Dec. 12, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today praised 83 cosponsors of legislation by Rep. Cathy McMorris Rodgers that would bring an end to any U.S. involvement via the International Monetary Fund (IMF) to bail out European banks that bet poorly on sovereign debt:
“All indications coming out of the recent European summit are that the IMF will play a leading role in bailing out European financial institutions that bet poorly on sovereign debt through some $200 billion house of cards scheme. This would include regional European central banks ‘lending’ money to the Fund only to be funneled back into European bond markets, all in violation of the Article VII of the IMF’s Articles of Agreement, and the Lisbon Treaty’s Article 123 prohibition on monetizing the debt.
“This means U.S. taxpayers, who have already poured at least $20 billion into propping up Portugal, Greece, and Ireland through the IMF, will again be on the hook when the European governments default on their debt. The 83 cosponsors of this legislation deserve the thanks of American taxpayers, who don’t want to have anything to do with bailing out the bad decisions of foreign banks and European socialist governments.
“HR 2313 should be passed immediately, so that whatever remains of the nation’s $100 billion credit line to the IMF is pulled back before it is wasted on a costly bailout that will not work. Now is the time for the House to draw a line in the sand.”
Attachments:
“Rep. Cathy McMorris Rodgers says ‘No’ to IMF European Bailouts,” Video, Dec. 5, 2011 at http://netrightdaily.com/2011/12/rep-cathy-mcmorris-rodgers-says-no-to-imf-european-bailouts/ .
“Obama says U.S. ‘stands ready to do our part to help’ bail out Europe,” ALG President Bill Wilson, Nov. 29, 2011 at http://blog.getliberty.org/default.asp?Display=3880 .
“Democracy cancelled in the lands that founded it,” ALG President Bill Wilson, Nov. 17, 2011 at http://blog.getliberty.org/default.asp?Display=3823 .
“U.S. has already provided $20 billion to bail out Europe,” By Robert Romano, ALG Senior Editor, Nov. 3, 2011 at http://netrightdaily.com/2011/11/u-s-has-already-provided-20-billion-to-bail-out-europe/ .
Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.