Reply to: Why can't the IMF just fook off?

[AtW]

Certainly the banks bad debts need to be written off and splitting the retail/IB arms. But before banks will start to lend there needs to be a return of confidence.

They don't want to lend to local businesses because even if 100% of loans returned with 10% profit it's fook all compared with money they can make on FOREX or massive overdraft charges.

Why loan money to business when you can use same money on commodities markets that are liquid? Only when banks of any kind are not able to "invest" into such things they'll consider putting money into loans to businesses.

[AtW]

So 3rd world countries ruin their own economies and it is the IMF who are at fault?

IMF has no credibility in my eyes because they are typically too late with suggestions that are obvious in nature but very hard to implement in practice.

[AtW]

So we have the IMF to blame do we?

Absolutely

[BS1397]

He's right. I think we should put Tibetan monks in charge of banks.

For a second I thought you were going to suggest "Scientology" with Tom Cruise in charge of the mission.

[Doggy Styles]

No so much written of but they should be allowed to fail like any other business. Take the fu2£ers to court and get the mony back from the directors sell the assets.

Creditors would only get 1p in the pound, if that.

Who are those creditors? Are they deserving of such treatment?

[Doggy Styles]

Although bankers have a great deal to answer for, i am bored with hearing the constant moaning from people who either borrowed money, enjoyed well paid jobs etc etc all thanks to the easy borrowing years.

This is a harsh but fair point.

[DodgyAgent]

Although bankers have a great deal to answer for, i am bored with hearing the constant moaning from people who either borrowed money, enjoyed well paid jobs etc etc all thanks to the easy borrowing years.

[TimberWolf]

Debt crisis: UK housing slump will deepen, warns IMF

The IMF get there in the end, but they must try to make more of an effort not to be 10 years late in their prognostications.

[Paddy]

Certainly the banks bad debts need to be written off and splitting the retail/IB arms. But before banks will start to lend there needs to be a return of confidence.

I don't believe government should ever be involved in business.

No so much written of but they should be allowed to fail like any other business. Take the fu2£ers to court and get the mony back from the directors sell the assets.

[BrilloPad]

The only way out is to nationalise all banks and split them up into several small banks that can be sold off. Banks that fail will then not be too big to fail.

Certainly the banks bad debts need to be written off and splitting the retail/IB arms. But before banks will start to lend there needs to be a return of confidence.

I don't believe government should ever be involved in business.

[Paddy]

Plan A seems to involve an economy based on printing money, so what plan B does the IMF have in mind?

The IMF will become the World Central Bank however it is based on funny money.
When money was gold, it was the only time real money existed. Gold reserves have diminished and the US will not even allow international inspection. It is possible that the US only has 10% of what it claims and gold that it has been looking after on behalf of other countries has been sold. Du Gaul was the only sensible leader who took his from the USA when the going was good.
Money sort of worked when it became paper based on assets but know money is debt ie: The banks sell each other debt packages that they apply a value to. To borrow from the IMF is in fact purchasing debt packages from the IMF. The banks are in total control and the heads of government haven’t a clue on how to act.
The only way out is to nationalise all banks and split them up into several small banks that can be sold off. Banks that fail will then not be too big to fail.

[Mich the Tester]

Anyone see "This Week" last night, when Portillo said a whole generation of bankers should be culled and the Bank Of England should be run by a foreigner? I was , but the programme continued as if he had remarked on the weather.

He's right. I think we should put Tibetan monks in charge of banks.

[TimberWolf]

Anyone see "This Week" last night, when Portillo said a whole generation of bankers should be culled and the Bank Of England should be run by a foreigner? I was , but the programme continued as if he had remarked on the weather.

[DodgyAgent]

Well, IMF was very good at ruining 3rd world countries like Russia in 1998, and before that crisis in Asia until nobody started listening to them - it's only fair they give same medicine to the western countries now

Oh wait, I am here now!

So 3rd world countries ruin their own economies and it is the IMF who are at fault?

[Mich the Tester]

Plan A seems to involve an economy based on printing money, so what plan B does the IMF have in mind?

Get somebody else to print money.