Obama proposes $100 billion loan for IMF
However, Obama states that the US funding, “does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.” Whatever that means.
The article also noted that the $100 billion was part of the commitment made by G20 nations at the April 2 summit in London. So, the G20, an international group of nations, dictates US monetary policy? What about the US Congress as stipulated in the Constitution? Did Congress vote on this “loan”? And how is it that $100 billion is being “loaned” or “exchanged”, or whatever terminology you want to use, when we’re running a nearly $2 trillion budget deficit?
Here are some alternative possibilities. Instead of loaning $100 billion to foreign nations, how about saving this money to start paying down $11 trillion in national debt? Or, how about dedicating part of this savings to repaying US taxpayers for all the government bailouts they’ve been forced to fund over the past several months?
Read the article here.
Jim Fraser said:
I support using this money to pay down the national debt. I do not support giving this money to the IMF.
An “exchange of assets”. Do not claim to understand this but since Obama is proposing it is probably pretty scary.
4th of july Tea Party anyone.
April 21st, 2009 at 8:45 am
Michael H said:
I beleive someone said Obama is “naive” when it comes to foreign policy. No I don’t think so…His actions represent those of a man bent on breaking the back of freedom for all of us. The 4th Tea parties cannot get here too soon!!!!
Michael
April 21st, 2009 at 9:26 am
MarySue Tornabe said:
This is an outrage!!! How in the world does O get to make a decision about 100 Billion (with a B) to give to the IMF when in fact the USA does not belong to this organization???? Where are the checks and balances? HOW DARE HE!!!
April 21st, 2009 at 1:10 pm
David N. Tompkins said:
By “exchange of assets” i think he means means that we will get it back and we are really paying 100 billion( Which let’s face it is practically nothing when you look at our current debt) in the hopes that they pay us back. too bad the tax payers will pay for the 100 billion and then the goverment will keep whatever they get paid back.
April 21st, 2009 at 6:24 pm