Hey, if you haven’t heard about this, Greece is being “bailed out,” and this week the stock markets responded with glee. Investors must think the world’s financial problems are over.
Greece is the birthplace of Democracy, where Capitalism once flourished. But let’s look at Greece today. It has become the poster child for the Womb to Tomb version of the Nanny State. How did Greece go from Capitalism to Socialism? They had a Big Fat Greek Wedding where the bride, the groom and all the guests were showered with presents, hand-outs, party favors, and gifts, and all future offspring blissfully jumped on the gravy train. But now the honeymoon is over.
Greece borrows 50% of what it spends. (The U.S. borrows 40% of what it spends.) Greece spends their borrowed money on over spending, over compensating, over promising, over regulating, over taxing, and over extending. Does this sound familiar?
Greece is leading the insolvency race, but watch out, here comes Portugal, Italy, Ireland, and Spain not far behind. Who’s to blame? European Socialism did this. The Greeks have become completely dependent on government social programs. And now they realize the government can no longer finance their schools, their colleges, their pensions, airports, hospitals, medical facilities, health care, and welfare programs. Greece has learned a brutal lesson. Socialism does not work.
Any government that cannot pay its bills cannot be trusted to handle its money. Greece has been unable to get anyone to lend it any more cash. It is saddled with extraordinarily high interest payments on loans Greece has already been given that they cannot repay. So Greece appealed to the European Union to bail it out. In other words, Greece wants other people to pay its debts.
Now the EU has agreed to do so, and here’s how it’s going to happen. This is such a convoluted plan you are going to have to pay attention here.
The European banks who have already loaned money to Greece will get back 50 cents on the dollar from Greece. Those same banks will then look to other governments they do business with for the remaining 50 cents. Example, if a German bank loaned one million Euros to Greece, they will expect Greece to repay ½ million, and the German government will pay the other half million. Now you are probably wondering where will the German government get their ½ million? From the German taxpayer. And when the German taxpayer can’t or won’t make the payments where will the money come from? You’ve got it! The Federal Reserve. And when the Federal Reserve can’t or won’t come up with the cash where will it come from? The International Monetary Fund. What is the IMF, you ask? That’s the loony Socialist World Bank, 1/3 of which is funded by the American taxpayer. That’s a cool one hundred billion dollars.
So now you know the truth. The ultimate Knight in Shining Armor for the Greek Socialist economy is YOU.
Now, you would expect that Obama would not approve of us financing the Greek bailout. After all, it’s not as if we have money to burn. And it would seem reasonable that he would understand, oh, you know, that banks and people who make risky investments must accept the consequences of those risks and cannot look to the taxpayer for a handout. Otherwise what’s to prevent them from making crazy, reckless investments in the future? You’d think that no one would lend a penny to the Greek government, since they’re obviously lacking in debt management skills. You’d think that Obama or someone in Congress would say NO to our involvement in this financial charade.
But you’d be oh, so wrong. This week Greece’s Rich Uncle Obama praised the solution and stood fully behind the IMF providing bailout funds to Greece. YOU are the answer to Greece’s financial problems.
While we have unemployment over 9% and while we borrow 40% of everything we spend from China, what are we doing bailing out Greece? To you Obamabots, is this what you elected him to do? Has Congress authorized this? No.
We are experiencing 5% inflation if you include food and fuel, continued high unemployment, and the continual erosion of the dollar. So why has Your Guy lubed up the feds money printing press and pledged billions of dollars of our kids’ future income to bail out Greece?
Does the U. S. Constitution allow The Bailout King to spend billions of taxpayer dollars on a European bailout? No, but he’s doing it anyway while thumbing his nose at the Constitution, at Congress, and at every American, while sending our debt clock into overdrive.
And it’d be so easy for him to Just Say No. He could do it by Executive Order. He uses the EO for everything else. This is one time where it would do some good.
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