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) 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 mega-banks and super-corporations 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 can be stopped with five dollars worth of
bullets.
[Regardless
of whether this money is fiat money (money printed with nothing of value
to back it), if it is a currency forced on society and the world, with
enforcement by the Fed, IRS, the U.S. military, et al, --which it is--
the acts of the Federal Reserve are, in essence, the transfer of greater
wealth to the rich insider banks and corporations, while the rest of the
world grows poorer, and as the value of this funny money grows less and
less in purchasing power. These insider banks, etc., then, exchange this
funny money for gold and silver, the real wealth of the world, which,
then, reinflates the world with more and more devaluing federal reserve
notes. This, then, creates hyper-inflation, increasing the cost of all
resources and commodities, while gold and silver climb to
never-seen-before levels of value.
This is how
the Federal Reserve insiders steal the wealth of the world and why the
rich get richer while the poor get poorer. It's the world's largest
Ponzi scheme! The Federal Reserve is nothing but a front for a small
group of families who run a very large and successful white collar
criminal Ponzi scheme. This criminal institution should be seized by the
U.S. Treasury department and all assets frozen, and returned to the
coffers of the U.S. Treasury in order to settle the U.S. debt and help
begin to balance the U.S. deficit. All banks (listed below) should be
forced to return the money received by the Federal Reserve. All families
in ownership of the Fed and their agents should be located, caught,
tried and jailed for grand larceny and treason against the people of the
U.S.A. All government agents who protect and help facilitate this
criminal organization should be fired from the positions and similarly
tried and jailed for grand larceny and treason. Meanwhile, Congress
should return our country to its original monetary system (Lincoln
greenbacks backed by precious metals) and, again, do its duty to
regulate the coining of the currency of America as per the U.S.
Constitution.]
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)
