09 July 2015 Jeff Nielson (Bullion Bulls Canada)
Most readers are familiar with the colloquial definition of insanity: repeating a (failed) policy/plan, but expecting a different outcome. Then we have the International Monetary Fund: it makes a mistake, explains that mistake to the entire world (twice), but still keeps repeating that same mistake, year after year – (supposedly) expecting a different outcome.
The hopeless/incurable/corrupt insanity of the IMF can be illustrated with absolute clarity by simply looking at two nations: Iceland and Greece. Following the Crash of '08, the International Monetary Fund (and its other partners-in-crime) issued "advice" to all of the governments of the corrupt West – advice which, in the case of Greece, has now turned into demands.
1) "Bail out" all of the Big Banks (i.e. cave in to their pay-me-or-else extortion).One nation – Iceland – didn't listen to the IMF. Instead of submitting to the extortion of its Big Banks, it ignored their demands. Instead of dubbing them "too big to fail" and permanently protecting the Big Banks, it put them to death. Instead of taking care of the Big Banks (who caused the economic crash/crisis) and punishing their people, it took care of its people – and punished the criminals.
2) Designate these Big Banks as being "too big to fail", so that they can play their pay-me-or-else extortion game forever.
3) While rewarding the Big Banks for their extortion (and reckless gambling), punish your people with crippling/suicidal Austerity.
All of the other lackey-governments of Europe and North America did exactly what the IMF (and the rest of the banksters) told them to do. For the criminal Big Banks, it was rewarding them with one carrot after another. And once government treasuries (i.e. our treasuries) had been emptied by the bailouts, these lackey-governments created "bail-ins" – so that this banking crime syndicate could simply steal our private assets directly.
For Western populations, it was hitting them with the stick, again and again and again: Austerity, Austerity, and more Austerity. The banksters commit the crimes; the People do the time. The banksters lose the bets; the People pay the debts. It's so perverse, it would make Machiavelli puke, if he were alive today.
Halfway between then and now, the IMF issued a progress report on Iceland. It concluded, unequivocally, that Iceland's refusal to "bail out" the banking crime syndicate, its refusal to punish its own people (for the sins of the bankers) with Austerity, and its refusal to listen to the IMF "holds some key lessons" for us all – presumably including the IMF itself.
The IMF termed this, at the time, "a surprisingly strong recovery" – even though (unlike nearly every other Western government) Iceland had also managed to "preserve the social welfare system" while engineering this strong recovery. Yes. Surprise! Surprise! With the money it saved not paying bankster blackmail, it could continue to fund its social safety net. And by continuing to fund that net (nets exist for a reason), its economy made a robust and continuing recovery. A real recovery.
Halfway between then and now, Greece, which did exactly what the IMF (and Troika) told it to do, was bankrupted – for the first time. Let's review this scenario, as it existed back in 2012.
Iceland took a machete to its Big Banks, preserved its social welfare system – and its economy thrived. The Rest of the West took a machete to their social welfare system, but preserved the Big Banks (just like Japan did) – and they all turned into (Japan-like) zombie economies. Gee, who could have predicted that?
Perhaps some readers will be surprised by this extreme dichotomy. But did the IMF learn its lesson after Iceland's economy was a raging success for doing the exact opposite of everything the IMF advised – while Greece, which heeded the IMF's "wisdom", was a bankrupted trainwreck?
Not exactly. What was its advice/demands for the (new) lackey-government in Greece, in 2012? More and more Austerity, while (of course) continuing to make its blackmail payments to the financial crime syndicate. More Austerity for Greece than any other European nation, despite the horrific economic carnage which had already been created from following this scorched-earth sadism.
Let's flash ahead roughly three more years, to the spring of 2015. The IMF issued another "progress report" on Iceland, which had continued to do the exact opposite of everything which the IMF continued to recommend for other Western lackey-governments. What were the IMF's findings?
Macroeconomic conditions at their best since the crisisThings in Iceland were good in 2012 (according to the IMF), but they're better in 2015 (according to the IMF). Meanwhile, Greece, whose lackey-government continued to follow the dictates of the IMF (more Austerity for the people, more blackmail payments to the bankers) was bankrupt – for the second time in three years.
Recovery achieved without compromising welfare model
Through following the advice of the IMF and its Troika partners – the self-proclaimed sages of economic/financial management – Greece was bankrupted once after three years, and then bankrupted a second time, three years later. It is very likely economic failure and incompetence of unparalleled magnitude.
Beside Greece, we have Iceland. Its economy is once again strong; its people are once again prosperous – through six years of doing exactly the opposite of what the IMF was demanding from successive lackey-regimes in Greece. Did the IMF finally learn its own lesson, after six years of destroying Greece's economy and six years of reporting on Iceland's success (achieved through ignoring the IMF)?
No. This utterly shameless, absolutely irredeemable institution (along with the rest of the Troika) blamed Greece's government for the second bankruptcy of that economy. The two lackey-governments that were in power while the IMF (and the Troika) were bankrupting Greece's economy (twice), and did everything the Troika told them to do, are now gone. Greece's new government, Syriza, was only elected after the Troika had bankrupted Greece for the second time.
As a proposition of elementary logic, it's possible to blame the Troika itself for destroying Greece's economy, twice, over a span of six years. It's also possible to blame one or both of the lackey-governments formerly in power. The one entity which cannot, in any possible way, be to blame for the total destruction of Greece's economy (or either bankruptcy) is Greece's new government.
Syriza assumed power and reported that Greece was bankrupt, again. What has transpired since that time is the most extreme/most insane manifestation of shoot the messenger ever witnessed.
What has been the negotiating position of Alexis Tsipras and Syriza? He wants a reduction in Greece's debt, and no more Austerity. More generally, he wants to follow the example of Iceland: at least reduce Greece's blackmail payments to the bankers, and begin to repair Greece's own social safety net.
Syriza wants to copy success (Iceland), rather than copy failure (the Troika). For this, the equally shameless, equally irredeemable corporate media has labeled Tsipras (and Syriza) "radical", day after day, month after month.
Yes, what could be more "radical" than wanting to do what works, when you can do even more of what has already failed for the last six years? The only thing more "radical" than that thinking (in the eyes of the Troika) is that when a banker commits a crime, he/she should go to prison. The criminals must be protected – no matter how many of the People must be sacrificed to do so.
If the IMF were merely incompetent (but honest), it would have long ago told Greece's government to stop doing what it had advised, and to never listen to one word of IMF "advice" ever again. If the IMF were merely insane, presumably it would not have been able to explain, in detail (twice), how Iceland's economy had succeeded over that same six years – by ignoring the IMF.
Readers can make their own judgments about the IMF's level of (in)competence, and its degree of (in)sanity. What is unequivocal is that the IMF is evil.
It has six years of (unequivocal) empirical evidence, showing how the morally bankrupt policies of the Troika have economically bankrupted Greece twice, three years apart. It is the economic fascism of Milton Friedman, taken to its most malicious extreme. It also has six years of its own analysis, showing how Iceland has risen from the ashes by doing the exact opposite of what it has ruthlessly imposed on Greece.
When the IMF demands more debt for Greece, it knows that this will cause further harm to this bankrupt economy. Presumably, IMF bankers can operate a calculator. When it demands more Austerity for Greece, it knows this will cause much, much more harm to Greece's economy and the people of Greece. No hit man could be any more cold-blooded than that.
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