The Next Bailout: Afghanistan?

[Jeremy Roenick]

Just thought you useful slaves to the state would be interested in knowing where your children and grandchildren's money was headed next...

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/02/AR2010090202266_pf.html

Karzai's brother calls for U.S. to shore up Kabul Bank as withdrawals accelerate
DUBAI - As depositors thronged branches of Afghanistan's biggest bank, Mahmoud Karzai, the brother of the Afghan president and a major shareholder in beleaguered Kabul Bank called on Thursday for intervention by the United States to head off a financial meltdown.

"America should do something," said Karzai in a telephone interview, suggesting that the U.S. Treasury Department guarantee the funds of Kabul Bank's clients, who number about a million and have more than a billion dollars on deposits with the bank.

Hello!  It's called a bank holiday Mr. Karzai.  That's the only way to head off a bank run.  Now, simple question for all you dollar signs to Uncle Sam out there... Is Afghanistan too big to fail?  What will BHO andBernanke's response be?  I say let them twist in the wind.  Considering they have billions of dollars of rare earth minerals under the ground over there in Afghanistan, I'll let you guys make the guess.  You should be able to nail this one.   whip

[NCVol]

Shoot, we "lost" at least $10 billion in Iraq, have no idea at all where the money went.  I understand a lot of it was cash, sent over there on pallets, and it just went poof!  Seems like a $billion going to shore up a bank is chump change for our overseas adventures in the ME.  It's the least we can do.  Maybe the money was spent on infrastructure and not financing their growing poppy/heroin operations which is about the only economy left in that hellhole of a country.   

Really, it's the bright spot of our nation building operations - last I read, the poppy production was much higher now than pre-invasion, and GROWING!  What a job we're doing.  So glad we continue the War on Drugs here at home, jailing pot peddlers and all.  Makes soooo much sense to oversee vast increases in heroin production, then jail the guys selling that production here in the good old U.S.A.  I guess it's good for the for profit prison business and the police state. 

[Jeremy Roenick]

What's under the ground over there NC makes the poppy fields look like chump change.  there's a reason why the Russians went into the god-awful country.  There's a reason why we went there too, and it wasn't to get Bin Laden. 

[Just Win]

Just thought you useful slaves to the state would be interested in knowing where your children and grandchildren's money was headed next...

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/02/AR2010090202266_pf.html
 

Hello!  It's called a bank holiday Mr. Karzai.  That's the only way to head off a bank run.  Now, simple question for all you dollar signs to Uncle Sam out there... Is Afghanistan too big to fail?  What will BHO andBernanke's response be?  I say let them twist in the wind.  Considering they have billions of dollars of rare earth minerals under the ground over there in Afghanistan, I'll let you guys make the guess.  You should be able to nail this one.   whip

Now hold on just one doggone minute JR. Timmy Geithner is VEHEMENTLY denying one cent of US taxpaer money will be used in the bailout. He has worked for the Fed, the World Bank and is now overseeing IRS as Treasury Secretary. No problem. Right?

The US Treasury Department denied media reports Saturday that American taxpayer funds would be put towards bailing out Afghanistan's beleaguered Kabul Bank.

The White House said the allegations were not true and pointed to a statement from Deputy Treasury Secretary Neal Wolin that said the bank's troubles were "an Afghan issue."

"They are taking immediate steps to ensure the stability of Kabul Bank and to protect the financial assets of the Afghan people," Wolin said.

"While we are providing technical assistance to the Afghan Government, no American taxpayer funds will be used to support Kabul Bank," he said.

In Afghanistan meanwhile government officials Saturday were seeking to head off a run on the country's biggest bank, reassuring customers of Kabul Bank that their money was safe, following corruption allegations in US newspapers.

The privately-owned bank has been the subject of reports alleging large-scale corruption by executives, though the government and central bank have said it is solvent and there is no need for customers to panic.

The Washington Post said on Friday that the US Treasury Department had dispatched a team to Kabul to help deal with the crisis, and said that a brother of Afghan President Hamid Karzai had called for Washington's intervention.

The influential conservative website Drudge Report earlier ran a story titled "American Taxpayers to Bailout Afghan Bank?"

The New York Times meanwhile said that deals were being made with the Central Bank of Afghanistan to aid the bank.

Sec. of the Treasury Timmy Geithner, voted by People magazine as one of the
most beautiful people on the planet, listens as President Obama  unveils yet
another governmental spending program to jump start the economy. Geithner failed
to file his Federal tax returns for five consecutive years saying his employer at the time,
The World Bank, informed him he was not required to pay taxes and the Turbo Tax
software he was using contained errors indicating his income was tax free.

[Jeremy Roenick]

Hey, a hefty chunk of TARP money went overseas to the large financial institutions' masters in Europe so why not?  A large chunk of the IMF bailout of Greece was US taxpayer funded, so why not?  We're bailing out the world JW, one Federal Reserve printing press session at a time.  Austerity will look like a picnic compared to whats in our future.

[Just Win]

Hey, a hefty chunk of TARP money went overseas to the large financial institutions' masters in Europe so why not?  A large chunk of the IMF bailout of Greece was US taxpayer funded, so why not?  We're bailing out the world JW, one Federal Reserve printing press session at a time.  Austerity will look like a picnic compared to whats in our future.

JR,


This  election in November is cruical. I know we say this every election cycle but the fact of the matter is what is remaining of the free enterprise system in this nation is on life support. I am not sold on the notions that this will be a wave election and the GOPers are going to take control of the house. It may happen but I am not convinced it will happen. Even if the GOPers still take control of the House you have Rinos like Mike Castle that will support the Socialist agenda of the White House. The economic future does not look bright.

[Jeremy Roenick]

I only pray that there is a revival of sorts in the Republican Party.  Their mishandling of power when they had it is the reason why we're in this mess to begin with.  The people got fed up with the RNC's agenda and they voted in "change".  Now that they've had a taste of change, they're running back in hordes to the RNC.  If the RNC doesn't become principled, then we're simply handing the reigns of government back to the party of incompetence.  My reason for pessimism in the RNC rests primarily with the fact that when you have politicians like Sarah Palin, John McCain, Mike Huckabee, Mitt Romney and David Petraeus as the leading candidates for President, I hold little hope for reformation in the RNC.  When the likes of Ron Paul and his son Rand are marginalized and run over by the MSM and the RNC, I can see that the true agenda of the Republican Party is not to take those principled stands that I outlined above.

As far as the economy goes, there are no quick and easy fixes.  We're undergoing a wealth and economic transformation in this country right now (and in the world for that matter) and it will take years to play out.  No matter which party is in power its going to take time to resolve the nation's debt problems (sovereign, personal and institutional) on all fronts.  So no matter how many promises the RNC makes, they need to take a stand on trimming government, responsible spending, pulling our troops out of wasteful police actions and focus all our energy on the domestic front.  It's time to repair America and let the world look after itself for a while.