Wednesday, May 12, 2010

Glenn Beck discussion with David Asmundson of Fox Business News; May 11, 2010

On Tuesdays Glenn Beck show I learned something new (imagine that) about the bailout of Greece by the IMF.  The first time I heard about Greece’s economic failure they reported that Greece needed approximately 40 – 50 billion dollars.  After the IMF economic relief package was unveiled, they reported that they had packaged a 1 trillion dollar economic relief package.  What?  How did 50 billion become 1 trillion?  That answer has not been given to me, as of yet, but a very different question now arises.  Since the announcement of the Greece bailout, ‘credit default swaps’ have surged.  A credit default swap, with relation to Greece, is an insurance policy that bets on the failure of Greece’s economy.  Let me say that again; “They are betting on the failure of Greece”.  Now for the meat of this video, the company who is selling the credit default swaps (CDS) is AIG.  Do you remember who bailed out and essentially owns AIG?  The US Government, namely you and I, own AIG Insurance.  So if/when Greece fails economically, the USA will have given economic relief in the IMF bailout (17% funded by the USA) and we will be solely responsible to pay off the CDS’s if/when Greece collapses.  What part of sick, convoluted and just plain wrong, do the political elites not understand here?  Oh wait!  Could the political elites possibly be part of those who have bought the CDS’s with the intention of raking in more of the US Tax Payers largesse?  Since the CDS’s are shrouded in secrecy, we’ll probably never know the truth to these questions, but that does not mean that we shouldn’t ask that question of our elected officials.  Please take a moment to watch this segment of Glenn Beck’s, May 11th, 2010 show and decide for yourself.  Yours in Truth  ;-)  Shelly

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