In a bold move of stupidity sure to exacerbate the global financial crisis, the International Monetary Fund announced that they too want to create money out of thin air.  In a self-respecting, educated society, such a move would be stopped dead in its tracks.  However, with bold moves of stupidity being the norm these days, the announcement went largely unnoticed.

An official from the IMF, speaking on condition of anonymity, was quoted as saying:

“Everybody else is printing money as fast as they can and so far it’s making matters worse.  Inflation is rampant, several currencies face possible destruction, and the central bankers who got us into this mess haven’t fixed things yet.  That’s why we need more central bankers to step in and help out.  It’s become obvious to us that we aren’t throwing enough money at the problem.  That’s why we want to create money out of thin air too.  It’s not about the elite few controlling the entire wealth of the world, and it’s certainly not about lining our pockets with other people’s hard earned cash.  Anybody who thinks otherwise is a terrorist and unpatriotic.”

U.S. President George W. Bush is all for the move, citing the “basically sound” financial roadmaps of Weimar, Germany, Argentina, and Zimbabwe.  And all central bankers have applauded the move to print more money – even create new currencies and inflate those if they have to.  When asked about the impending global recession, all but one banker claimed they weren’t experiencing it and “profits have never been better”.  The one banker who opposed the move apparently died two years ago but nobody has noticed yet.

Yes, this post may contain satire, but sadly it’s not far from the truth.  If you check out the article linked above, you’ll see that the IMF indeed wants to create a new currency so more money can be created out of thin air.  You’ll also get a glimpse at some of the many countries currently facing financial problems due to unregulated stupidity of those who control their money supply.  It’s interesting to note that ALL countries currently facing financial problems use a fiat currency.  Maybe there’s a reason Ron Paul calls fiat money an “immoral system” that’s destined to failure.

For those of you who don’t know, a fiat currency (or “fiat money”) is money that has no value whatsoever and is backed by nothing.  It is only used as money because a government’s order (fiat) requires it to be accepted as payment.  You may also find it interesting that these currencies are destined to failure from the start.  Each new dollar created comes with immediate interest owed to the central bank.  Even if every single debt was paid in full, there would still be massive amounts of interest payments owed to the central banks - and no money to pay it. Ron Paul calling this an "immoral system" is an understatement - "highway robbery" seems closer to the truth.

I’ll end this with a relevant quote from Thomas Jefferson.
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”