A Bigger IMF? Or Sound Money?

The International Monetary Fund (IMF) is in the news: first, advising Asian nations to “continue with their stimulus packages”; and second, for seeking a bigger role for itself in world affairs, and the funds required for the purpose.

And this raises the question: Should the world economy be run by unaccountable IMF banksters and their partner central banksters? Or should money and banking be governed under Law? Which of these two options should be considered Capitalism?

Note that the IMF is tendering wrong advice – and completely evading the “sound money” debate. The global recession occurred only because central banksters – in particular, the US Fed – created a bubble. The mischief was the “boom.” Continuing with the same medicine – cheap money and credit – will only make things worse at a future date.

I have just read an India-specific economic forecast prepared by a major multinational bank – and the outlook is not good. The combined fiscal deficit of the centre and the states, if we include off-budget items like oil and fertilizer bonds, is worrying. There are asset bubbles here and there – particularly in real estate – and food price inflation has emerged. Gold has become a refuge. Should our Chacha State inflate further? Or should we at least begin to talk about sound money and legitimate banking? The rule of law instead of the rule of central banksters.

I think it would be a great thing if the financial press treated the IMF and its cousin the World Bank with scorn. These two were created by Keynes – and the man was a self-confessed “amoralist.” In Keynes’ time, the US dollar was still anchored to gold; but the banksters and The State they funded broke free of that limitation and now the entire world is on purely fiat paper masquerading as money. This is a scandal of enormous proportions. It has corrupted governments worldwide and debased democracy. It has caused permanent inflation – with all its evil de-civilizing consequences.

Finally, it must be noted that our Chacha State is very much a bankster state – a pirate ship. Chacha Manmohan S Gandhi headed the central bank once. And his chhota ustad, Montek, the central planner, is an IMF man. Their real racket is the funny money and the creation of credit. This is happening because of the amoral ideas of their guru, John Maynard, Lord Keynes, founder of the IMF.

This evil racket must be ended.