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Your Hard-Earned Money is Being Shipped to France, Germany and China

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George Washington’s Blog
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:

  • Germany’s Deutsche Bank AG ($6 Billion between mid-September and December 2008)

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. See this.

Moreover, 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 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.

This article was posted: Monday, March 9, 2009 at 5:32 am





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