Paris (AFP) – International Monetary Fund (IMF) chief Christine Lagarde, one of the world’s most powerful women, announced Wednesday she had been charged with “negligence” over a multi-million-euro graft case relating to her time as French finance minister.
The shock announcement came a day after she was grilled for more than 15 hours by a special court in Paris that probes ministerial misconduct, the fourth time she has been questioned in a case that has long weighed upon her position as managing director of the International Monetary Fund.
“The investigating commission of the court of justice of the French Republic has decided to place me under formal investigation,” she said in exclusive comments to AFP.
In France, being placed under formal investigation is the nearest equivalent to being charged, and happens when an examining magistrate has decided there is a case to be answered.
It does not, however, always lead to a trial.
Asked whether she intended to resign from the IMF, she responded: “No.” But her fate now hangs on what the IMF board of directors will decide.
“I have instructed my lawyer to appeal this decision which I consider totally without merit,” said Lagarde, who replaced Dominique Strauss-Kahn as IMF chief in 2011 after he became embroiled in a New York sex scandal involving a hotel maid. Read More: http://news.yahoo.com/imf-chief-lagarde-charged-over-corruption-case-091305188.html
The International Monetary Fund (IMF) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945.
Most people do not have any idea what the IMF is. If you wish to know more, the three articles below may be helpful.
What does the IMF say about itself:
What Others Say About The IMF, Two Viewpoints:
What is the IMF?
The International Monetary Fund and the World Bank were created in 1944 at a conference in Bretton Woods, New Hampshire, and are now based in Washington, DC. The IMF was originally designed to promote international economic cooperation and provide its member countries with short term loans so they could trade with other countries (achieve balance of payments). Since the debt crisis of the 1980’s, the IMF has assumed the role of bailing out countries during financial crises (caused in large part by currency speculation in the global casino economy) with emergency loan packages tied to certain conditions, often referred to as structural adjustment policies (SAPs). The IMF now acts like a global loan shark, exerting enormous leverage over the economies of more than 60 countries. These countries have to follow the IMF’s policies to get loans, international assistance, and even debt relief. Thus, the IMF decides how much debtor countries can spend on education, health care, and environmental protection. The IMF is one of the most powerful institutions on Earth — yet few know how it works.
- The IMF has created an immoral system of modern day colonialism that SAPs the poor
The IMF — along with the WTO and the World Bank — has put the global economy on a path of greater inequality and environmental destruction. The IMF’s and World Bank’s structural adjustment policies (SAPs) ensure debt repayment by requiring countries to cut spending on education and health; eliminate basic food and transportation subsidies; devalue national currencies to make exports cheaper; privatize national assets; and freeze wages. Such belt-tightening measures increase poverty, reduce countries’ ability to develop strong domestic economies and allow multinational corporations to exploit workers and the environment A recent IMF loan package for Argentina, for example, is tied to cuts in doctors’ and teachers’ salaries and decreases in social security payments.. The IMF has made elites from the Global South more accountable to First World elites than their own people, thus undermining the democratic process.
- The IMF serves wealthy countries and Wall Street
Unlike a democratic system in which each member country would have an equal vote, rich countries dominate decision-making in the IMF because voting power is determined by the amount of money that each country pays into the IMF’s quota system. It’s a system of one dollar, one vote. The U.S. is the largest shareholder with a quota of 18 percent. Germany, Japan, France, Great Britain, and the US combined control about 38 percent. The disproportionate amount of power held by wealthy countries means that the interests of bankers, investors and corporations from industrialized countries are put above the needs of the world’s poor majority.
- The IMF is imposing a fundamentally flawed development model
Unlike the path historically followed by the industrialized countries, the IMF forces countries from the Global South to prioritize export production over the development of diversified domestic economies. Nearly 80 percent of all malnourished children in the developing world live in countries where farmers have been forced to shift from food production for local consumption to the production of export crops destined for wealthy countries. The IMF also requires countries to eliminate assistance to domestic industries while providing benefits for multinational corporations — such as forcibly lowering labor costs. Small businesses and farmers can’t compete. Sweatshop workers in free trade zones set up by the IMF and World Bank earn starvation wages, live in deplorable conditions, and are unable to provide for their families. The cycle of poverty is perpetuated, not eliminated, as governments’ debt to the IMF grows.
- The IMF is a secretive institution with no accountability
The IMF is funded with taxpayer money, yet it operates behind a veil of secrecy. Members of affected communities do not participate in designing loan packages. The IMF works with a select group of central bankers and finance ministers to make polices without input from other government agencies such as health, education and environment departments. The institution has resisted calls for public scrutiny and independent evaluation.
- IMF policies promote corporate welfare
To increase exports, countries are encouraged to give tax breaks and subsidies to export industries. Public assets such as forestland and government utilities (phone, water and electricity companies) are sold off to foreign investors at rock bottom prices. In Guyana, an Asian owned timber company called Barama received a logging concession that was 1.5 times the total amount of land all the indigenous communities were granted. Barama also received a five-year tax holiday. The IMF forced Haiti to open its market to imported, highly subsidized US rice at the same time it prohibited Haiti from subsidizing its own farmers. A US corporation called Early Rice now sells nearly 50 percent of the rice consumed in Haiti.
The Second Viewpoint: http://www.globalistagenda.org/finance.htm
|Finance & Economics|
“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough money to buy it back again…Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this would be a better and happier world to live in. But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit.”
– Josiah Stamp, former Governor of the Bank of England during the 1920’s
Private Central Banks
The control on money and the ability to create money and indebtedness is the primary method of control exercised by the elite. This is a con game of monetary magic whereby they create money out of nothing then lend it at interest to the public. This is in reality a Ponzi scheme that is preprogrammed to collapse. Unfortunately, the US at the end of this cycle of collapse and their destruction is inevitable as such. A number of great documentaries such as Money as Debt and the Money Masters explain this very well. They have systematically gained control over the banking systems of most countries on this planet. The U.S. Federal Reserve and many more central banks (even those that are supposedly now government owned) are in fact privately owned banks and the central banks for all central banks the Bank of International Settlements is also a privately owned and controlled by international elite banking families.
An integral part of the money con game and an absolute necessity to make is work is the forced requirement of the public to pay income tax in order to pay interest to the private banks. Opening to standing ovations at the Cannes Film Festival, the movie America Freedom to Fascism explains this and shows that income tax at least in the United States is in fact illegal and enforced by threats and coercion. In the U.S. all taxes paid go to pay interest on the national debt – very penny – and not one cent goes to provide for the functioning of the U.S. government.
International Financial Institutions
The widely know and acclaimed International Monetary Fund (IMF) and World Bank are reported by the media as lending much needed funds to third world countries so they can further develop. This is a lie. In fact, the IMF and World Bank have through indebtedness enabled the complete destruction, control of the economies, and raping of the resources of developing nations. As demonstrated by John Perkins in his book Economic Hitman this was a planned and coordinated effort for control, domination and impoverishment of the developing world.
Finance as a Mechanism to Transform Societies
Throughout the recent century the powers of financial capitalism have used their control over money to transform whole societies and the world at large. They have funded both sides of WWI, WWII, Korea and Vietnam, funded and instigated both the Russian Revolution and the Chinese Revolution. They have created the mortgage / housing crisis in the United States and actively promoted the current U.S. Economic Collapse. Throughout history they have used their power over money and finance to foment war and revolution as means of transforming society in order to further their control and power.