March 15, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today condemned a decision by the International Monetary Fund (IMF), which the U.S. funds, to lend another $36.7 billion to bail out Greece and the banks that foolishly lent her the money:
“To date, the IMF has given Greece and
European banks $26.8 billion in kick-the-can refinance loans. Now the
IMF, which the U.S. funds, is bailing out the banks that bet poorly on
her debt with another $36.7 billion. Our stake was already $13.5
billion of American taxpayer money being used propping up Greece,
Portugal and Ireland.
“With this latest loan, the U.S. stake
will rise to mpre than $20 billion spent on bailing out Europe. That
does not count additional lending that is taking place by the Federal
Reserve to prop up the European financial system. To put the $20
billion spent on Europe into perspective, in the 2010 all 50 states got
a bailout from the Pelosi-Reid Congress of $26.1 billion. We’ve sunk
12.7 times more into Greece, Portugal and Ireland per capita than
individual states received on average in their last bailout. This is
positively outrageous.
“Making matters worse, the U.S. has a
prominent seat at the IMF, which could have been used to prevent this
bailout. There has been no word on how the U.S. representative voted
yet.
“Either, we voted yes, putting the lie to Treasury Secretary Timothy Geithner who just in February said
‘it’s unlikely you’re going to see the major shareholders of the IMF
be prepared to have the IMF play a larger response’ in Greece. Or,
perhaps we voted no, in which case it proves the U.S. has surrendered
fiscal sovereignty to the international central bank cartel.
“Now is the time to pass legislation
proposed by Rep. Cathy McMorris Rodgers and Sen. Jim DeMint that would
rescind $108 billion additional funding to the IMF it received in 2009
when Democrats had a majority in both houses of Congress. American
taxpayers should not be forced to subsidize the foolish lending
practices of foreign banks. That money needs to be taken back, before
it is flushed down the toilet of European socialism.”
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