[GJM] Fw: [globalnetnews-summary] Rothshilds' IMF To Audit The US Financial System

[mary rose]

IMO, Pizza Hut, Coca Cola, Pepsi, McDonalds, and other franchise
organizations are as dangerous as the Fed, in that they carry the virus
of the American lifestyle with them into foreign countries. For instance,
in Tokyo more burgers are now consumed than in New York.
And, Japan which once had a fairly low rate of heart disease and cancer
due to their diet, which was high in soy and low in meat, is now 
experiencing
increasing rates of heart disease.

I have had numerous articles cross my desktop recently relative to the
increase in meat-eating, as affluence increases in countries like Japan and
now China and other Asian countries.  This at a time when raising cattle for
beef production, has been shown to be the number one cause of green
house gases, exceeding that of automobiles which has now dropped into
number two position.

And now, we not only have an increase in meat-eating world wide, China is
now substantially increasing its auto fleet as people seek out the deadly 
disease
of  "affluenza" in that country.

But the question is; "how do you put the genie back in the bottle" once it 
has
escaped.  Could we but find a vaccine for affluenza?

mary rose    .       .

----- Original Message ----- 
From: "GlobalCirclenet" <webmaster at globalcircle.net>
To: <globalnetnews-summary at lists.riseup.net>
Sent: Tuesday, July 01, 2008 9:07 AM
Subject: [globalnetnews-summary] Rothshilds' IMF To Audit The US Financial 
System



Rothshilds' IMF To Audit The US Financial System
Dick Eastman 6-30-8
 http://www.rense.com/general82/audit.htm

The IMF -- where Paul Wolfowitz went after carrying out his assignment at 
the Pentagon -- is the Rothschild instrument to enforce its interests. They 
are auditing the Fed to make sure that no policy and no action of the Fed or 
the US government will result in any repudiation of debt owed to the 
Rothshild's or in any way reduce the expected harvest of assets that the 
international bankers are expecting from the US collapse.
The IMF and the Federal Reserve should both be shown the door by the next 
president. The Federal Reserve needs to be shut down immediately -- but by 
the United States, not by international financiers.
Dick Eastman
Yakima,Washington


The German news group Spiegel is running this headline:


The International Monetary Fund Is About
To Audit The US Financial System
The Shrinking Influence of the US Federal Reserve
By Gabor Steingart in Washington

Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States 
Federal Reserve Bank, faces a general investigation by the International 
Monetary Fund. Just one more example of the Fed losing its power.

The United States Federal Reserve Bank, or Fed, seems as much a part of 
America as Coca-Cola or Pizza Hut. But at least one difference has become 
apparent in recent days. While the pizza chain and soft-drink maker are 
likely to expand their scope of influence in the age of globalization, the 
US central bank is finding that its power is shrinking.

No Fed chief in US history has been forced to submit to the kind of 
humiliation that Ben Bernanke is facing.

This is partly down to circumstances. Inflation is going up and up, and this 
year's average will likely top 4 percent. But this time Mr. Dollar is also 
Mr. Powerless. He can raise interest rates in the fall, or he can pray, 
which would probably be the better choice. At least prayer would not prevent 
the US economy from growing, a highly likely outcome if interest rates go 
up.

After years of growth, the United States is now on the brink of a recession, 
one that is more likely to be deepened than softened by a tight money 
policy. Investments will automatically become more expensive, consumer 
spending will be curbed and economic growth will slow down, immediately 
affecting unemployment figures and wages.

The textbook conclusion is that this will stabilize the value of money, 
because no one will dare demand higher wages or higher prices. But the 
macroeconomics textbooks are no longer worth much in the age of 
globalization. Modern inflation is driven by the global scarcity of 
resources. Nowadays purchasing power exceeds purchasing opportunity. Most of 
all, there is not enough oil, and too few raw materials and food products. 
These increasingly scarce resources are becoming the focus of disputes among 
many people and billions of dollars are at stake.

This is why the price of a barrel of crude oil (159 liters) has increased 
from $25 (¤16) in 2002 to $135 (¤87) in 2008. And it is also why the price 
of corn has tripled in the same time period, while that of copper has almost 
quintupled.

If the inflation introduced in the United States is excluded, a small 
miracle is revealed, namely something approaching price stability. Adjusted 
for inflation, prices are in fact rising by only 2.3 percent. If this were 
the extent of it, the Fed chief could simply blink like an old watchdog and 
go back to sleep. Instead, he is barking loudly, which is his job. But he 
has lost his bite, because the Fed's interest rate policy can do nothing 
about the scarcity of goods.

Embarrassing Investigation

Some of Bernanke's personal adversaries are also contributing significantly 
to his current humiliation. In the past, the chairman of the Federal Reserve 
was a pope among the priests of the financial elite. But unlike his 
predecessor Alan Greenspan, Bernanke is finding that his policies are not 
universally accepted, even within the Fed.

The last seven decisions reached by the Federal Open Market Committee, which 
sets monetary policy, were accompanied by a growing number of dissenting 
votes. Bernanke's critics say that with his policy of cheap money -- in 
other words, recurring rate reductions -- he in fact helped fuel the 
inflation problem he is now trying to combat.

Another problem for Mr. Dollar is that it will be several months before his 
actions take effect. Officials with the International Monetary Fund (IMF) 
have informed Bernanke about a plan that would have been unheard-of in the 
past: a general examination of the US financial system. The IMF's board of 
directors has ruled that a so-called Financial Sector Assessment Program 
(FSAP) is to be carried out in the United States. It is nothing less than an 
X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission 
(SEC), the major investment banks, mortgage banks and hedge funds will be 
asked to hand over confidential documents to the IMF team. They will be 
required to answer the questions they are asked during interviews. Their 
databases will be subjected to so-called stress tests -- worst-case 
scenarios designed to simulate the broader effects of failures of other 
major financial institutions or a continuing decline of the dollar.

Under its bylaws, the IMF is charged with the supervision of the 
international monetary system. Roughly two-thirds of IMF members -- but 
never the United States -- have already endured this painful procedure.

For seven years, US President George W. Bush refused to allow the IMF to 
conduct its assessment. Even now, he has only given the IMF board his 
consent under one important condition. The review can begin in Bush's last 
year in office, but it may not be completed until he has left the White 
House. This is bad news for the Fed chairman.

When the final report on the risks of the US financial system is released in 
2010 -- and it is likely to cause a stir internationally -- only one of the 
people in positions of responsiblity today will still be in office: Ben 
Bernanke.

Translated from the German by Christopher Sultan

http://www.spiegel.de/international/world/0,1518,562291,00.html

"Officials with the International Monetary Fund (IMF) have informed Bernanke 
about a plan that would have been unheard-of in the past: a general 
examination of the US financial system. The IMF's board of directors has 
ruled that a so-called Financial Sector Assessment Program (FSAP) is to be 
carried out in the United States. It is nothing less than an X-ray of the 
entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission 
(SEC), the major investment banks, mortgage banks and hedge funds will be 
asked to hand over confidential documents to the IMF team. They will be 
required to answer the questions they are asked during interviews. Their 
databases will be subjected to so-called stress tests -- worst-case 
scenarios designed to simulate the broader effects of failures of other 
major financial institutions or a continuing decline of the dollar. "

This has the potential to unleash a flood of embarrassing questions, 
although I'd sure like to see an independent audit of things like, oh, Fort 
Knox. I've always wondered what the definition of 'deep storage' meant for 
gold, like "Does that mean it hasn't actually been mined yet?" I'm sure it 
doesn't, but with all the discussion about 'swaps' and such, a nice neat 
report in regular accounting language rather that govspeak would be worth 
reading. Deeply.

The IMF coming to audit the US should be huge headlines all over the US 
financial press, yet we learn of it midway through a Spiegel report.

Meantime, Australia's "The Age" Business section also reports that "IMF 
finally knocks on Uncle Sam's Door" Has the US financial press been 
snookered (again), or is it strange you may read about this here first 
before it hits the MSM? that would explain some of the recent 'circling of 
the wagons' by the US. Things like the "CFTC focuses on swaps, says 'Enron 
loophole' already closed" and the "SEC proposed reduced reliance of credit 
raters".

Add to that a UK Telegraph report that the Bush administration received up 
to $400 million for action against Iran, and you have circled wagons and a 
huge distraction at the ready to draw US citizen attention away from the 
state of the domestic financial situation. Another 'shock and odd' setup.

Oh, and there's a "Report: Iranian gets death for Israel spying."