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Congress Gives IMF Your Tax Dollars to Bailout Greece

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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SteveMT's picture

This story discusses another IMF bailout! 2 must be better than1

After the IMF Bails Out Europe, the U.S. May Have to Bail Out the IMF
By JOSEPH LAZZARO
6:30 AM 04/30/10

It's only natural for some Americans to look at Greece's fiscal woes and say, "Too bad for Greece and Europe, and their citizens."

In reality, what Americans should be saying is, "Too bad for us!"

The European Union and the International Monetary Fund are co-funding an aid package that will assist Greece's transition to fiscal solvency. In other words, the IMF will be part of the effort to bail out Greece. But who will bail out the IMF if -- or when -- it runs out of money?

You guessed it: The world's largest economy, the U.S., is at the top of the list.

The IMF May Run Out Of Money -- Soon

A year ago, the world's major economies increased the IMF's intervention and stabilization resources to about $750 billion as part of an agreement reached to better equip the organization to deal with larger and more-complex crises in the globalization era, BBCNews reported.

See full article from DailyFinance: http://www.dailyfinance.com/story/credit/after-imf-bails-out...

Thanks for the comment Steve...

The article states it was $750 Billion, but I believe it to be $1 Trillion. Either way, the point is valid.

In one sense, we are the IMF. The title means little except to fool the people into thinking it's an organization to help the poor.

The facts speak for themselves.

See my "Divide and Conquer" post of a few minutes ago.

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!

SteveMT's picture

Yep. Also because the Euro is getting trashed down.

Euro Declines on Concern Greece Bailout May Fail to Get Support
By Ben Levisohn and Oliver Biggadike

May 3 (Bloomberg) -- The euro fell for the first time in four days against the dollar on concern a 110 billion-euro ($146 billion) bailout package for Greece will fail to win support from some of the region’s governments.

Europe’s common currency slumped versus most of its 16 major counterparts as German Chancellor Angela Merkel began making a public case for her citizens to aid Greece. The pound fell as polls signaled neither of the U.K.’s two biggest parties will gain a governing majority in this week’s election.

“The euro is just patently overvalued,” said Richard Franulovich, a senior currency strategist at Westpac Banking Corp. in New York, who predicts a decline to $1.30 this month. “My complaint is that the package requires some extremely harsh austerity measures that simply won’t be put into place.”

The euro dropped 0.8 percent to $1.3191 at 1:19 p.m. in New York from $1.3294 last week,...

http://www.bloomberg.com/apps/news?pid=20602081&sid=a4PZgQnl...

I wonder how much more damage the congress....

can do within the next six months and they are out on their ass. Can we afford six more months of these traitors?

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey

It

truly amazes me there are not more people "Fed Up!" as to what Congress does in spending money they don't have.

The reasoning I believe is they just don't see the effects as it's not happening to them now. There are no fighters for the future as complacency has overwhelmed them.

Zombies we are...

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!

I'm not quite sure what the ratio is...

but something like half of the folks don't pay taxes and really don't have a dog in the fight and could care less. They already have no freedoms as they probably sit around their government subsidized apartment waiting for the next welfare check...which of course comes from those of us who are forced to pay the extortion to the feds....the gubbermints greatest fear is that we stop paying taxes!

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey

SteveMT's picture

The number that don't pay taxes is 47%.

Our view on financing government: When 47% don't pay income tax, it's not healthy for USA
Updated 4/15/2010 7:55 PM

http://www.usatoday.com/news/opinion/editorials/2010-04-16-e...

I heard someone mention this

I heard someone mention this on NPR this morning and I wanted to scream. Those Bastards!

I wonder

if the title to the article was changed to; "You Bailed Out Greece" or "U.S. Taxpayers Help Bailout Greece" if it would be better?

It's always tough to pick the right title...

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!

Nah it's a good title

Exactly,how does a country with what 13 trillion in debts loan out 100 billion?
WTF?Am I missing something?
Think I'll call my representatives and pose this question to them this is FN ridiculous.

I'd rather die on my feet than live on my knees...

Thanks...

and how do we do it? Only via the Fed...

The question I would ask my congressman would be, "If the Federal Reserve didn't allow Congress to print money out of thin air, how would you be able to send money to the IMF?"

Of course they won't have an answer for that. Instead they'll twist reality with a response like; "That's just not how things work you see sonny boy. Our forefathers made sure that people like you and me..."

lol

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!