Losers Rebound

[don]

“I’m totally unhappy about having to borrow from the I.M.F.,” Mr. Akos Bod, the Hungarian central banker, said. “I thought in my lifetime, we would never have to borrow from the I.M.F.”

About the time the IMF was written off as irrelevant, it pops out of its casket anew.

West Is in Talks on Credit to Aid Poorer Nations

http://www.nytimes.com/2008/10/24/bu...ef=todayspaper

So altruistic....;)

[c1ue]

Re: Losers Rebound

Another instance where Dr. Michael Hudson completely called the game way ahead of time.

He noted how the European and American banks were making lots of dollar and euro loans to Eastern Europe - setting up a currency squeeze situation exactly like what happened in Asia before: when times get bad, the local currency collapses faster than the dollar/euro, at which time massive defaults loom and ownership of much of the nation is transferred.