The International Monetary Fund (IMF) has raised fresh concerns about Spain's economy, saying "far-reaching" reforms are needed to ensure its recovery.
BBC News, 24 May 2010
It said the country faced "severe" challenges, including the need to urgently reform a "dysfunctional" labour market, and its banking sector.
The IMF's comments came after Spanish authorities had to rescue regional lender Cajasur at the weekend.
Last week, Spain's government passed austerity measures to cut its deficit.
This deficit - the money the administration has to borrow to pay for public services due to insufficient tax returns and other revenues - currently equates to 11% of Spain's economic output.
This is substantially higher than the eurozone ceiling of 3% and another concern that the IMF has highlighted.
It also pointed to Spain's property market slump, heavy indebtedness in the private sector, and weak productivity and competitiveness.
This is how it works:
1. The first phase of a "financial crisis" is to cast doubt on a "client country". I am not aware that IMF have issued warnings on Spain in the past or that OECD have made such warnings.
2. The next phase is to make the international banking community react on IMF's negative signals. As this can be quite profitably that is a "cakewalk".
3. The third phase is to enter negotiations on a "bailoit" and use the time to tell the world that "Spain is in bad faith" in the negotiations, which will change targets all the time, including targets which have nothing to do with the financial crisis. The purpose of protracted, confused negotiations is to give IMF the opportunity to spread mistrust and panic in the market and smear Spain to the best of their ability, and in this field they are experts. Believe me!
4. The fourth phase is to enter into a humiliating agreement with IMF and to sign numerous "letters of intent" which will cover a lot that has nothing to do with the financial crisis. After that IMF will say that it doubts that Spain is serious in its efforts to fulfil its obligations under the letters of intent, and it will claim that Spain "drags it feet". IMF will delay disbursement of the amounts committed to Spain. (It took 9 months of IMF slandering before Indonesia finally received disbursements equal to the amount it had on account with IMF. These 9 months were used to slander the entire country in all ways imaginable and the result would qualify for the Guiness Book of Records: The exchange rate dropped by 80 per cent and Indonesian exports dropped as well against all economic laws!)
5. The fighting over the financial crisis will intentionally be dragged out to give it time to evolve into a crisis in the real economy. The "banking crisis" will be allowed to spill over into an "economic crisis" as purchasing power will be diminished etc. etc.
6. If IMF in cooperation with the the banksters wants to take the crisis even further as they did in Indonesia they will make sure that the economic crisis will be properly nurtured and get the time to reap a full social crisis. If cleverly designed it may involve violence and shut down the entire tourist industry. Remember the words of crime gang leader Rahm Emanuel: "Never let a serious crisis go to waste!" I recommend you to check it.
7. The ultimate phase will be a full blown political crisis, which may make the Spaniards beg for a "New World Order" and a world government, which will make an end to Spanish sovereignty.
Countries facing financial predators like this would be well advised to recheck their banking legislation and pass new laws opening the possibility of capital punishment of this kind of deadly financial terrorism.
This is how it works:
1. The first phase of a "financial crisis" is to cast doubt on a "client country". I am not aware that IMF have issued warnings on Spain in the past or that OECD have made such warnings.
2. The next phase is to make the international banking community react on IMF's negative signals. As this can be quite profitably that is a "cakewalk".
3. The third phase is to enter negotiations on a "bailoit" and use the time to tell the world that "Spain is in bad faith" in the negotiations, which will change targets all the time, including targets which have nothing to do with the financial crisis. The purpose of protracted, confused negotiations is to give IMF the opportunity to spread mistrust and panic in the market and smear Spain to the best of their ability, and in this field they are experts. Believe me!
4. The fourth phase is to enter into a humiliating agreement with IMF and to sign numerous "letters of intent" which will cover a lot that has nothing to do with the financial crisis. After that IMF will say that it doubts that Spain is serious in its efforts to fulfil its obligations under the letters of intent, and it will claim that Spain "drags it feet". IMF will delay disbursement of the amounts committed to Spain. (It took 9 months of IMF slandering before Indonesia finally received disbursements equal to the amount it had on account with IMF. These 9 months were used to slander the entire country in all ways imaginable and the result would qualify for the Guiness Book of Records: The exchange rate dropped by 80 per cent and Indonesian exports dropped as well against all economic laws!)
5. The fighting over the financial crisis will intentionally be dragged out to give it time to evolve into a crisis in the real economy. The "banking crisis" will be allowed to spill over into an "economic crisis" as purchasing power will be diminished etc. etc.
6. If IMF in cooperation with the the banksters wants to take the crisis even further as they did in Indonesia they will make sure that the economic crisis will be properly nurtured and get the time to reap a full social crisis. If cleverly designed it may involve violence and shut down the entire tourist industry. Remember the words of crime gang leader Rahm Emanuel: "Never let a serious crisis go to waste!" I recommend you to check it.
7. The ultimate phase will be a full blown political crisis, which may make the Spaniards beg for a "New World Order" and a world government, which will make an end to Spanish sovereignty.
Countries facing financial predators like this would be well advised to recheck their banking legislation and pass new laws opening the possibility of capital punishment of this kind of deadly financial terrorism.