Here’s some completely depressing news. CNBC is reporting that President Obama is putting American taxpayers on the chopping block to bail out Greece’s corrupt politicians.

But, to show he doesn’t discriminate, he also encouraged the German Chancellor to rape her nation’s taxpayers for the same purpose.

President Barack Obama on Tuesday…pledged U.S. support to help tackle the country’s debt crisis. …After a meeting with German Chancellor Angela Merkel, he stressed the importance of German “leadership” on the issue – a hint that he expects Berlin to help – while expressing sympathy for the political difficulties European Union countries face in helping a struggling member state.

The story doesn’t have much detail, but it appears that Obama is willing to brutalize American taxpayers directly (which is what he means by “on a bilateral basis”) and indirectly (i.e., the reference to “international and financial institutions like the IMF”).

…”we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”

What makes this development so unpleasant is that this new bailout (Greece already has been bailed out several times, with both direct and indirect handouts) will make things worse. Another bailout will be a case of throwing good money after bad. And it will exacerbate the economic damage by delaying the economic reforms that are needed to put Greece’s economy in better shape.

And to make matters worse, the other insolvent European welfare states will look at what’s happening in Greece and conclude that they also can avoid necessary reforms and wait for handouts from American and German taxpayers.

P.S. Some people have asked me why German politicians are so willing to bail out Greek politicians. This picture explains everything. The bailout is really a backdoor giveaway to the big European banks that foolishly lent money to the Greek government.