The Supercommittee failed at crafting spending cuts and the US remains incapable of coming to terms on addressing the country's financial/structural issues, but yet - here comes the IMF ready to come to the aid of Europe.
"The new liquidity line would give countries with relatively good economic policies access to credit for six months, the I.M.F. said. It could also be used under a 12- to 24-month arrangement with access up to 1,000 percent of a members’ quota"
Hmmm...who decides what are "good economic policies"?
"The reform enhances the Fund's ability to provide financing for crisis prevention and resolution," IMF Managing Director Christine Lagarde said in an e-mailed statement. "This is another step toward creating an effective global financial safety net to deal with increased global interconnectedness."
So, the global financial system has become too interconnected to fail?
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Let's all take a trip to the money factory, shall we?
