Monday, March 9, 2009
Your Hard-Earned Money is Being Shipped to France, Germany and China
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)
Moreover, bailout money that went to Citigroup was loaned to Dubai, bailout money that went to Bank of America China was invested in China, and bailout money given to JP Morgan was invested in India.
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.
7 comments:
→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).
→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).
→ The following types of comments will be deleted if we happen to see them:
-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over
-- Comments that explicitly call for violence
→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.
Posts
In as much as they are saving face and honour, paying where they said they would, then your children will live in that honour. In as much as they are filling wall streets pockets, at the public expense, so much will it be a yoke upon their shoulders.
ReplyDeleteFrom here it is not clear what is really the motive, nor clear what is being practised.
What is clear is that it will have to be payed for, and as GWB has emptied the coffers, you will need to tax deeply and hopefully it will be upon those who have profited in this crisis.
"In addition, your money is probably being given directly to sovereign wealth funds (that is, the investment arms of foreign monarchies and tyrannical governments such as Saudi Arabia), since they were some of the biggest counterparties who bought credit default swaps from AIG."
ReplyDeleteSovereign wealth funds do not participate in the CDS market, either as buyers or sellers. Full stop. The link you provided confuses CDS on sovereign debt (e.g., Treasuries) with CDS purchased by sovereign wealth funds. Huge (and very basic) difference.
Sorry, no dice on your sovereign wealth fund hysterics.
For someone who writes so much about CDS, you don't seem to know much about them. Basic errors are rampant here.
sgj6577, please look again.
ReplyDeletefind water pumps, china auto parts, ... china auto parts manufacturers
ReplyDeleterugged globe valve, steel globe valve
Anson Gate Valve, API.6A Gate Valve,
ball valve, stainless steel ball valve, kitz ball valve Products including forged
china gate valve, vacuum gate
Supplies swimming pool pump, good Swimming Pool Pump, boat jet pump, well jet pump, jet pump installation. water pumps manual water pumps , water pump in China.
ReplyDeletecongratulations american tax payers... we are slowly contributing to the complete downfall of our nation , and dont even know it. at this point revolution is unavoidable, cival war is aproaching . we stand as the empire of rome had just before its end . hail caesar. let our vanity and opulance lead us to ruin. may the real america servive this impending doom.
ReplyDeleteSection was a pretty good article. I just found your blog and really enjoyed reading your blog posts. Any way I will be subscribing to your feed and I hope you post again soon. Joshua's Law Online Course
ReplyDelete