Wednesday, April 15, 2009

PSBO's Gift To The World

PSBO has given away an ungodly sum of your money to the International Monetary Fund. The IMF in turn is free to pass along this money to whomever it pleases, including our adversaries! But, soon we will no longer have adversaries because PSBO worked his magic at the G-20 summit last week and those he didn't win over at that time will benefit from his charms as he will come to any one's negotiating table without pre-conditions. But giving away Americans' money is par for his radical course I suppose. Well, let's resolve that since "he won" we the banal, right-wing radicals should just settle in and realize that PSBO knows what's best for us. Yes, we should be thanking PSBO for taxing the hell out of us for driving SUV instead of Prius's (not sure how to make that plural) ; eating twinkies instead of Granola bars; and setting our thermostats to 72 degree instead of 58 degrees. Actually PSBO's giveaways to the IMF can be viewed as reparations for all our sinful ways. What were we thinking as we liberated whole continents and protected them with our might? What on earth were we thinking holding terrorist nations in check? What unmitigated gall we had for acting as the economic engine of the world, exporting democracy and freedom! Thank God PSBO made the rounds last week and apologized for our past transgressions.

This Wall Street Journal article pointed out some problems with Obama's gift to the world:

The U.S. and Europe were widely expected to clash at the G-20 summit in London last month over how to address the global financial crisis. Voila, in just two days the problem was solved with a joint promise to increase International Monetary Fund resources by $750 billion to a total of $1 trillion.

The U.S. portion of this new commitment is more than $140 billion. Yet Congress has debated neither the amount nor the proposed use of the funds. Instead, President Obama and his fellow leaders simply waved their hands, like a Star Trek captain, and said make it so.

Now Mr. Obama has overruled Congress and blessed an [Special Drawing Right] SDR increase - not twice the existing number, but eight times. As Juergen Stark, a member of the European Central Bank Executive Board, told the German daily Handelsblatt, "It was never examined whether there indeed is a global need for additional liquidity," adding that "one used to take a lot of time to check something like

The upshot for U.S. taxpayers is that neither the $40 billion-plus in new SDRs nor the $100 billion for the NAB will get much democratic scrutiny. Yet they amount to a massive expansion in U.S. foreign aid. (Source)

Sigh........Wake up people.

3 comments:

Ron B said...

I just don't think that anyone in his administration gets it. For every dollar spent by the Imperial Federal Government of these United States, it displaces one dollar in the productive sector of the economy. It also taxes the population and thus discourages productivity. Yet he keeps spending and spending and spending. Only leveraging our sovereignty to our biggest creditor, China. This is because you cannot crank up the printing presses to create dollars unless you have something or someone to guarantee them.

MuscleDaddy said...

But... wait...

I thought Obama was Obama's gift to the world!

You mean he gave us another one?

...I have to start keeping these receipts.

- MuscleDaddy

Southern Drawl said...

How arrogant and out of touch. Real people have to pay their bills. No one helps me. I certainly don't get to wave my hand and create wealth. I have to work! Beam me up Scotty; before they bleed me dry!