In a couple previous blogs I have advanced the notion that 2010 could be a downright nasty year for North American financial markets.

Now, further evidence comes to light to support this notion.

The International Monetary Fund, simply put, has a responsibility to watch over the global financial system. For the past 7 years the IMF has been pressing the issue of wanting to do a review of the US financial system. But a stubborn President Bush has been refusing to allow this review to start. Until now that is…..

As he packs his suitcase and gets set to leave the White House, Bush has now granted permission for the IMF to start this review. In order to complete this Financial Sector Assessment Program (FSAP), the IMF will be examining in painstaking detail data from the SEC, Investment Banks, Mortgage Banks and Hedge Funds.

The final version of this FSAP review will most likely be something that will shock the financial world and set it back on its heels when it is finally issued.

And…..this review is due to be published for all the world to see …..yes you guessed it….in 2010……