How your money is given away

Did you know your hard-earned tax dollars are frequently ? routinely ? given away by the billions without so much as a vote in Congress?

Here’s an example of the way it works, as described in Bob Woodward’s otherwise worthless book, “Maestro: Greenspan’s Fed and the American Boom.”

Partly as a favor to President Clinton, worried in his first term about a crash in the Mexican economy that could jeopardize the appearance of the NAFTA “partnership,” Bear Stearns chief economist Wayne Angell, a former Fed governor, came up with an idea for a massive transfer of wealth from America to south of the border.

Angell said the $40 billion peso bailout could come from the obscure Exchange Stabilization Fund. Angell had another motivation besides helping Clinton. His investment bank had underwritten many endangered securities in Mexico.

Sen. Robert Bennett, R-Utah, served as the intermediary who took the idea to Fed Chairman Alan Greenspan and Treasury Secretary Robert Rubin. Both of those men were wary of the potential for Congress to second-guess the plan and embarrass them in public by exposing the blatantly unconstitutional scheme.

“What happens if you do it and Congress is silent?” Bennett reportedly asked Greenspan.

Greenspan had to admit that would work. If there was a guaranty of congressional silence, he would go along with the plan.

Bennett proceeded to go to Senate Majority Leader Bob Dole to ascertain if he would block all efforts to bring this wealth-transfer scheme to a vote. He got the promise. Then Bennett went to House Speaker Newt Gingrich, who ran the idea up the flagpole with then-Texas Gov. George W. Bush. The future president liked the idea, so Gingrich gave his approval.

And that’s an example of how your tax dollars are given away to support the narrow self-interests of a few elite bankers without any accountability. That was once called “taxation without representation.” Now it happens every day.

It happens because of corrupt, unconstitutional institutions such as the Fed, the International Monetary Fund and the World Bank. They all serve the banking elite ? not the people of the United States ? even though we largely fund them.

If this bugs you as much as it does me, you need to learn more. You need to hold your legislators ? your representatives ? accountable. You need to demand an end to such wealth-transfer schemes.

The only way Americans will ever be able to achieve this objective is by learning the facts.

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