US Participation in Euro TARP

I think it's time we stop, children
What's that sound
Everybody look what's going down
--Buffalo Springfield

Think of yesterday's announcement that central banks around the world will offer unlimited credit for European banks choking on sovereign debt as the Euro version of TARP. TARP, or Troubled Asset Relief Program, was the label given to the Fed's program to extend ultra credit to US banks on the verge of insolvency during the credit collapse of 2008-2009.

This is a bailout program, pure and simple. Central banks money, in this case credit money, and give it to risk takers that made poor decisions.

Euro TARP has not made big headlines in the mainstream media over the past 24 hrs. It should, though, because the Federal Reserve is part of the central bank syndicate bailing out European banks. This means that US resources are being expropriated for the gain of those in other countries.

It was bad enough that in 2008, the Fed printed money at the citizenry's cost to bail out imprudent US banks.

Now, however, the Fed is printing money at the citizenry's cost to bail out imprudent bankers of other countries. On what authority is the Fed authorized to take property from US citizens for the benefit of other countries?

Any journalists that can connect a few dots should be all over this story. That the press is largely silent here suggests either severe financial illiteracy or severe bias in favor of what is plainly an unconstitutional participation of the US in Euro TARP.