Analysis: IMF Could Emerge Stronger From Financial Summit

I can readily admit that the ins and outs of international finance are beyond me.  Most of the time, keeping the balance in my checkbook is beyond me.  But I have to wonder, if credit is what got us into this mess, is more credit really the best way out?

I'm with Coyotemike on this one except to say that it is not the first time that I have seen banks without money to lend.

Sad thing is that I have never known one to admit it. Instead, they find your application wanting in some way as a basis for refusal.

An enormous number of small businesses, like farmers in the spring, rely on borrowed money to function and without it, many face layoffs or worse.

Those lucky enough to find loans elsewhere inevitably take their banking business there as well sometimes severing relationships of generations.

From what I understand, wealthy nations dominate the IMF and use it in ways that basically cater to their own interests. The United States has 1/6 of the total votes in the IMF. That's enough power to veto any policy decision. So, who's running the IMF? Who put the global financial system in chaos? My answer would be the U.S.

I'm sure I have a very simplistic view of international monetary affairs.

When I look at the Financial Summit 'doings' I can't help musing that a conference of the captains and officers of the Exxon Valdez and the HMS Titanic would be analagous....Sayeth the captain, 'Nobody could have foreseen this reef/iceberg...'  Sayeth the other captain, 'We have great confidence in the future.  Our crews are the best in the world...'

Conferences provide steady employment for photographers.... (well, irregular employment, but a job is a job, right?)

I am reminded, with trepidation, of the first great observer of America, Alexis de Tocqueville.  He wrote, 

"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."

We are of course, firmly within the gaze of de Tocqueville's critique.   And now that the Bretton Woods Twins are going to be loosed upon the world to wreak their havoc, well, the best that we mere plebes can do is watch and wonder about our interesting times.

Isles!!! You did it!

Jonathan Isles, great moniker, quite dashing.  Wear it in good health.

As for today's topic, Saturday's were not created for this.  Cartoons in the morning. Football in the afternoon.  Have a good weekend everyone.  It'll all still be there waiting when we get back.

. . . . when we get back on Monday that is.......

I'm with Pam and Peter. Highly annoying topic for the weekend.

The US under its current dumbass administration has degraded everything it touches for quite some time. Of course, the IMF was a bludgeon to the Third World long before the 21st century, all stick and very little, if any, carrot. We are told by the experts who helped cause the current scheiss-sturm that only more greed and more money can make it all better, so GIMME GIMME GIMME. I say let 'em all go BLOOEY, and tough out the hard times. Let the financial institutions who made stupid avaricious decisions FAIL, send their CEOs to hell or Connaught or jail, preferably, and let some new little guys start up smarter businesses.

But that's just me-I'm feeling a vindictive bitch this morning. I want some ACCOUNTABILITY! 

Let's talk about shoes.

PETER!! OMG I love your new pic! will you send it to me? Here's my email:

oyeringsl@comcast.net

It's okay if you can't, but I am a big fan of dragons.

Don't make me beg.

Now I feel so dirty...but in a good way.

PeterLake,

Sorry for the delay in getting back to you. Part of the Made-Rite charm, is the feeling of being part of the vanishing past. Enjoy! : )

If the shoe fits :)

Dorothy: Oh, please! Please, sir! I've got to see the Wizard! The Good Witch of the North sent me!

Guardian of the Emerald City Gates: Prove it!

Scarecrow: She's wearing the ruby slippers she gave her.
Guardian of the Emerald City Gates: Oh, so she is! Well, bust my buttons! Why didn't you say that in the first place? That's a horse of a different color! Come on in!

Olivia,

The dragon is in the mail. I've always been a Smaug fan myself. He definitely had an attitude and a wry sense of humor.

http://images.google.com/images?q=smaug&sourceid=navclient-ff&ie=UTF-8&rlz=1B3RNFA_enUS268US268&um=1&sa=X&oi=image_result_group&resnum=4&ct=title

La Donna,
I'm defenseless when it comes to shiny soda-fountains. I had never heard of then until I read your post. Thanks.

Peter-I agree that Smaug was Tolkien's best dragon. Glaurung and Scatha were a bit too dour. He needs to visit Wall Street and teach them how to hang on to treasure...

PS-The pic is awesome in the true sense of the word. I'd love to see Taliesin. You're the MAN!

"This of course is the way to talk to dragons, if you don't want to reveal your proper name (which is wise), and don't want to infuriate them by a flat refusal (which is also very wise). No dragon can resist the fascination of riddling talk and of wasting time to trying to understand it."
The Hobbit, J.R.R. Tolkien

Pam-You have the right of it, dear! One must tread cautiously...

Olivia,

I have already revealed my proper name. Hope that was not unwise. However, I've got the fascination of riddling talk and the wasting of time parts down pat.

Pam-I've always used my proper name. No bad dragons here.

Oh, is that a picture of your prince there? Kissed a lot of those, no luck.

I, too, can waste time with the best of them. Love riddles. Go, girl.

He's the King in the small artificial pond by my front door. Acts like the ruler of all that he sees...and he's not even a turtle!
I, too, kissed a lot of those, in my younger days. Lots of warts.
Ah, riddles. Hmmm. How about - I am used to bat with, yet I never get a
hit. I am near a ball, yet it is never thrown. What am I?

I understand dragons are fine with any riddles, even if they are not about dragons.

Perhaps something more complex: 

A mighty beast of the air, it's in his lungs.
It has no mouth, yet it has tongues.
It does not live, yet it breathes.
And when its food is gone, it leaves.
It will die if you give it a drink.
Yet it cause mighty ships to sink.

I'm not always good at solving them but I do know a few. (Slow night, here. If you have something better to do, by all means do it!)

The second one is fire?

Olivia,

Yes. Fire. Knew you couldn't be stumped...especially with something so dragon appropriate...

Hubby is totally glued to the USC vs Stanford football game...in between the Real Salt Lake vs New York Red Bulls soccer match up.  

I'm using this time to catch up on some reading...always lagging behind when it comes to that...

Hope you have something more interesting going on than my riddles. 

Pam-I usually have about 10 things going on at a time. At the moment, I'm reading, doing laundry, cooking for the week, emailing friends, ebaying, popping in here occasionally, listening to music, and working out whenever I get cold. Finished the crossword (cheated with Google for the two hardest clues, but oh well). About to do some crunches, stir the pot, put the clothes in the dryer, and get ready to take the book to bed with a glass of wine.

I used to like to distract the Man from the game for MY sport, but I soon got bored with that. Especially in the winter, when it's too chilly for lingerie. A flannel nighty is much nicer. I'm just meandering. Off to do crunches! Forth Eorlingas! 

Olivia,

You have infinitely more energy than I.

Nothing will distract from his appointed sporting events, no matter how I'm attired...or not...but I'm a patient woman. Good thing I also love to read.

Enjoy your book and the wine.

Good night Mrs. Calabash, and Olivia, wherever you are!

Pam

P.S. Eyelashes, Miss Scarlet.

Hi, I'm Jessica.  I'm a closet Peterman's Eye reader. I've been reading PE for awhile now and I must say that I am a HUGE fan.  I have enjoyed reading all of your comments and have muffled under my keyboard many times, while patiently waiting for just the right topic to arise in order to make my debut.  I said to myself that my first reply/opinion would not be about finance or politics, as I am way too passionate about both.  Well, I listened to the voice over my right shoulder, instead of the left, and here I am.  I'm secretly hoping that nobody revisits this topic so my comments can fly under the radar.  I don't have the best grammar, sentence structure and I've never won a Spelling Bee, so please forgive me and bear with me. 

I have also decided, just recently, against running for any political office, so I can now give my random opinions and throw caution to the wind.  Anyway, I have way too many skeletons in my closet and they are not made of bones yet, they are of flesh and they can walk and talk, so what do I have to lose by blogging via PE?  Nothing, right? That was a joke in case you haven't figured out my sense of humor. 

Anyway.  I read everyone comments regarding the G20.  By the responses, or lack there of, and by the ease at which most got off topic, which I notice happens often.  Take that as a compliment, because you are my kind of people and I think I'll fit in quite well.  Crossing fingers and having flashbacks from grade school where I'm hoping someone passes me a not saying "will you be friends with me...check yes or check no...you know where there are literally boxes for you to check"...anyone? 

Moving on...and to the reason why I'm here.  In my opinion Olivia said one word that struck a cord in me and that was "accountability".  In my opinion it's not just about holding others accountable but it's more about "self-accountability".   To paraphrase another source:

As individuals, it is our capacity for self-accountability that keeps us functioning ethically and responsibly. While people may be accountable to others, they may not be as accountable to themselves when there is no one else to observe, monitor or hold them responsible.

Self-accountability is the cornerstone of ethics: It is who you are and what you do when no one is watching. When you have a well-developed sense of self-accountability, you are honest with yourself, and are answerable and responsible for what you say and do. You have the ability to look beyond the immediate moment to consider the consequences and know if you are willing to pay them. You have personal ethics.

Personal ethics is the precursor to professional ethics, since we are not likely to be more ethical in our professional life than in our personal life. As the saying goes, "No matter where you go, there you are." In other words, if we are dishonest in our personal life, we are likely to be dishonest in our business affairs. Likewise, if we cannot keep the secret of a friend, our client's confidentiality is also at risk.

Also, Kindlee is right.  Who put us in chaos?  "We" did, and whether "we" like it or not and whether "we" want to believe it, "we" are to blame.  "We"= ourselves, our family, our friends, our neighbors, our community, our state, and up the chain it goes.

Coyotemike mentioned credit and in my opinion that is exactly what started this ripple effect, along with the lack of self-accountability.  In the 1990's the Clinton administration  put pressure on Fannie Mae and Freddie Mac to have 50% of their portfolio made up of Subprime Lending.  People with no self-accountability took the bait...hook...line...and sinker.  Big mistake, huge.  I have empathy for those who made that mistake, that meaning I can understand why, but that's where it ends.  I won't bore all of you by going  off on a tangent, but if you're interested please read a WSJ article, "Fannie Mae Eases Credit To Aid Mortgage Lending" written by Steven A. Holmes and dated September 30, 1999. Or maybe I'll post it on the PE. 

Anyway, what's done is done and "we" just need to pick ourselves up, dust ourselves off and try again.  I don't know about all of you, but my arm is tired from pointing the finger at someone else.  So, I'm going to give it a rest and focus on who I can control, change etc...and that is me. 

I once again agree with Olivia, as I would like nothing more than to talk about shoes!  I just bought the sickest pair of True Religion "Matilda" booties.  Who knew that mustard, burgandy, indigo w/ magenta stitching would look good?  True Religion, that's who.

And if you haven't decided whether you love me or hate me, because it's usually one or the other, I hope that you all give me a chance.  

Jessica,

I always revisit the prior topic. You never know when someone may have had a second thought, an idea for another superfluous tangent, some sort of epiphany, or a desire to fly in under the radar.

I've only been here for about a month but I've learned that this site is chock full of very fun, intelligent, tolerant, forgiving, uplifting, and utterly fascinating group of people. Welcome to the fold! Don't be afraid to voice your opinions here. There is no hate, only respect.