Posted on 12/27/2011 6:08:43 PM PST by Iam1ru1-2
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 socialist 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. Federal Reserve Chairman, Ben Bernanke(pictured to the right), former chairman, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning (July 21, 2011).
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 (Bush's term) and June 2010 (Obama's term), 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. Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."
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 (as may be their intent).
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 Source: http://www.gao.gov/products/GAO-11-696 FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
www.unelected.org
You haven’t read the book.
I did.
OMG, it was awful.
Is it because a Republican, Bush, was just as guilty or maybe more so than Obama? Or maybe he is hardly as responsible but is made to look like it so that equal blame is spread around and Obama doesn't take the brunt of it. Or maybe both individuals were puppets of a master and both are equally culpable. Whatever happened we need to find out the breakdown of who was responsible for what and each party needs to be held accountable, whether Bush or Obama. When hands are in the pot from both parties things can get awfully hushed up in a hurry. This game has got to stop being played as it is far, far too expensive.
One can imagine the actual corruption involved and has to also wonder whose individual pockets from all of these organizations is filled with our money. Like the old song, "Where has all our money gone?".
I think that you may be confusing the loans that were made to USA banks and companies that have in part been paid back. This is different. These are secret loans to foreign banks etc. that apparently were made at 0% interest, and have not been paid back. These were loans made without our knowledge. Sure USA banks and companies are suppose to have paid back loans, it is the foreigners that don't have to worry about giving us trillions back. This Country almost always bends over way backwards for foreigners who don't pay our taxes. Nothing is too much to give to them.
You mean TARP? Loans from the Treasury? The bank portion of which has been repaid at a profit to the Treasury?
This is different. These are secret loans to foreign banks etc
Secret? They were included in the Fed balance sheet which is released weekly.
that apparently were made at 0% interest
According to who?
and have not been paid back.
Except for this idiot, I've never seen that claim. You have a real source?
it is the foreigners that don't have to worry about giving us trillions back.
Us? Who do you think made these loans? How do you think they worked? Spell it out please.
Thank you for offering specificity here.
I just read on email [yeah, almost a year later] that tried to make it seem that we are out 16 trillion in unpaid debt to Europe, the assumption being tax money.
You said that the Fed creates trillions. Simply from interest despite defaults? Is that linked with quantitative easing? Or do they order the printing of money? I’m baffled by the Fed Reserve to be honest.
I received an email recently that mirrors this January report. I know that QE2 was related to a European bailout. They keep the loans secrect. You read a book about this? What’s the title/author?
Nope.
the assumption being tax money.
No, the Fed creates money out of thin air, no need to take it from taxpayers.
You said that the Fed creates trillions. Simply from interest despite defaults?
Interest and defaults have nothing to do with it. Central banks can simply create money from thin air.
Is that linked with quantitative easing?
Yes, when the Fed creates money and uses it to buy bonds in huge quantities, that is quantitative easing.
Or do they order the printing of money?
Most of the money they created recently was electronic, no ink or paper needed.
Thank you for the info. So we now have QE3....
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