IMF's Rising Quantum of Nation
Domino Effects and Unintended Consequences
London, UK - 27th October 2008, 10:10 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
What do Iceland, Ukraine, Hungary, Belarus and Pakistan have in common?
These countries are on the brink of financial collapse and the International
Monetary Fund (IMF) is in the process of bailing them out as the lender
of last resort to cash-strapped countries. The Washington-based institution
is one of the cornerstones of the Bretton Woods system that has governed
global finance since World War II. At the end of August 2008, the IMF had
USD 341 billion available from the combined quota payments of its member
countries to offer partially as loans to countries facing financial difficulties.
According to distinguished ATCA members, this may not be enough and the
IMF may not be able to solve the massive motorway pile-up of nation-state-failures
as more than 35 nations end up in the queue over the coming year. Based
on ATCA estimates, even ten times the IMF reserves, ie, USD 3 to 4 trillion
may also not be enough worldwide to provide emergency financial relief over
the coming few years, given the ATCA analyses "The Invisible One Quadrillion
Dollar Equation," "Why are Markets still falling? The Tsunami
caused by Derivatives and Deleveraging", and "Bretton Woods II
-- The New Global Economic Architecture for the 21st Century."
We welcome your thoughts, observations and views. Thank you.
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