International Bailout Brings Us Closer to Economic Collapse
Last week Congress passed the war supplemental appropriations bill. In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home.
Many of my colleagues who voted with me as I opposed every war supplemental request under the previous administration seem to have changed their tune. I maintain that a vote to fund the war is a vote in favor of the war. Congress exercises its constitutional prerogatives through the power of the purse, and as long as Congress continues to enable these dangerous interventions abroad, there is no end in sight, that is until we face total economic collapse.
From their spending habits, an economic collapse seems to be the goal of Congress and this administration. Washington spends with impunity domestically, bailing out and nationalizing everything they can get their hands on, and the foreign aid and IMF funding in this bill can rightly be called an international bailout!
As Americans struggle through the worst economic downturn since the Great Depression, this emergency supplemental appropriations bill sends $660 million to Gaza, $555 million to Israel, $310 million to Egypt, $300 million to Jordan, and $420 million to Mexico. Some $889 million will be sent to the United Nations for so-called "peacekeeping" missions. Almost one billion dollars will be sent overseas to address the global financial crisis outside our borders. Nearly $8 billion will be spent to address a "potential pandemic flu" which could result in mandatory vaccinations for no discernable reason other than to enrich the pharmaceutical companies that make the vaccine.
Perhaps most outrageous is the $108 billion loan guarantee to the International Monetary Fund. These new loan guarantees will allow that destructive organization to continue spending taxpayer money to prop up corrupt leaders and promote harmful economic policies overseas.
Not only does sending American taxpayer money to the IMF hurt citizens here, evidence shows that it even hurts those it pretends to help. Along with IMF loans comes IMF required policy changes, called Structural Adjustment Programs, which amount to forced Keynesianism. This is the very fantasy-infused economic model that has brought our own country to its knees, and IMF loans act as the Trojan Horse to inflict it on others. Perhaps most troubling is the fact that leaders in recipient nations tend to become more concerned with the wishes of international elites than the wishes and needs of their own people. Argentina and Kenya are just two examples of countries that followed IMF mandates right off a cliff. The IMF frequently recommends currency devaluation to poorer nations, which has wiped out the already impoverished over and over. There is also a long list of brutal dictators the IMF happily supported and propped up with loans that left their oppressed populace in staggering amounts of debt with no economic progress to show for it.
We are buying nothing but evil and global oppression by sending your tax dollars to the IMF. Not to mention there is no Constitutional authority to do so. Our continued presence in Iraq and Afghanistan does not make us safer at home, but in fact undermines our national security. I vehemently opposed this Supplemental Appropriations Bill and was dismayed to see it pass so easily.
Read more by Rep. Ron Paul
- Saving Face and Losing Lives – October 13th, 2009
- Instead of Bombs and Bribes,
Let’s Try Empathy and Trade – October 5th, 2009 - Hold the Torturers Accountable – May 25th, 2009
- Stop ‘Helping’ Af-Pak – May 12th, 2009
- Imagine an Occupied America – March 10th, 2009





greendaworld
June 25th, 2009 at 1:14 pm
As a progressive member of the Green Party, I agree completely with Rep. Paul, and thank him for his patriotic service to our country.
Terrible
June 25th, 2009 at 1:59 pm
Sorry Dr. Paul but what's REALLY bringing economic collapse to America is America's delay in prosecuting war crimes. How can any other country or business have any confidence in America when we don't even prosecute our own worst criminals?
Steve_Hogan
June 25th, 2009 at 2:36 pm
That the Obama administration and Congress are unwilling to initiate investigations into clear cases of war crimes is certainly a moral failing, but it isn't the reason for our economic collapse. Reckless spending, borrowing and money creation are the causes. Instead of reversing Bush's disastrous policies, Obama is simply expanding and accelerating the mistakes. We're headed for the cliff and he's stepping on the gas.
YOUR SAMPTHIZER
October 14th, 2009 at 7:01 pm
I AM IN BUSINESS FOR ABOUT 40 YEARS AND I BELIVE
AMERICA WAS BANKRUPT FOR MANY YEARS BACK BEFORE ANY GULF OR AFPAK WAR.
AND WHAT AMERICA IS DOING NOW SEEMS GET MONEY BY HOOK OR CROOK
AS FRUSTATION. TRILIONS OF DOLLERS IS DEBIT TO BE PAID. MANUFACTURING SECTION
IS ALREADY BECAME A DIEING OLD LADY. NO MAORE ANY PRESIDENT OR ANY IN THE AMERICA
LOVES THE COUNTRY. IT SEEMS EVERYBODY BECAME BLIND. SHAME A BRILLIANT NATION
CAN DO SOMANY BLUNDERS AFTER BLUNDERS.
GET UP AND TRY TO LEARN FROM WINNING NATIONS WHO ARE GIVING YOU LOANS
SHAME STILL YOU FOOLS CALL YOUR SELF SUPER POWER OR MOST DEVELOPED NATIONS.
I HAVE TO LOUGH. GET UP AND CHANGE FIRST YOUR OWN HOME WHICH HAS NO PILLERS
IT SEEMS IT STANDING ON YOUR HEADS .
YOUR SAMPTHIZER
October 14th, 2009 at 7:16 pm
SORRY RON PAUL, I FORGET TO SAY I RESPECT YOU, AND SURE YOU LOVE YOUR COUNTRY