Janet Yellen shocked the banking world when she said that America's “needed belt tightening is significant—larger than in most programs supported by the International Monetary Fund."
Yes, even larger than the bankrupt nations now beholden to the IMF, which demands a kind of austerity Americans might not survive. Examples:
By 2010, Greek debt had spiraled to 130% of GDP and climbing. No one was willing to lend them money anymore... forcing the IMF to swoop in with a "rescue" package that came with brutal strings attached.
Pensions were slashed by 40%. Public sector wages were frozen, then cut. Over 150,000 government workers were laid off. State assets—airports, ports, utilities—were sold off at fire-sale prices to foreign investors.
Greece's economy contracted by 25%. Youth unemployment hit 60%. An entire generation was hollowed out.
Argentina has been through the IMF wringer multiple times; in fact in in 2018, Argentina received the largest bailout in IMF history: $57 billion.
The conditions? Currency controls. Spending freezes. Slashed subsidies. Inflation still ripped past 50%. Poverty rates surged past 40%. The middle class was gutted. (These conditions are what ultimately led to the election of Javier Milei).
Sri Lanka:
In 2022, after years of fiscal mismanagement, the country defaulted on its debt. The IMF demanded fuel subsidy cuts, electricity price hikes, and tax increases. Inflation hit 70%. Riots erupted, culminating in protesters storming the Presidential palace.
Pakistan, Egypt, Ukraine, Ecuador, Zambia lose their sovereignty and dignity when the IMF intervenes, dictating tax rates, spending priorities, and pension formulas.
-- James Hickman
Better a poor and wise youth Than an old and foolish king who will be admonished no more. Ecclesiastes 4:13
Question:
Or what king, going to make war against another king, does not sit down first and consider whether he is able with ten thousand to meet him who comes against him with twenty thousand? Luke14:31
Answer:
A king who watches too much FOX TV, reads too many Marvel comics, pays attention to the New York Times, and watches too many Hollywood political thrillers.
The narrow strait is the most important chokepoint for the world's oil supply. Some 21 million barrels — or $1.2 billion worth of oil — pass through the strait every day.
Will a closed Strait hurt Iran? In terms of international oil sales, yes, but in terms of daily life, no. Iran pumps 3.5 million barrels of crude oil per day. The situation at this hour: