Tag Archives: international monetary fund

U.S. per capita government debt worse than Greece

Via the Washington Examiner:

According to a new analysis by the office of Sen. Jeff Sessions, R-Ala., ranking member on the Senate Budget Committee, the United States has a higher per capita debt burden than any European country, including riot-ridden Greece.

Using the most recent data available from the International Monetary Fund, the Senate Budget Committee found that U.S. federal government debt per capita is nearly $45,000. That is almost 15 percent higher than the per capita debt burden of Greece ($38,937).

The Senate Budget Committee also notes that our debt per capita would rise to $75,000 by 2020 if President Obama’s budget became law.

Earlier last month, the U.S. government’s total out standing debt, $15,419,800,222,325, surpassed the nation’s gross domestic product ($15,294,300,000,000).

John Kerry in Egypt meeting with Muslim Brotherhood

National Review:

Senator John Kerry (D., Mass.) is in Egypt, meeting with leaders of the Muslim Brotherhood — the Islamist organization whose goals are to destroy Israel, “conquer Europe” and “conquer America” (to quote its most influential jurist, Sheikh Yusuf Qaradawi).

The Brotherhood, which operates throughout the world, seeks the imposition by governments of strict sharia law (as outlined in Reliance of the Traveller: A Classic Manual of Islamic Sacred Law) and, eventually, a global caliphate. Naturally, the Obama administration describes it as a “largely secular” and moderate organization — and William Taylor, President Obama’s hand-picked “special coordinator for transitions in the Middle East,” announced last month that the administration would be quite “satisfied” with a Brotherhood victory in the Egyptian elections.

As the Investigative Project on Terrorism reports, Kerry, the 2004 Democratic presidential nominee and key Obama administration congressional ally, “welcomed the results of Egypt’s first democratic elections,” in which “voters gave the Muslim Brotherhood’s Freedom and Justice Party (FJP) nearly 40% of seats, and more than 24% went to the ultra-conservative Salafi coalition led by al-Nour Party.” [ACM: byultraconservative, IPT means al-Nour is somewhat more impatient than the Brotherhood for the imposition of supremacist Islam; as I’ve explained on otheroccasions, the Muslim Brotherhood is Salafist in its ideology.]

In addition to praising the Brotherhood’s election as a model of transparency and integrity, Sen. Kerry also called for an infusion of cash from the International Monetary Fund to undergird Egypt’s new Islamist government.

The money quote…literally: 

Here’s a quote from the article linked here: “United States, though over $15 trillion in debt, is the leading contributor-nation to the IMF, providing close to a fifth of its funding. That is about three times as much as second-place Japan, more than four times as much as China, more than six times as much as the leading Islamist country (Saudi Arabia), and more than the combined contributions of the three top European donors — Germany, Britain and France. (See Wikipedia Table, here.) Consequently, a cash infusion by the IMF to the Brotherhood-led Egyptian government would be a redistribution of wealth from American taxpayers to Islamists whose goal is to conquer American taxpayers — assuming, of course, there is any money left in the IMF after the Obama administration gets done using it as the device through which tapped out American taxpayers bail out, at least temporarily, Europe’s collapsing experiment in trans-continental socialism.”

Read more HERE.

GOP Lawmakers Push to Keep U.S. Funds Out of Euro Bailouts

This is all well and good, but unfortunately the Federal Reserve is printing up more money to loan to the Euros totally on their own. The loans are not likely to ever be paid back. It seems that the purpose of the loans is to delay the Eurobank collapse until after the election. Ben Bernanke is out of control and must be fired. The only way out of a Eurobank collapse is to cut Greece, Italy, Ireland, Portugal and perhaps Spain off from the Euro and send them back to their old currencies once again.

Fox News:

Republican lawmakers on Capitol Hill are moving to block the International Monetary Fund from using U.S. money for European bailouts, as talks intensify across the pond over how to stanch the debt crisis.

Some U.S. lawmakers want their concerns addressed as part of the feverish end-of-year budget talks. On the House and Senate side, lawmakers have introduced legislation to wall off U.S. taxpayer money from playing any role in averting a European meltdown.

“It’s time to stop the bailouts and start restoring fiscal discipline to our own economy,” Sen. Jim DeMint, R-S.C., said in a statement, as he and 25 other senators introduced an IMF bill Friday.

A similar bill on the House side has been on the table since the summer, though it has not moved out of committee.

But lawmakers are sharpening focus on the issue as European leaders discuss what future role the IMF can play in stabilizing the region. They are talking about lending billions to the IMF to create a backup fund for future crises, in addition to pressing the European Central Bank to expand its role.

Asked whether the U.S. would put up any money as part of the latest proposal, the White House on Friday assured skeptics that whatever plan the Europeans come up with will not involve more U.S. money.

“Our position hasn’t changed, which is that the IMF has substantial resources and that American taxpayers are not going to have to make any more commitments to the IMF,” White House Press Secretary Jay Carney said.

The U.S. involvement with the IMF also works differently than U.S. support of organizations like the United Nations. Rather than appropriate money on an annual basis, the U.S. has what amounts to a bank account with the monetary fund. While paying the U.S. interest, the IMF can then use that money on deposit to finance lending elsewhere.

But Republicans are trying to claw back U.S. money that already has been obligated — particularly a $108 billion line of credit the U.S. approved in 2009.

The Senate bill introduced this week would rescind that line of credit, and ban U.S. involvement in any European IMF bailouts until those countries bring down their debt to a certain percentage of their economy. The lawmakers argue that, considering the U.S. is the largest contributor to the IMF, its funds have already gone toward the massive and sustained Greek bailout effort.

On the House side, a bill from Rep. Cathy McMorris Rodgers, R-Wash., would take similar steps.