My letter today to Congress:
IMF funding & the world financial crisis
We must change our position on the IMF, more to save your future political face, than because it would be the right thing to do. If you do not give the money to the IMF, then, when the greater world economy fails(and failure is essentially assured) the political career of those who opposed
IMF help will be over. I must change my view, and state that to fight the IMF is the right fight, simply at the wrong time.
If you will agree that payments to the IMF are a political necessity, then payments to the IMF should be tied to certain provisos. The key would be that the US Congress does not get into the mode of creating a greater nation deficit to pay IMF bills. Yet other keys to the future of the US deficit will be the demand for and value of the US dollar.
These provisos should be:
1. The Congress will go forward with plans to provide emergency food to the Russian people to get them through winter.
2. If we are to invest in the Future of the IMF, then, we must also make a like(though smaller) investment in the future value of the US dollar. For every dollar spent on support of the IMF, the Treasury will spend $0.50 to buy additional gold(at that days spot rate) to support the future value of the post Euro U.S. dollar.
3. Future sales or loans / leases of gold by the IMF will be prohibited to assure an ongoing value of our investment in the IMF.
4. There will be an inventory and audit of all gold reserves currently held by the IMF and the US government to be preformed by an outside government accounting firm, to assure we all know where any possible future weakness could exist.
This way, you will best be politically covered when the IMF again fails, and these actions will provide collateral(in the form of the remaining IMF gold reserves) on which the US government can foreclose when they again fail.
Sincerely
Richard Harmon
Anyone that would like to echo my thoughts, here is a link for e'mail ease.
visi.com
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