Dollars and Nonsense
Two years ago, Congress was not involved in the decision to send over twenty billion dollars out of this same fund to Mexico, ostensibly because of that country's significance to the U.S. as a trading partner. Overlooked by the mainstream media as the real reason for this unprecedented avoidance of constitutional mandates were the potential financial losses the former investment banking clients of Secretary Robert Rubin would suffer without such a governmental bailout.
Under the guise of the Treasury Department, the current administration has declared itself an economic autocracy. Exertion of exclusive control over a discretionary slush fund allows the Treasury Department to fund the International Monetary Fund's global insurance program for foreign governments in financial straights and, coincidentally, their creditors on Wall Street.
Our illustrious Treasury Department has recently provided
an instant twenty billion (yes, that is billion with a "b")
dollars to support the International Monetary Fund (IMF) and
World Bank bailouts of Indonesia, Thailand, the Philippines and
President Suharto and his immediate family who, by the way,
have a net worth of approximately thirty billion dollars have
an illicit stranglehold on the Indonesian economy. Is it the
responsibility of the American taxpayers to save Suharto's corrupt
regime? John and Jane Q. Public would undoubtedly answer that
question with a resounding "no." We must collectively
wonder, then, why our money is being surreptitiously spent in
this wasteful and unnecessary manner. Perhaps it has something
to do with a certain Mr. John Huang and his employer, mega-billionaire
and Indonesian mogul, Mochtar Riady.
High on the Congress's agenda for the coming year should be an overhaul of the Gold Reserve Act. Our representatives must act to limit the use of the Exchange Stabilization Fund. In this way, perhaps, some sensible conformance with constitutional norms can be reestablished. If not, we must consider abolishing the law altogether.