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Democrazy Part III – The Italian Sovereign Debt Crisis, the IMF and your superannuation.

July 13, 2011
Herman O'Hermitage
Democrazy Part III – The Italian Sovereign Debt Crisis, the IMF and your superannuation.
By: Herman O’Hermitage

Herman O'Hermitage
Believing in sanity, it is easy to make ridicule of apparent insanity, however believing in sanity is insanity itself”.

On May 14, 2011, Dominique Strauss-Kahn the head of the IMF meets with Hillary Clinton and thereafter boarding a jet to return to Europe the plane is prevented from taking off and Mr Strauss-Kahn is arrested. He is detained for an alleged assault on a female worker at the New York hotel room where he was a guest.Mr Strauss-Kahn on bail from a US court is prevented from leaving the USA and resigns as the CEO from the International Monetary Fund.

The only candidate for his replacement is Ms Christine LaGarde, also a French national.The United States thereafter propose Mr Augustin Carstens of Mexico as an alternative to the European Union nomination of Ms Lagarde. Mr Carstens immediately questions why the World Bank has not been asked to intervene in the Greek Sovereign Debt crisis. Asides from; who is Augustin Carstens, more particularly why is it left to the European Central Bankto dictate terms on the next IMF CEO appointment, and the bail out of Greece in their sovereign debt melt down.On June 28th the USA amongst others endorsed Ms Lagarde as the new IMF CEO and miraculously the charges against Mr Strauss-Kahn simply dissipate. The alleged victim has recently asked that the prosecutor Mr Vance be replaced.

This alleged victim has claimed a perceived bias on the part of the prosecutor.

Mr Strauss-Kahn was a potential French President nominee and Ms Lagarde remains so.  What was the discussion of the meeting between Mr Strauss-Kahn and Mrs Clinton on May 14? Might it have been America’s snow balling debts or likely default. As the scenario unfolds the violent protests in Greece continue, and protests in Madrid flare.

Most importantly you can’t complete the jigsaw puzzle when you don’t have all the pieces. Maybe this is a case for Sherlock Holmes. Elementary my dear Watson!

Maybe we need Julian Assange and his Wiki-leaks to help us through the labyrinth. But Julian Assange also is discredited for having consensual unprotected sex with a Swedish woman (or two). Since his arrest over 6 months ago little by way of leaks has become apparent.

Today we have the scenario where speculation over a potential Italian Government sovereign debt default on top of previously rumoured Irish, Portuguese and Spanish sovereign debt potentialities has dragged down the varying world stock indices. In Australia the ASX S & P 200 has fallen a further 1.8% on July 12th. There is speculation of a double dip post GFC.

The term post GFC is utter nonsense. The GFC was a crash that followed the biggest consumption bubble and asset inflation bubble (credit binge) in living memory. Most importantly central banks bailed out too many banks, and therefore private debt was taken on balance sheet by government and that ballooning debt sees a production surplus that government simply can not absorb. At best 1st world GDP and stock indices are stagnant in the aftermath of the initial shock of sub prime (GFC) and there is no quick fix.

Socrates claimed that all concepts of rationality collapsed on themselves. I repeat “Is democracy simply some form of ideology?”


Herman …

Links to Previous Post by this Author …

13th July 2011 – Democrazy… Part III – The Italian Sovereign Debt Crisis, the IMF and your superannuation. Herman O'Hermitage
12th July 2011 – Democrazy… Part II – The News of the World Scandal. Herman O'Hermitage
10th July 2011 – Death and Taxes Part III – the Carbon Tax Detail – Why is the devil always in the detail. Herman O'Hermitage
4th July 2011 – DEATH and TAXES – Part II – Efficiency in Government . Herman O'Hermitage
30th Jun 2011 – Death and Taxes – who pays the PENNY man. Herman O'Hermitage
28th Jun 2011 – Democrazy… Herman O'Hermitage
26th Jun 2011 – Canberra Comment… Herman O'Hermitage
24th Jun 2011 – Materialism… Herman O'Hermitage
18th May 2011 – The Solar Electricity Debate… Herman O'Hermitage
6th May 2011 – The Assassination of BIN LADEN – the urban myth begins… Herman O'Hermitage
4th May 2011 – “Un-Australian.com.au” – on what being Australian means… Herman O'Hermitage
18th Apr 2011 – Asset Inflation – Herman O’Hermitage takes it to task … Herman O'Hermitage
9th Apr 2011 – POWER – in the Political sense – or Fuelling Industry? Herman O'Hermitage
  1. July 13, 2011 at 12:41 pm

    Again … Herman you point the stick in the right direction … the media are a little occipied at the moment with the ‘News of the World’ blood scent – and that’s OK – but the reasons for the frame up of Dominique Strauss-Kahn with a New York floozie and have it all crumble after LaGarde’s appointment – is a story in waiting …

    Editors must be aware of the connection – it can only be assumed that the filed reporters stories and the want to do a full exposure story on this linkage has been censored … and that in itself is reason to look higher and harder –

    The want to know what the conversation between Clinton and Strauss-Kahn was all about takes on a significance that just has to be exposed ….

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