U.S. gives $20 billion through IMF to prop up European banks, ALG responds

Nov. 3, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today in a statement urged the U.S. Congress to cancel all bailouts to European banks whether through the IMF or the Federal Reserve:

"To date, U.S. taxpayers have already given $20 billion to bail out European banks through IMF refinance loans to socialist governments like Greece that cannot afford to pay them back.  This is absolutely outrageous.  The U.S. is already the world's largest debtor and by the end of the year the national debt will be larger than the entire economy, and yet taxpayer resources are being dedicated to financing the unsustainable national debts of other profligate governments. 

"Not one cent of American resources, whether through the IMF or the Federal Reserve or any other institution, should be put to propping up foolish foreign banks that bet poorly on sovereign debt."


"U.S. has already provided $20 billion to bail out Europe," By Robert Romano, ALG Senior Editor, Nov. 3, 2011 at http://blog.getliberty.org/default.asp?Display=3812 .

"The Future of the Eurozone and U.S. Interests," Congressional Research Service, Sept. 2011 at www.getliberty.org/files/R41411.pdf .

"The United States and Europe: Current Issues," Congressional Research Service, June 2011 at www.getliberty.org/files/167961.pdf .

Letter to Members of Congress Against European Bank Bailout, Americans for Limited Government President Bill Wilson, Oct. 26, 2011 at www.getliberty.org/files/EuropeanBailoutLetter 10-26-11.pdf .