American Meltdown: Book Two of The Economic Collapse Chronicles by Mark Goodwin Read Free Book Online Page A
Authors: Mark Goodwin
Virginia. It's not far, and it ’ll be a much better place to work. Same thing goes for the rest of you. Bring your spouse and children and nobody, and I mean nobody else knows where you are. I am not threatening you with your job. If it leaks out and causes me more trouble, you will be prosecuted."
The intercom phone buzzed." Mr. President, Stanley Klauser from the IMF is on the line."
"Didn't I say I was not to be disturbed?" Howe shot back.
"Yes, Mr. President, but he said if you don't take the call, not to bother calling back," The voice said.
"Put him through," Howe growled.
"Mr. Director," Howe said.
"Mr. President," Klauser said over the speaker phone. "Are you free to speak or do you need to take me off speaker?"
"I am here with my staff, but they need to hear our conversation. They ’ll be involved with the decision process of our crisis," Howe said.
"Very well then," Klauser said in his thick German-Swiss accent. "We seem to have something of a conundrum. As we discussed previously, the IMF was depending on a percentage of the deposits in your banks to secure additional relief monies for your fiscal shortfall coming up at the end of the month.
“It is my understanding that much of those deposits are now evaporated by today's action in the derivatives market. Most of the money in the banks has already been carted off by the derivatives investors to other countries. I also understand that if there were more money, that the derivatives investors who were not able to cash out would be first in line to receive it under your current bankruptcy laws.
“I am very much unable to secure additional financing for the US unless you can come up with another way to produce good faith capital. The other member nations have been very patient with your country in taking the recommendations from our last agreement."
"Mr. Director," Howe said, "we have made the 15% across the board cuts to all of our military, government and entitlement programs. This deep cutting austerity has been in the face of very high inflation which has caused the strain to be much more for our citizens and government employees to bear than the nominal 15% cuts."
"Mr. President," Klauser countered, "The International Monetary Fund put those requirements in the last deal as mandatory austerity measures. It was our expectation and the expectation of the other member countries that America would continue to find other areas to reduce spending. You still have more entitlement spending and more military spending than any other country in the world. America asking for more is the equivalent of the CEO of a company going around and begging for change from the people in the mailroom. The mailroom clerks are none too happy about lending money to the man they see ride around in a limousine while they are struggling to put bread on the table. I am sure you see my position."
The mailroom analogy sent a shot of anger to Howe's brain. His face was glowing red, but he knew he had to endure the abuse. He knew Klauser was loving every minute of it.
"Does the Director have any recommendations?" Howe said like a dog with his tail tucked.
"Of course, I would have to run it by the board of directors and have any agreement ratified by the member countries but I may have a thought or two," Klauser said.
Howe knew he was toying with him. Klauser had the board and the new Council of Member States that ratified agreements eating out of his hand.
In the past few years, the IMF and the UN had grown closer and closer. The Council of Member States had been formed as a permanent committee to function in the role that the Troika had filled in the previous European crisis. The Troika was made up of representatives from the European Central Bank, the IMF and the European Union. Financial woes were spreading around the world and an international board was needed to help govern the bailouts and bail-ins in a way that made all member countries feel included in the process. New
The intercom phone buzzed." Mr. President, Stanley Klauser from the IMF is on the line."
"Didn't I say I was not to be disturbed?" Howe shot back.
"Yes, Mr. President, but he said if you don't take the call, not to bother calling back," The voice said.
"Put him through," Howe growled.
"Mr. Director," Howe said.
"Mr. President," Klauser said over the speaker phone. "Are you free to speak or do you need to take me off speaker?"
"I am here with my staff, but they need to hear our conversation. They ’ll be involved with the decision process of our crisis," Howe said.
"Very well then," Klauser said in his thick German-Swiss accent. "We seem to have something of a conundrum. As we discussed previously, the IMF was depending on a percentage of the deposits in your banks to secure additional relief monies for your fiscal shortfall coming up at the end of the month.
“It is my understanding that much of those deposits are now evaporated by today's action in the derivatives market. Most of the money in the banks has already been carted off by the derivatives investors to other countries. I also understand that if there were more money, that the derivatives investors who were not able to cash out would be first in line to receive it under your current bankruptcy laws.
“I am very much unable to secure additional financing for the US unless you can come up with another way to produce good faith capital. The other member nations have been very patient with your country in taking the recommendations from our last agreement."
"Mr. Director," Howe said, "we have made the 15% across the board cuts to all of our military, government and entitlement programs. This deep cutting austerity has been in the face of very high inflation which has caused the strain to be much more for our citizens and government employees to bear than the nominal 15% cuts."
"Mr. President," Klauser countered, "The International Monetary Fund put those requirements in the last deal as mandatory austerity measures. It was our expectation and the expectation of the other member countries that America would continue to find other areas to reduce spending. You still have more entitlement spending and more military spending than any other country in the world. America asking for more is the equivalent of the CEO of a company going around and begging for change from the people in the mailroom. The mailroom clerks are none too happy about lending money to the man they see ride around in a limousine while they are struggling to put bread on the table. I am sure you see my position."
The mailroom analogy sent a shot of anger to Howe's brain. His face was glowing red, but he knew he had to endure the abuse. He knew Klauser was loving every minute of it.
"Does the Director have any recommendations?" Howe said like a dog with his tail tucked.
"Of course, I would have to run it by the board of directors and have any agreement ratified by the member countries but I may have a thought or two," Klauser said.
Howe knew he was toying with him. Klauser had the board and the new Council of Member States that ratified agreements eating out of his hand.
In the past few years, the IMF and the UN had grown closer and closer. The Council of Member States had been formed as a permanent committee to function in the role that the Troika had filled in the previous European crisis. The Troika was made up of representatives from the European Central Bank, the IMF and the European Union. Financial woes were spreading around the world and an international board was needed to help govern the bailouts and bail-ins in a way that made all member countries feel included in the process. New
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