View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
The first ever GAO(Government Accountability Office) audit of the
Federal Reserve was carried out in the past few months due to the Ron
Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last
year. Jim DeMint, a Republican Senator, and Bernie Sanders, an
independent Senator, led the charge for a Federal Reserve audit in the
Senate, but watered down the original language of the house
bill(HR1207), so that a complete audit would not be carried out. Ben
Bernanke(pictured to the right), Alan Greenspan, and various other
bankers vehemently opposed the audit and lied to Congress about the
effects an audit would have on markets. What was revealed in the audit
was startling:
$16,000,000,000,000.00 had been secretly given out to US banks and
corporations and foreign banks everywhere from France to Scotland. From
the period between December 2007 and June 2010, the Federal Reserve had
secretly bailed out many of the world’s banks, corporations, and
governments. The Federal Reserve likes to refer to these secret bailouts
as an all-inclusive loan program, but virtually none of the money has
been returned and it was loaned out at 0% interest. Why the Federal
Reserve had never been public about this or even informed the United
States Congress about the $16 trillion dollar bailout is obvious - the
American public would have been outraged to find out that the Federal
Reserve bailed out foreign banks while Americans were struggling to find
jobs.
To place $16 trillion into perspective, remember that GDP of the United
States is only $14.12 trillion. The entire national debt of the United
States government spanning its 200+ year history is “only” $14.5
trillion. The budget that is being debated so heavily in Congress and
the Senate is “only” $3.5 trillion. Take all of the outrage and debate
over the $1.5 trillion deficit into consideration, and swallow this Red
pill: There was no debate about whether $16,000,000,000,000 would be
given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion
were given to failing banks and companies. That was a blatant lie
considering the fact that Goldman Sachs alone received 814 billion
dollars. As is turns out, the Federal Reserve donated $2.5 trillion to
Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank
of Scotland and Deutsche Bank, a German bank, split about a trillion and
numerous other banks received hefty chunks of the $16 trillion.
“This is a clear case of socialism for the rich and rugged,
you’re-on-your-own individualism for everyone else.” - Bernie Sanders
(I-VT)
When you have conservative Republican stalwarts like Jim DeMint(R-SC)
and Ron Paul(R-TX) as well as self identified Democratic socialists like
Bernie Sanders all fighting against the Federal Reserve, you know that
it is no longer an issue of Right versus Left. When you have every
single member of the Republican Party in Congress and progressive
Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal
Reserve, you realize that the Federal Reserve is an entity onto itself,
which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state
of affairs when an unelected group of bankers can create money out of
thin air and give it out to megabanks and supercorporations like
Halloween candy. If the Federal Reserve and the bankers who control it
believe that they can continue to devalue the savings of Americans and
continue to destroy the US economy, they will have to face the
realization that their trillion dollar printing presses will eventually
plunder the world economy.
The list of institutions that received the most money from the Federal
Reserve can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation
Your post was the best summary I’ve seen.
I’ve forwarded it to several friends.
What the Federal Reserve did should be the top story, worldwide. Instead, our “news” media has chosen to focus on a few billion in excess profits a few giant banks made as a result of zero interest loans, if they even cover it at all.
(Since the Fed managed to block a full audit, I also have to wonder what ELSE the Fed has been up to.)
http://www.dailypaul.com/188540/audit-teh-federal-reserve-reveals-16-trillion-in-secret-bailouts
The Scribd link you posted goes to something that looks like the GAO report.