In World War II, when the world's political systems were collapsing, Operation Overlord was developed to invade Europe on June 6, 1944. The invasion at Normandy has since become known by the previously generic term of "D-Day."
While Operation Overlord included troops from many nations, it is an article of faith that without the U.S. it never would have been considered, much less attempted, much less successfully carried off.
When the world's financial system was collapsing in 2009, the many countries jumped in to pump money into the system so that when you put your card into your local bank's ATM, money would come out and that money could be used to buy stuff.
Again, without the full participation of the United States we would all be buying dinner from the Safeway with a combination of wampum and a promise to help shovel the parking lot during next winter's snows.
One of the more annoying bailouts by the U.S. Government was the decision to pump $173 Billion into the insurance company AIG so it could pay off all the insurance policies it had written on crappy mortgage packages.
I wrote a column about this last March and I will reprise the salient graf here:
Let's recap: $173 BILLION of our tax dollars have been used to bail out AIG. AIG has, in turn, used our tax dollars to pay out over a quarter of a billion dollars in bonuses half of which went to a bunch of Brits who got AIG into this mess in the first place. In addition, about a quarter of the $173 BILLION of our tax dollars which has been sent to AIG is being used to pay off what AIG owes to French, German, British and Scottish banks.
We - you and I - send over $43 billion of our tax dollars to the Société Générale (France), Deutsche Bank (Germany), Barclays (England), HSBC (England), and the Royal Bank of Scotland because they had made bad bets and AIG, as their bookie, couldn't cover.
Alright, that was then, this is now. That money is gone, they never thanked us for it and we shouldn't expect to get a nice bouquet of flowers each Independence Day for the next two billion years in return.
But now, we find out we have to bail out Europe AGAIN! Greece, which you may remember I warned you about a month or so ago, was ready to collapse because the government kept giving its citizens benefits which it never collected the taxes to pay for.
As an example: Greek workers are paid for 14 months of work every year. Yep. Work 12 months, get paid for 14.