Congressmen Kucinich and Filner: No U.S. Bailout for Foreign Banks

Congressmen Kucinich and Filner wrote a letter to fellow Congress members today, saying:

The most plausible explanation for the request [of $108 Billion dollars in funding for the IMF] is that the funding would be used to bail out private European banks with U.S. taxpayer money…

Our country and this body cannot afford to spend American tax payer dollars to bail out private European banks.

Of course, that would be in addition to the $40 billion or so which has already been paid to foreign banks through backdoor channels (and see this).

Buy hey, who’s counting?

Update: Secretary of Defense Robert Gates, National Security Advisor General James Jones, and Secretary of State Hillary Clinton wrote a letter to congressional leaders urging them to approve the IMF funding for national security reasons.

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  • No bailout for foreign banks, then no more lending to US by foreign banks.Don't you get it yet? USA is bankrupt.

  • Ron Paul HR 1207 now has a majority of the House cosponsoring The Federal Reserve Transparency Act of 2009 with 222 Cosponsors.Dennis Kucinich was #218 for majority!

  • Why do they(gov't) hate US? And just how stupid do they think we are? This is so absurd I don't know what to say.Love your blog btw, one of the best on the net!

  • Perhaps Kucinich et al understand something regarding foreign investments in treasuries and other things- maybe there is some foreign financial "need" to own US debt and currency, that prevents foreign dumping of treasuries? If the US is (or was) the main buyer of the world's products, then if your buyer goes belly-up so do you. There may be some sort of underlying support that foreign governments MUST give to the US (in the form of buying treasuries etc), for the sake of their own economies. If true, it makes Kucinich, Paul not stupid at all, indeed forward-looking. I mean, we should start with marketplace and Fed transparency!!And if you argue the opposite, that the US MUST pay back its debts to foreign entities, then you have to say why foreign govts. haven't already wholesale dumped all US holdings. What are they, stupid for investing in the US? No, they can't sell USD without devaluing their own currencies! (Most products sold in the world continue to be priced and traded in USD.)

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