Does anyone remember back when the IMF planned to audit the U.S.?

[JDPriestly]

June 26, 2008

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, 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.

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

I found this on
http://www.gata.org/node/6399

The Bush administration put off IMF review for quite some time hoping to avoid blame and allowing his friends to steal as much as they could.

I read a rumor that that Rothschild, concerned about what was happening to investments in the U.S. prompted the IMF review.

Who are we really bailing out?

[tritsofme]

1. Rothschild? Are you serious? nt