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
Waiting for the Toddster to tell us that this never happened, and even if it did, well we need banks and banking so suck it up and be thankful for it all.
The so called Federal Reserve is a non govt entity (NGE), posing as if it were a govt entity. Basically it’s a group of international bankers who look out for their own interests, while be subsidized by the American taxpayer.
It’s truly a sweet deal for the elite bankers, and investors, who are members of this elite group. You’ve probably seen some of their vacation homes on the cliffs by the ocean, or their yachts at harbor. You probably wondered, who the heck are these people? Now you know.
Course it’s not your privy to challenge their banking and investment schemes. But you will bail them out, when they make bad loans, and/or investments. And that, my FRiends, is all you need to know.
They could all be exposed. Especially if RuPaul were to get his way. But we all know that is not going to happen. Since they are “too big to fail,” as well as too big to be messed with.
I remain optimistic, that in the future, taxpaying Americans will succumb to the light, once their blinders are removed. For now, the status quo is the strongest tie which blinds.
Please don’t ZOT me for this post. It is not an endorsement for RuPaul. It’s simply he has his footprint all over this issue, which needs to be exposed.
That crazy Ron Paul, the nerve of him wanting the Federal Reserve’s books exposed.
The US dollar being the world’s reserve currency does involve propping up world banks or if they fail the US banks fail, IOW if the US stands by and does nothing the entire world’s monetary system and its house of cards comes tumbling down...US taxpayer money being involved is just a minor detail.
Given out? LOL!
The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program,
Yeah, they call loans loans. Odd, isn't it?
but virtually none of the money has been returned and it was loaned out at 0% interest.
All of it was returned. It wasn't loaned at 0%.
Thanks Andy, I always enjoy pointing out the idiocy in these posts.
That book is full of stupid, silly errors.
How is money that the Fed loaned out, that has been repaid, with interest, add to the debt that taxpayers are "accountable for"?
Contrary to some that post around here, the Federal Reserve does not have a free hand to act here or overseas, Congress has complete oversight of the Federal Reserve and the Federal Reserve answers to Congress. Any profits the Federal Reserve generates is returned to the US Treasury. I see the Federal Reserve as a GSE, Congress created it and Congress could do away with it.
In the past, Congress said the Federal Reserve didn’t have to show their books and then recently changed the law and that is why you are now seeing an audit report in greater detail than ever before. Congress can do that sort of thing when prompted.
Of course Congress, with the aid of the US Treasury, can also give its blessing for the Federal Reserve to bailout the world.
You got that one right. And Greek bonds, failed derivatives bets, mortgage backed paper, no interest loans, etc., are perfectly fine collateral, terms and conditions for the US taxpayer.
Where are the receipts? How do you know the money was paid back? If it was paid back what is your source of information?
What makes the god FED so 'holy' and omnipotent? Whose 'money' are they playing monopoly with in the first place? AND yes I recognize they get their gravitas and secrecy from the Congress and the executive branch. It would seem since the red destructive liberal minds took over running government in 2007 'we the people' ought to be taking more action than mere audits.
In a mayonnaise jar on Funk & Wagnalls' porch.
How do you know the money was paid back?
I can read a balance sheet.
If it was paid back what is your source of information?
Let me know if you have any questions.
They're audited every year.
Why would the so called audit be claiming that virtually none of the money has been returned ...... ?
That's the idiotic claim of the idiot who writes for that blog. His claim has little to do with reality.
What makes the god FED so 'holy' and omnipotent?
Your imagination?
Whose 'money' are they playing monopoly with in the first place?
They can create their own, so I guess the answer is the Fed's money.
It would seem since the red destructive liberal minds took over running government in 2007 'we the people' ought to be taking more action than mere audits.
Exactly! Take Ron Paul's advice and let Congress run the Fed. LOL!
The only good thing about Ron Paul is that he wants to give the Federal Reserve a rectal exam.
| 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 (UK): | $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 (UK): | $181 billion | ($181,000,000,000) |
| BNP Paribas (France): | $175 billion | ($175,000,000,000) |
It's looks to me as all they did was refinance. When one refinances, the original loan is considered paid in full. Are you offering that none didn't refinance?
These were mostly overnight or other very short term loans. So $1 billion borrowed and "refinanced" for a month made it look like they borrowed $30 billion when they only borrowed $1 billion at a time.
When one refinances, the original loan is considered paid in full.
You're also paid in full when you pay in full.
Are you offering that none didn't refinance?
Current Fed discount window loans are $13 million. Million with an M. It's safe to say that the $16 trillion in loans has been repaid if the outstanding balance is down to $13 million.
WHO audits the FED every year? REALITY is the FED did play 'god' with TAXPAYERS dollars, and IF all their so called interest free loans have indeed been repaid then why is Europe and US still in a heap of hurt?
Seems to me the Congress and the Executive branch already uses the FED as their secret bank to keep their favorite contributors flush with cash.
I am glad you can read a spread sheet but it looks like this spread sheet covers only one year and only mentions AIG as paying their debt. What about the money that went to foreign banks?
there is no money...there are not truckloads of $100 bills being delivered to banks.....bookkeeping entries are made on a spread sheet somewhere and EUREKA everything is now O.K. I have purchased and sold many dollars worth of things in my life and have NEVER seen a dollar bill exchanged for anything . You sign here, I sign there, and I buy your ten million dollar business....you have a paper ten million dollars and I owe ten million dollars to someone....the check is in the mail!!!
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