Watch this video of Otmar Issing, doyen of the European Central Bank (ECB).
ECB doyen Otmar Issing calls crisis “extremely dangerous”
By Ambrose Evans-Pritchard
Last Updated: 7:00pm BST 16/09/2008
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/09/16/bcnissing116.xml
Issing is saying that the problem is systemic.
Central banks will do whatever is necessary to stabilise the system.
Former ECB president Wim Duisenberg said in 2002 that the euro has severed its link not only to gold but also to the nation-state.
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html
Issing is saying that the ECB has separated its task of providing liquidity to stabilise the market from its mandate of maintaining price-stability
Ivo:
The cause of the present problems is US president Richard Nixon breaking the Bretton Woods system on 15 August 1971.
The Bretton Woods system of 1944 linked the US dollar to gold at fixed parity and all other currencies to the US dollar.
The International Monetary Fund (IMF) had to maintain that system.
Since 15 August 1971, that system does no longer exist.
This means that since that date, the IMF has no more reason to exist,
except to prop up the bankrupt dollar-regime.
Still, the Saudi Gazette is this morning quoting IMF chief Dominique Strauss-Kahn as having told the news agency AFP that we are lucky to have the IMF.
More banks may close, IMF warns
Wednesday, 17 September 2008 - 17 Ramadan 1429 H http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2008091717461
“Something new is more dangerous than something that happens repeatedly, but a difference with (the stock market crash of) 1929 is that we have instruments which don’t allow us to avoid the crisis but to soften the consequences and correct their effects,” IN PARTICULAR THE IMF, he said. The IMF boss said European banks, which combine several different functions, were less likely to be affected and did not risk “being brought to the ground” like their American counterparts.
Of course,
if we didn’t have the IMF propping up the bankrupt dollar-regime, we wouldn’t have the present crisis.
The US central bank announced last night a rescue plan for insurer American International Group (AIG) scrambling to raise cash.
The plan involves $85bn in loans in exchange for a large public stake in the insurance giant.
Merci, Monsieur Strauss-Kahn.
C’est la faute au FMI!
It’s the IMF’s fault!
With FreeGold it’s up to you to decide what you do with your individual wealth, either you entrust it to the fraudulent fiat-system from which AIG and its competitors could take so much advantage since 15 August 1971 when US president Richard Nixon broke the Bretton Woods system, or you invest it in internationally freely floating gold.
ivocerckel@siquijor.ws