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House Passes Bill With "Global Bailout" Provision
Billions in taxpayer dollars to be handed over to European
banks through the IMF
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The House has passed a war funding bill which had tagged onto
it a completely unrelated provision to hand over $5 billion
to secure $108 billion in loans to the IMF.
The chamber voted 226 to 202 yesterday to forward
the legislation to the Senate, which may take it up later this
week, reports Bloomberg
News.
The measure in the bill will also increase the
U.S. member contribution to the IMF by $8 billion and authorize
the United States to back the IMF's plan to sell 400 tons (12.97
million ounces) of gold.
It was placed in the bill at the behest of the
Obama administration in order to fulfil
the president's pledge to the G20 in April, to
contribute toward a $500 billion boost for the IMF, which it
says will go toward "helping poorer nations" during
the economic downturn.
However, as we have previously reported, the proposal
constitutes an international version of the Wall Street bailout;
a $100+ billion bailout for the IMF, which amounts to a bailout
for European banks facing big losses in Central
and Eastern Europe.
"This will directly benefit Western Europe's
banks, ensuring that their CEE subsidiaries will receive the
support they need to weather the recession and remain lucrative
businesses." a Banking Business Review report stated at
the time.
Democratic leaders in the House needed 18 of the
51 rebels who previously voted against an earlier draft of the
bill, most on anti-war platforms, to reverse their defection
and vote yes in order to overcome an almost unanimous Republican
opposition.
According to various reports
emanating from Capitol Hill, Influential Democrats
including Hillary Clinton, and White House chief of staff Rahm
Emanuel, a former member of the House leadership, were among
those making calls to the potential rebels in an effort to sweet
talk them into changing their minds.
It transpired that 19 Democrats dropped their
anti-war principals and voted for the legislation.
In order to further woo the potential rebel Democrats,
leaders dropped a provision from an earlier draft of the legislation
aimed at blocking an American Civil Liberties Union lawsuit
seeking the release of photos showing American military personnel
abusing prisoners.
The decision was made easier by the fact that
president Obama announced that he would personally block any
attempt to release the photos.
“Passing a $108 billion global bailout on
the backs of our soldiers is just not right,” said Representative
Mike Pence of Indiana, the chamber’s No. 3 Republican.
“Emergency war funding bills should be about emergency
war funding.”
Several other leading House Republicans –
including the minority leader, John Boehner, and the whip, Eric
Cantor – also referred to the IMF provision as a "global
bailout".
In addition to allocating about $80 billion to
finance the wars in Iraq and Afghanistan through Sept. 30, the
bill also proposes $1 billion to pay for “cash for clunkers”
vouchers of $3,500 to $4,500 for people who turn in older gas-guzzling
cars and buy new ones.
The bill also includes almost $8 billion to fight
the flu pandemic.
Democrats will need 60-vote supermajorities in
the Senate to see the bill passed into law.
(Article continues below)
We have previously
highlighted the ongoing agenda to vastly empower
the IMF and transform the institution into a "bank of the
world" with the power to print its own currency.
This is not a "conspiracy theory".
As the Washington
Post highlighted, the agenda is laid out in publicly
available internal IMF documents, interviews and think-tank
reports.
It is part of an open move to empower a group of unelected
central bankers with the authority to usurp state sovereignty
by overseeing benchmarks for national economic governance and
setting regulations for financial institutions all over the
globe.
As we have also previously highlighted, both the IMF and the
United Nations have thrown their weight behind proposals to
implement a de-facto
global financial dictatorship.
Both bodies have expressed support for new world reserve currency
system to replace the dollar as part of the acceleration towards
a new economic world order.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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