US Congress Will Not Pass IMF Reforms This Year

[Nadita]

U.S. Congress will not pass IMF reforms this year

11:44am EST

By Anna Yukhananov

WASHINGTON (Reuters) - Funding for the International Monetary Fund did not make it into U.S. spending legislation this year, another setback for historic reforms aimed at giving emerging markets more say in how the world lender is run.

A $1.1 trillion U.S. spending bill unveiled late on Tuesday did not include funding for the IMF, according to a text of the bill, meaning the reforms will not get passed by a year-end deadline.

Finance chiefs from around the world had given the United States until Jan. 1 to ratify the reforms, and have threatened to move forward without it if it fails to do so.

The reforms would double the fund's resources and hand more IMF voting power to countries like the BRICS: Brazil, Russia, India, China and South Africa. They would also revamp the IMF's board to reduce the dominance of Western Europe.

The changes to the voting shares, known as quotas, cannot proceed without the United States, which holds the only controlling share of IMF votes.

The Obama administration has been pushing Congress for nearly two years to approve a shift of some $63 billion from an IMF crisis fund to its general accounts to make good on its international promise and maintain Washington's influence at the global lender.

"Without these reforms, emerging economies may well look outside the IMF and the international economic system that we helped design, potentially undermining the fund's ability to serve as a first responder for financial crises around the world," Nathan Sheets, U.S. Treasury undersecretary for international affairs, said in a speech last week.

Some observers believe the stalled IMF reforms gave the BRICS group of emerging markets further impetus to launch their own currency reserve pool and development bank earlier this year, intended as a challenge to Western dominance in global financial institutions.

But some Republicans have complained that the IMF changes would cost too much at a time of big budget deficits in Washington. They are also critical of how efficiently the IMF was helping struggling economies in Europe and the risks attached to billion-dollar IMF loans to countries like Greece.

The Obama administration last made a push to include the IMF reforms in a broader funding package for Ukraine in March, but U.S. Senate Democrats dropped the language to ensure smooth passage of the bill.

 

(Reporting by Anna Yukhananov; Editing by Jonathan Oatis)

 

http://www.reuters.com/article/2014/12/10/us-usa-congress-imf-idUSKBN0JO1UC20141210

[Texstorm]

OK so if the IMF is waiting on the US of A money, then Iraq should go ahead with the RV, because it takes money to make money ! Forget the IMF.

[Nadita]

OK so if the IMF is waiting on the US of A money, then Iraq should go ahead with the RV, because it takes money to make money ! Forget the IMF.

 

Well.. if we don't want to lose our voting power than we need to fund IMF and how do we do that? by signing the document and nodding the head for green light to Iraq to rv.. at least that's what I think

[sandfly]

THATS O

[Texstorm]

Well.. if we don't want to lose our voting power than we need to fund IMF and how do we do that? by signing the document and nodding the head for green light to Iraq to rv.. at least that's what I think

Natida I the way that you articulate your post ! Right or wrong I do not hold the IMF or NATO in high regards when it comes down to solving American interest. Neither one would survive without the US, we just support all of those countries and organizations to rally our own cause. Thanks and God Bless AMERICA

It was supposed to read Natida, I love the way....

[Freedomwish]

What in the world is going on behind these scenes now?!! 

[1lucdog]

What if:

The Saudis are driving down the price of oil to prop up the value of the $ ... because they are married to the oil dollar ... the Iraqi Gov. is now onboard with the Plan to tie their oil to the Dollar. The IMF etc has been pressuring Russia to fall in line with their version of the NWO financial control...Russia and China and ...the BRICS do not want to be told what to do any more by the old world $ brokers who control the NWO...therefore they are made to look like the bad guys in Ukraine etc... IMF was going to give more control to them and to hold that off the US stalls everything...so that Iraq can come online with another economic engine pumping out Oil dollars....Further weakening BRICS's hand and ....stacking the odds on a RV for the Dinar in the "Coming Days"  LOL   Must have been that late night Pizza .. Pepto time  

 

[justchecking123]

A $1.1 trillion U.S. spending

The US creates money out of thin air and runs the world, not BRICS.

 

The deficit means nothing. The system's rigged, derivative banking works.

 

The IMF is just a tool. If the US wants to use it, they will.

[Nadita]

 

The US creates money out of thin air and runs the world, not BRICS.

 

The deficit means nothing. The system's rigged, derivative banking works.

 

The IMF is just a tool. If the US wants to use it, they will.

 

 

Just

 

It's what they wrote, not me.  I am just bringing the news  

 

Yes, if the US wants to use it, they will and the question is will they? 

[Nadita]

 

What if:

The Saudis are driving down the price of oil to prop up the value of the $ ... because they are married to the oil dollar ... the Iraqi Gov. is now onboard with the Plan to tie their oil to the Dollar. The IMF etc has been pressuring Russia to fall in line with their version of the NWO financial control...Russia and China and ...the BRICS do not want to be told what to do any more by the old world $ brokers who control the NWO...therefore they are made to look like the bad guys in Ukraine etc... IMF was going to give more control to them and to hold that off the US stalls everything...so that Iraq can come online with another economic engine pumping out Oil dollars....Further weakening BRICS's hand and ....stacking the odds on a RV for the Dinar in the "Coming Days"  LOL   Must have been that late night Pizza .. Pepto time  

 

 

 

I like your thinking I guess if it were me, I don't want to lose my voting rights because that;s how I control - power and money  oil price is dropping to possibly $50/barrel or some say could go to $40 and it will not bounce any sooner.  I say closer to petrodollar so the profit will not be much but who can rake more dinar will be able to buy oil at petrodollar price when oil price spikes again... and again my simple mind thinks that way

[gymrat76541]

I hear that for every penny the price of oil drops - there is another 1 billion dollars the American people have to spend. I believe this will prove to be a great moment for our economy!