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February 25, 2010

Bailouts and the Federal Reserve: Ron Paul thinks you may be bailing out Greece, and other countries too

In his latest column, Representative Ron Paul, sponsor of the Audit the Fed bill, asked the question, “Are US Taxpayers Bailing Out Greece?” We’ve edited that column as today’s Downsizer-Dispatch. You can read the full, original statement at his website.

Here are the highlights … 

The Greek government is the latest to come close to default on their massive public debt. Greece has insufficient funds in their treasury to make even the minimum payments that are now coming due. Their debt level is about 120 percent of their gross domestic product and their public sector absorbs… 40 percent of GDP.

Any talk of cutting costs and spending is met with violent protests from the many Greeks heavily dependent on government payments. 

Mounting fears of default sent shockwaves through their creditors and all of the eurozone countries. The European Central Bank (gave) assurances that Greece will get the aid it needs.

Is it possible that our Federal Reserve has had some hand in bailing out Greece? We don’t know, and current laws exempt agreements between the Fed and foreign central banks from disclosure or audit.

Greece is only the latest in a series of countries that have faced this type of crisis. Not too long ago the same types of fears were mounting about Dubai and Iceland. Several other countries (Spain, Portugal, Ireland, Latvia) are approaching crisis levels with public debt as well.

Many have strong ties to Goldman Sachs and the case could easily be made that default could have serious implications for big US banking cartels.
 
Considering the ties between the Fed and these big banks, is it outlandish to wonder if the US taxpayer is secretly bailing out the entire world, country by country? Unless laws are changed to allow a complete and meaningful audit of the Federal Reserve, including its agreements with foreign central banks, we might never know.

The American people have the right to know if they are going to be the ones holding the bag in the end because the Federal Reserve secretly put them on the hook for it.

This knowledge would be a key factor in peacefully dismantling this immoral and unconstitutional system.

Please, join Dr. Paul in support of the Audit the Fed bill. Use DownsizeDC.org’s Educate the Powerful System to tell your Congressional delegation to bring HR 1207 and S. 604 to a vote.

Here’s what I wrote in my personal comments . . .

I’m very concerned that the Federal Reserve has secretly bailed out Dubai and Iceland, and may soon do the same thing with Greece. If this is happening, I want to know about it. I also want to know if this is being done to benefit Goldman Sachs and other major U.S. banking interests. I want transparency. I want YOU to bring an end to crony capitalism. Please audit the Fed now.

Thank you for being a part of the growing Downsize DC Army. Yesterday, 29,354 other subscribers received the Downsizer-Dispatch.

Jim Babka
President
DownsizeDC.org, Inc.

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