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[ame=http://www.youtube.com/watch?v=4R5QHBMVTVk]Keiser Report: China continues buying gold before US Dollar collapse (17Jan12) - YouTube[/ame]
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The IMF meantime is asking Brazil, China, India, Japan and Russia to help it boost its lending capacity by $1 trillion, according to one anonymous IMF official who spoke to newswire Bloomberg.
Oil-exporting nations have also reportedly been asked to contribute, as the IMF prepares for a potential deterioration in the Eurozone crisis.
"Recent developments accelerate the long-run trends of [global] economic convergence and declining US hegemony," said Bank of England Monetary Policy Committee member Adam Posen in a speech yesterday.
"Importantly, this will reduce shock-absorption and provision of public goods to the international system as a whole."
In October last year, Brazil's finance minister Guido Mantega said he was opposed to the idea of Brazil buying European government bonds, adding that any assistance should come via the IMF.
The World Bank today warned that ""the risk of a much broader freezing up of capital markets and a global crisis similar in magnitude to the Lehman crisis remains."
"In particular," says the twice-yearly Global Economic Prospects report, "the willingness of markets to finance the deficits and maturing debt of high-income countries cannot be assured. Should more countries find themselves denied such financing, a much wider financial crisis that could engulf private banks and other financial institutions on both sides of the Atlantic cannot be ruled out."