Photo by: Alex Brandon
So, Lagarde knows that ‘entitlements’ are a problem for the US down the road, but wants us to incur more debt right now to keep Europe from sliding into another recession. Where to start with this one.
First off, the US committing economic Seppuku will not save Europe economically. They are toast and they have done it to themselves just as we have.
Second, I fail to see how encouraging us to print ever more money to pay our debts does anything more than prolong the inevitable of having to face the fiscal reality that you can’t get your money for nothing and your stock ticks for free forever. It doesn’t work like that – sooner or later, you have to actually earn your income and pay your debts. I know, I know… this is foreign and unexplored territory for our politicians, but nevertheless, the piper must be paid and he’s pissed.
Third, Lagarde knows all of this is bullshit. Seriously. Globally, all of the Marxists want the US to collapse and this is just more of the same faster, faster, pussycat rhetoric. Claiming that Japan is suddenly just fine and the world is economically on the upswing is like swearing the check is in the mail while you are packing to flee town. Utter crap.
The chief of the International Monetary Fund says the U.S. government’s stalemate over spending and its debt limit is “very, very concerning” and could roll back economic progress around the world.
“And then they found out that the debt ceiling was the issue,” she said Sunday on NBC’s “Meet the Press.” “They found out that the government had shut down and that there was no remedy in sight. So it really completely transformed the meeting in the last few days.”
Ms. Lagarde, a lawyer from France, added a global perspective to the standoff that has roiled Washington for weeks and befuddled overseas investors who typically view the U.S. as a paragon of financial rectitude.
You bet she added a global perspective – a socialist/Marxist one. And, seriously? A paragon of financial rectitude? If overseas investors view the US as such a virtuous economic entity, they are delusional, on drugs, lying, blind, desperate or all of the above. Look… the Euro crooks have faith in the American crooks. We’re saved! Not.
The Queen of creative legal manipulation and accounting spoke thusly:
Ms. Lagarde, in her interview with NBC host David Gregory, agreed that entitlement spending will be a significant problem for the United States in the long run. But she threw cold water on claims that Thursday’s deadline to raise the debt limit is inconsequential.
“Creative accounting is not the solution,” she said, “and markets know that.
“If there is that degree of disruption, that lack of certainty, that lack of trust in the U.S. signature, it would mean massive disruption the world over, and we would be at risk of tipping yet again into a recession.”
The United States has to get serious about entitlement spending down the road, but slashing spending in the near-term could be counter productive, she said.
When it comes to the U.S. economy, she said, the IMF tends to say, “Hurry up, but slow down.”
“Hurry up because measures have to be taken now to deal with entitlements, as you suggested, because there is a level of entitlement coming up and big liabilities coming up as well in terms of interest payment,” she said. “But we say slow down because the point is not to contract the economy by slashing spending brutally now as recovery is picking up.”
Recession? I hate to break it to her hindends, but the world is in a global depression thanks to elitists such as herself who have deliberately plunged us into this hellhole. There is no recovery you minx, you. You just want us to ‘hurry up’ the final catastrophic collapse of the US economy, so you can get on with global reformation. As Lagarde beckons the US to commit economic suicide and save Europe from themselves, our leaders are right there with her pushing us off the cliff.