Seen at Billy Beck’s:
“Der Spiegel wrote that the IMF had ‘informed’ Federal Reserve chairman Ben Bernanke of plans that would have been unheard of in the past: a general examination of the US financial system. The IMF’s board of directors has ruled that a so-called Financial Sector Assessment Program is to be carried out in the US.
This, Der Spiegel wrote, ‘is nothing less than an X-ray of the entire US financial system’, adding that ‘no Fed chief in US history has been forced to submit to the kind of humiliation that Ben Bernanke is facing’
Few things: Fed Reserve isn’t looking too credible to the international community. Of course, being American, we could give a crap less about the international community. If we cared what the international community thought, we’d be metric. However, these foreigners own a lot of our debt. property, businesses, etc. So, this one won’t just slide by.
And this is fantastic: Der Spiegel reports that the IMF is threatening to seriously study the accounts of America, something President George Bush is determined to prevent at least while he is in the White House, informing the IMF that it can begin its investigation but cannot complete it until he leaves office.
And they blame the media: Part of the problem is the US media, which has for so long pretended that all is or soon will be well, a bottom is near, a recovery awaits in the second half of the financial year that will sweep away all problems, sown over decades, in a new expansion, a cycle that is ordained to come. The latest fantasy is that with the quarter’s end, new profit figures will invigorate the bull, which will seed fertility.
Our media isn’t that good at economics. I mean, those retards think taxing windfall profits of oil companies is a good idea.
Read the whole thing here.