Monday, March 9, 2009
Under the guise of "bailing out" AIG, your hard-earned money is actually being shipped by the U.S. government to:
- French banks Société Générale and Caylon
- Germany's Deutsche Bank AG ($6 Billion between mid-September and December 2008)
- HSBC Holdings (England)
And the government is in the process of providing billions more - along with trillions more in guarantees of worthless assets - to sovereign wealth funds and hedge funds.
And remember that the U.S. may have already given hundreds of billions to foreign banks. Indeed, foreign banks - including certain Chinese banks - can receive bailout money through the TARP program itself.
Your future - and your children's and grandchildren's future - is being shipped overseas.
As Congressman Dennis Kucinich, chairman of the domestic policy subcommittee for the House Oversight and Government Reform Committee, said:
"When the American people find that their tax dollars, which were supposed to be used to get us out of this financial crisis, instead are being used to ship jobs and investments overseas, there will be outrage".
As I've previously written, this isn't a pro-America anti-everyone-else rant. If I lived in England, or Canada or Japan, I would resent my money going to the fatcats in the U.S.
When I say your "hard-earned money", I'm talking about your current and future taxes. If you don't think the government will raise your taxes, just wait. Moreover, inflation will be a tax on everyone. Finally, shipping dollars overseas means that there will be less to spend on things the government cold otherwise provide - whether it is defense, emergency food and shelter, etc.