Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts unelected.org
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(pictured to the right), 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 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..
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
In order to understand our economy, we must understand what money is and who really controls the value of it.
Who is the Federal Reserve and how do they affect our lives? Many of us think we know who the Fed is. But do you really?
Tea Party Solutions has been writing, emailing, and petitioning the Congress to audit the Fed. Recently the House passed a resolution written by Ron Paul to audit the Fed, unfortunately the Senate must to do the same. Watch this video to understand how the Fed works.
Watch all 13 of these videos...you will understand how the Fed works and why it works.
By now, you should be connecting the dots. The health care, the cap and trade and the economic situation all have the looks of manipulation. And you are right. The FED was developed by Progressives; they looked toward a "one world system" where they controlled all the wealth. Health care and cap and trade are also created by progressives to control your life and wallet.
Our economy can not support any more welfare programs. Stimulus, tarp, bailouts and "free" healthcare has to come to an end.
This whole economic downfall began with the "manufactured" housing bubble. Our progressive lawmakers forced the banks to lend to first time home owners at low rate and completely made qualifying a sham. Two years ago, Barney Frank was quoted as saying, "nothing was wrong with our banking systems and the great Freddie Mac and Fannie Mae" lending organizations. Then everything collapsed and the banks had to be bailed out as well as Freddie and Fannie. Today, they are beginning the exact same program AGAIN. And, this was not just orchestrated by Democrats; the Republicans were just as guilty. But...it is the type of candidate, the PROGRESSIVE, they exist in both camps.
Some believe the Fed needs to be completely abolished. Some believe the IRS needs to be abolished. There are pros and cons to both camps. But, the solution is going to be something this country has never experienced before. A different tax system, different banking system and it will be hard and long to restore our economy to a vibrant, robust and minimal debt laden government.
So, are you ready to give up? DON'T. Join the millions of Americans that are waking up and speaking out. This madness can be stopped. But, it is going to take all of America to get involved.