Bailouts
Posted
By: watcher51445
Date:
Thursday, 26-Jan-2012 16:00:09
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 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 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
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
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