Where did the Federal Reserve get $16.1 trillion to lend? The Fed created it out of thin air with a stroke of a computer entry.
While the Federal Reserve created $16.1 trillion in new loans for private banks, the bailed out banks bulldoze the foreclosed homes of the evicted Americans.
So in America, the light unto the world, American citizens are thrown out of their homes in order that banks can bulldoze their homes.
Only in America does this makes sense.
And it is not only Americans who are being made homeless by US policies. Afghans, Pakistanis, Iraqis, Yemenis, Somali, Libyans are also consigned to homelessness by American policy. Moreover, America’s wars against these peoples together with the supporting military/security budget account for 75% of the US budget deficit. Indeed, the cost of these wars exceed the planned future budget savings from the debt limit deal.
In other words, the cost of the wars that make millions of foreigners homeless use up revenues that the federal government could have used to keep Americans in their homes and teachers in the schools. As much as many Republicans profess to be concerned about the US public debt, Republicans were not sufficiently concerned to address their issue by cutting back the $1.2 trillion military-security budget or by raising the low tax rates on the mega-rich.
Look at these July 30 headlines, just two days prior to the default deadline, from the online group, Stop NATO:
US Military To Be Based In Australia To Confront China
Call To Expand American Counterinsurgency Operations In Philippines
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