IMF

celand recently held new elections following the resignation of its Prime Minister due to the Panama Papers. In an interview with the activist Árni Daníel Júlíussson, the Lexit Network gathered updated information on the current situation in Iceland. We spoke also about the crisis, crisis policies, social movements in Iceland, the Euro and the question of EU-Membership.

Through the prism of the trade balance, the current account surplus can be viewed as a symptom of Germany’s economic success. German exports increased from 30% of GDP in 2000 to 47% in 2015. But with imports at merely 39% of GDP, this implies that Germany is providing capital to the rest of the world at a very high rate. Indeed, German savings have

The International Monetary Fund (IMF) and US-dominated World Bank have been major players in the global economic landscape ever since their creation in 1944.These international banking organizations, which are privately controlled by the notorious Rothschild banking family, first pressure nations to deregulate their financial sector, allowing private

The Independent Evaluation Office (IEO) of the IMF recently published its report on the response of the organization to the European crisis. The analysis focuses on the performance of the IMF in the context of the programs for Greece, Portugal and Ireland. It provides a valuable insight into the conflicts within the IMF itself, and especially between the executive board of the organization and its management and staff.

Galbraith’s articles and interviews collected in this book (ending in October 2015) traces his growing exasperation at the “troika” – the European Central Bank (ECB), IMF and EU bureaucracy – which refused to loosen their demand that Greece impoverish its economy to a degree worse than the Great Depression. The fight against Greece was, in a nutshell, a rejection of parliamentary democracy after the incoming Syriza coalition of left-wing parties won election in January 2015 on a platform of resisting austerity and privatization.

The biggest threat to the global economy is not Brexit, but an impending crash in China, according to one of the world’s most eminent economists. Speaking to the BBC, Harvard professor, Ken Rogoff warned that China was facing a “pretty sharp landing already” after years of rapid economic growth. The real picture is much worse than the official one

The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.

The mortgage debts in post-Soviet economies and Iceland are more explosive. Although these countries are not in the Eurozone, most of their debts are denominated in euros. Some 87% of Latvia’s debts are in euros or other foreign currencies, and are owed mainly to Swedish banks, while Hungary and Romania owe euro-debts mainly to Austrian banks. So

What has gone unsaid by both the Greek and international media are the true origins and contributors to the Greek crisis. These factors include the manipulation, by Goldman Sachs, of Greece’s debt and deficit figures through a series of swaps and derivatives, hiding the true figures in circumvention of EU Maastricht criteria for admission into the Eurozone, for a tidy

Despite the persistent effort of the Greek Media to present the report issued by the Independent Evaluation Office on July 8, which examines the contribution of the IMF on the “rescue” plan of three countries (Greece, Ireland and Portugal) as a “public apology”, the facts belie them.