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

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)

Moreover, bailout money that went to Citigroup was loaned to Dubai, bailout money that went to Bank of America China was invested in China, and bailout money given to JP Morgan was invested in India.

And 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 Congressman Dennis Kucinich, chairman of the domestic policy subcommittee for the House Oversight and Government Reform Committee, said:

“When the American people find that their tax dollars, which were supposed to be used to get us out of this financial crisis, instead are being used to ship jobs and investments overseas, there will be outrage”.

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.

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  • In as much as they are saving face and honour, paying where they said they would, then your children will live in that honour. In as much as they are filling wall streets pockets, at the public expense, so much will it be a yoke upon their shoulders.From here it is not clear what is really the motive, nor clear what is being practised.What is clear is that it will have to be payed for, and as GWB has emptied the coffers, you will need to tax deeply and hopefully it will be upon those who have profited in this crisis.

  • “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.”Sovereign wealth funds do not participate in the CDS market, either as buyers or sellers. Full stop. The link you provided confuses CDS on sovereign debt (e.g., Treasuries) with CDS purchased by sovereign wealth funds. Huge (and very basic) difference.Sorry, no dice on your sovereign wealth fund hysterics.For someone who writes so much about CDS, you don’t seem to know much about them. Basic errors are rampant here.

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