IMF: Global Financial System On The "Brink Of Systematic Meltdown"

Reuters:

The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.

At a joint news conference, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they had "prepared a certain number of decisions" to present at a Sunday meeting of European leaders as they work feverishly to restore blocked credit markets to working order.

Read the whole story: Reuters

Comments

[totalliberal]

Nice suits. No brains but nice suits. All the problems in the financial world can be solved by not very bright men in very nice suits. Let's all hear it for $5000.00 dollar suits helping to pay for health-care and homes.
It's always the poor that are to blame. They don't have nice suits.

[exactor]

You don't know who I am, Please Allow Me To Introduce Myself... they call me Barack and you don't even know anything about your country's wealth or finances. I'm the imaginary President for these imaginary times counting all of your imaginary money, can you imagine that? I will feed you a stack of hope, hoping hope springs eternal, so bless you all.

[frappe]

Obama brings hope AND intelligence. Republicans bring nothing but a pathetic, miserable record of uninterrupted failure and loss.

[KillTheMessenger]

That must be the worst trolling I have ever seen. And I have seen some pretty poor stuff. Just how old are you?

[Navy VET EOD]

KTM: Sounds like a Masters Commission candidate, probably male, between 18 and 25.

[exactor]

Don't you all get it, without electricity Huffington Post and every other web site, will not exist. The TV will be off. Little transistor radios will be all that's left to get your news.

[exactor]

After all they're making up nothing more than more Make Believe Money. Now their next job will be to convince us it's Real. A Super Con Job on all of us, even though we can't afford to live in their Make Believe World any longer. The House of Cards is falling and the weight of all of the FIAT Paper will no doubt, collapse the table.

[Ohg]

A financial meltdown will be most felt by modern Americans who have established astounding levels of comfort. ..........­..........­....
http://thefiresidepost.com/2008/10/12/a-nickle-for-bread-but-no-one-has-a-nickle/

[northstar11]

nothing ever happens until there is a crisis

some times the crisis is manufactured(iraq)

the current economic crisis has people saying we may have waited too long( no preventive action up front)

the cost of the "fix" is enormous

the is a perlude the the global warming crisis( no preventive action up front)

and mother nature wont be forgiving

[jealousmonk]

Why is Paulson still the go-to guy?

He has been completely discredited and is clearly out of his depth. I would rather do nothing and let the markets die a natural death than let these clowns try to "fix" the problem. This is a painful lesson but a good lesson none the less. Those of us who have lost or are losing our IRA's, 401k's, etc. need to understand that we caused our own problems by investing in overly speculative markets. We may have been conned but we were suckered willingly by the lure of high returns.

"Fannie and Freddie" and "sub-prime mortgages" are red herrings. While bad mortgages are a problem and may have caused some financial problems on their own, I cannot believe that the mortgages themselves are big enough to cause a WORLD-WIDE FINANCIAL COLLAPSE!

I'm no expert but could a $500 trillion dollar ponzi (are we really going to be talking quadrillions of dollars soon?) scheme called "Derivitives" be the real problem? Could the inflationary practices of the Federal Reserve, the IMF, or deficit spending by nations around the world be the real problem?

If we are in the midst of a world-wide financial collapse, we are not really having the correct discussions and we are not looking to the right people for answers.

[trollsbwild]

Why do I dream about someone gunning them down with a Uzi ala the valentine's day massacre?

[dadw5boys]

NO MATTER WHAT THEY DO !!!!!!!

WE CAN NOT LET THEM GO AFTER THE GOLD AND SLIVER IN FORT KNOX !!!!!!!!

IF BUSH GOES AFTER THE GOLD AND SILVER IN FORT KNOX HE BANKRUPTS THE COUNTRY !!!!!!

[totalliberal]

Yup. OK old codger.

[hypnotoad72]

Calm down.

[trollsbwild]

Trust me. The country is already bankrupt. It just hasn't been reported on the news yet.

[KillTheMessenger]

Silver is a metal of little value. It's ornamental for sure, but it has nothing to do with the economy of a nation. And gold... pretty much the same. The total amount of gold on earth is only a tiny fraction of the total value of the world's economy. So there is no gold standard possible for that reason alone. If there were one, gold would now have to trade for tens of thousands of dollars per ounce. According to Wikipedia the total value of all gold ever mind is only 4.3 trillion. That's less than 10 percent of the value of the US economy alone. And close to one percent of the value of the world's economy.

Sorry... it does not work that way.

[957]

Gloom and doom oh my god were all going to be in soup lines..I think 60% of this is bullshit a royal con job they have been threatening the collapse of the whole system ....unless­...we pass a bazillion dollar bailout package "now" well it didn't collapse, they pass the bill and haven't passed out the money and nothing happened, where is the terrible hardship? where are the hugh layoff's, business folding?

[ErnestineBass]

We've had huge layoffs and businesses folding for the last eight years.

Where have YOU been?

[Zeje]

Every time I turn around another friend has lost a job. And there are soup lines. You must have your head in the sand.

[totalliberal]

Canada's banks voted safest in the world and most secure. No need for any government bail-out whatsoever. Guess why? Regulations.
Guess my kids where right for moving there.

[northstar11]

they just got a 25 billion dollar handout from the taxpayers

[CaptainHowdy]

When you hear the words "force majeure" on the TV... it's all over.

[Lotus19]

Wow! "Babylon the great is fallen, is fallen'/ Scary stuff.

[ZellaBee]

We get a one pound bag of chocolate gold coins right now for about 10.00!
At least we can eat it.

[Yermammy]

And chocolate is good for you... again. :) I wouldn't sell your gold jewelry though. When that's all sucked up, you'll be able to heat yourself burning 100 dollar bills.

[sparafucilli]

Subtext - the US will only back a plan where they come out the clear winners.

[hypnotoad72]

In order to more quickly or even feasible pay back the national debt, that sounds like a not-entire­ly-unreaso­nable goal...