VodkaPundit

Creative Accounting

At this point, really, what’s another hundred billion? Read:

President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF’s resources and urged a bigger stake in the IMF for emerging powers.

In a letter to U.S. congressional leaders, Obama said the U.S. funding “does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.”

He’s right, you know. Although the IMF’s assets aren’t worth very much, it won’t be long before the dollar is worth even less.