WTF Are We Doing Bailing Out The EU????

[mudwhistle]

I knew this was going on but finally somebody is reporting it. We've been sending billions of borrowed dollars to the European Union to help bail them out during the banking crisis.

So let me get this straight; We borrow billions of dollars from China and Japan....we're paying millions a day in interest on that borrowed money....yet we're turning around and lending it to the European Union??? To date it looks like over $3 trillion dollars made it's way to Europe. What is our deficit? Somewhere around $3 trillion or more?

In what world does that make sense????

One would think we would lend it to them at a higher interest but do you think we're smart enough to do that???

European banks took big slice of Fed aid

By Robin Harding and Tom Braithwaite in Washington and Francesco Guerrera in New York

Published: December 1 2010 17:30 | Last updated: December 2 2010 00:12

Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector.



However, news that banks such as Barclays of the UK, Switzerland’s UBS and Dexia of Belgium borrowed billions of dollars at favourable terms from US authorities may further anger critics already enraged about the Fed’s rescue of Wall Street.


“We’re talking about huge sums of money going to bail out large foreign banks,” said Bernie Sanders, the independent senator from Vermont. “Has the Federal Reserve of the United States become the central bank of the world?”

LINK

 

[editec]

The FED was making the swindled European banks whole again.

Of course not all banks were made whole, were they?

No, only the banks of the insiders were made whole.

Smaller banks went down.

And the continued accumulating of all the world's wealth into the hands of a very select group of INSIDER banks continues.

And the people of the USA and the rest of the world continue to be BAMBUZZLED by the Banksters and the governments which they OWN lock stock and barrel,

Wake up folks.

You Republican and Democratic leaders are killing your country and your children's future.

 

[California Girl]

We aren't 'bailing out the EU', we were ensuring that mutlinational banks didn't collapse and take down millions of Americans along with them. Not a palatable solution but probably better for Main Street than allowing these massive institutions to collapse and destroy the western world's economy completely.

 

[georgephillip]

The FED was making the swindled European banks whole again.

Of course not all banks were made whole, were they?

No, only the banks of the insiders were made whole.

Smaller banks went down.

And the continued accumulating of all the world's wealth into the hands of a very select group of INSIDER banks continues.

And the people of the USA and the rest of the world continue to be BAMBUZZLED by the Banksters and the governments which they OWN lock stock and barrel,

Wake up folks.

You Republican and Democratic leaders are killing your country and your children's future.

And it's only the scale of the swindle that's changed in America's "post industrial" economy. Noam Chomsky's take on the Marshall Plan is instructive:

"... After World War II, there was massive flow of capital from Europe to the United States.

"Co-operative controls could have kept the funds at home for post-war reconstruction, but US policy makers preferred to have wealthy Europeans send their capital to New York banks, with the costs of reconstruction transferred to U.S. taxpayers.

"The device was called 'the Marshall Plan,' which approximately covered the 'mass movements of nervous flight capital' that leading economists had predicted, and that took place."

It's probably also instructive to remember how wealthy Europeans retained their money during WWII and who they collaborated with.

Power in the Global...

 

[JWBooth]

We aren't 'bailing out the EU', we were ensuring that mutlinational banks didn't collapse and take down millions of Americans along with them. Not a palatable solution but probably better for Main Street than allowing these massive institutions to collapse and destroy the western world's economy completely.

Oh, well, then never mind, it wasn't a completely stupid undermining of our descendants futures to keep a few well connected insiders in their Maybachs and Glashütte watches. Whats a little debt among friends?

 

[8537]

We didn't bail out the EU. We capitalized banks doing significant business in the US. The location of their home office isn't relevant.

 

[mudwhistle]

This is a big deal. Obama has been practically giving away our money to prop up wasteful socialist governments around the world putting us into debt. He was gonna finance this on the backs of the American taxpayer. This is why he's been talking about spreading the wealth....not that he's trying to help the poor. Trillions of dollars that are most likely gonna end up going down a rat-hole are gone and we've got to pay billions in interest to our enemies Russia and China. Not very smart. We're in big trouble thanks to Obama. It wouldn't take much for the money to disappear and nobody will bail us out when it does. Russia and China have already announced that the money spigot has been closed.

Democrats have no instinct for self-preservation. Our National Security has been compromised on every front when it comes to military strength, economics, and energy. We are weak and the rest of the world knows it....and you can bet our enemies know it as well.

 

[editec]

WTF Are We Doing Bailing Out The EU????

We're not bailing out the EU.

We're bailing rich people who happened to be EU banksters.

The people of the EU, much like we Americans, are being systematically raped by this class of criminals.

 

[Two Thumbs]

wanna know the debt? $3Trillion is comically low.

Try $54.7 Trillion in total debt

U.S. National Debt Clock : Real Time

Why are we giving the EU money?

pfft, that's easy

When they go down the toilet, we go down with them and hopefully take the rest of the world with us. That will force so many people to rely on the government for the very basics that you can kiss freedom and democracy goodbye for generations.

But we will all be equal finally, in misery. Except of course the power elites in government.

Buy gold and silver? pfft Better buy seeds, dry goods, guns and lots of ammo

 

[georgephillip]

WTF Are We Doing Bailing Out The EU????

We're not bailing out the EU.

We're bailing rich people who happened to be EU banksters.

The people of the EU, much like we Americans, are being systematically raped by this class of criminals.

WikiLeaks apparently has a "major US bank" in their sights:

"In an October 2009 interview with Computerworld, Mr. Assange said that he had obtained copious amounts of data from a Bank of America executive’s hard drive.

"From the Computerworld piece:

“'At the moment, for example, we are sitting on 5GB from Bank of America, one of the executive’s hard drives,” he said.

“'Now how do we present that? It’s a difficult problem.

"'We could just dump it all into one giant Zip file, but we know for a fact that has limited impact. To have impact, it needs to be easy for people to dive in and search it and get something out of it.'”

Those of us being victimized by the global rich should at least try putting aside our ideological blinders and myopic partisanship and pull out our collective crystal balls.

What happens six months from now if B of A goes the same way as Enron?

What if it's Goldman Sachs demise we're all blogging about next Memorial Day?

About the only thing I'm sure of is... there won't be any significant difference between elected Republicans OR Democrats when it comes to class war crimes.