September 26th, 2011

IMF Wants More

Back in July the government won a vote to send £9 billion to the IMF by just 28 votes, the tightest margin yet for the Coalition government. Despite the best efforts of the whips some thirty-two Tory MPs rebelled against the government.

Osborne’s former bag carrier Matthew Hancock thinks this was a bad thing, others (including Ed Balls, Guido and John Redwood) think they voted in the national interest. We were told at the time that this was not like £9 billion transfer which we would never see again, it was a “contingent liability” and the IMF has never failed to repay such borrowings. The IMF has never faced a financial crisis on this scale before, the US is in no position to be the leading lender of last resort if the Euro shatters the IMF.

Christine Lagarde of the IMF is now briefing that the IMF needs more funds to deal with the worst case scenario.

Osborne and the Treasury spin that if Britain wants to sit at the top table the taxpayers have to cough up to the IMF. Isn’t it time to let other people sit at the top table. Brazil, China and India should get a better seat. The menu doesn’t look that appealing and is overpriced.


91 Comments

  1. 1
    Billy Bowden is the greatest umpire ever ! says:

    Give Georges Maggies hanbag!

    Like

    • 13
      George Osborne says:

      I like pain.

      Like

      • 18
        Gooey Blob says:

        If you like pain you should vote Labour. They’re the ones who repeatedly put the economy in a mess.

        Like

        • 91
          David Laws Lib Dem fiddler says:

          Meanwhile B’Liar is cashing in all the contacts and knowledge from his days as PM. he should be investigated, assets seized, prosecuted and jailed. Why on earth does he still have paid civil servants working for him, paid by the taxpayer, to make money for himself????

          Like

      • 22
        David Laws Lib Dem fiddler says:

        I don’t want the UK to be at the head table, nor invited to the EU party or bail out fck all else. Let them sink and go alone. How dare they waste our money in this reckless way and have the cheek to ask for more and for us to work longer to pay for their stupidity.

        Close PPE courses at Oxbridge ASAP, they must be a cover for espionage or to wreck our country like Burgess, Philby, MaClean and others tried to do through the grandiose establishment and political elite. Can there be any other explanation for such dim-witted behaviour?????

        Like

    • 20
      I don't need no doctor says:

      Ain’t gonna work on Maggies farm no more.

      Like

    • 38
      Alan Partridge says:

      Sub-human scum

      Like

    • 55
      Rewind1616 says:

      Punch these fucking idiot MPs until they realise they don’t have a mandate to spend my unborn grandchilds money.

      Honest to god someone with a mega phone break into these conferences and demand answers , cos none of them talk about EU or IMF.
      God forbid even if Labour could guarantee a referendum ( as if ) I’d even vote for them, & I can’t stand the dick heads.

      Like

      • 63
        Anonymous says:

        They’d guarantee it, but then, once in …. oh, um, election pledges aren’t a legal commitment.

        Like

        • 66
          Hugh Janus says:

          For Liebour, it would start out as a solemn promise – then rapidly downgraded to an ‘aspiration’ when the brown stuff is well and truly in the whirly thing.

          Like

      • 64
        Hugh Janus says:

        “God forbid even if Labour could guarantee a referendum ( as if ) I’d even vote for them, & I can’t stand the dick heads.”

        Christ on a bike, it really is serious then.

        Like

        • 72
          Anonymous says:

          Rewind1616 may well be nutty enough to vote Liebour but speaking for myself ( as a one time Liebour voter – yup I know dire mistake I was very young ) as far as I’m concerned they can fuck themselves sideways and seven ways from Sunday I’ll never vote for the bastards again.

          Like

  2. 2
    Ed the Axeman says:

    It’s socialising the failure of governments onto taxpayers of other countries.

    The UK can’t afford to bail out any of the PIIGS, because it can’t even afford its own debts.

    Like

  3. 3
    Fatarse Prescott and the NHS 1Obillion IT system Labour fuckup says:

    fuck the IMF and the greeks and Labour

    Like

    • 14
      Hear Hear says:

      +100

      Like

    • 51
      Cross my palm with silver says:

      Our MFI closed ages ago. Do they still have these in Greece? If so can they deliver in my area? [Dale Farm, Basildon]

      Like

      • 58
        Princess Polytwaddle, leaning out of her Ivory Tower, talking down at little people says:

        See these silver spoons?

        I was born with them stuffed in my mouth.

        I, like Tone, am very very rich!

        And, let’s be clear, I am deserving of my wealth, – because I am a progressive I-feel-your-pain-sham-pain-socialist-intellectual!

        And I can whip up an or.gasm of hand-wringing-socialist-passion as quick as lightning on a rod.

        Now go away! – small insignificant person – or I’ll set Hatty on you!

        Like

  4. 4
    Biggus Dickus says:

    ******BREAKING NEWS***********

    preview of Ed Miliband’s address to the labour party in Liverpool

    Like

  5. 5
    Billy Bowden is the greatest umpire ever ! says:

    I like many others on here want cuts, I dont want cuts to people here if we are only give the money to countries that cant control thier own spending.

    NO! NO! NO!

    Like

    • 6
      Ed the Axeman says:

      So by the logic, you shouldn’t be giving money to the UK government. They can’t control their spending (up again last month)

      Like

      • 7
        Billy Bowden is the greatest umpire ever ! says:

        Yeah, But it has something to do with the threat of imprisonment against me if i dont pay, The government is under so such threat.

        Like

        • 9
          Billy Bowden is the greatest umpire ever ! says:

          “The Government is under no such threat”

          Thats what i meant.

          Like

          • Ed the Axeman says:

            Well, you’ve got examples from Greece where this citizen has gone on a tax strike.

            It should be legalised here. The government should not be able to force people to work for it, any more than a company should be able to force you to work for them.

            However, if you go on a tax strike, then you shouldn’t get the services for the tax you are withholding.

            Like

          • Fiscal Gerrymandering says:

            “Osborne and the Treasury spin that if Britain wants to sit at the top table the taxpayers have to cough up”

            THEN WE TELL OSBORNE AND KING WE DON’T WANT TO SIT AT THE TOP TABLE.

            We’ll happily take a side table and feed our own.

            We cannot afford grandiose largesse to bail out imprudent nations who have squandered their finances, just because Cameron, Clegg, Osborne and Hague want to sit at the top table.

            Let Greece and the Eurozone sort out their own mess – the world will not end if the Euro breaks up.

            Don’t let the idiots like Merkozy, who got us into this mess use the excuse that they need more power and more of our money to get us out of it.

            Like

    • 8
      Rat's arse says:

      + a million Billy. :)

      Like

  6. 10

    There can’t be enough money in the world!

    Like

  7. 11
    Sir William Waad says:

    It’s only OPM*. One can use OPM for anything or for nothing at all. OPM was never earned, saved, invested or won. It was just found in great heaps on the ground. OPM is the ultimate renewable resource.

    *Other People’s Money.

    Like

    • 29
      Mad, Bad & Dangerous Gordon McRuin ( member in absentia ) says:

      This is why I should have got the top job at the IMF !! All the time I was Chancellor, whenever I needed to waste spend money, I’d either introduce a stealth tax or go to my Money Trees in the Downing Street rose garden. Those trees are still there !! Ed and I could pick ten trillion Pounds off there any time we wanted!

      Like

  8. 12
    tommy5dollar says:

    How come when we call tax “the government’s money” the right points out that it’s the people’s but when there’s debt it’s “the government’s debt”.

    The people of Britain through their taxes and bank accounts have lent the unstabler members of the Eurozone some £500bn. Whilst I’m against throwing good money after bad, some £9bn extra to hopefully get some of that back isn’t a bad punt.

    If we don’t meet our IMF commitments then we can’t really expect to be a preferred creditor when the Eurozone falls apart…

    Like

  9. 16
    I don't need no doctor says:

    Money, money, money, in a rich man’s world.

    Like

  10. 21
    Thick Northern Labour voting benefit sponger says:

    Let the Euro and EUSSR fail.

    Like

  11. 24
    Mike Smithson says:

    I burst into a hotel I was passing with a young girl over my shoulder last night.

    “Please, I’ve just found her unconscious in the street,” I panted. “I think she’s took an overdose on drugs.”

    “Shall I phone an ambulance?” the receptionist panicked.

    “No,” I replied. “I want a room.”

    Like

  12. 25
    Tube_Thumper says:

    I went to see Tinker Taylor Soldier Spy yesterday. Yawn

    I am an intelligent and discerning viewer but this could have been on TV. No scenic or big shots to require cinema. Too long, acting great but a dated old tale about 4 lonely men.

    Then Helen Mirren pipes up moaning about the lack of Wimmin. Well there werent any in the book either. How many men were in calender girls even though many have bigger tits than that lots of old bags.

    Mirrens minge may have pepped up TTSS but then again so would have Megan Fox’s… and its fresher

    Like

    • 69
      Lord stansted says:

      The TV feature back in the 70s can’t be beaten. The best spy film remains “The Spy Who Came in From The Cold”. Most picture-goers today wouldn’t have the brians to follow the plot.

      Like

  13. 26
    nell says:

    The IMF may want more of our money but the big question is, is georgy going be tough and tell them they can’t have it?

    Like

    • 52
      oh get a grip says:

      Georgy will be looking towards future employment in some money type dealings. so Georgy telling the IMF the cupboard is bare is like Georgy declining his MPs expenses until he has Britain sorted out or at least until the money starts rolling from the new gas fields , both of which will be never.

      Like

  14. 28
    Jack says:

    Quite right, Guido

    The Chinese Deputy to Christiane Lagarde should have been elected as MD of the IMF

    With $3 trillion in reserves they can already but the fucking planet

    And it would force the Chinese to fully integrate the world trading system with all the advantages and inconveniences that that entails

    The advantages obviously outweigh the inconveniences for us all – free trade in particular which has been the motor of the amazing global growth we have seen for so many decades now…

    Like

    • 30
      Jack says:

      Correction

      “buy the fucking planet”

      Too much druid juice…

      Like

    • 45
      Jack says:

      One more point, Guido, for the non-professional co-conspirators

      The accumulation of reserves by China poses serious internal problems because, with a semi-fixed exchange rate, there is huge accumulated (and non “neutroised”) inflation within their system

      It would serve China well to allocate their reserves, for example, towards investment oin the banks of their major trading partners (squeals of protectionism, I know!)

      Like

      • 79
        Socialism Ate My Future says:

        Although manufacturing in China has started to dip and the housing bubbles about to pop that way too, add to the inflation and current social disorder kinda gets you thinking what they’ll do with an over populated male population which is out of work……

        Just don’t tell Mandelbum!

        Like

        • 85
          AC1 says:

          India’s the country whistling to itself quietly with it’s cards on the table trying not to get noticed as the pot gets bigger.

          Like

      • 84
        AC1 says:

        So China has basically subsidised American consumers and the Chinese people have won the right to get some photocopier paper in return!

        Who thought communists ever knew anything about economics?

        Well they still don’t.

        Like

  15. 31
    Blowing Dave's "trumpet" says:

    Back in 2008, Dave Figgley, via some comment board on The DT (which he is, mercifully, now barred from posting on), implored the government to let the bank(s) fail so that we could, “see what is what, son.”
    He knew full well that individuals would suffer but was arguing that it might be better for the skeletons to come piling out of of the cupboard sooner rather than later.
    As usual, nobody listened. Dave is a guy that knows nothing about economics yet knows just that little bit more than the “experts.”

    Like

  16. 34
    E d B a l l s says:

    Bailing out Greece is about as much use as a fart in a contemplation suite!

    Like

  17. 44
    Anonymous says:

    If you find yourself in the same place as Balls, you pretty much know you’ve chosen the wrong side of the argument.

    Like

    • 49
      Sir William Waad says:

      The sad thing is that people like Osborne, Balls and Mervyn King are relevant. In a better world one could simply ignore the sad little bunglers, but in the real world they make a difference. One has to take them seriously, but only in the same way that you have to take a mugger seriously – because they can cause you serious trouble.

      Like

      • 62
        Mr Nobody says:

        King is almost as incompetent as Balls. The MPC is driving sterling down as far as it will go, racing the dollar and the euro to the bottom. In the process he is overseeing an unprecedented transfer of wealth from UK savers to those in other countries. Inflation has been over 5% for months, but the MPC won’t act.

        I’m sick of it, King’s not devaluing any more of my savings. I’m slowly moving my money from banks and building societies to gold, silver and shares overseas.

        Like

        • 70

          Devaluing the currency devalues the debt.
          Sorry about that savers. But its the easiest way out for a government’s economic woes.

          On the plus side, once inflation really kicks in, there will be a housing sonic-boom that will make your ears burst.
          So if you can hang on, divest of cash and into assets, and hide in the cellar for 4 – 5 years, you might be ok.

          Like

          • Only valid if you think in Sterling terms, Bill. I decided that I did not want to suffer the two lost decades that the Japanese experienced after their property bubble went pop (I was approaching 60 and felt that it would effectively write the rest of my life off, had I stayed.) In just five years, you can double your money if you are smart. But, unless you are extraordinarily lucky, don’t expect to do anything but go backwards in the UK for the mid term.

            Like

          • AC1 says:

            Sorry, but wages have to rise, and they won’t.

            Like

  18. 46
    HandsomeDavid says:

    OT – We know we were lied to about Iraqi WMD and the 45 minute warning, these were lies to get the British public on board for war.

    We were also told that Libya had dismantled its WMD programme (with the exception of a stock of mustard gas awaiting disposal). Well it now seems that this was not the case as 10,000 drums of yellowcake (two million litres) has just been found outside the city of Sabha.

    So we went to war with Iraq on a lie. We also cosied up to Gaddafi on a lie.

    Like

  19. 48
    I am deregulated Blinky Thyroid Balls says:

    I am writing to you because you follow me too closely, Guido

    I am in fact always being caught out by my contradictions, blustering, bullying andf so-called economic expertise

    You must understand that economics is not a science

    I may speak about exogenous theories but (as I was taught at Harvard) no one, including myself, really knows how to sort out the problems

    I admit I was wrong about banking deregulation (Harvard, Rovbert Rubin and Alan Greenspan told me it was the right thing to do) which created the banking collapse in the US and UK (for which I am sorry about, so sorry)

    And no doubt entirely wrong about what I am saying today. Hence my hedging everything I say (my brother works in the hedgie business)

    PS. Guido, can my friend Thuggie Whelan pay you a million or so from union funds to becaome our spin doictor ?

    Like

  20. 56

    Rather worrying that the head of the IMF should have such an unsuitable name for her post. Quis custodiet ipsos custodes?

    Given that she succeeded Dominique Strauss-Kahn, an even more unsuitable holder of the office, who sprayed cash around like seed in a hotel room, one must beware of Gallic extravagance pour les grandes projects.

    Like

  21. 68
    Night Nurse says:

    Please could you come to hospital and clean, change and feed your own sick relatives.

    We’re very busy here, what with all the equality training, degree courses in bed pan emptying and taking “diversity enhancement umbrella epoch approach to satisfactory conclusion of local area health profiling NVQ” that we don’t have enough time to attend to patients.

    Like

  22. 71

    It’s time for us all to be more Little Englanders than Europeans.
    We can’t afford a table at the Savoy anymore the credit cards been maxed out by some Bufty frae Kirkcaldy and his eye swiveling rent boy.
    It’s the leftovers around the rubbish bins at Maccy Ds for us from now on.

    Like

  23. 73
    Socialism Ate My Future says:

    Whatever we as tax payers think the politicos will do the opposite, it brings us back to the solution “No taxation without representation”

    Who’s going to stand up first?

    Like

  24. 74
    Fuck Age Scotland. Anti Libertarian Parasites. I want my rights, my privacy and my life back NOW! says:

    Balls is a useless Hoon.
    I hate to says this but the Eurozone can go and fuck itself. Its become nothing more than a global liability that deserves to sink! Years of reckless spending and borrowindg. Merkel is borrowing off Peter to pay back Paul and the actual economic problems are not be adequately tackled. It is a liability.

    Like

  25. 75
    Hugh Janus says:

    “We were told at the time that this was not like £9 billion we would never see again, it was a contingent liability and the IMF has never failed to repay borrowings.”

    You surely didn’t believe this load of old guff Guido. You did? How very quaint.

    Like

  26. 76
    Hugh Janus says:

    Remember this?

    http://news.bbc.co.uk/1/hi/uk_politics/7810932.stm

    Strange, can’t see anything about hanging savers out to dry.

    Just another cynical ‘promise’ from just another idiot politician…

    Like

  27. 80
    Fuck Age Scotland. Anti Libertarian Parasites. I want my rights, my privacy and my life back NOW! says:

    M*od?!

    Like

  28. 81
    Fresh Start in a new place says:

    The Eurozone is a global liability. It is a failure that will never stop failing and we should have nothing to do with it! Bail it out and it is global liability.

    Like

  29. 90
    hazar says:

    Is the IMF related, in any way, to the now defunct MFI?

    Like


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