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, 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.
What was revealed in the audit was startling:
$16,000,000,000,000.00 (trillion) dollars
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. [Note: these are all major stakeholders in the privately
owned 'FED' -CR]
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=9e2a4ea8-6e73-4b...
"There is no Left or Right -- there
is only freedom or tyranny.
Everything else is an illusion, an obfuscation to keep you
confused and silent as the world burns around you."
~ Philip Brennan |