"Very Friendly" IMF Backs Sanusi’s Banking Reforms

I thank God that we all know the IMF dont mean well for this nation or any other african nation for that matter.

I wonder who they think cares if they endorse CBNs actions? They are a shylock slavery inclined body, ready to feast on any African nation that allows them to;they were there 92 American banks failed, what did they do about it?
The earlier they know they are worth nothing around here the better.
Like we have all rightly said, we do not need their endorsement,they should take it elsewhere,their antecedents are nothing to write home about.

As for the CBN governor, he has started changing currency notes already,the harm he has caused the banks he is yet to find a solution to it with his hasty,ill thought out,crude intervention;his intrigues seem not to have an end in sight!

I wonder when he would finally tell us what became of the 14 other banks he audited,or are they all 'sound'? What a laff!

At the end of day, we wait to see the 'faceless' foreign investors he wants to sell Nigerian banks to; he definitely thinks he has us fooled with all his antics,imagine Chinese slave drivers who only want to rip off people are the ones Sanusi Lamido would even consider selling Nigerian banks to,yet we are 'rebranding the nation'!

What a shame!

             time will prove all things,
  lets just pray it doesnt get out of hand b4 we get a solution to all this madness.

I.M.F will support everthing  and anything of interest to them and trust our people to luv the psychophancy feeling,

  God save Nigeria.

lets focus on Mr sanusi instead

@ post,is anyone surprise at all?

the agenda continues to unfold!

What has the IMF got to do with this? What about the Europe and USA that bailed out banks without arresting or issuing a forced sack. This is all nonsense.

There was a northern agenda to acquire 5 banks, however, that plan has failed due to the rumors and all that. Presently Sanusi is confused with what to do with the banks, he come to say this and changes tomorrow. 

the man thinks we're as stupid as he is.

,

IMF sucks big time.They want us to mortgage what is left of our future.

A big NO NO

Is IMF the problem?

Would we need IMF if this nation was governed properly?

We need to look at ourselves deeply and make a change to make this nation a great.

A great percentage of the loans this nation takes for whatever purpose or project the nation needs it for, goes into individual pockets.

I do not think we need an IMF loan however we are the problem that we need to solve NOW, not IMF.

IMF is not good news at all.

NONE

IMF 

IMF is a NO NO!. make them waka pass abeg. 

The IMF, World Bank, WTO, UN, Etc all these "so called International Bodies
were founded after world war 2 to impose the subtle Imperial Empire Structure
of the USA with its Junior Partners, Britain, France etc.

The IMF so called SAP Programmes have destroyed the fabric of Devloping nations
after this so called nations took "Larger than life" Loans in the late 60, 70's and 80's
with the so called mind to develop there economies and become like Western Europe Overnight(ie in say 10 years duh!!!)

This is nothing short of a miracle as any honest economist knows you do not develop
your economy by going into debt, but by imposing import restrictions so that Internal Industry can grow first by strengthing
the agricultural sector, then by developing small scale industry ie textiles, food processing and light manufacturing, then aslo
making sure than the basic infastructure is in place ie major roads, bridges, railways, ports etc.

Also developing basic eduaction, health care and telecommunications.
This is how Western Europe was developed after world war 2 via the "marshall Plan"
ie Ecomonies of france , germany etc. They received this funding via the World Bank and IMF
which are based in New York. The World bank and IMF main shareholder are USA, UK, France.

When you Approach the World/IMF for a loan, they will inturn meet there shareholder govt
who will then turn to there Investment Bankers for the Money ie Goldman Sach, JP Morgan, etc

It was in the interest of the USA, UK to develop the destroyed economies of Germany
and france and bring them under there Political, Economic & Security Unbrella
ie , G7, O.E.C.D & NATO.

You have to have allies in Order to run an Empire!!! but in terms of
the Devloping world the USA Elite thought it best to control these
economies via deception and trickery ie through rogue economist and making sure
that there economies do not develop any form of strong indutrial base.

So these economiess should forever remain as resource extraction centers for the
uSA & its Junior partners in the game of Global Domination.

So these countries were issued all kinds of receipes for development based on Debt financing
but were never given access to advanced technology like france, germany and Japan was
to build there economies.

In order to develop your economy the right way, you need

1 - Sound Politcal structure ie Leaders that are not wimps!!!

2 - Good Organisation Structure ie Economic, Political, Social

3 - Identify Resouces that are key to your develop and not those
who want to buy it!!! Duh!!! Have you ever heard that the UK Exports it North Sea Oil !!! Duh!!!

3 - Advanced Technology

2 - Training

3 - Access to Markets to trade on a fair basis.

The third world nations ie Nigeria, Ghana, Peru, etc were not given these and also
being Young Countries did not understand the Global Political Game.
and so were given loans that had all kinds of "stringent conditionalities" tied
to it with the prospect of "Compound interest" making the debt to be in the
future "Un-repayable".

This was a "Secret Strategy" to keep the Economies of the third world in servitude
to the Western World.

Right not all we have is Indebted third world countries that now
have to sell of their resources on the cheap in order to raise
finances to pay there debt and try and run there crippled economies
which has led to capital flight and mass migration of the so called
middle class of these -  countries ie over 300,000 Nigerians in the UK
and over 1 million Nigerians in the USA alone. this has happended to so
manY Sub-Saharan african countries and also in South America and Asia.


The Debt Trap is the Oldest trickin the "Political Play book" and
it is the card being played by The West on Third world economies.


The only way a third world Economy can develop is when the Ruling elite
of the country understands the Con game and turns it around and uses it againt
the G7 Countries ie China!!!.


China just goes about stealing the Advanced technology and using it to advance its
own country!!! read the book "China Inc" by Ted Fisherman for more insight.[/b]

So in conclusion THE World Bank, IMF etc are only there to help the Owners ie
US, UK, France etc and to screw the Economies of the third World.

[b]China Knows this and does not play there game.

If Nigeria whats to develop at a good pace it should learn a few tricks from the Chinese
and start doing more trade with countries who are willing to trade adavnced technology
with them ie China, Malaysia, Canada , Australia etc.

I leave you all with a Article by a US congressman that kind of Sums It Up about the
IMF!!!

****************************************************


The IMF Con - 2004

by Rep. Ron Paul, MD

Source - http://www.lewrockwell.com/paul/paul206.html

        

You won’t hear either presidential candidate say much about the issue of foreign aid during this election season, despite the record levels of federal spending and debt that plague our economy. Very few Americans realize the extent to which Congress sends billions of their tax dollars overseas to fund the most counterproductive foreign welfare schemes imaginable, always in the guise of helping the poor. A recent report by the congressional Joint Economic Committee on which I serve highlights the reckless manner in which one organization, the International Monetary Fund, wastes your money around the world.

The IMF provides a perfect illustration of the both the folly of foreign aid and the real motivations behind it. The IMF touts itself as a bank of sorts, although it makes “loans” that no rational bank would consider – mostly to shaky governments with weak economies and unstable currencies. The IMF has little incentive to operate profitably like a private bank, since its funding comes mostly from a credulous US Congress that demands little accountability. As a result, it is free to make high-risk loans at below-market interest rates.

The real purpose of the IMF is to channel tax dollars to politically-connected companies. The huge multinational banks and corporations in particular love the IMF, as both used IMF funds – taxpayer funds – to bail themselves out from billions in losses after the Asian financial crisis. Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It's a familiar game in Washington, where corporate welfare is disguised as compassion for the poor.

In fact, IMF loans often do far more harm than good. At best IMF borrowers are governments of countries with little economic productivity; at worst the money ends up in the hands of corrupt dictators. Either way, most recipient nations face huge debts they cannot service, which only adds to their poverty and instability. IMF money ultimately corrupts those countries it purports to help, by keeping afloat reckless political institutions that destroy their own economies.

Government-to-government transfers through a middleman like the IMF cannot produce real growth. When capital remains in private hands, it is allocated to its most productive uses as determined by the choices of consumers in the market. Placing capital in the hands of politicians and bureaucrats inevitably results in inefficiencies, shortages, and economic crises, as even the best-intentioned politicians cannot know the most efficient use of resources.

American taxpayers already lend various governments more than $5 billion annually through the IMF, at a yearly cost of over $300 million because of loan defaults and subsidized interest rates. Now the IMF wants to double its pool of funding, which will put taxpayers on the hook for $12 billion in loans at a cost of about $750 million each year. Furthermore, since the IMF creates “drawing rights” accounts that are redeemable in US dollars, it in essence prints US dollars when it increases those drawing rights. This is a clear violation of our national sovereignty, and a vivid example of why we should stop participating in international schemes like the IMF altogether.

The IMF and other complex schemes only serve to obscure the real issue: Why should US taxpayers be forced to send money abroad? Certainly the Constitution provides no authority for foreign aid. In historical and practical terms, redistribution of wealth from rich to poor nations has done little or nothing to alleviate suffering abroad. Only free markets, property rights, and the rule of law can create the conditions necessary to lift poor nations out of poverty.

September 28, 2004

Dr. Ron Paul is a Republican member of Congress from Texas.