All this socialism/fascism/communism is an outgrowth of the "Bretton Woods" meeting toward the end of WWII. The meeting, in July, 1944, was to determine the financial structure of the entire post-war, 'free' world.
Given that the United States is arguably the most generous country on the planet, is it any wonder that we fund 44% of the funds necessary to keep the IMF solvent?? Other funding: European Union [Germany/France]-- 34%; Japan--11%; Great Britain--11%.
So whatever monetary amount is being discussed as a bailout for Greece, The United States is responsible for 44% of the funds!! The popular argument going around is that America bailed out our banking system to avoid collapse, so we should help in bailing out Greece. NOT SO, for this reason:
- When America bailed out it's banking system, it retained the power to periodically install rules and regulations precluding any future failures/bailouts. If the banking system decides not to follow the policies in place, we just start shutting 'em down, til they come to their senses!!
- When bailing out the country of Greece, we're [the remaining free world] are up against a national philosophy; a national mindset. If the country were foolish enough to not abide by the restrictions put in place as the result of this impending bailout--how will one hold them to the agreement?? There's really nothing the remaining members can do other than refuse further funds. We can not--nor should we--impose our economic philosophy on the rest of the planet!!
If the Greek bailout becomes a reality, what's to prevent even larger economies like Portugal, Spain--or Great Britain for that matter--from demanding a bailout, as well??
Til Nex'Time....
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