The first ever GAO 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 web page (July 21, 2011).
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 was debated so heavily in Congress and the Senate was 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.
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 isn’t 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. The Fed has no oversight and no accountability and they’ve fought for years to keep it that way. Wonder why?
They’ve done such a good job of covert ops & coverup, maybe Uncle Ben should be the next CIA Director? That is, after he’s released from the prison he should be in.
Congress should return our country to its original monetary system and do its duty to regulate the coining of the currency of America as per the U.S. Constitution.
Author: Unknown / Attribution: Greg