IMF Loses All Faith in The Euro Project !

- The Illuminist plan is for a global currency collapse to lay the foundation for their One World Currency, Global Supra-National Central Bank (likely to be IMF 2.0). The currency collapse will start with the Euro, spread to the rest of Europe, UKP, JPY … and finally the USD too will collapse. I do not believe strong Asian currencies will be spared.
– - How do you get nations all over the world to abandon their national currencies and accept the One World Currency? By destroying all fiat currencies via hyperinflation! Thereafter, they will introduce their One World Currency backed by gold (ie. it is as good as gold)! It appears the Illuminists will pull the plug during Aug-Oct 2012 period. Got physical gold yet?
– - The western Illuminati will not allow any currency, for eg. CNY, to challenge their global monetary hegemony! All who reject their New Financial Hegemony will face their nuclear bombs!
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IMF loses all faith in the euro project!
By Ambrose Evans-Pritchard, http://www.telegraph.co.uk/
The IMF is now the de facto leader of the Eurosceptic movement
The IMF’s latest report on the eurozone is an astonishing document. When the full history of this episode is written, this “Article IV Consultation” will be cited as a key exhibit.
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The euro area crisis has reached a new and critical stage. Despite major policy actions, financial markets in parts of the region remain under acute stress, raising questions about the viability of the monetary union itself.”
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The adverse links between sovereigns, banks, and the real economy are stronger than ever. Financial markets are increasingly fragmenting along national borders.
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It said the eurozone is unworkable in its current form, a half-baked currency union that spreads contagion like wildfire without the backup machinery to contain the damage:
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The euro area is in an uncomfortable and unsustainable halfway point. While it is sufficiently integrated to allow escalating problems in one country to spill over to others, it lacks the economic flexibility or policy tools to deal with these spillovers.
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Crucially, the euro area also lacks essential financial and fiscal policy tools to stabilise the monetary union. As the crisis has illustrated, without a strong common financial stability framework, banking problems are hard to contain and resolve in an integrated market.
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Most of southern Europe is at serious risk of a “debt-deflation spiral”, and the dangers are masked by the austerity taxes themselves. “This disinflationary environment in much of the periphery will make it difficult for many countries to reduce the burden of debt.”
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Europe’s leaders have still failed to grasp the nettle:
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The deepening of the crisis suggests that its root causes remain unaddressed. The crisis calls for a much stronger collective effort now to demonstrate policymakers’ unequivocal commitment to sustain EMU. Only a convincing and concerted move toward a more complete EMU could arrest the decline in confidence engulfing the region.”
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As a result, the pernicious feedback loop between banks and sovereigns, as well as market fragmentation, have been accentuated during the crisis. In some cases, the necessary provision of ECB liquidity has led to further sovereign bond purchases by banks, deepening this link even more.
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The adverse bank-sovereign feedback loops at the heart of the crisis have intensified. Concerns about banks’ solvency have increased because of large sovereign exposures, particularly in periphery countries. Some sovereigns, in turn, are struggling to backstop weak banks on their own.
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Intra-euro area capital flight has created deintegrating forces in sovereign bond markets, interbank markets and lending and deposit markets.
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read more!
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