Dec. 12, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today praised 83 cosponsors of legislation
by Rep. Cathy McMorris Rodgers that would bring an end to any U.S.
involvement via the International Monetary Fund (IMF) to bail out
European banks that bet poorly on sovereign debt:
“All
indications coming out of the recent European summit are that the IMF
will play a leading role in bailing out European financial institutions
that bet poorly on sovereign debt through some $200 billion house
of cards scheme. This would include regional European central banks
would ‘lend’ money to the Fund only to be funneled back into European
bond markets, all in violation of the Article VII of the IMF’s Articles
of Agreement, and the Lisbon Treaty’s Article 123 prohibition on
monetizing the debt.
“This means U.S. taxpayers, who have already poured at least $20 billion into propping up Portugal, Greece, and Ireland through the IMF,
will again be on the hook when the European governments default on
their debt. The 83 cosponsors of this legislation deserve the thanks of
American taxpayers, who don’t want to have anything to do with bailing
out the bad decisions of foreign banks and European socialist
governments.
“HR 2313 should be passed immediately, so
that whatever remains of the nation’s $100 billion credit line to the
IMF is pulled back before it is wasted on a costly bailout that will
not work. Now is the time for the House to draw a line in the sand.”
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