IMF Chief On The Debt Ceiling

[jamadude99]

Bloomberg: IMF Chief Says USD May Lose Currency Reserve Status Amid Debt-Limit Crisis

By Karl Lester M. Yap - Jul 29, 2011 12:13 AM ET .

International Monetary Fund Managing Director Christine Lagarde said the dollar’s standing as the world’s main reserve currency may be diminished as U.S. lawmakers fail to lift the nation’s debt limit.

The U.S. currency has had an “exorbitant privilege because it was the reserve currency that most central banks had,” Lagarde said in an interview on PBS’s “Newshour” yesterday. “If there was a dent in this exorbitant privilege and the confidence that most people have towards the dollar, it would probably entail a decline of the dollar relative to other currencies.”

Read More: http://www.bloomberg.com/news/2011-07-29/lagarde-says-u-s-dollar-may-lose-privilege-amid-debt-crisis.html

I apologize if this has already been posted! I have e-mailed all of my reps and senators in DC, and got a reply from one

that doesn't even relate to my message--just a staff form letter to send back!

Edited July 30, 2011 by sunshinelvr
added date of article

[krome2ez]

Coincidence.....

I think NOT.

Obama Aide Lipton Chosen by Lagarde to Be Top IMF Deputy

July 12, 2011, 7:45 PM EDT

July 12 (Bloomberg) -- Christine Lagarde chose David Lipton, an adviser to President Barack Obama and a former U.S. Treasury Department official in the Clinton administration, to be her top deputy at the International Monetary Fund.

A week after taking over as the IMF’s managing director, Lagarde also created a fourth deputy managing director position for China’s Zhu Min, a move that will raise that nation’s status at the institution. Zhu, a special adviser to the fund’s chief, will take up his post July 26. Lipton also will start then as a special adviser and assume the deputy’s job on Sept. 1.

Lipton combines “international expertise, public sector policy making and private sector experience and a proven track record in economic crisis management,” Lagarde said in an e- mailed statement.

Zhu “will play an important role in working with me and the rest of my management team in meeting the challenges facing our global membership in the period ahead, and in strengthening the fund’s understanding of Asia and emerging markets more generally,” she said.

The choices reflect the growing influence of China, the world’s second-largest economy, and the U.S.’s traditional lock on the fund’s second-ranking job. Both countries supported Lagarde over Mexican Central Bank Governor Agustin Carstens, who failed last month to get enough support from emerging countries to end a 65-year European monopoly on the IMF’s top job.

‘Important Acknowledgement’

The ascension of a Chinese official to a top IMF management position for the first time “is an important acknowledgement of China’s primary role within the” membership, said Domenico Lombardi, a former IMF board official and a senior fellow at the Brookings Institution in Washington. It may “enhance the ability of the IMF to act as a facilitator between the U.S. and China.”

The new position follows the appointment of Justin Lin as World Bank chief economist in February 2008.

Lipton, who worked at the IMF for eight years after receiving a Ph.D. in economics from Harvard University, held various positions at Treasury from 1993 through 1998, including undersecretary for international affairs at the time of the Asian crisis.

Bonus Pay

Before the White House job, Lipton was head of global country risk management at Citigroup Inc., taking home a $1,275,000 bonus in 2008 and a $762,000 bonus in 2009, according to White House financial disclosure reports. He will replace John Lipsky, whose term ends in August.

Lipsky stepped in as acting managing director after the arrest and resignation of former IMF chief Dominique Strauss- Kahn, who has pleaded not guilty to sexual assault charges in New York City. Lipsky represented the IMF yesterday as finance ministers from the euro region discussed a new strategy to contain the debt crisis.

At the White House, Lipton, 57, served as special assistant to Obama and at the National Economic Council and the National Security Council, helping handle such matters as the sovereign debt crisis in Europe and emerging economies.

“He will bring a very heavy political clout that will make the institution closer to the senior political leadership of the world,” Brookings’ Lombardi said.

Zhu, 58, who was a deputy governor of the People’s Bank of China, joined the IMF in May 2010. He previously was an executive vice president at Bank of China Ltd.

--Editors: Jim Rubin, Don Frederick

To contact the reporters on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

http://www.businessw...imf-deputy.html

Read more:

[retirementafterrv]

this is a great post, thank you.

[tcat1]

Nothing like accuracy...great article!

[Mongo]

Bloomberg: IMF Chief Says USD May Lose Currency Reserve Status Amid Debt-Limit Crisis

International Monetary Fund Managing Director Christine Lagarde said the dollar’s standing as the world’s main reserve currency may be diminished as U.S. lawmakers fail to lift the nation’s debt limit.

The U.S. currency has had an “exorbitant privilege because it was the reserve currency that most central banks had,” Lagarde said in an interview on PBS’s “Newshour” yesterday. “If there was a dent in this exorbitant privilege and the confidence that most people have towards the dollar, it would probably entail a decline of the dollar relative to other currencies.”

Read More: http://www.bloomberg...ebt-crisis.html

I apologize if this has already been posted! I have e-mailed all of my reps and senators in DC, and got a reply from one

that doesn't even relate to my message--just a staff form letter to send back!

first... IMF director, Kahn was framed and this stooge for soros. Christine Lagarde is a socialist plant. Ask yourself this,why would the IMF be putting pressure on lawmakers to raise the debt ceiling?to hasten the destruction of the dollar. I think that once they topple the dollar as the reserve currency we are one step closer to a NWO. Our constitution and reserve currency are two things that have to be taken down in order to bring about this new world order.

[shaneelstar]

Very well said, Mongo. Most people don't believe or understand what deep sh*t we are gonna be in, in the very near future. Things happen for a reason or are put in play by people with power for a reason.

[leanonme]

I am very glad my IRA is all gold and silver right now!!

[sportfisher]

thanks for the post

[physicsteach]

first... IMF director, Kahn was framed and this stooge for soros. Christine Lagarde is a socialist plant. Ask yourself this,why would the IMF be putting pressure on lawmakers to raise the debt ceiling?to hasten the destruction of the dollar. I think that once they topple the dollar as the reserve currency we are one step closer to a NWO. Our constitution and reserve currency are two things that have to be taken down in order to bring about this new world order.

It does appear that the NWO is pulling into the station. Although it may be too late, we need to pay attention and vote out those who have created these circumstances. I wonder if Obama will just raise the debt limit by fiat and claim what he believes is his rightful position as dictator? If so, what could be done. Do those who believe in our constitutional republic have enough organization to effectively oppose the regime?

And on another note that may relate to the dinar as well: BAGHDAD (AP) — Frequent bombings, assassinations and a resurgence in violence by Shiite militias have made Iraq more dangerous now than it was just a year ago, a U.S. government watchdog concludes in a report released Saturday."