Keiser Report digs into the sudden rise of IMF with half the world now knocking on its door
The International Monetary Fund (IMF) said that half of the crisis-hit world has asked for emergency funding amid the Covid-19 pandemic. According to the fund, it is able to lend $1 trillion to its member countries.
RT’s Keiser Report reminds us that 100 percent of the world can’t get a bailout because “half of it has to pay for it, half of it has to be the sucker at the poker table.”
Max Keiser talks about the IMF becoming part of the so-called European Troika during the economic downturns in Greece and Ireland in 2008. Prior to that, the IMF was reportedly bankrupt, going out of business because there was no need for it. “And there was a lot of speculation at that time [that] the IMF was kind of greasing the skids to cause the Greek meltdown,” he said.
Max notes that the fund suddenly got a role to play and was relevant again. Now in 2020, the IMF is suddenly bailing out half the world. “They really did good job for themselves; they became something in this world from being completely marginalized and worthless.”
Stacy Herbert notes that during this coronavirus pandemic everybody discovered “the magic of the printing press” and that “nobody actually has to work.”
What was all that stuff about Greece then? Why were they forcing austerity on them when, apparently, they have a trillion dollars? the Keiser Report hosts wonder. Talking about how the IMF produces wealth, they point out that much of it comes from the US, which is busy printing trillions for bankers.
“They are using money as a political weapon,” says Max.
For more stories on economy & finance visit RT's business section