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100 Billion (Borrowed Money) for Other Nations: During What Some are calling a Depression?
Treasury Secretary Geithner will be asking Congress for 100 billion dollars to give to the International Monetary Fund to aid struggling nations. Sorry, but this is one area that irks me to no end.
Millions of Americans have lost their jobs, thousands have lost their homes and word has it many more will do so this year. We are already borrowing money from China to get ourselves out of our own economic hole in the ground; why on 'earth' should be funding other nations with borrowed money?
This is one area that's always struck me as being stupid. I say that if you can't feed or house your own people you have no business feeding another nation. That's like a family that is having difficulty feeding their own children giving away money to a neighbor so they can feed theirs.
Giving away money to better relations between nations is logical; but not during the worse recession, nearly a depression, that we've had in nearly a century.
Sorry President Obama and those supporting this idea, but you will need to explain this one to me and why I should be willing to accept such an idiotic plan.
Millions of Americans have lost their jobs, thousands have lost their homes and word has it many more will do so this year. We are already borrowing money from China to get ourselves out of our own economic hole in the ground; why on 'earth' should be funding other nations with borrowed money?
This is one area that's always struck me as being stupid. I say that if you can't feed or house your own people you have no business feeding another nation. That's like a family that is having difficulty feeding their own children giving away money to a neighbor so they can feed theirs.
Giving away money to better relations between nations is logical; but not during the worse recession, nearly a depression, that we've had in nearly a century.
Sorry President Obama and those supporting this idea, but you will need to explain this one to me and why I should be willing to accept such an idiotic plan.
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Those other guys cannot get loans themselves, the troubles of IMF aside.
If you want to use an analogy, think of taking out a loan to help your brother pay for healthcare because he cannot.
Foreign assistance is critical, moreso than anything, in ensuring peace, reducing radicalisation and, for the capitalistically inclined, creating new consumers.
March 12, 2009 12:05 PM | Reply | Permalink
Shouldn't there a point however that you reach with your OWN family's lack of health insurance, that you can no longer help your brother get some?
March 12, 2009 12:18 PM | Reply | Permalink
One of the mistakes we made during the Great Depression was to stop foreign aid, allowing places like Germany to fall. And I think you know who took advantage of that.
March 12, 2009 1:32 PM | Reply | Permalink
To my knowledge, this process is still being constructed and therefore I don't have all the facts to be able to make an informed decision and/or opinion on this matter.
March 12, 2009 1:48 PM | Reply | Permalink