose that his language is more vague in nature.]]
“Let’s be clear about what IMF would do.
“The IMF is strengthened at no cost to U.S. finances or influence.
“The United States retains its Executive Board seat and sole veto power at no net cost, since the $63 billion increase in U.S. quota would be fully offset by an equivalent decrease to a separate emergency facility.
“Other countries, however, would put in new money -- increasing IMF lending power.
“The fact is -- it would be a pure win for the United States!
“We would fully have paid for the $315 million budget impact of the bill, with real cuts and from funds that were underperforming or no longer needed.
[[Memphis note: got your boots on? We need to pass these reforms to prevent war! I had no idea...]]
“Given that the IMF helps to stabilize countries, often precluding future need for military action, the relatively minor cost would have paid back many times over.
“I repeat what I have said before: [that's what repeating is sir but I digress...]
This should not be a partisan issue: [despite my earlier attack on republicans as I called their allegiance to America in question]
Presidents Reagan, Clinton, and both Presidents Bush backed legislation to increase IMF resources – and Reagan called the IMF “the linchpin of the international financial system.”
“In a letter to House and Senate leadership last week, members of the Bretton Woods Committee wrote that “Implementing the IMF quota reforms…bolsters our leadership in the fund….” and provides the U.S. with “leverage to continue to preserve our national security and economic interests abroad.”
[[Memphis note: recall that we have studied this memo to Congress from Bretton Woods. I don't recall the language being quite worded as he quotes it here tho.]]
“Let me tell you some of the folks that signed that letter: Madeleine Albright, Former, Secretary James Baker, Zbigniew Brzezinksi, William Cohen, Stephen Hadley, Henry Kissinger, Tom Ridge, Condoleeza Rice, Clayton Yeutter, Robert Zoellick, Lee Hamilton, Brent Scowcroft, Paul O’Neill, Frank Carlucci, Robert Rubin, Larry Summers, John Snow, Henry Paulson
“Let me be very clear: Opponents argue the IMF reforms provide no added relief to Ukraine, so are superfluous to the bill.
“This argument is patently false.
“The 2010 IMF reforms strengthen the IMF – that’s why they were done!
[[Memphis note: again sir, disingenuous at best. The eastern nations demand more voice, more power in the world's financial decisions and they are being given it. This is speaking to the governance issue of the reforms. Do we REALLY believe that this shift to favor eastern nations will go "so far" and no farther? Such a position ignores the realities of the world.]]
“By increasing Ukraine’s quota, the reforms increase available short-term lending from $1 billion to $1.6 billion, and longer-term resources the IMF can leverage for Ukraine go up by $6 billion.
[[Memphis note: In this following sentence "clarity" seems illusive. Can anyone explain this to the rest of us?]]
“It also strengthens our ability to shape an IMF support package for Ukraine.
“Critics say IMF reforms undermine U.S. influence and increase Russia’s influence in the IMF.
“We remain the largest IMF shareholder, we are guaranteed our Executive Board seat, and we will continue as the only country with veto power over major IMF decisions.
[[Memphis note: the above suggestion makes me ill guys. I am reminded of Nancy telling all of America to just pass the thing (health care) so that we can find out what's in it.
Thru our recent studies? We KNOW better and DO NOT think they have told you everything in advance as the IMF has told us that they: "…reserve the right to withhold market sensitive information." I therefore submit that his following statement is a short term reality only.
Long term, the governance WILL shift further and the US voting share WILL diminish. If you doubt this then you have not been coming to class.]]
“Meanwhile the reforms rationalize the voting structure of the IMF to increase buy-in of dynamic emerging economies in a way that ensures continued U.S. leadership in a more relevant international institution.
On the other side, the reforms matter little to Russia, which already has a board seat and sees its voting share increase marginally.
[[Memphis note: Russia's actions of late do not line up with his above assessment. If ours was not a Christian forum? There is a clear reply that could be made to his statement.
In this next sentence that I have heard no one making! Hegelian Dialectic in it's full glory as we are diverted, distracted just enough to allow the debate to be re-framed.]]
“They say IMF reforms cost American taxpayers billions and put taxpayer money at risk.
“There is no cost to American taxpayers – the reforms included in the Senate Ukraine bill preserve U.S. leadership and veto position in the IMF without increasing our financial commitment to the IMF. The IMF is the most solvent financial institution in the world and the risk of IMF default is de minimis.
“We would have fully paid for the $315 million budget impact of the IMF reforms with real cuts and from funds that were underperforming or no longer needed.
“The failure to strengthen the IMF to support Ukraine and other unforeseen crises around the world will endanger this system we have so painstakingly built, and it shouldn’t need arguing that fragmentation of global economic governance is not in our national interest!
“The fact is, M. President, IMF reform combined with the aid package for Ukraine, would send a clear and unambiguous message to the world that the annexation of Crimea will not stand.” [One word: "WOW"]
[yes Waiting, I caught the baseball bat..nice.]
Comments may be made at the end of Part 2 Thank You