Thursday, May 6, 2010

The IMF -- A Predatory Lender

We have been treated, during the last three years, with frequent scenes of politicians villifying mortgage lenders, who loaned money to people who cannot conceivably pay that money back.

Now, comes Greece. The new predatory lender is the IMF. They are putting together a package that cannot possibly be paid back. No way. And, everyone knows it.

Borrowing the analogy from the US, when this mess finally collapses in a heap, one wonders if Obama will fault the IMF for luring poor Greece into taking on more debt that Greece cannot afford?

There is simply no way for Greece to avoid bankruptcy, with or without the IMF and the EU rescue package. Ditto for Spain, Portugal, Italy, France, Greece, and the US.

Watch out below.