Incompetents at the IMF

The IMF has a new set of studies out that warn the United States and other developed countries about their deficits and growing debt burdens. This raises the obvious question of why on earth do IMF economists still have jobs?

Just to remind everyone, the reason that we have 9.5 percent unemployment and the reason that the United States and other wealthy countries are running large deficits is that we had a huge housing bubble that burst and sank the economy. The boys and girls at the IMF somehow could not see this $8 trillion housing bubble. They thought everything was just fine back in 2002-2007.

This was not a minor mistake. It was an act of astounding incompetence with disastrous results.

Webmaster's Commentary: 

It was not incompetence; it was intentional. Like all banks, the IMF survives and prospers on the debts imposed on the general population. If the people are able to get out of debt, the bankers start to starve. The IMF ignored the housing bubble because that bubble lured America deeper into debt to pay for those higher housing prices, which creates more wealth for the bankers.

Make no mistake, despite all the whining and wailing about defaults, the Reserve banks and IMF have never had so much cash coming in the door. Their "losses" are that they are not getting all the money owed to them, simply because under the system of total global usury, the money owed to them as a bookkeeping entry never existed in the real world. Though they may cry "victim", the bankers are anything but!

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