US Set to Bail Out Europe

Here is a statement released by presidential candidate Ron Paul on the subject.

Presidential Candidate Ron Paul

The Fed’s latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed. Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed’s independence should reevaluate the Fed’s supposed independence when the Fed bails out Europe so soon after President Obama promised US assistance in resolving the Euro crisis.
Rather than calming markets, these arrangements should indicate just how frightened governments around the world are about the European financial crisis. Central banks are grasping at straws, hoping that flooding the world with money created out of thin air will somehow resolve a crisis caused by uncontrolled government spending and irresponsible debt issuance. Congress should not permit this type of open-ended commitment on the part of the Fed, a commitment which could easily run into the trillions of dollars. These dollar swaps are purely inflationary and will harm American consumers as much as any form of quantitative easing.
The Fed is behaving much as it did during the 2008 financial crisis, only this time instead of bailing out politically well-connected too-big-to-fail firms it is bailing out profligate government spending. Citizens the world over deserve better than this. They deserve sound money that cannot be manipulated and created out of thin air by central planners who promise printed prosperity. Fiat money caused this European crisis and the financial crisis before it. More fiat money is not the cure. The global fiat currency system has proven itself a failure, we need real monetary reform. We need sound money.
Please allow me to translate into a more colloquial interpretation;
“We the elites at the Federal Reserve and in Washington DC have decided that our peasants are not contributing enough wealth from their personal wages to sustain the lifestyle the elites in Washington, New York, Paris, Rome, and all of Europe have become accustomed to.
Therefor to sustain the lifestyle of the rich and almost famous government comrades we will impose a tax on the America peasants in the form of inflation of and unspecified amount until such time as to satisfy our European elites, or we can sucker China into bailing out our bail out.”
“You have no right to your money and wealth. The Federal Reserve will steal your wealth to pay the elites as they please. No gold, no silver, no justice. American gave up their right to economic sovereignty in 1913. Shut up and pay up. The Federal Reserve is your master and you should be thankful we do not confiscate all your wealth.”
American are getting what they deserve because they trusted politicians and central bankers with their money. No Social Security, and no means to make and keep wealth. The Federal Reserve has decided they will steal your wealth whenever they damn well please. Shut up citizen and get use to $5.00 a gallon gasoline.