International Bailout Brings Us Closer to Economic Collapse

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Last
week Congress passed the war supplemental appropriations bill. In
an affront to all those who thought they voted for a peace candidate,
the current president will be sending another $106 billion we don’t
have to continue the bloodshed in Afghanistan and Iraq, without
a hint of a plan to bring our troops home.

$24
$20

Many of my
colleagues who voted with me as I opposed every war supplemental
request under the previous administration seem to have changed their
tune. I maintain that a vote to fund the war is a vote in favor
of the war. Congress exercises its constitutional prerogatives through
the power of the purse, and as long as Congress continues to enable
these dangerous interventions abroad, there is no end in sight,
that is until we face total economic collapse.

From their
spending habits, an economic collapse seems to be the goal of Congress
and this administration. Washington spends with impunity domestically,
bailing out and nationalizing everything they can get their hands
on, and the foreign aid and IMF funding in this bill can rightly
be called an international bailout!

As Americans
struggle through the worst economic downturn since the Great Depression,
this emergency supplemental appropriations bill sends $660 million
to Gaza, $555 million to Israel, $310 million to Egypt, $300 million
to Jordan, and $420 million to Mexico. Some $889 million will be
sent to the United Nations for so-called “peacekeeping”
missions. Almost one billion dollars will be sent overseas to address
the global financial crisis outside our borders. Nearly $8 billion
will be spent to address a “potential pandemic flu” which
could result in mandatory vaccinations for no discernable reason
other than to enrich the Pharmaceutical companies that make the
vaccine.

Perhaps most
outrageous is the $108 billion loan guarantee to the International
Monetary Fund. These new loan guarantees will allow that destructive
organization to continue spending taxpayer money to prop up corrupt
leaders and promote harmful economic policies overseas.

Not only does
sending American taxpayer money to the IMF hurt citizens here, evidence
shows that it even hurts those it pretends to help. Along with IMF
loans comes IMF required policy changes, called Structural Adjustment
Programs, which amount to forced Keynesianism. This is the very
fantasy-infused economic model that has brought our own country
to its knees, and IMF loans act as the Trojan Horse to inflict it
on others. Perhaps most troubling is the fact that leaders in recipient
nations tend to become more concerned with the wishes of international
elites than the wishes and needs of their own people. Argentina
and Kenya are just two examples of countries that followed IMF mandates
right off a cliff. The IMF frequently recommends currency devaluation
to poorer nations, which has wiped out the already impoverished
over and over. There is also a long list of brutal dictators the
IMF happily supported and propped up with loans that left their
oppressed populace in staggering amounts of debt with no economic
progress to show for it.

We are buying
nothing but evil and global oppression by sending your tax dollars
to the IMF. Not to mention there is no Constitutional authority
to do so. Our continued presence in Iraq and Afghanistan does not
make us safer at home, but in fact undermines our national security.
I vehemently opposed this Supplemental Appropriations Bill and was
dismayed to see it pass so easily.

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June
26, 2009

Dr. Ron
Paul is a Republican member of Congress from Texas.

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