Ouch.

I, for one, am looking forward to $400/barrel of oil if that ever happens.

Assuming, of course, the IMF has any credibility of its own.

We are seriously hosed.

Serves them right.

As always, should you or any member of the IMF be caught or killed, the Secretary will disavow any knowledge of your actions.

Reagan deregulation did not go far enough. We need utter and total laissez-faire deregulation. The free market is an algorithm that's several orders of magnitude smarter than the combined and individual intelligence of humans, and it will automatically find solutions that benefit the most people.

.

DistendedPendulusFrenulum:Reagan deregulation did not go far enough. We need utter and total laissez-faire deregulation. The free market is an algorithm that's several orders of magnitude smarter than the combined and individual intelligence of humans, and it will automatically find solutions that benefit the most people.

10/10

Very well done.

Since the Federal Reserve Bank is a private bank, does the IMF have any sway over them?

NewportBarGuy:

As a denizen of Lower Manhattan during the early eighties, I was steeped in it

.

Well, looks like Ron Paul might be right on 2 fronts
• The Fed is teh suck
• A return to a Middle ages economy and a Gold Standard?

Plus



/Most of us people, through human history, have been peasants a lot longer than we have been middle class Americans with sovereignty. The rest of the time its been some ass-bag hereditary ruler with that important power. On this 4th of July, its important to reflect on this rare moment in human history, where We the People have sovereignty.

one more



Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.

ummmm
the IMF has been trying to do an audit for years
been blocked by bush
NOW they can audit, as long as the results come out after he is out of office ... go figure ....

crook and liars ....

/sigh

DistendedPendulusFrenulum:Reagan deregulation did not go far enough. We need utter and total laissez-faire deregulation. The free market is an algorithm that's several orders of magnitude smarter than the combined and individual intelligence of humans, and it will automatically find solutions that benefit the most people.

.

so how is that free market helping in the oil futures market?
how did it help in the energy market in california?

yup free markets work, right up until the point of monopoly/oligarchy
and then it all falls apart

/sigh

I wonder what will happen if they reveal the M3 money supply number.

Pocyclypse?

If only there had been some presidential candidate that spoke of things such as sound monetary policy, railed against the Federal Reserve, actually knew about things such as the M3, and tried to enlighten Americans in regards to our failed economic policy.

If only...

namatad:

/sigh

Did you like that?

Nestea Plunge:

. . .people/corporations that take part in them.

Liked that, did you then?

.

dj_bigbird:Since the Federal Reserve Bank is a private bank, does the IMF have any sway over them?

i don't suppose that actually matters, as a bad report from them wouldn't have to have any direct authority over the fed to completely ruin american credit worldwide.

Party Boy:On this 4th of July, its important to reflect on this rare moment in human history, where We the People have sovereignty.

HAHAHAHAHAHAHA *deep breath* HAHAHAHAHAHAHA

Govern with the consent of the governed....riiiiiiight. You are absolutely right, we the people run this country....

burndtdan:dj_bigbird:Since the Federal Reserve Bank is a private bank, does the IMF have any sway over them?

i don't suppose that actually matters, as a bad report from them wouldn't have to have any direct authority over the fed to completely ruin american credit worldwide.

The IMF report would act as a cover story/rationalization for the countries that want to cut their losses and let the dollar crash and burn. The Gulf states and China. Yes, pulling out of the petrodollar and the dollar-Yuan link will cost them upfront billions in devalued obligations. But, if they get a clear statement that all is not well, and is not going to get better, they can go ahead with the "getting along without us" plan.

Is this the sort of x-ray where the doctor enthusiastically tells you that it is a 'good fracture' and explains how all the different pieces will grow together again in hardly any time at all and that you will be able to get out of the cast and back to normal really soon or is it more the type where he later calls you into his office and very solomny tells you with a very serious expression that he is concerend about some 'shadows' he sees on the picture, tells you that you will need more test before he can say anything conclusive, looks disaprovingly at your cigarette and then warns you not to start any long books just in case?

NewportBarGuy:I wonder what will happen if they reveal the M3 money supply number.

shhhhhhhhhhhhh!

Man, it would suck to be rich right now.

Srsly though, what does this mean for regular folk?

Fry: Looks like this planet is next in line.
Leela: That's Earth.
[Fry just stares at her]
Leela: The planet we live on?
Fry: I'd hate to be those guys.

HotWingConspiracy:Man, it would suck to be rich right now.

Srsly though, what does this mean for regular folk?

It's potentially going to hurt the non-rich a lot more than the rich. Rampant stagflation is what I'm most worried about.

I personally love how the Federal Reserve so successfully straddles the line between a public and a private institution that it is pretty much not accountable to anyone. And when they do something that will screw with the market, the answer is "OMG, market forces beyond our control!"

Sounds like a UFIA is probably next.

Considering the harm that the IMF and the World Bank have done around the globe, enforcing "austerity" programs and directing investment into questionable infrastructure programs (usually at our behest), this seems only fair.

And look at the bright side - any day now, Bono will start publicly insisting that China forgive our debts.

zealot_45:...

I'm not laughing. Frankly, I see a major problem in our political structure is the public forgetting how important their sovereignty is, and how they don't exercise it. When people retort with "Joe six-pack is too stupid," I like to tell them to ask mr "Joe Six Pack" the sports stats of his favorite team, whether he holds the heirarchy and all appropriate people accountable for fark-ups, from refs, umpires, coaches, owners, etc. Ask them is they won of lost their last game on the events on the last 5 minutes or will they contextualize the whole game (and season?). Ask if they have very specific ideas on change and problem solving for their club? Will there be a very robust argument, with a long memory, spanning back decades? Will he settle and let his expectations run down a bit every year, or will he demand excellence?

When we don't hold the appropriate members of out political hierarchy accountable; when we cant even name our representatives; when we only phrase terms, politically, within last months news; when we fail to have a long political memory and fail to couch things beyond a facile "dem" "rep" split; when we allow our expectations to slide down every year, I'd say its our political discussion thats a problem, not intelligence.

Id be giddy if I could get half of this type of diligence out of the DC press corps.

HotWingConspiracy:Man, it would suck to be rich right now.

Srsly though, what does this mean for regular folk?

UFIA

sarcastrophe:If only there had been some presidential candidate that spoke of things such as sound monetary policy, railed against the Federal Reserve, actually knew about things such as the M3, and tried to enlighten Americans in regards to our failed economic policy.

If only...

If only there were somebody that spoke honestly about why we were attacked, and what happened in Iran in 1953....

HotWingConspiracy:Man, it would suck to be rich right now.

Srsly though, what does this mean for regular folk?

Buying up your real wealth (e.g. property) at a seriously undervalued price.

namatad:crook and liars ....

Crooks and Liars indeed. It seems like Bush's handlers know exactly what this type of audit will reveal, and he would rather throw his successor under the bus than accept responsibility for the problems he's caused.

Too bad history doesn't work that way, and in 100 years, everyone will remember Bush as the President worse than Hoover who led America into a dark and troubled time.

/Ashamed to have voted for the clown
//Twice :(
///Hopin Obama will be better

Nestea Plunge:DistendedPendulusFrenulum:Reagan deregulation did not go far enough. We need utter and total laissez-faire deregulation. The free market is an algorithm that's several orders of magnitude smarter than the combined and individual intelligence of humans, and it will automatically find solutions that benefit the most people.

Free markets are only as good as the people/corporations that take part in them.

And free market only work as long as the participants don't join forces to manipulate that market.

wolvernova:If only there were somebody that spoke honestly about why we were attacked, and what happened in Iran in 1953....

Who are we kidding? He'd probably be labeled a nutjob and dismissed for saying such things.

wolvernova:If only there were somebody that spoke honestly about why we were attacked, and what happened in Iran in 1953....

Shh! These are the things that we quietly discuss in dark alleys. Americans don't want to know that the Hostage Crisis in 1979 was the result of years of directly supporting a corrupt and brutal dictator because the former government of Iran tried to nationalize the oil industry or that 9/11 was caused by a terror organization that has direct ties to the Bush family.

doyner:I personally love how the Federal Reserve so successfully straddles the line between a public and a private institution that it is pretty much not accountable to anyone. And when they do something that will screw with the market, the answer is "OMG, market forces beyond our control!"

So true. I don't think their existence is with malicious intentions, but when nobody claims to be able to control them, there is a problem.

masdog:wolvernova:If only there were somebody that spoke honestly about why we were attacked, and what happened in Iran in 1953....

Shh! These are the things that we quietly discuss in dark alleys. Americans don't want to know that the Hostage Crisis in 1979 was the result of years of directly supporting a corrupt and brutal dictator because the former government of Iran tried to nationalize the oil industry or that 9/11 was caused by a terror organization that has direct ties to the Bush family.

When he actually said the operation name during a debate, I couldn't believe my ears. Those other jackasses have probably not even heard about it (though the Clintons certainly know, Albright publicly apologized for it at one point).

sarcastrophe:wolvernova:If only there were somebody that spoke honestly about why we were attacked, and what happened in Iran in 1953....

Who are we kidding? He'd probably be labeled a nutjob and dismissed for saying such things.

No no.

Its call his supporters crazy, then have the crazy rub off on the candidate.

Party Boy:No no.

Its call his supporters crazy, then have the crazy rub off on the candidate.

Ron Paul IS a nutjob. He's an extremist, too. Extremists are often very, very right on some things and very wrong on others. Ron Paul is correct, in my opinion, in his assessment of U.S. foreign policy. He's absolutely wrong, in my opinion, in his desire to turn America to a neo-Confederate system of government under the banner of "Constitutionalism".

Yeah, we don't want anyone that has a realistic understanding of the word 'non-interventionist'.

wolvernova:So true. I don't think their existence is with malicious intentions, but when nobody claims to be able to control them, there is a problem.

I don't think they're malicious either, but they're human and require oversight. Hell, didn't grandpappy Reagan always say "trust but verify?"

Party Boy:Its call his supporters crazy, then have the crazy rub off on the candidate.

I have been assured by a very knowing Obama supporter of my acquaintance on Fark that the actions of the supporters have no effect on the candidate.

Mnemia:Ron Paul IS a nutjob. He's an extremist, too. Extremists are often very, very right on some things and very wrong on others. Ron Paul is correct, in my opinion, in his assessment of U.S. foreign policy. He's absolutely wrong, in my opinion, in his desire to turn America to a neo-Confederate system of government under the banner of "Constitutionalism".

"Hoping" that the former will "change" on its own shows delusion on a grander scale than the latter.

HotWingConspiracy:Man, it would suck to be rich right now.

Srsly though, what does this mean for regular folk?

buy a bunch of guns and go build a bunker somewhere?

wolvernova:When he actually said the operation name during a debate, I couldn't believe my ears. Those other jackasses have probably not even heard about it (though the Clintons certainly know, Albright publicly apologized for it at one point).

I'm sorry for not being up on current affairs, but when was this and what was the operation name?

* "I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." Thomas Jefferson

* "Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." Daniel Webster

* "Whoever controls the volume of money in any country is absolute master of all industry and commerce." James A. Garfield

* "All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." John Adams


* "I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans' standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve." Ron Paul


...yeah...a bunch of nut cases.