The US is 17% of the IMF so it makes sense. In 2009 the G-20 leaders pledged to increase the IMF's supplemental cash tenfold to $500 billion, and to allocate to member countries another $250 billion via Special Drawing Rights. btw Russia just came out and said they would consider a loan to Greece too.
The actual story is that the US is going to contribute billions to the IMF (as are other countries in proportion to their size) and the IMF is going to bail out Greece. http://www.imf.org/external/np/exr/faq/contribution.htm "The Group of Twenty industrialized and emerging market economies agreed on April 2 to triple the Fund's lending capacity to $750 billion, enabling it to inject extra liquidity into the world economy during this time of crisis"
Another 100 billion down the toilet. A trillion here and a trillion there, pretty soon we're talking real money. :eek: :eek: :eek:
This is all really pathetic, IMO. Keep re-inflating the bubble, and kicking the can down the road, postponing the inevitable. The only real way to fix any of these problems, is to let these countries and companies crash and burn. Will this create hardships - you betcha. It will cause massive unemployment, massive instability and unrest, mass suicide, collapsing currencies, etc. However, this short-term pain will also be accompanied by the strong surviving, and re-building the system, and the long-term will be much, much brighter. We are all continuously sinking further and further into the abyss. Personally, I am going to volunteer moving my entire family to Mars, as part of the next aeronautic/biosphere project.
I think its hilarious that US govt debt is still considered a safe haven when sh*t happens elsewhere in the world. I guess its just a matter of the lesser of evils. Hmmm, sh*t happens elsewhere and US Gov't gets to roll their debt over at lower yields...insert conspiracy theories here
obviously there's more to economics then our text books and think tanks have led us to believe. research what happens to nations that are considering getting off dollars.I'm not talking about nations that constantly rant and rave about it, but countries that actually try.just looked what happened to Mohammad Mosaddegh after he wanted to use his nation's oil for the people instead of giving it to bp. the cia admits they sagged the coup d'éta.