Tea Party Clueless About U.S. Tax Dollars Funding Bailout Heist

Silence from anti-tax movement on bailouts is deafening – and dangerous

As CNBC hosts Joe Kerne and Rick Santelli pointed out yesterday, the Tea Party movement seems largely clueless about the fact that a huge chunk of the $1 trillion dollar bailout heist being pushed through to save the face of global economic governance is being funded with dollars looted from American taxpayers.

Founded on the principle of keeping taxes low for the benefit of the economy, the Tea Party movement has seemingly ignored the biggest and most insidious stealth tax – inflation – which as Ron Paul highlighted yesterday, will only soar as a result of this latest bailout.

“Could you really tell the American taxpayer, you can connect the dots between them and Greece? I mean are they paying for some lavish benefits in Greece right now?” asked CNBC’s Kerne.

“Well there’s no connect-the-dots,” Santelli replied. “I mean it is a fact. We contribute a little less than 18 percent to the IMF. And the IMF is pretty much using its entire piggy bank, of course to pledge up to €250 billion, no matter how you slice it, Joe. Eighteen percent of that money, or more, because you know, if they go much beyond this, they’re going to have to replenish the coffers.”

And we know that “replenishing the coffers” means not only raising taxes on Americans but also inventing new ones out of thin air, which will then go straight to the IMF to bankroll the next phase of global governance. It’s not good enough for these people to impose inherently undemocratic centralized systems of economic planning that only they control which then result in lowering your living standards – you have to pay for the whole thing to begin with.

In addition to Americans picking up the tab for the IMF’s bailout of Europe, they will also be waving goodbye to further unknown billions in the form of Federal Reserve credit swaps, with the Fed directly sending U.S. dollars to European banks. And don’t believe for a second that you actually have a right to know to which foreign entities these untold billions are heading – because Ben Bernanke refuses to tell us.

“I don’t think the average Tea Partier knows we’re paying for lavish benefits in Greece for public employees over there, Rick,” Kerne said. “I think maybe you need to tell them.”

Full Article.

The dizzy honeymoon created by the EU and IMF pledge yesterday to throw a trillion dollars at eurozone debt has faded as predicted. Investors realize the “fiscal tightening” — pensions looted, social services slashed, standards of living sent into free fall — will negatively impact growth in the euro zone and result in central bankers cranking up interest rates in anticipation of looming default.

Following a euphoric surge of the Standard & Poor’s 500 Index yesterday on the announcement, U.S. stock future tumbled 1.1 percent to 1,143.5 at 9:01 a.m. in New York this morning. The euro lost all of yesterday’s gains. The euro weakened 0.7 percent against the dollar at 8:44 a.m. in New York, trading below the level it was before the European Union-led aid package was announced early yesterday, according to Bloomberg.

“The euphoria of 24 hours ago has passed,” Derek Halpenny, European head of global currency research at Bank of Tokyo Mitsubishi UFJ Ltd. in London, wrote in a report today. “We are in little doubt that steps taken will offer the euro little support and the aid package does not change the fact that Spain and Portugal in particular will still have to undergo further painful austerity measures.”

Expect the central banks and EU apparatchiks to call for even more money in the days ahead. Banker “long term solutions” invariably require long term fleecing of producers.

Zero Hedge notes that European banks are betting against the beleaguered euro. “Zero Hedge has received confirmation that several of the largest French banks are now actively shorting the euro to take advantage of globalized moral hazard, which with every ensuing bailout does nothing but make the bonuses of French FX traders surge."

In other words, the very banks the EU plans to bailout in part with U.S. taxpayer money (or tax payer long term debt) via the IMF are placing bets against the survival of Europe.

SOURCE

Gambling with our money. How sweet it must be.

So how do you all like the new global economy so far?