Because we can afford to bailout a collective of welfare states that generally despise us and everything for which we stand. A collective of welfare states which was told for quite some time that it couldn’t afford to support everyone from cradle to grave. Because we can afford that. Or something.

The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.

“There are a lot of people talking about that. I think the European Commission has talked about that,” said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. “It is up to the Europeans. We will certainly support using the IMF in these circumstances.”

“There are obviously some severe market problems,” said the official, speaking on condition of anonymity. “In May, it was Greece. This is Ireland and Portugal. If there is contagion that’s a huge problem for the global economy.”

I believe “if you don’t do this the global economy is going to collapse” has been the excuse for every, single piece of bailout and regulatory legislation used to screw-over the American public. Later we find out the bailout didn’t save the global economy and, hey, we need to pass yet another bailout.

Just how large is this bailout fund? This large:

The developments have echoes of the pressure applied by Washington on European capitals last May to create the near $1 trillion EFSF safety net that was last week used to rescue Ireland after its banking crisis spiraled out of control.

The IMF, whose biggest single shareholder is the United States, has committed 250 billion euros to the EFSF.

So we’re the single-largest shareholder in an organization that will commit $328 billion to a fund with nearly $1 trillion. All to rescue the collective of welfare states.