U.S. taxpayers are helping finance Greek bailout
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The International Monetary Fund board has approved a $40 billion bailout for Greece, almost one year after the Senate rejected my amendment to prohibit the IMF from using U.S. taxpayer money to bailout foreign countries.
Congress didn’t learn their lesson after the $700 billion failed bank bailout and let world leaders shake down U.S taxpayers for international bailout money at the G-20 conference in April 2009. G-20 Finance Ministers and Central Bank Governors asked the United States, the IMF’s largest contributor, for a whopping $108 billion to rescue bankers around the world and the Obama Administration quickly obliged.
Rather than pass it as stand-alone legislation, President Obama asked Congress to fold the $108 billion into a war-spending bill to send money to our troops.
It was clear such an approach would simply repeat the expensive mistake of the failed Wall Street bailouts with banks in other nations. Think of it as an international TARP plan, another massive rescue package rushed through with little planning or debate. That’s why I objected and offered an amendment to take it out of the war bill. But the Democrat Senate voted to keep the IMF bailout in the war spending bill. 64 senators voted for the bailout, 30 senators voted against it.
Only one year later, the IMF is sending nearly $40 billion to bailout Greece, the biggest bailout the IMF has ever enacted.
Right now, 17 percent of the IMF funding pool that the $40 billion bailout is being drawn from comes from U.S. taxpayers. If that ratio holds true, that means American taxpayers are paying for $6.8 billion of the Greek bailout. Although the $108 billion extra that Congress approved for the IMF in 2009 hasn’t yet gone into effect, you can bet that once it does Greek bankers will come to the IMF again with their hat in hand. And, if other European Union countries see free money up for grabs they could ask the IMF for bailouts when they get into trouble, too. If we’ve learned anything from the Wall Street bailouts it’s that just one bailout is never enough.
To hide the bailout from Americans already angry with the $700 billion bank bailout, Congress classified it as an “expanded credit line.” The Congressional Budget Office only scored it as $5 billion because IMF agreed to give the United States a promissory note for the rest of the bill.
As the Wall Street Journal wrote at the time, “If it costs so little, why not make it $200 billion. Or a trillion? It’s free!”
Of course, money isn’t free and there are member nations of the IMF that won’t be in a hurry to pay it back. Three state sponsors of terrorism, Iran, Syria and Sudan, are a part of the IMF. Iran participates in the IMF’s day-to-day activities as a member of its executive board.
If the failed bank bailout and stimulus bill wasn’t enough to prove to Americans the kind of misguided, destructive spending that goes on in Washington this will: The Democrat Congress, aided by a few Republicans, used a war spending bill to send bailout money to an international fund that’s partially-controlled by our enemies.
America can’t afford to bail out foreign countries with borrowed dollars from China and certainly shouldn’t allow state sponsors of terror a hand in that process.
This has to stop if we are going to survive as a nation. Congress won’t act stop such foolishness on its own. The only way Americans can stop this is by sending new people to Washington in November who will.
Sen. Jim DeMint is a Republican U.S. Senator from South Carolina.
(9 votes, average: 5.00 out of 5)
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So did Demint just figure this out about the IMF? I mean it’s not like it’s 60 years old or anything.
I know the left has been complaining for years, but maybe Demint was hanging out in New Jersey and all of sudden had a road to Damascus moment while he went through Bretton Woods.
Someone can correct me, but I do believe that there is not one instance where the IMF has not been paid back for the loans.
You’re right about the Greeks being “lazy”, but thats Greece. To draw any parallels and say “Coming soon to your village square” is simply irresponsible and baseless on its face. Its that kind of stupidity that discredits your side.
Jim DeMint is either joking and playing political games or he just doesn’t understand that that is why the IMF exists….for situations such as this….and yes, a large part of the funds the IMF has come from the United States as it comes from a wide array of other countries as well.
I’m guessing Jim DeMint knows this very well……..he is oh so prone to playing political games. Is he suggesting we break out of the IMF? What a joke this man is. If this guy represented my state I would be so ashamed.
RE: “Is he suggesting we break out of the IMF?”
I think we should. Their job is to spread the wealth globally. I don’t know about anyone else but I’m sick and tired of having the taxes I pay go to some world banking institution just so they can give it some third world country that will NEVER pay it back or help their people. Corruption is everywhere no matter what socialist utopia is promised. That is nothing but false hope. This will continue unabated until people start wising up and learning the truth. This isn’t no conspiracy. They openly promote global governance on the news constantly. People are so distracted with their own little worlds that they haven’t noticed that they have been nudged into a government dependent role in society. America got socialized a long time ago and nobody even knows it. The Fed funds all the shenanigans that’s going on. That’s why nothing ever changes…ever..
You are so confused and understand the world we live in so little, that I’m starting to believe that is your real picture you have displayed. Sad. Very sad.
I’ve never seen things more clearly now than I ever have. Maybe you should do some research on the Fed on your own and stop listening to MSNBC or whatever you listen too. They’re lying to you..
“Confessions of an Economic Hitman” although one man’s personal experience, paints a less than benevolent picture of the IMF.
donciccio
I no way no how want to give a dime to the Greeks! If congress passes this they should all be voted out! We dont have the money and cant afford any more tax increases…
Considering the $11 trillion dollars in debt Republican administrations have added to the national debt in the last 30 years alone I would have to argue that 95% of Americas can no longer afford to finance tax cuts and bailouts for the people at the top.
Listen Radial Left wing Socialist that you are… The Dems have every president including Bush beat in the spending department. They have been in charge of Congress since 2006, Pissing away money, OUR TAX PAYER money on nothing but paying back the unions, creating Obamacare,and growing government.
We dont have the money because their Agenda is Killing this Country and making it just like Greece. There are no Private Sector Jobs anywhere, and the Obama thinks thats a good thing. As long as his people get all their needs met, he doesnt give a dam about the middle class
WHERE DID YOU FIND YOUR BULLS. STORY,STOPTHESMEAR.COM?OBAMA HAS SPENT MORE MONEY DRIVING US IN DEBT THEN ALL OF THE PRESIDENTS COMBINED,GO SELL YOUR CRAZY AT HUFFINGTON,FREAK.
Hmmmm.
Considering the $5 trillion dollars of debt Obama and the Democrats have piled onto the American taxpayer in just the last 16+ months I’d say you folks don’t have much of a leg to stand on.
I’d also consider pointing out that the 1990’s was notable because the Republicans finally controlled the House and the 2000’s was notable because Republicans finally got control, for a couple years at any rate, of the Senate.
The rest of the last 40+ years? All Democrat.
Read the book “The Creature from Jekyll Island: A Second Look at the Federal Reserve”. It will explain how we got into so much debt with no end in sight. It will also shine light on how and why the Fed does currency and debt swaps with other countries all the time and has been for a long time. Also how the IMF is tied into all of this. The book has references to back up the claims it makes. It’s really a very good read and will most likely make blood squirt out of your eyes once you understand whats going on.
No wonder the debt never goes away! Its really unbelievable… really.. Ending the Fed will end this never ending debt roller coaster and will limit the government on their spending whether they like it or not. Centralized banking is just down right evil.. It’s designed to steal from us all and keep us in that poor hole..
Isn’t 20/20 hindsight great?
Yes.. I didn’t know any of this stuff until I started my quest for knowledge. I was fat happy and dumb. Now I know the truth and understand the ramifications of all this and now I’m not so happy and dumb.. still a little chubby though..lol.. More people need to learn about this.
Sorry thear you’re still chubby. As far as being knowledgeable, I think you have to go back to the drawing board on that one. I’ve never met a truly learned person that was an isolationist.
And this global government stuff is nonsense. We, as a planet are not even close to being ready for that. It will happen, for that is the natural order of things, but only when all counties will have comparable economic, social, religious, etc. situations. Given the state of some countries that are about 500-700 years behind in certain areas, you have nothing to worry about for a few centuries.
Jim DeMint is a dimwitted hack who repeats what other conservatives tell him and who is an embarrassment to South Carolina. He has a second-rate mind and will say anything to demonstrate his hate for Democrats. He wrote an op-ed piece in the Greenville News about health care reform which was filled with lies and false information.
I do not consider liars to be patriots. He is a do-nothing big mouth who loves to whine.
elektramourns is a nit-witted hack who repeats what other libiots have said with just as much Alinskyite invective and who is an embarrassment to America. She has a third-rate education and will say anything to demonstrate her hatred for America and good Americans. She completely fails to recognize that almost every single negative aspect of the health-care bill, which Democrats lied to cover-up, and Republican’s pointed out, has been proven to be true.
I do not consider libiots to be Americans. She is a know-nothing big-mouth who loves to engage in ad-hom when no facts support her useful idiocy.
Oh…..poor baby!!! Did she upset your ‘conservative’ sensibilities? Should I run get your pacifier now?
Indeed
A little rough, but I agree with teh overall sentiment. Oh and just to let you know, the more thumbs down you get on this site, the more correct you are. In other words, the number of thumbs down is inversly related to the validity of your statement.
Well, I am glad we could help, they now can keep there Holidays and Union jobs, and just “keep on keeping on.” I will also be over joyed when Spain, Portugal, Ireland, Italy, and any others, that fail to meet there financial responsibilities.
This is just great news. We have an oil slick spreading throughout the Gulf Coast which means loss of jobs and higher seafood prices, we have Nashville, Teneessee flooded and under water, we have Arizona trying to get in control of a 200% increase in crime due to illegals’ activities, we have no job growth, and we have money, that we don’t have but borrowed from China, headed to a failing socialist country, Greece. Will the adults please get in control and stop this nonsense. What an inexperienced and irresponsible group of people we have in the White House and Congress. “SOS” “SOS” Send help, the “Republic” is on the same course as Greece.
Oh this is just starting. Every time the IMF uses money it costs us 17% of the total. You think Greece will be then of this? Socialism can not ever work, eventually the rich run out of money. One question. Why should we help Greece? They made their own bed now let them learn from their mistakes, just like were are learning from our 50 year dive into progressive/Marxist experimentation.
Ha ha ha ! Amazing ignorance. Maybe you should look at what what party was in power in Greece from 2004-2009. You would be surprised to know that it was a right wing or conservative party. The socialists didn’t win the election until the end of 2009. Just like here, the right talks a good game, but when they get in power, they ruin things for everyone.
“Amazing ignorance. Maybe you should look at what what party was in power in Greece” dilly
I find it interesting that you do not address my comment. You only set up a straw man. Do they teach Alinsky in high school now? Why does it matter who is in power from when to when? Your Dear Leader would be a conservative in Greece, would he not, if a fair comparison was made. Address my question, why should we pay for the Greek’s retirement plans, or anything else the country does. Remember, you are against US intervention into other countries. You have also stated you are against preemptive strikes. Explain to me what is the difference.
I’m sorry. Your post is so illogical even a high school student like myself cannot make sense of it. Try again. My dear leader would be a conservative in Greece. What? Preemtive strikes in the context of IMF monetary intervention?
What? No wonder you support De Mint.
I’m not so sure that you can simply overly the European political spectrum and nomenclature over ours and have it mean anything. There is good deal of misundertanding about our own political spectrum and it’s definitions. It’s in continuous display in the media and here for that matter. After all a Liberalism in say France is not the same Liberalism we have in America. Is the ‘far right’ Europe the same as here?
Ahhhhhh…..I like that. Great response and yes, that is an important distinction to be able to make. I was just having a little fun with the others. They seem to ctiticize a lot, without having the slightest clue what the role of the IMF is and why “bailing out” Greece has several extremely important implications for the Euro, the European Union, and most importantly, the US.
All they know is if Obamba is for it, or stands by it, or thought of it or whatever, it automatically is a bad thing and they start all their reasoning from there.
What does Thurston Tucker Howell think?
Senator Jim DeMint, you are one of a very select group of politians in D.C. who actually care about the Republic. Thank you for this article, telling the truth, and thank you for supporting Dr. Rand Paul in Kentucky. If he wins, there will be two patriots in the United States Senate.
What an ignorant laughable comment. No wonder it got 27 thumbs up.
Hmmmm, let’s see if there is a similarity to this scenario.
Banks gave loans to people who they knew could never repay those loans. Those homeowners lived high on the hog while it lasted. When the bubble burst (as they always do), they walked away from the property and left the grownups to clean up their mess.
So too with Greece. The Greeks get to retire at 53 and live off the dole, they work 35 hours a week, they are overpaid, their pensions are funded, their social security is available, so is disability (radio personalities get to retire early because of their exposure to germ-laden microphones!).
Now the piper want to be repaid. As usual, the honest hard-working citizen gets stuck with the bill.
Look closely at the Greek riots. Coming soon to your village square.