Skip to comments.More banks may have to be nationalised, says IMF
Posted on 05/21/2009 9:21:23 AM PDT by TigerLikesRooster
More banks may have to be nationalised, says IMF
Alistair Darling must stand ready to pump more capital into Britain's beleaguered banks, perhaps nationalising other high street names, the International Monetary Fund has warned.
By Edmund Conway
Last Updated: 1:46PM BST 21 May 2009
The Fund believes that although the drastic measures to prop up Royal Bank of Scotland, Lloyds Banking Group and other major lenders had prevented them from collapse, more public money needs to be poured in if the economy is to get back to full strength. The alternative is a "zombie" recovery as banks continue to withhold lending for years, the IMF has told the Treasury.
The warning formed part of a stark assessment of the UK economy. In a double-pronged assault on the Budget, the Fund praised some of the rescue plans but dismissed the Chancellor's claim that the recession will be over by Christmas. It said he must start paying back debt significantly earlier than he projected last month.
(Excerpt) Read more at telegraph.co.uk ...
One more step towards global governance.
Its the “Golden Rule” He who has the gold...rules!
And the stock markets have to fall accordingly says DOW.
It won’t be gold so much as “stuff”. The underground barter system will just replace the worthless UN world money system.
Of course the Obama type dictators will pass even more laws in an attempt to make people comply, which will just result in the government legislating everyone to criminal status.
Smuggling, traveling off road and cross country to avoid Gestapo checkpoints will become the norm. Small towns will be ghost towns during the day, a hub of activity at night.
LOL . . . LOL !
Okay, which IMF said that?
Oh, the organization. Never mind. I thought it was a senior Obama administration official.