TruNews: The tyrannical underpinnings of an IMF proposal to institute a new credit system in the West

 PROPAGANDA STAMPEDE: NO ELECTION FRAUD, DARK WINTER IS HERE, VATICAN APPROVES ABORTED BABY VACCINE, AND IMF PROPOSES GLOBAL NEWS CREDIT SCORE

Today on TruNews, we discuss the Trump campaign push toward a contingent election decided by Congress on January 6th, and we detail the tyrannical underpinnings of an IMF proposal to institute a new credit system in the West, which judges your worthiness by your willingness to submit to evil. 

We also address the deployments of nuclear armed submarines and U.S. special forces soldiers to the Persian Gulf, and a carrier show down between China and Taiwan, all while a new wave of COVID craziness infects the free world. 

Rick Wiles, Doc Burkhart, Edward Szall. Airdate 12/21/2020

Watch the broadcast HERE

What he was warning of in the first part of the year does not seem to be seem so outrageous in hindsight.

https://gizmodo.com/your-credit-score-should-be-based-on-your-web-history-1845912592?utm_source=twitter&utm_medium=SocialMarketing&utm_campaign=dlvrit&utm_content=gizmodo

Your Search History Will Determine Your Financial Credit Score In Future, Says IMF

A new white paper by the IMF calls for linking your search history to your financial credit score, which would in effect lower your score if you visit websites marked harmful by their fact-checkers.

In a new blog post for the International Monetary Fund, four researchers presented their findings from a working paper (read below) that examines the current relationship between finance and tech as well as its potential future.

The researchers propose using the data from your browsing, search, and purchase history to create a mechanism for determining the credit rating of an individual or business.

The plan is outlined in a blog written by Arnoud Boot, Peter Hoffmann, Luc Laeven and Lev Ratnovski, pitching the Orwellian notion as a breakthrough in financial technology (Fintech).

Fintech resolves the dilemma by tapping various nonfinancial data: the type of browser and hardware used to access the internet, the history of online searches and purchases. Recent research documents that, once powered by artificial intelligence and machine learning, these alternative data sources are often superior than traditional credit assessment methods, and can advance financial inclusion.

Overall, while much of the technological progress in finance is evolutionary, its pace is accelerating fast. Fintech’s potential to reach out to over a billion unbanked people around the world, and the changes in the financial system structure that this can induce, can be revolutionary.

Governments should follow and carefully support the technological transition in finance. It is important to adjust policies accordingly and stay ahead of the curve.

Gizmodo commented on the proposal and its mortifying consequences if it were actually implemented on a grand scale.

The researchers acknowledge that there will be privacy and policy concerns related to incorporating this kind of soft-data into credit analysis. And they do little to explain how this might work in practice. The paper isn’t long, and it’s worth a read just to wrap your mind around some of the notions of fintech’s future and why everyone seems to want in on the payments game.

As it is, getting the really fine soft-data points would probably require companies like Facebook and Apple to loosen up their standards on linking unencrypted information with individual accounts. How they might share information with other institutions would be its own can of worms.

However, the policy seems to be designed to bring an end to alternate news media with grave consequences for those engaged with the organisation.

In a new blog post for the International Monetary Fund, four researchers presented their findings from a working paper (read below) that examines the current relationship between finance and tech as well as its potential future.

The researchers propose using the data from your browsing, search, and purchase history to create a mechanism for determining the credit rating of an individual or business.

The plan is outlined in a blog written by Arnoud Boot, Peter Hoffmann, Luc Laeven and Lev Ratnovski, pitching the Orwellian notion as a breakthrough in financial technology (Fintech).

Fintech resolves the dilemma by tapping various nonfinancial data: the type of browser and hardware used to access the internet, the history of online searches and purchases. Recent research documents that, once powered by artificial intelligence and machine learning, these alternative data sources are often superior than traditional credit assessment methods, and can advance financial inclusion.

Overall, while much of the technological progress in finance is evolutionary, its pace is accelerating fast. Fintech’s potential to reach out to over a billion unbanked people around the world, and the changes in the financial system structure that this can induce, can be revolutionary.

Governments should follow and carefully support the technological transition in finance. It is important to adjust policies accordingly and stay ahead of the curve.

Gizmodo commented on the proposal and its mortifying consequences if it were actually implemented on a grand scale.

The researchers acknowledge that there will be privacy and policy concerns related to incorporating this kind of soft-data into credit analysis. And they do little to explain how this might work in practice. The paper isn’t long, and it’s worth a read just to wrap your mind around some of the notions of fintech’s future and why everyone seems to want in on the payments game.

As it is, getting the really fine soft-data points would probably require companies like Facebook and Apple to loosen up their standards on linking unencrypted information with individual accounts. How they might share information with other institutions would be its own can of worms.

However, the policy seems to be designed to bring an end to alternate news media with grave consequences for those engaged with the organisation.

From the horse's mouth

https://blogs.imf.org/2020/12/17/what-is-really-new-in-fintech/

Assange was BOUGHT for $4.2 billion

MAJOR REVELATION: ASSANGE WAS BOUGHT FOR $4.2 BILLION – Former Ecuadorian President Confirms IMF Loan In Exchange For Assange

FortRuss,
12 April, 2019


QUITO, Ecuador – Former and much loved Ecuadorian President Rafael Correa has accused Ecuadorean President Lenin Moreno of suspending the asylum of cyber-activist Julian Assange in order to obtain a loan from the International Monetary Fund (IMF).

Correa said that there is evidence of the agreement and that Moreno, who Correa selected at his successor, has promised to “hand over” Assange in a 2017 meeting with Paul Manafort, former US campaign chief to Donald Trump.

Former President Correa, who broke with Moreno, also commented on visits to Ecuador by US Vice President Mike Pence.

At these times, Moreno would have promised to “help isolate Venezuela, leave the Chevron oil corporation, a company that destroyed half of the Amazon rainforest, unpunished, and to deliver Assange.”

Last month, the IMF announced approval of a $4.2 billion loan to Ecuador. The first installment, of $652 million, has already been paid.

Correa suspects that the Ecuadorian president made the decision to withdraw Assange’s asylum after WikiLeaks published documents about Moreno’s alleged relationship with a failing company, INA Papers.

The former president pointed out that the company INA Papers was registered in 2012, when Moreno was still its vice president.

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According to the Ecuadorian head of state, the measure to remove his asylum was a response to the journalist’s disrespectful and aggressive behavior, his hostile and threatening statements against Ecuador and alleged violations of international conventions, justifications considered to be unconvincing both by supporters of the cyber-activist as by several analysts.

Assange, who is responsible for the publication of US government secret documents, is the reason for the extradition request. The great concern for his lawyers – and he too – is that the British authorities actually decide to send him to the United States, where the legal consequences of upsetting Washington are still uncertain.

Assange will be on videoconference for the proceedings of the next extradition hearing, set for May 2.

It will be a preliminary session of a court case that can last for months or even years.

Are we standing on the edge of financial collapse?

SITUATION HYPER-CRITICAL: IMF WARNS MAJOR BANKS IN TROUBLE

China & Russia Positioning To Collapse US Dollar As Global Financial War Heats Up

King World News,

11 October, 2017

With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that China and Russia are positioning to collapse the US dollar as global financial war heats up.

Eric King: “Egon, KWN has had a lot of coverage from Stephen Leeb and Hugo Salinas Price about the gold-backed oil exchange that will be setup in China. What are your thoughts on how that’s going to impact the market, and does that bring gold back into the monetary system?”

Egon von Greyerz: “We haven’t got that confirmed yet but it is very likely that the Chinese will do something similar and stop using the dollar for buying oil. And remember, China is the biggest buyer of oil in the world. China imports something like $150 billion worth of oil every year…

“China is accumulating a lot of gold. We don’t know how much they have. Officially it is only a couple of thousand tonnes, but they could have 10,000 or 20,000 tonnes of gold. And once China announces the gold is to back a new oil exchange or for a partial backing of the yuan, of course all the power will go over to China from the US. That’s the end of the US dollar and its bankrupt empire.

Putin Maneuvers, Knowing US Gold Is Gone

Eric King: “So when Hugo Salinas Price says this will bring the US to its knees if this comes to fruition, he’s right.”

Egon von Greyerz: “Yes, he’s absolutely right. You are also seeing it in the power plays now. What’s happening? Russia meets with Saudi Arabia (and sign 10 major agreements). Saudi Arabia sees what’s happening. They know that the dollar will collapse. The US has nowhere near the 8,000 tonnes of gold that they say they have. I would guess a big part of that 8,000 tonnes of gold is in China.

As we know, the central banks lease gold to the market through the bullion banks. In the past, the bullion banks used to keep that gold in London or in New York — the central bank gold. But now (for many, many years) the buyer has been China, primarily, and India. So that leased gold is now gone from the Western central banks. All these central banks have left are IOUs from bullion banks.

China’s 10,000 – 20,000 Tonnes Of Gold

So one day when China declares that they have X number of tonnes, whether it’s 10,000 or 20,000 tonnes, and they are going to back an oil contract or they are going to back their currency with their gold, and then they call the US bluff and ask, ‘Where is your gold? Show us your gold,’ the US won’t be able to do it because I’m absolutely convinced they haven’t got it. This is the day when the dollar will absolutely start a freefall.

So I agree with Hugo Salinas Price. That’s the way it’s going to go. And once this starts…To continue listening to the remarkable KWN audio interview with Egon von Greyerz CLICK HERE 

It's Coming And The Fed Can't Do Anything About It

Has The Cabal Already Planned The Lights Out Event?

IMF refuses to forgive or delay demand for $3 million for Barbuda after Irma

Such is the infinite compassion of the Empire towards a nation devastated by a hurricane.

Trump used the devastation of Cuba as an opportunity to extend the embargo against the socialist country.

IMF Refuses Debt-Relief For Hurricane-Devastated Barbuda

Hurricane Irma-battered Barbuda will require an estimated $150 million in reconstruction and recovery, yet the IMF refuses to forgive, or even delay demand for payment on a $3 million loan.



by Adam Klasfeld


MintNews Press,
9 September, 2017


Facing devastation difficult to overstate, Hurricane Irma-battered Barbuda lost more than 90 percent of its structures in a record-breaking storm that will require an estimated $150 million in reconstruction and recovery.


It also has to repay a $3 million debt to the International Monetary Fund, whose special representative to the United Nations Christopher Lane resisted the idea of a moratorium on Friday.


“Our general view is that we’d rather put new money in than to have moratoria,” Lane said. “We borrow money from our members who lend. So we’d have to get agreement from the lending parties.”


A single sovereign state formed by two separate Caribbean islands, Antigua and Barbuda emerged from Irma’s wrath with dramatically different tolls.

Antigua was largely spared the brunt of the 500-year storm, but Irma’s eye passed directly over its sister Barbuda, making it the worst-hit of the Caribbean islands so far.

Prime Minister Gaston Browne said Irma landed like a “bomb,” laying most of the island to rubble and destroying its houses and vehicles.

Jubilee USA, a U.S.-based interfaith group pushing for a merciful approach to countries crushed by debt, asked the IMF’s managing director Christine Lagarde to cease payment demands until the nation lifts itself out of crisis.

“On behalf of Jubilee USA’s nearly 700 national and local faith institutions, we invite the IMF to implement an immediate moratorium on debt payments for countries severely impacted by the Category 5 storm until they have rebuilt and recovered,” its president Eric LeCompte said in a letter to Lagarde on Thursday.

Asked about this request on Friday, Lane said the institution is constrained by the wishes of the members that lent the money to Antigua and Barbuda.

“For example, we might borrow money from the United States and loan that to Antigua,” he continued. “If we don’t get paid back on time, we’d have to make an arrangement with the source of the funds themselves. It gets a bit arcane, but there’s a number of constraints on how we operate. We’re like a bank. We borrow and lend.”

Lane made the remark in a conference room of the basement of the U.N.’s Secretariat Building, during a briefing titled “Sovereign Debt Restructuring: Further Improvements on Market Based Approaches.”

Reacting in a phone interview, LeCompte called the IMF’s current position unsurprising, but he expressed hope that the institution’s position would evolve.

“Over time, we work with them,” he said. “We educate them on the situation.”

LeCompte emphasized that advocates have not called to cancel Antigua and Barbuda’s payments, only delay them.

Pointing out that $3 million “isn’t a huge amount of money for the International Monetary Fund,” LeCompte said: “This is a simple high-impact thing that they can do and have the power to do.”

Jubilee USA has set up a petition to the IMF, World Bank and creditors to enact a moratorium on payment demands for the Caribbean islands struck by Irma.

A separate petition will be sent to the White House and Congress, requesting that it send help to U.S. territories Puerto Rico and the Virgin Islands in the form of grants, rather than loans.

The organization takes its name from the Biblical concept of the Jubilee year, roughly after half a century, during which debts are forgiven and slaves and prisoners are freed.

Top photo | In this Thursday, Sept. 7, 2017, photo, the damage is left after Hurricane Irma hit Barbuda. Hurricane Irma battered the Turks and Caicos Islands early Friday as the fearsome Category 5 storm continued a rampage through the Caribbean that has killed a number of people, with Florida in its sights. (AP/Anika E. Kentish)

Trump quietly extends Cuba ‘trading with the enemy’ embargo — just as Irma pummels island

Raw Story,
9 September, 2017



In a late Friday news dump, President Donald Trump issued a memorandum announcing the extension of the trade embargo against Cuba for another year just as Hurricane Irma was headed to pummel the island nation.


The White House issued the presidential memorandum Friday, under the Trading with the Enemy Act on Cuba, extending it until September 14, 2018.


The memorandum, directed at the Secretary of State and Secretary of Treasury, can be read below:


Under section 101(b) of Public Law 95-223 (91 Stat. 1625; 50 U.S.C. 4305 note), and a previous determination on September 13, 2016 (81 FR 64047, September 16, 2016), the exercise of certain authorities under the Trading With the Enemy Act is scheduled to expire on September 14, 2017.



I hereby determine that the continuation of the exercise of those authorities with respect to Cuba for 1 year is in the national interest of the United States.

Therefore, consistent with the authority vested in me by section 101(b) of Public Law 95-223, I continue for 1 year, until September 14, 2018, the exercise of those authorities with respect to Cuba, as implemented by the Cuban Assets Control Regulations, 31 C.F.R. Part 515.



The Secretary of the Treasury is authorized and directed to publish this determination in the Federal Register.


According to CBS, Cuba was expected to be slammed by Hurricane Irma — which has fluctuated between Category Four and Category Five — with the capital of Havana and the neighboring western provinces of Mayabeque and Pinar del Rio taking the brunt of the high winds, rain, and tides.

Leaked IMF transcript revealed by Wikileaks

IMF Internal Meeting Predicts Greek 'Disaster', Threatens to Leave Troika

Julian Assange

Today, 2nd April 2016, WikiLeaks publishes the records of a 19 March 2016 teleconference between the top two IMF officials in charge of managing the Greek debt crisis - Poul Thomsen, the head of the IMF's European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece.  The IMF anticipates a possible Greek default co-inciding with the United Kingdom's referendum on whether it should leave the European Union ('Brexit').

"This is going to be a disaster" remarks Velkouleskou in the meeting.

According to the internal discussion, the IMF is planning to tell Germany that it will abandon the Troika (composed of the IMF, European Commission and the European Central Bank) if the IMF and the Commission fail to reach an agreement on Greek debt relief.

Thomsen: "Look you, Mrs. Merkel, you face a question: you have to think about what is more costly, to go ahead without the IMF--would the Bundestag say 'The IMF is not on board?', or [to] pick the debt relief that we think that Greece needs in order to keep us on board?"

Remaining in the Troika seems an increasingly hard sell internally for the IMF, because non-European IMF creditor countries view the IMF's position on Greece as a violation of its policies elsewhere of not making loans to countries with unsustainable debts.

In August the IMF announced it would not participate in last year's €86 billion Greek bailout, which was covered by EU member states. IMF Chief Christine Lagarde stated at the time that the IMF's future participation was contingent on Greece receiving "significant debt relief" from creditors. Lagarde announced that a team would be sent to Greece, headed by Velkouleskou.

Thomsen said internally that the threat of an imminent financial catstrophe is needed to force the other players into a "decision point". For Germany, on debt relief, and In the case of Greece, to accept the IMF's austerity "measures," -- including raising taxes and cutting Greek pensions and working conditions. However the UK "Brexit" referendum in late June will paralyse European decision making at the critical moment.

"I am not going accept a package of small measures. I am not..." said Thomsen. "What is going to bring it all to a decision point? In the past there has been only one time when the decision has been made and then that was when [the Greeks] were about to run out of money seriously and to default. [...] And possibly this is what is going to happen again. In that case, it drags on until July, and clearly the Europeans are not going to have any discussions for a month before the Brexits..."

Last year Greek Finance Minister Tsakalotos accused the IMF of imposing "draconian measures," including on pension reform. While Velkouleskou concedes in the meeting that "What is interesting though is that [Greece] did give in... they did give a little bit on both the income tax reform and on the.... both on the tax credit and the supplementary pensions."

But Thomsen's view is that the Greeks "are not even getting close [to coming] around to accept[ing] our views."  Velkouleskou argues that "if [the Greek government] get pressured enough, they would... But they don't have any incentive and they know that the Commission is willing to compromise, so that is the problem."

Velkouleskou: "We went into this negotiation with the wrong strategy, because we negotiated with the Commission a minimal position and we cannot go further [whereas] the Commission is just starting from this one and is willing to go much further. So, that is the problem. We didn't negotiate with the Commission and then put to the Greeks something much worse, we put to the Greeks the minimum that we were willing to consider and now the Greeks are saying [that] we are not negotiating."

While the Commission insists on a Primary Government Budget Surplus (total tax minus all government expenditure excluding debt repayments) of 3.5%; the IMF thinks that this target should be set at 1.5% of GDP. As Thomsen puts it, "if [Greece] come around to give us 2.5% [of GDP in tax hikes and pension-wage-benefits cuts]... we should be fully behind them." -- meaning that the IMF would, in exchange for this fresh austerity package, support the reduction of the Primary Surplus Target imposed upon them from the 3.5% that the European Commission insists on to 1.5%.

These targets are described as "very crucial" to the IMF. The IMF officials ask Thomsen "to reinforce the message about the agreement on the 2.5%, because that is not permeating and it is not sinking very well with the Commission."

At one point, Velkouleskou refers to an unusual solution: to split the problem into two programs with two different targets: "The question is whether [the Europeans] could accept the medium term targets of the Commission, for the purposes of the program, and our targets for the purposes of debt relief." Thomsen further explains that "They essentially need to agree to make our targets the baseline and then have something in that they hope that will overperform. But if they don't, they will still disburse."

The EWG [Euro Working Group] needs to "take a stand on whether they believe our projections or the Commission's projections." The IMF's growth projections are the exact opposite of the Commission's. The Commission projects a GDP growth of 0.5%, and the IMF a GDP decline of 0.5% (even if Greece accepts all the measures imposed by the IMF).

Read the PDF or HTML transcript of the IMF internal meeting.

Greece Demands Explanation From IMF Over Leaked Transcript

Zero Hedge,

2 April, 2016

Greek politicians wasted no time in seeking a response from the IMF over the leaked transcript released earlier today by Wikileaks suggesting the IMF may threaten to pull out of the country's bailout as a tactic to force European lenders to more offer debt relief, and which according to the Greek government was "interpreted as revealing an IMF effort to blackmail Athens with a p

ossible credit event to force it to give in on pension cuts which it has rejected."

According to Reuters, "Greece demanded an explanation from the International Monetary Fund on Saturday after an apparent leaked transcript suggested the IMF may threaten to pull out of the country's bailout as a tactic to force European lenders to more offer debt relief."

The officials were quoted as discussing a threat that the fund might not participate in Greece's third bailout program as a way to force EU creditors, especially Germany, to reach a deal on debt relief before Britain's June referendum on whether to stay in the European Union.

 

"The Greek Government asks the IMF for explanations whether pursuing the creation of bankruptcy conditions in Greece, just before the British referendum, is the Fund's official position," government spokeswoman Olga Gerovasili told state TV.

 

An IMF spokesman in Washington said the Fund did not comment on "leaks or supposed reports of internal discussions" but added that the IMF had made its position known in public.

 

"We have stated clearly what we think is needed for a durable solution to the economic challenges facing Greece - one that puts Greece on a path of sustainable growth supported by a credible set of reforms matched by debt relief from its European partners," the spokesman said.

 

"The needed reforms and targets need to be based on credible assumptions. As we have said, there is a trade off between what is feasible on reforms and the amount of debt relief needed."

Reuters adds that EU/IMF lenders will resume talks in Athens on Grece's fiscal and reform progress next week aiming to conclude a bailout review that will unlock further loans and pave the way for negotiations on long-desired debt restructuring. The review has been adjourned twice since January due to a rift among the lenders over the estimated size of Greece's fiscal gap by 2018, as well as disagreements with Athens on pension reforms and the management of bad loans.

Greece hopes for a compromise before April 22, when euro zone finance ministers are to assess its progress.

According to the Reuters read of the transcript, the IMF staffers "discussed whether Greece could apply more austerity as a condition for receiving more aid ahead of big debt repayments in July and voiced frustration at the European Commission's reluctance to side with IMF pressure on Athens. They also suggest that Brussels is sticking to unrealistic assumptions about Greece's budget shortfall to minimize the need for debt relief, which is unpopular with Germany and other northern euro zone hawks. If concluded the review will unlock a fresh tranche of about 5 billion euros, which Greece needs to pay off state arrears and ECB and IMF maturing debt. Greece has no major debt redemptions due until July."

None of this is new, and the incremental data was the peculiar read of the "event" mentioned in our previous post. Reuters tries to tone this down by suggesting that the transcript, if genuine, "appeared to suggest that Thomsen saw more prospect of the IMF applying pressure on German Chancellor Angela Merkel to concede debt relief to keep the fund involved in the bailout and secure Greek cooperation in managing Europe's pressing refugee crisis."

However as previously noted, "the Greek government interpreted the leak as revealing an IMF effort to blackmail Athens with a possible credit event to force it to give in on pension cuts which it has rejected."

As of now it appears unlikely that the IMF will provide further information on what was explicitly stated in the leak, or what may have been implied regarding a potential plan to force Greece into another credit event.