IMF Prepares For Global Cataclysm

So you still think everything is just about to get better? Read this:

IMF Prepares For Global Cataclysm, Expands Backup Rescue Facility By Half A Trillion For “Contribution To Global Financial Stability”

And all the pundits thought that the IMF would be on the hook for just €10 billion… The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion. The current lending participant group of 26 entities will be increased by 13 new members all of whom will contribute token amount of capital to the NAB. The one country most on the hook in the new and revised NAB – the United States of America, will provide over $105 billion in total commitments, or 20% of the total facility. The US is currently on the hook for just $10 billion, meaning its participation in global bail outs just increased by $95 billion. And the bulk of these bailouts will certainly be located across the Atlantic. What is most troublesome is the massive expansion of the NAR. If the IMF believes that over half a trillion in short-term funding is needed imminently, is all hell about to break loose.

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Tagged as: banks, collapse, IMG