Posted by: rotenochsen | March 19, 2009

WILL OUR LEADERS START THINKING ABOUT SAVING OUR ECONOMY NOT EUROPEAN BANKS?





The forthcoming G-20 meeting of the twenty largest economy’s in the World will try to give the impression that elected and appointed officials will accomplish something that will reverse the negative spiral of the World Economy.
On deck is the request by the USA , Britain and Germany to China to contribute more money to the World recovery. But the Communist Chinese Premier has already said that China would not contribute more money to the World bail out unless the G-20 nations treat China more favorably. What he needs to satisfy him has never been revealed to the American public, but I suspect it is something that will not make Americans happy.
Thus, the G-20 in my opinion is nothing more than a meaningless charade dressed up as a waste of time!

One thing I expect to come out of the G-20 meeting is the agreement to flood the World market with “worthless” paper money, that will devalue all currencies and cause super inflation World wide,

Alistair Darling and senior figures in the US Treasury have been encouraging the Fund to issue hundreds of billions of dollars worth of so-called Special Drawing Rights in the coming months as part of its campaign to prevent the recession from turning into a global depression.

Should the move, which is up for discussion by the summit of G20 finance ministers this weekend, be adopted, it will represent a global equivalent of the Bank of England’s plan to pump extra cash into the UK economy.

Economists warned that the scheme to flood the World with “printed” money could cause a major swell of inflation around the world as the newly-created money filters through the system. The idea has been suggested by a number of key figures, including billionaire investor George Soros( big contributor to Obama’s campaign and a Socialist) and US Treasury adviser Ted Truman.

Simon Johnson, former chief economist at the IMF, said: “The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them.

“The objective is to create a windfall of cash. However if everybody goes out and spends the money it could be very inflationary.” Source:World Telegraph

On top of all this manipulation of worthless money there is the issue of where the Stimulus money went that was appropriated by the Congress and signed into law by President Obama.

An examination of just where the tax payers money went, reveals that more money went to foreign banks in Great Britain, Germany, France and Switzerland than went to banks in the USA! The money was given to AIG by the Federal Government supposedly to save our economy by bailing AIG out, an investment firm that could not be allowed to fail. Then AIG CEO Edward Liddy promptly distributed payments of $105.3 billion between September and December 2008. And some of the biggest recipients were European banks. Societe Generale, based in France, was the top foreign recipient at $11.9 billion, Deutsche Bank of Germany got $11.8 billion and Barclays, based in England, was paid $8.5 billion.

Here in the U.S., Goldman Sachs received $12.9 billion, and Lehman Bros. was allowed to go bankrupt! Where is the justification for OUR government allowing foreign banks to survive while allowing some financial institutions in the USA to fail?

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