The IMF (International Monetary Fund) is responsible by statute for the monitoring of the international monetary system. Approximately two thirds of the IMF members had this painful procedure already. Some poor countries had it many times. The USA have never been analyzed or investigated.
The Article I am referring to, was published about 6 weeks ago in a German Magazine "Der Spiegel". Since then I was searching for a reprint or any mentioning anywhere in an English Paper or News Wire.
So please, if this is old News let me know and I'll delete this diary.
The link to the original article (in German) can be found here:
http://www.spiegel.de/...
I translated only the main parts. I am not a professional translator and English is my second language.
This is my first diary. Please be gentle:-)
I volunteered at the DNC Convention in Denver. Being a Democrat for almost 35 years, I have never experienced a united Democratic Party as it is now.
I live since 2 years in Morgan County, CO.
I will do everything in my, in our power to get Barack Obama/Joe Biden elected as the next President and VP of the Untited States Of America!
More below the fold:
IMF investigates US financial system
Humiliating for Mr. Dollar: Chairman of the Federal Reserve Ben Bernanke had to agree to a general investigation by the International Monetary Fund. The entire financial system of the country is examined for its fitness - a procedure unique for the USA.
No central bank head of American history had to let itself be humiliated in such a manner like Ben Bernanke.
Partially is because of the circumstances: The inflation rises and rises, in the annual average over 4%. But Mr. Dollar is also Mr. Powerless. In addition, he can raise the interest in the autumn, or he can pray, which would be probably better. Because by praying at least the growth of the U.S. economy is not strangled, which in case of higher interest would be more likely.
A further inconvenience for Mr. Dollar, which will show its effect in some months. Officials at the International Monetary Fund (IMF) announced somethimg, which is enormous - just the signal alone: A general investigation of the US financial system. They can present a resolution in the executive committee of the IMF, on which in black and white it certifies that in the USA a so-called Financial second gate Assessment Program (FSAP) is accomplished. That is not anything smaller than a X-Ray of the entire US financial system.
The IMF is responsible by statute for the monitoring of the international monetary system. Approximately two thirds of the IMF members had this painful procedure already. The USA never.
George W. Bush refused for seven years. Still the agreement in the executive committee of the IMF was achieved only under some conditions. The investigation may be started in the last year in office by Bush (2008), but be published only after his exit from the White House.
That is very unpleasant for the bank president.
When the final report is presented with the risks of the US financial system it will draw world-wide attention, of all today's responsible persons, only one still in office will be: Ben Bernanke.
By then two new sheriffs will be in town!
As David Letterman said about John McCain - I paraphrase: "Let's retire a hero and put up a Statue!"