Wednesday, April 8, 2009

Did IMF Audit of US Financial System

Lead to (Expose) US Economic Collapse ?

(More News We NEVER Hear In Our Media) !

(B4B) In an article which ran in June 2008 at Spiegal Online, it was reported that the US Financial System, major banks, SEC and Federal Reserve would be audited by the International Monetary Fund (IMF):

Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar.

Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure.

For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman.

B4B NOTE: So George W. delayed the audit. WOW ! It is amazing (or disgusting) that although this was broadcast all over the world back in June of '08, we have NEVER heard a word about this in our media. It has also been reported that the audit took place on September 30, 2008 which was the end of the fiscal year. If you remember, that was the exact date that George W. said the bailout money had to be in the hands of the big banks or the 'economy would collapse'. Interesting !

Learn more about these truths....then share.

This is what President Obama truly inherited.

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Story as appeared in Australian News

Rothchild's IMF To Audit US Financial System

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