05.31.2009 0

ALG in the News: White Mountain Independent

  • On: 06/12/2009 09:55:12
  • In: Monetary Policy
  • ALG Editor’s Note: In the following featured commentary, the White Mountain Independent picks up ALG News’ recent piece from last week noting the delay in gathering votes for $108 billion for the International Monetary Fund. Looks like it is still delayed for that matter, making this a timely hit:

    $100 billion IMF credit line in trouble

    By Robert Romano, ALG News Bureau

    On June 4 Democrats found themselves scrambling frantically to find enough votes to enact a controversial $100 billion credit line to the International Monetary Fund and an $8 billion expansion of the United States’ IMF holdings. The trouble?

    They plan to attach it to a $90 billion war supplemental, as reported by Reuters-thus making it impossible to court Republican support for the legislation. Or, more accurately, they want to attach a $90 billion war supplemental to a $108 billion expansion of the IMF-making it impossible for the most radical representatives of the Democrat caucus to support the internationalist institution.

    For Congressional novices, that means they’re 18 votes short of a majority, and the votes they have to ask for are from the most ardent opponents of the wars in Iraq and Afghanistan.

    In other words, it’s in trouble. Big trouble.

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