Bailing out Europe is absolutely not any "part" of "our" duty; we've already bailed out Europe more times than it deserves. Obama didn't give specifics, but he was probably referring to recent proposals to pour more U.S. cash into the International Monetary Fund to be used to bail out Europe.
On Dec. 16, the IMF board of governors adopted a proposal to double its resources from its current $375 billion to $750 billion. Of course, other IMF member-states thought that was a nifty idea, since it would mean that the United States would donate another $100 billion in addition to our present $108 billion stake in the IMF.
The U.S. is the biggest contributor to the IMF; we pay about 17 percent of its budget. A European default could make U.S. taxpayers liable for 17 percent of the IMFs liabilities.
Sen. Jim DeMint, R-S.C., says we should just say "no" to Europe and has filed a bill with 26 cosponsors to defund our $100 billion IMF contribution. Rep. Cathy McMorris Rodgers, R-Wash., has introduced a bill in the House with 83 cosponsors to reclaim whatever remains of our commitment to the IMF.
There is also the danger that our Federal Reserve System will come to the rescue of the Europeans by making major bond purchases of European debt. That expensive decision may be imminent; apparently, there is no law to prevent the Fed from such extravagant folly.
We the people who end up paying for IMF donations only found out after the fact, because of our federal courts enforcing Freedom of Information Act requests and a congressionally authorized audit of the Fed, that trillions of dollars of emergency loans have already been given to foreign banks. In addition, the Fed simply printed $442.7 billion out of thin air to buy back flaky mortgage-backed securities from overseas institutions that were heavily invested in U.S. housing.
Obama has no business using U.S. taxpayers' dollars, through the IMF, the Fed or any other secretive agency to bail out foreign banks.
Phyllis Schlafly is a national leader of the pro-family movement, a nationally syndicated columnist and author of Feminist Fantasies.
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