$100 Billion Bailout For IMF – courtesy US taxpayers
Excerpts from Complete Article
Democrats in Congress have agreed to provide a $100 billion credit line to the International Monetary Fund, tagging it onto the war supplemental intended for operations in Afghanistan, Pakistan, and Iraq.
The measure would also increase the U.S. member contribution to the IMF by $8 billion and authorize the United States to back the IMF’s plan to sell 400 tons (12.97 million ounces) of gold, according to lawmakers’ aides quoted in a Reuters report.
This would fulfil Obama’s pledge to the G20 in April, to contribute toward a $500 billion boost for the IMF, which it says will go toward “helping poorer nations” during the economic downturn.
However, what the The Treasury Department is really proposing is an international version of the Wall Street bailout; a $100 billion bailout for the IMF, which amounts to a bailout for European banks facing big losses in Central and Eastern Europe.
If the bill pasess, we will see $100 billion in U.S. tax dollars simply handed over to foreign banks with no oversight.
House Republicans, including Minority Leader John Boehner, have threatened to vote no on the war funding if the IMF money is attached.
“Let’s be clear: a troop-funding bill should fund our troops, period,” said Boehner. “Weighing down this critical legislation with nondefense spending will only drag this process out further and cost it essential Republican support needed for passage.”
“We should not be having this discussion. IMF funding has no business being included in the war supplemental” bill, said Representative Eric Cantor, a member of the Republican leadership.
We have previously highlighted the ongoing agenda to vastly empower the IMF and transform the institution into a “bank of the world” with the power to print its own currency.
This is not a “conspiracy theory”.
As the Washington Post highlighted two months ago, the agenda is laid out in publicly available internal IMF documents, interviews and think-tank reports.
It is part of an open move to empower a group of unelected central bankers with the authority to usurp state sovereignty by overseeing benchmarks for national economic governance and setting regulations for financial institutions all over the globe.
As we have also previously highlighted, both the IMF and the United Nations have thrown their weight behind proposals to implement a de-facto global financial dictatorship.
Both bodies have expressed support for new world reserve currency system to replace the dollar as part of the acceleration towards a new economic world order.
The looting and deception continues. We will borrow money from the private Federal Reserve bank in order to give it another private bank, the IMF. And btw, many of the same people who own the Federal Reserve also own the IMF. Why doesn’t the IMF simply print SDRs? After all, their US branch (Federal Reserve) has thousands of money printing presses.
Congress will pretend to haggle over this absurdity but it’s is a matter of economic and foreign policy; which means that the Federal Reserve will make the call.