Brown prepares the case for an increase in IMF resources. By appealing to oil producing countries and naming a figure for the first time, he is preparing the ground for a scenario in which the total capitalisation of the IMF as the reserve bank of the world will be increased 1) by direct contributions 2) by an associated issue of extra credit in a seemly ratio. Either way it will be consoldidated as the world reserve bank.
Chris Burford Nov 2 Reuters http://www.reuters.com/article/newsOne/idUSTRE49N5VU20081102 "Brown, whose struggling premiership has been boosted by his leadership in the financial panic, wants the IMF's 250 billion dollar bailout fund for affected countries to be extended to prevent "contagion" elsewhere. He has not previously indicated the amount of cash by which he believes the IMF, which is set to bail out Hungary, Ukraine and Iceland, needs to boost its coffers. "If we are to stop the spread of the financial crisis, we need a better global insurance policy to help distressed economies," he said. "That is why I have called for more resources available for the IMF -- hundreds of billions (of) dollars on top of the 250 billion they already have available -- to lend to those countries at risk of financial collapse. "The oil producing countries, who have generated over one trillion dollars from higher oil prices in recent years, are in a position to contribute." _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
