The International Monetary Fund (IMF) issued a statement on Wednesday warning of dark, turbulent economic times when the world can be expected to experience little but “social instability”.
He warned that tighter government oversight will be needed in many day-to-day areas, including higher tax rates, trade restrictions, fiscal restraints, and targeted fiscal measures for rich economies to address “climate change” to help redistribute wealth among the weak. “countries. .
Prepared by IMF Managing Director Kristalina Georgieva, the document was released as G20 ministers and central bankers met in Bali, Indonesia, to document global financial performance over the next 24 months.
Georgieva, former CEO of the World Bank and European Union (EU) commissioner, cited the first problem as rising inflation leading to the imposition of illegal taxes.
Republicans said on Wednesday that Biden’s inflation was “a tax on all Americans” as prices soared to highs not seen in more than 40 years after the latest Bureau of Labor Statistics CPI was released.
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“Inflation is higher than expected and exceeding food and energy prices. This prompted major central banks to further tighten monetary policy, which was necessary but would put pressure on the economic recovery. The ongoing disruption associated with the pandemic, especially in China, and new bottlenecks in global supply chains are disrupting economic activity.”
According to the Washington DC-based organization, 2022 will be difficult, and possibly 2023 more difficult, as the risk of a global recession rises to kick off a period of austerity and downturn.
We need to tighten controls to curb inflation.
The IMF also warned: “Most central banks need to continue to tighten their monetary policy decisively. This is especially true when inflation expectations begin to lose their anchor.
A protester wearing a gas mask rushes to drop a tear gas grenade fired by military personnel during a protest amid the ongoing economic crisis in Colombo, Sri Lanka, on July 13, 2022. (Abhishek Chinnappa/Getty Images)
“Without action, these countries may face a devastating wage-price spiral that will require stronger fiscal restraints and further damage economic growth and employment.”
The IMF sees the powerful role of the G20 countries in determining the future of the world economy and calls on the rich countries to provide funds to their needy neighbors. He insists:
More integrated international action is urgently needed to prevent potential crises and boost growth and productivity. The key is to take advantage of the latest developments in many areas, from taxation and trade to pandemic preparedness and climate change. The new $1.1 billion G20 Pandemic Prevention and Preparedness Fund is already showing moon maybe like recent successes at the World Trade Organization.
The most urgent, according to the United Nations Development Programme, are measures to mitigate the effects of the cost of living crisis that has driven 71 million people in the world’s poorest countries into extreme poverty. As concerns about food and energy resources increase, so do the risks of social instability.
To prevent further hunger, malnutrition and migration, the world’s wealthiest countries must provide urgent assistance to those in need, including new bilateral and multilateral funding, particularly through the World Food Programme.
The IMF sees itself as playing a role in wealth transfer and says it has a new Resilience and Resilience Trust to “provide $45 billion in concessional funding to vulnerable countries to tackle long-term challenges such as climate change and future epidemics.”
As a result, the IMF wants to coordinate the fight against rising food prices, which are now strongly felt as food makes up a higher share of income.
“Inflation, fiscal, debt and payment pressures are mounting,” the IMF concluded, before urging “the international community to take bold steps to support its people.”
Activists are urging banks to stop investing in fossil fuels to stop “climate change” amid rising gas and oil prices. https://t.co/G80RqaGAme.
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In a report released Wednesday, the IMF warned of future turmoil for the second time this year.
As Breitbart News reports, the organization said in April that global food shortages will become more widespread, saying vulnerable countries are at risk of civil unrest due to supply problems.
Amid warnings of food shortages and “Hell on Earth” migrant crises, the international financial institution predicted that global economic growth would be adversely affected, with poorer countries in particular bearing the brunt of the ongoing crisis.
Source: Breitbart
