Why? And by the way Banks in China and India combined are probably sitting on $2.5 Trillion in cash. Let their own Banks make the loans.


WASHINGTON (Reuters) - President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's resources and urged a bigger stake in the IMF for emerging powers.

In a letter to U.S. congressional leaders, Obama said the U.S. funding "does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets."

The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn.

The U.S. funding will boost the IMF's so-called New Arrangements to Borrow, or NAB, a facility which allows member countries to provide credit to the IMF to deal with crises that may threaten the stability of the global financial system.

Obama said the NAB was "woefully inadequate" to deal with the severe economic and financial crisis.

"The deteriorating conditions threaten to worsen the recessions in these countries and could cause currencies to collapse," Obama wrote.

"Together, these factors, particularly if they become more acute, will further lower global growth and, as we saw during the Asian financial crisis, they will cause U.S. growth, jobs, and exports to fall even more sharply," he added.

He said an enlargement of the NAB facility of up to $500 billion would allow for increased participation by emerging market economies, in particular China and India.

Chinese officials have already indicated that Beijing plans to contribute $40 billion to the IMF through a bond issued to its central bank by the Fund.

Obama said countries were looking to the U.S. to deliver on its G20 commitment, indicating that other governments could follow the U.S. lead and contribute to the IMF.

http://www.reuters.com/article/politicsN...22&sp=true

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This is a pure blooded fool and there is no argument on that one.

WTF is this guys major malfunction in not knowing when to STOP THROWING MONEY at everything and Apologizing to every Ratty Ass little Dictator on Earth for America's Power and Success.

Man I really hate my kids and grandchildren having to endure this fools legacy - - if we will even survive it.

How far along is the Jewish Temple at this point ????

.

100,000,000,000 to IMF

while announcing a 100,000,000 in supposed Spending cuts, or .0029%

and of course the MSM will never do the math and call this charade out for what it is.

100,000,000,000
- 100,000,000
----------------------
= 99,900,000,000 difference

Is there anyone in Obama's administration who has the intelligence and balls to tell Obama to stop spending? Will this "loan" ever be repaid? With interest?

Oh please...This must be a joke.

(04-21-2009 08:14 PM)Fo Shizzle Wrote:  Oh please...This must be a joke.

Nope.
Unfortunately.