Get ready for more bailouts! Yes, another wave of major wealth-transfers is headed to us taxpayers. Here at home, Freddie Mac says they’ll need another $10.6 Billion, at least, and soon. I’m sure Fannie Mae won’t be behind them very long, either. But the one to really keep an eye on is the International Monetary Fund. Even AIG announced that they may need more Federal taxpayer money! The IMF is preparing to help Greece as part of a joint venture with a total of 110 Billion Euros. Much of that money will be coming from the European Central Bank (ECB) and from individual member nations of the Euro Zone. However, it won’t stop there, as Spain appears to be the next on the list to need help.

According to the New York Times, Spain may need as much as 600 Billion Euros to prevent it from defaulting on their bonds! Some are already calling for a Euro Zone version of TARP with the IMF helping out. The problem is, the IMF currently only has about $280 Billion in reserves. So guess who will have to pick up the tab?

Yes, and so it goes on. Between Freddie, Fannie and the FHA, Uncle Sugar has a piece of about 97% of all residential mortgages! Total, some $5.5 Trillion dollars worth of ‘toxic’ subprime loans are held. Yet, there is no plan to reform Fannie or Freddie, nor is there a plan to deal with the potential debt-bombs on both entities’ books.

Across ‘the pond’, the European finance committee issued it’s spring forecasts. The impact of government budget deficits continues to cause fear in the Euro Zone. The EC now warns that the debt crisis in the UK may be worse than in Greece! Their forecast contrasts with that recently made by UK Exchequer, Alistair Darling, particularly over projections for growth next year. Darling predicts a GDP growth rate of between 3% to 3.5% for 2011, whereas the EC puts the number at 2.1%.

The impact of this hangs like a sword over whoever wins today’s elections in the UK. The new Prime Minister will have to deal with the budget deficits and anemic economy. Today, the Greek Parliament voted to pass a new series of austerity measures cutting wages and benefits for public sector jobs, which is 1/3rd of Greece’s workforce and raise taxes on everyone. Despite this and the proposed bailout from the European Central Bank and IMF, the outlook for Greece is grim. Today’s EC forecast continued to drive the Euro down in relation to the U.S. dollar. With more bailouts for Freddie Mac, AIG and others, and with excessive Federal budget deficits, the potential for a double-dip recession looms larger.