Depression officially anounced by IMFand backgrounds on internal fights within the real power

Depression officially announced which is interesting as the IMF is the front runner in announcing the bad news officially and they waited for Obama to be president to do so. The most influential member is Strauss-Kahn ( not surprisingly has a Jewish heritage ). Who survived despite a sex scandal as he has a mission. The Rothschild boys want to create a powerful world central bank with,n this crises and the IMF is the entity which is supposed to take over the role. Since there is another powerful group which is kind of the competition but acts in sink on the big events mostly seem to have different plans. The structure of this sex scandal is a very regular scheme for people in power to abuse and that it came to the daylight is as Sarkozy claims a powergame but that a different story. Lets remind us what the role of the IMF realy was so far as a member of the CIA and influential member of the IMF told in his book that the IMF was used as an financial entity to bring developing countries under their control by basically weakening them. The biggest scandal though was one which was amazingly easy buried as 20 bil Dollar transferred to the Russian cental bank disappeared under Yeltsin in 1997.

Yeltsins linked to IMF scandal

David Usborne in New York

Friday, 27 August 1999

SWIRLING ALLEGATIONS of financial fraud and international money laundering on an astonishing scale by business and political figures in Moscow continued to multiply yesterday amid fears that the scandal may extend to members of Boris Yeltsin's administration and even his family.

After days of silence, the Russian chief prosecutor, General Vladimir Ustinov, said he had ordered an investigation into reports that the schemes may have involved $15bn, much of it laundered through the Bank of New York. The unproven allegations are already being investigated in Britain, Switzerland and the US.

Political alarm are sounding in Washington after suggestions that much of the money may have been siphoned from funds provided to Russia as economic aid by Western institutions and the International Monetary Fund.

USA Today, citing unidentified sources, said at least five current and former members of the Yeltsin administration are being investigated in Moscow and London, including Yeltsin's daughter and adviser, Tatyana Dyachenko, his former chief of staff and Finance Minister, Anatoly Chubais, and a former Finance Minister, Alexander Livshits.

The newspaper quoted a senior official in the Russian prosecutor's office as saying it was "hard to believe" President Yeltsin was not involved in the dealings, or that he wasn't at least aware of them.

The Italian newspaper, the Corriera della Serra, yesterday said Russian and Swiss prosecutors are probing claims that President Yeltsin himself improperly received $1m diverted from funds earmarked for the restoration of the Kremlin and Russian parliament building.

The Kremlin denied the report. "The President of Russia, his wife and his children have never opened accounts in foreign banks," a spokesman said. "The incomes of the family of the President have been declared according to the legally established order."

The allegations surfaced last week when The New York Times said $10bn of Russian funds had been mysteriously laundered through the Bank of New York. The money was then thought to come from Russian organised crime.

The Bank of New York, which has not been accused of wrongdoing, last week suspended Natasha Kagalovsky, who headed its East European Division in New York. Her husband, Konstantin, is a former Russian representative to the IMF in Washington, who returned to a senior post at Moscow's now-defunct Menatep Bank.

Lucy Edwards, a Bank of New York vice-president in London who oversaw East European business, was also suspended. Her husband, Peter Berlin, also a Russian businessman, was believed to have had control of the accounts in New York through which illicit funds were said to be passing.

Investigators say a laundering account was also set up at the Republican National Bank in New York. The Wall Street Journal said accounts at other international banks, including UBS and Credit Suisse Group, are being checked.

The newspaper also named a financial firm based in the Isle of Man as possibly being implicated in facilitating the laundering.

Congress announced plans for its own investigation and officials fear they may be looking at America's biggest money-laundering scheme.

Jim Leach, a US Representative, said the role of the Bank of New York would come under keen scrutiny. He added: "The question is whether they were unwittingly duped or were willing facilitators in what may be the greatest example of kleptocratic governance in modern history."

The Russian government was running the classic scheme those days as oil was not trading at high prices but still with a nice margin that they sold the oil below world market value to their own brokers who resold it at market value hence they made a lets assume 10 Dollar margin on every barrel. Some parts of the KGB did not like that and hence Putin replaced Yeltsin who got immunity in return but Putin hunted down some of his guys to recalibrate the power and riches quite successfully. The Yeltsin family especially his daughter was the driving force behind building a fortune by using various puppets to cover up like oligarch Abramovitch who was a nobody until she placed him at a Swiss oil broker who run the outside interests of the 'Yeltsin' clan but as there guys are all Jewish I rather suspect that she was not the final power behind it just the coordinating post. by wiping out Khodorkovsky and some others.

http://www.dailymotion.com/video/x2cnqs_the-rise-fall-of-the-russian-oligar_politics
Excerpt

Nicolas Sarkozy dismay as Dominique Strauss-Kahn in sex scandal

A “one-night stand” and an angry husband have endangered the career of the French head of the International Monetary Fund and dismayed President Sarkozy as he seeks to put a French stamp on a new world financial order.

The news that Dominique Strauss-Kahn, 59, is being investigated in Washington over an alleged fling with a former subordinate has unsettled Mr Sarkozy, who has been working with him to form a new Bretton Woods pact on financial regulation.

When he visited President Bush at Camp David on Saturday, Mr Sarkozy presented a vision for this on behalf of the European Union that conflicts with US wishes. Although the romantic troubles of Mr Strauss-Kahn were known in Paris, some politicians suggested that the case had been leaked to the US media to undermine the French effort.

Mr Sarkozy and Paris insiders knew that the IMF was looking into allegations against Mr Strauss-Kahn, a senior Socialist Party figure. The President was furious that Mr Strauss-Kahn, who is married to Anne Sinclair, a television news presenter, had risked a chance to restart his career and to help France internationally by living up to his old name as un grand séducteur — the term used by Le Journal du Dimanche yesterday. Ms Sinclair said that the couple had put the affair behind them.

The case began in January when Mario Blejer, a senior Argentine economist, alleged that Piroska Nagy, his wife, had been seduced by her boss at the Davos international forum. His complaints led to an investigation by a law firm in Washington in August. Ms Nagy, who worked in the Africa department of the IMF, took redundancy and now works in London at the European Bank for Reconstruction and Development (EBRD).

Mr Strauss-Kahn denied that he had abused his position as managing director, either by giving Ms Nagy preferential conditions for leaving the IMF or helping her to get the job in London. The EBRD said that there was nothing irregular about the recruitment of Ms Nagy.

Under the Bush administration even the word 'recession' was avoided and denied and now with Obama they rush to announce the 'D' word to stamp his lagacy with that title.

Excerpt

Feb. 7 (Bloomberg) -- Advanced economies are already in a "depression" and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said.

“The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of central bankers from Southeast Asia. “There’s a lot of downside risk.”

Ten days ago, the IMF cut its world-growth estimate for this year to 0.5 percent, the weakest pace since World War II. Stimulus packages alone won’t succeed in dragging the global economy out of recession unless confidence is restored in the banking system, Strauss-Kahn said today.

“All this will work if, and only if, the different countries are likely to do what they have to do in terms of restructuring the banking sector,” he said. “And today it’s not done.”

The U.S. economy has lost 3.57 million jobs since a recession started in December 2007, its biggest employment slump of any economic contraction in the postwar period as companies from Macy’s Inc. to Caterpillar Inc. cut costs. The U.K. economy will shrink this year by the most since 1946, the IMF forecasts.

“There is hope that the fiscal and monetary stimulus measures being implemented around the world can help turn things around,” said David Cohen, Singapore-based director of Asian economic forecasting at Action Economics. “But there is still the risk it can be short-circuited by further financial turmoil.”

$780 Billion Package

The U.S. Senate is due to vote early next week on an economic stimulus package totaling at least $780 billion that President Barack Obama said is needed to prevent the economy from sinking into a deeper recession. Asian nations from China to Singapore and India have pledged more than $685 billion on their own spending programs.

The Obama administration is considering subjecting banks to a new test to determine whether they require fresh capital injections as part of a rescue plan to be unveiled by Treasury Secretary Timothy Geithner next week, people familiar with the matter said.

Governments should be ready for “full-fledged” intervention, acting quickly to sell or wind-up insolvent lenders, Strauss-Kahn said. While the European Central Bank, which left interest rates unchanged this week, may have more room to cut borrowing costs, such a policy may not be as important as restructuring the region’s banks, he said.

Borrowing Costs

“We’re probably not very far from the point where the question of interest rates is not the most important question,” Strauss-Kahn said. “Providing direct liquidity to the market, restructuring the banking sector, may have more influence on demand than interest rates.”

In Asia, “there’s still room for bigger stimulus packages,” the IMF official said. Malaysia, for example, may introduce a second stimulus package larger than November’s 7 billion-ringgit ($1.9 billion) plan, he said.

Developing Asia will probably expand 5.5 percent this year, the slowest pace since 1998, the IMF said in last month’s update of its World Economic Outlook report. The region may expand 6.9 percent next year, the fund forecasts.

Asian nations will need a recovery in the global economy before the region can exit a slowdown, the IMF said this month. Strauss-Kahn said today the fund’s forecast for a recovery to start in 2010 is “very uncertain.”