Jim DeMint tells the world what to do! Conservatives try to block IMF bailout

[Joanne98]

Sen. Jim DeMint (R-S.C.) and two House Republicans want European Union countries to pass a credit check before the U.S. offers them loan guarantees.


DeMint, House Republican Conference Chairman Mike Pence of Indiana and Vice Chairwoman Cathy McMorris Rogers of Washington are pushing legislation that would prohibit the International Monetary Fund from drawing down U.S. dollars for loan guarantees to any EU nation until a specific ratio is reached between the receiving nation’s debt and gross domestic product.


Pence, the third-ranking Republican in the House, said the loan guarantees to Greece could leave American taxpayers on the hook for $50 billion. Not only should Congress tighten its belt at home, Pence said, it should also give EU nations “some tough love” to force them to make difficult fiscal decisions too.


"The American people don’t want to see the European Union fail," Pence said. "But all this European bailout that’s been proposed, all this Greek bailout that's been implemented will do is postpone the hard decisions that the people of Greece and the people of Portugal and Spain and Italy need to make. The real answer for the fiscal crisis in Europe is the kind of fiscal discipline, tough choices and reform that truly would restore the European economies and restore world markets."


The legislation would also direct Treasury Secretary Timothy Geithner to oppose any IMF loans until EU nations reach specific debt to GDP ratios.



Read more: http://www.politico.com/news/stories/0510/37563.html#ixzz0oV0t9byy

[Vincardog]

1. WE (The USA) need to outlaw the Hedge funds and their predatory practices NOW before they turn their

greed on us again. What are we going to do when they decide they can make TRILLIONS betting our economy will fail and then face it to?

[notesdev]

2. Why no Democrats on board here?

It's not like we have so much extra money here that we can afford to give $50B to every small country that lies and cheats its way to insolvency. We don't even have the money to do what we are doing now.

The EU ought to kick out Greece for lying its way into the Eurozone. This would be better for both sides of the transaction, Greece at this point really needs to return to its own currency so it can inflate its way out of the mess, otherwise they are looking at an indefinite depression-level austerity regime (demanded by the IMF, by the way).

[Scuba]

3. If DeMint is for it, it must be bad for the country....

...and vice versa.