While there needs to be accountability in American companies, it needs to be in house – not by an international financial regulation board whose members are not elected by American citizens.
Since we’re borrowing international money for our national to stay afloat, however, consequences like this should not come as a surprise.
As I wrote last September, before the elections, in my Nolan Chart Article, Bad Assets and Band Aids :
“Where will our drowning-in-debt government find the money to make this [bailout] purchase? It’s simply not there. This burden is going to be reshuffled to the taxpayer by way of inflation – because even in 2008, even though “green” investments are en vogue, we still can’t grow money from trees. Every action has an equal and opposite reaction. The money has to come from somewhere.
Even scarier than inflation, this bad assets solution requires the unconstitutional nationalization of financial institutions. I wonder if the act of Congress will include an amendment? How will Congress legally get away with this otherwise? It will be an entertaining song and dance for sure – the opening act to a muddy Presidential election….
Debt makes for slavery. It makes me have to ask, is there an underlying, perhaps even sinister, purpose to acquiring more debt? If China owns so much of the debt, would they not benefit from pressuring our government into nationalizing the financial institutions? …
Yet Americans are greedily buying into this no-accountability government-to-the-rescue mentality, selling their souls for tax breaks, stimulus checks, and the ability to keep McMansions that they never should have been able to purchase in the first place.”
Wake up!
Bailout = Slavery