Better get in line soon. The IMF is doling out cash fast to prop up economies whose banking system is close to collapse. Of course it would be an embarrassment for the US to go cap in hand but don’t rule it out.
It reminds me of the Asian Banking Crisis of the late 1990s, though of course then there were more rude remarks being made by western bankers and politicians about the failure of Asian financial control. That crisis will prove to be small beer compared with this one.
So far
Iceland has asked for $ 2.1 billion (only),
Ukraine has asked for $ 16.5 billion,
Hungary has asked for $ 25 billion.
These amounts are not really much in the context of government aid packages approved by Europe (over $1 trillion) and the US ($ 700 billion). But they are not insignificant in the context of these economies of the IMF balance sheet.
All this money out is going to put tremendous pressure on local, national and global economics dynamics for system change. Luckily there are the BRICS and Africa …
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