Paul Last week, we were reminded that ours is not the only country suffering from severe economic turmoil.

The Greek government is the latest to come close to default on its massive public debt. Greece has insuffi cient funds in its treasury to make even the minimum payments coming due.

Its debt level is about 120 percent of its gross domes- tic product and its public sector absorbs what amounts to 40 percent of GDP.

Any talk of cutting costs and spending is met with violent protests from the many Greeks heavily dependent on government payments. Mounting fears of default have sent shockwaves through their creditors and all of the eurozone countries.

But statements made by the European Central Bank have calmed fears and given assurances that Greece will get the aid it needs. Details of agreements are not forthcoming.

Is it possible that our Federal Reserve has had some hand in bailing out Greece? The fact is, we don’t know, and laws exempt agreements between the Fed and foreign central banks from disclosure or audit.

Greece is only the latest in a series of countries facing this type of crisis. Not too long ago, the same types of fears were mounting about Dubai, and before that, Iceland.

Several other countries — Spain, Portugal, Ireland, and Latvia — are approaching crisis levels with public debt. Many have strong ties to Goldman Sachs and the case could easily be made that default could have serious implications for big U.S. banking cartels.

Considering the ties between the Fed and these banks, it is not outlandish to wonder if the U.S. taxpayer is secretly bailing out the entire world, even as our real unemployment tops 20 percent.

This global financial crisis is a predictable result of secretive central banking and unsound fiat currency. Governments are entirely committed to this system of fiat money and fractional reserve banking for obvious reasons: it enables them spend hoards of money with near impunity.

Without the limitations of sound money, governments will spend without limit. They will spend money to hire their cronies, pay off special interests, give out favors, create dependence and generally distract from the terrible job they do at their chief mandate, which is to protect the liberties of the people.

Fiat money is a blank check to government, which is dangerous, and we are witnessing the death throes of the system as bills come due.

Perhaps no one has a more vested interest in keeping this system cobbled together than our own government.

The American people have the right to know if they are going to be holding the bag in the end because the Federal Reserve secretly put them on the hook for it. This knowledge would be a key factor in dismantling this immoral and unconstitutional system.

Ron Paul represents the 14th Congressional district of Texas.