Monday, May 10, 2010

American Taxpayers Poised To Bailout European Banks

Check Please.

Yup - we always seem to get stuck with the bill don't we.
Apparently - we've been doing this for years.

The Wall Street Journal said that "swap lines" might be reopened to help out European banks in light of the EU/Greek financial crisis.

But, as I said before - this is nothing new:
For example, $40 billion in bailout money given to AIG went to foreign banks. Indeed, even AIG's former chief said that the government used AIG "to funnel money to other Institutions, including foreign banks".
So not only are American taxpayers bailing out American "too big to fail" banks and businesses, but we're also bailing out foreign mega-banks as well.
Bailout money that went to Citigroup was loaned to Dubai, bailout money that went to Bank of America China was invested in China, and bailout money given to JP Morgan was invested in India.

And the government is in the process of providing billions more - along with trillions more in guarantees of worthless assets - to sovereign wealth funds and hedge funds.

The U.S. is of course also contributing tens of billions of dollars towards the Greek bailout through its contributions to the International Monetary Fund. It is alleged that the U.S. is secretly helping to bailout of all of Europe. It's a sort of under the table deal. (Read this)

This is why we must AUDIT THE FEDERAL RESERVE!!!

So America....Open your wallets...
and honestly - even if they aren't directly taking it out of your paycheck .... you ARE losing money when they print more, and make what you have in your wallet worth a lot less then it already is.

Inflation is theft.

Then again as one commenter on Zerohedge said:
If the Federal Reserve can create as much fiat currency as it wants out of thin air (or it's electronic equivalent) why should we care if it swaps american pixie dust with foreigh central bank pixie dust?
Interesting point.

Still.. we are well on the way to a currency crisis.

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