Christine Lagarde, IMF Chief, Asks U.S. To Raise Borrowing Limit

[lunatica]

Source: Huffington Post

WASHINGTON -- The International Monetary Fund's new chief foresees "real nasty consequences" for the U.S. and global economies if the U.S. fails to raise its borrowing limit.

Christine Lagarde, the first woman to head the lending institution, said in an interview broadcast Sunday that it would cause interest rates to rise and stock markets to fall. That would threaten an important IMF goal, which is preserving stability in the world economy, she said.

The U.S. borrowing limit is $14.3 trillion. Obama administration officials say the U.S. would begin to default without an agreement by Aug. 2.

Read more: http://www.huffingtonpost.com/2011/07/10/imf-us-borrowing-limit_n_894044.html

[still_one]

1. Months ago when the repukes wanted to tie the deficit to the debt limit the administration and dems

Should have stood firm, and refused to even talk if it was part of the deal

[Ragnarok]

2. I fail to see why the

IMF has any say in the matter, unless they are concerned the golden goose won't be sending as many eggs their way.

[lunatica]

5. IMF is governed by and accountable to the 187 countries that make up its near-global membership.

The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with one other. This system is essential for promoting sustainable economic growth, increasing living standards, and reducing poverty. Following the recent global crisis, the Fund has been clarifying and updating its mandate to cover the full range of macroeconomic and financial sector issues that bear on global stability

http://www.imf.org/external/np/exr/facts/glance.htm

[Ragnarok]

9. While I understand and respect you position...

... I don't really see how the IMF deciding to rewrite their mandate to expand into other areas of interest really impacts my opinion. Their mission statement asserting that their personal belief that they are essential does not convince me that this is so in and of itself. Perhaps it is, and perhaps it isn't, but a mission statement does not make either one so to me at least. All are welcome to their opinions.

[lunatica]

10. I haven't stated my position anywhere on this thread

Everything I posted is direct quotes from the links. Your comments show that you don't know what connection the IMF has with the US so I posted the mission statement straight out of the website and I provided the link in case you want to educate yourself on the subject.

[Demeter]

8. BINGO!!! You Get the Bullseye!

[Sarah Ibarruri]

3. Why doesn't the president call a conference and 'OUT' the right wing pigs? nt

[lunatica]

4. Wrong place to respond

[atreides1]

6. He doesn't work that way

He still believes that he can make nice with people who are in the process of trying to lynch him. McConnell said it again today, his main political interest is in making Obama a one term president and damn the American people!

Obama may be smart and articulate, but the man couldn't buy a clue on a game show!!!

[Sarah Ibarruri]

14. If he believes that, then he is stupid. nt

[Demeter]

7. Oh, Having a Frenchwoman Berate Them Will Not Convince the GOP Pigs

She should know better.

[plumbob]

11. Yes, interest rates will rise, to take care of the "risk" of loaning

$$$.

Makes me wonder if the folks who lend money, ie, banks, aren't rooting for that outcome. Higher interest rates are just more money for them.

Not that there's any history of banks getting big influence and financial rewards in this country or anything, so we can just write off an engineered default to make banks more money as a conspiracy theory.



No, wait...

[CatholicEdHead]

12. Nobody in the Tea Party movement will listen to someone from France

The radical right really has something against France, moreso than Europe as a whole.

[TexDevilDog]

13. Stock markets would fall and rich people will be hurt