RUSH: I want to talk about money first, the fact that nobody has any. We have just bailed out Greece and the European Union. The borrowing window at the Federal Reserve is open, almost $1 trillion. Now, you might be saying, “What do you mean, we? I read that the European Union…” The European Union showed up at Ben Bernanke’s borrowing window, and guess what? We’re loaning them a trillion dollars, but it’s unsecured. There’s no collateral. If they go belly up, guess who’s paying for it, folks? You and me. Now, we haven’t even gotten to bailing out California yet, and they’re in worse shape than Greece. They’re printing Euros to handle all this. Nobody has any money. We are witnessing right before our very eyes what happens with unchecked, uncontrolled socialism and worse.

Everybody’s talking about the Greek politicians and how they’ve overextended themselves with passing out all these benefits, as I have been saying on this program about some people in this country for years, since this program began. It’s one thing to blame the politicians but you cannot exempt the Greek people. They’re the ones who demanded it. They’re the ones who wanted the state to support them with lifestyles that are unsustainable. If the private sector is not producing enough wealth for people to enter it, go into a job or career and share in the spoils and hopefully grow the private sector, if all of their existence is in the form of this government check or that government check or this government program, at some point it collapses because there isn’t any money. It’s become a cliche now, but it’s actually true. Margaret Thatcher brilliantly said, “The problem with socialism is you run outta other people’s money.” They’ve run outta other people’s money in Greece, they’ve run outta other people’s money in the UK, they’re about to run out of other people’s money in Spain
and Portugal, and we essentially are out of other people’s money because we’re in the red, too.

These are loans that are not secured. It is you and me making these loans to the EU, not the EU making loans to Greece.

The loans that the EU extends to Greece are not going to be paid back as long as Greece’s political power structure remains what it is. Would somebody explain to me how in the world they’re ever going to pay this back? They’re in their own death spiral. You see the austerity programs, the riots that are caused because the leeches think that they’ve been promised a good life without having to work hard. They voted for these people to continue this, and now all of a sudden those people are going to institute austerity programs? “No, no, no, no! Maybe you institute austerity for my neighbor, but not for me.” So forget promises, forget loan agreements. There’s no banker that would loan money this way (unless they were commanded to) who would still have a job at a bank. This is a bottomless pit. Nothing is real. Nobody has any money.

read more here…

Alex Jones on Greece: It’s Robbery, Not Bailout!
source…

Here is Alex Jones with his take on the bailout to the European Union.. this is really disturbing.. this could be a loan to the EU for many TRILLIONS of dollars.. money we don’t have and money that is being loaned with absolutely NO COLLATERAL:

Despite the arrest of a Pakistani-American who authorities have been trailing for two days as the prime suspect behind the botched Times Square car bombing, New York Mayor Michael Bloomberg wasted little time in smearing anti-Obamacare activists as terrorists during an appearance on CBS News last night, implying that the attack was the work of a Tea Party activist.

“If I had to guess 25 cents, this would be exactly that, somebody who’s homegrown, maybe a mentally deranged person or someone with a political agenda that doesn’t like the health care bill or something, it could be anything,” Bloomberg told Katie Couric.

Without knowing the full explanation behind the motivations of the man arrested in connection with the bombing, it seems unlikely to us that a man of Pakistani origin named Faisal Shahzad would have much to do with conservatives or Tea Party activists, which makes Bloomberg’s smear all the more insidious.

source.. Inforwars.com

Comment by American Grand Jury:

These liberals never change.. always quick to blame the conservatives in this country for everything.. Mayor Bloomberg is a first class “smuck.” That is my 25 cents worth!!

Steve Watson

As you will have no doubt read in the headlines today, the IMF has proposed levying two “global” taxes on the world’s banks to make sure those greedy guys don’t get us into trouble again. If that sounds dubious, it’s because it is.

In reality what is being proposed, and has been falling into place for some time, is the framework for an unelected global authority with powers above and beyond those of sovereign governments.

In our featured article today we explain how the IMF’s so called global Financial Activities (FAT) tax on banks is nothing more than a bailout slush fund that would inevitably trickle down to the consumer, and also be levied upon all financial institutions (not just the big ones that commit massive fraud on a daily basis).

This will not prevent globalist bankers from over reaching, it will in fact provide the incentive for more moral hazard by providing built in insurance against risky actions.

Such taxes will drastically reduce the profits of all banks and financial institutions, ensuring only the biggest can continue to thrive. Global competition could be killed off completely, signaling the final nail in the coffin of the free market.

Some within the banking industry also argue that reduced capital in financial institutions makes them a less attractive investment and makes it more likely that governments will have to step in when a fresh crisis hits.

The Association for Financial Markets in Europe issued a statement to this effect: “The IMF has set the right objective in addressing the need to avoid another financial crisis, but appears to have chosen the wrong means to achieve it.

“The financial sector should not rely on public funds in the event of a crisis. As an industry, it needs to put in place measures that will enable failing firms to be wound down or restructured without needing taxpayer support. Banks must be allowed to fail and the cost of dealing with any failure must be first met by shareholders and creditors, not taxpayers.”