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
Deloitte & Touche.
http://www.federalreserve.gov/monetarypolicy/files/BSTcombinedfinstmt2010.pdf
REALITY is the FED did play 'god' with TAXPAYERS dollars,
They don't play with TAXPAYERS dollars.
and IF all their so called interest free loans
They were loans. They weren't interest free.
have indeed been repaid then why is Europe and US still in a heap of hurt?
Deadbeats keep defaulting, or threatening to default.
Folks your missing the point.
This is high treason.
You cannot aid other countries to the detriment of the United States.
This must stop
Comments and suggestions?
Actually, they release their spreadsheet every week. What makes you think a spreadsheet covers a year?
What about the money that went to foreign banks?
Repaid.
Detriment? What detriment?
So what Congress got was a copy of Deloitte&Touche audit, nothing more?
I asked IF the loans have indeed been repaid then why is Europe and US still in a heap of hurt? Your answer is...
Deadbeats keep defaulting, or threatening to default.
How is it possible to be a 'deadbeat' and keep defaulting, or threatening to default IF the loans have been repaid?
I do not believe you when you say the FED does NOT play with TAXPAYERS dollars... because the 'government' unless some hidden law has been passed is 'we the people' and they do not have one thin dime without first taking it from US.
Well said
No, they got an additional audit.
Deadbeats keep defaulting, or threatening to default.
How is it possible to be a 'deadbeat' and keep defaulting, or threatening to default IF the loans have been repaid?
The banks aren't the deadbeats, it's mortgage borrowers and governments like Greece.
I do not believe you when you say the FED does NOT play with TAXPAYERS dollars...
Why would the Fed need taxpayer dollars when they can create trillions of their own?
unless some hidden law has been passed is 'we the people' and they do not have one thin dime without first taking it from US.
Did the Fed ding your paycheck when they created the new money? I didn't notice a change in mine either.
I’m not sure what your point is. Anyone who has looked at this stuff for any length of time will know that the vast majority of large, (especially interbank) transactions effectively take place as what are essentially bookkeeping entries. What that $50M Mark note represents is the hyperinflation that can result from unrestrained printing presses, be they physical or electronic. I purchased it many years ago because I’ve seen that as a likely result of the economic policy of this country.
Since when does a bribe/kickback get dignified by calling it a “secret bailout”?
Seems as if the US Federal Government is “underwater’ more than they admitted.
JP Morgan was Soros’. Wonder how many others he has his hand in?
No, they got an additional audit.
Ah. So did the 'additional' audit reflect the same data the Deloitte&Touche audit presented?
Deadbeats keep defaulting, or threatening to default.
How is it possible to be a 'deadbeat' and keep defaulting, or threatening to default IF the loans have been repaid?
The banks aren't the deadbeats, it's mortgage borrowers and governments like Greece.
I consider this explanation splitting of hairs as some banks got into the mortgage lending business, and I know of no bank on this earth that is NOT quazi connected to some form of government/politics.
I do not believe you when you say the FED does NOT play with TAXPAYERS dollars...
Why would the Fed need taxpayer dollars when they can create trillions of their own?
The FED dollars have NO value unless backed by the full credit of the US government. Whatever action they take ultimately trickles down through the economy slowly or a full frontal assault.
unless some hidden law has been passed is 'we the people' and they do not have one thin dime without first taking it from US.
Did the Fed ding your paycheck when they created the new money? I didn't notice a change in mine either.
Indirectly yes the actions and activities by the FED to pick the life's lottery winners that are by your definition turn out to be deadbeat defaulters, or threatening to default has an impact on the economy as a whole. The FED has been in up to its collective eyeballs to sustain the Keynesian style economies. Keynesian economics has never worked and it is NOT going to magically turn a corner.
If this is the case, then why the deficit of 16 trillion?
There is not now, nor was there every, a deficit of 16 trillion.
The Fed’s actual lending to banks and financial companies at its single-day peak, Dec. 5, 2008, was $1.2 trillion.
So all this chatter about trillions of dollars in deficit spending is a hoax. Cool. We can all relax now. Thanks for setting the record straight.
This is in reference to loans made by the Federal Reserve. It has nothing to do with deficit spending.
Or which ones does he not have his hands in their pockets?
BTW, your tag line is on the money. Obama is executing a coup d'etat. And, with little, to no, opposition.
Ok, let me see if I have this straight. All the bailout "loans" have been repaid, less a few million. So why do we have a 16 trillion dollar deficit? Subsidizing Nike's Air Jordons?
Bookmark
You haven't noticed your dollar is become worth less and less?
I'm no financial expert, but flooding the country with trillions of their "newly created money" did is not making the dollar worth less and less? And who got those trillions Todd?
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