Global Shell Game

May 4, 2010

Okay, so I’m reading more about Greece’s little debt problem and a light begins to go on… like the largest contributor to the IMF is Mr. & Mrs. American Taxpayer. Yes, you got it – the US contributes nearly 20% of total commitments to their coffers and the next highest country is Japan at 6%.

Crap… so when you hear the IMF is rescuing another country think 1 out of ever 5 dollars coming from your own pocket.

Next up – check out this item in the Wikipedia article describing the IMF:

In 2008, faced with a shortfall in revenue, the International Monetary Fund’s executive board agreed to sell part of the IMF’s gold reserves. On April 27, 2008, IMF Managing Director Dominique Strauss-Kahn welcomed the board’s decision of April 7, 2008 to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals.

Now give them credit… their deficits aren’t described with the word “billions”, but still – they’re broke too!

Whiskey Tango Foxtrot. The whole freakin world is bankrupt yet we’re still running around making loans to prop the whole mess up… it’s a global shell game!


Greek Riots vs. Solutions

May 3, 2010

Greece crisis fallout: Will Greeks step up riots over austerity measures? –

So you’re a Greek citizen working for the government and you see everyone making a fuss about having to bail out your country… and also see your salary decreased along with reductions in your retirement package.

And the proper reaction is to hit the streets and riot… so how’s that gonna fix the problem?

Key issues according to the above article:

The problems that brought Greece to the edge of this precipice are not new. The country’s culture of corruption and nepotism, its bloated state and its faulty statistics are the work of decades.

Eventually we all have to kneel before the truth.