HT to JS whole emailed me this MSNBC clip this morning.
First, the US contributes nearly 20% to the IMF. Second, AIG (who, as I remember, was bailed out by the US government–using our tax dollars) is a key supplier of Credit Default Swaps (CDS) on Greek debt.
What is a Credit Default Swap? Basically, insurance. So, if Greece defaults, AIG (our tax dollars) will pay their debt.
So, we’re giving Greece 20% of the money (via the IMF) to pay off their debt, AND our tax dollars (via AIG) are going to guarantee they pay it back. So, it’s a shell game…all the way around, it’s our tax dollar ‘hard at work’.
Oh, and we’re borrowing money from China to finance all of this and bail out the world?!??
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