Congress Gives IMF Your Tax Dollars to Bailout GreeceSubmitted by Doug Eberhardt on Mon, 05/03/2010 - 10:44
Lost in the debacle known as Greece is the fact no one seems to challenge the premise on how Greece is being bailed out. Most of the money for the bailout of Greece comes from other European nations while the International Monetary Fund (IMF) has stepped in to supply 1/3 of the bailout funds through loans from the U.S. and other G20 nations including Japan, China and Brazil.
Where does the U.S. get these funds to loan the IMF? Where do any of these countries get the money to give them?
Congress Uses Your Tax Dollars to Bailout Greece and Other Nations
In 2009 at the Group of 20 (G20) nations summit in London, countries in attendance agreed to a "war chest" to prevent any future global financial meltdown from occurring.
Leaders of the world’s 20 largest economies earlier this month offered the IMF a $1 trillion war chest to help countries in trouble and pledged to make it the premier financial watchdog to help avoid the next global downturn.
$1 Trillion? Are things really that bad?
The U.S. contribution to the IMF war chest was $100 billion in June of 2009. Did the U.S. just have $100 billion sitting around to give the them when just 8 months earlier the Republicans and Democrats approved a $700 Billion TARP bailout of U.S. banks? Did Congress sell some of our gold or National Parks to raise the capital to send to the them? Did you write a check to Congress and direct it towards them? Well, the answer is, yes...you did, whether you know it or not.
How can a country that is over $12 trillion in debt allow Congress to loan $100 billion to the IMF? Where does this money come from?
To answer these questions, one must first resolve just who the IMF is and why Congress is so eager to give them your tax dollars.
Who Is the IMF
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