EuroBomb USA: The Weapon Comes Into View
In this series on the European financial crisis I have made a number of observations derived from various sources, coupled with my own predictions and thoughts. For some time, I have believed that the Eurocrisis would come to America in the form of a government attempt to use American taxpayer money to bail out European sovereigns and banks (and, indirectly but dispositively, the Wall Street firms that made reckless and greedy bets against default). I have also predicted that the IMF will be the vehicle the Obama Administration attempts to use to effectuate this raid on the American People’s money. Sadly, I am being proven correct, as the Wall Street Journal reports in a quasi-hagiographic piece on Obama’s machinations in Europe that concludes with these chilly warnings:
But if Europe doesn’t act, the administration could face the prospect of organizing a broader bailout—through the IMF—to contain the euro crisis and any collateral damage abroad. Congressional Republicans have already sought to block U.S. resources at the IMF for bailing out Greece, Portugal and Ireland. So far, Obama administration officials have managed to beat back those challenges.
“Bailouts are unpopular,” said Fred Bergsten, director of the Peterson Institute for International Economics and a former Treasury official. “On the other hand, sitting back and letting the economy fall back into a double-dip recession would be worse.”
The part about the Congressional Republicans attempting to block the use of U.S. funds for Eurobailouts is welcome news to me. If anyone knows anything about this matter of Congress trying to prevent an American bail out of Europe please post the information, if you don’t mind. Thanks.
In any event, it is high time this topic entered mainstream discussion. Do we the 99% intend to allow our money to be used to bail out the Wall Street 1% yet again? Well, we better start making some noise or else it will have happened before we get a chance to render our opinions.