- 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 left), 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:
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- 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.
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- 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.
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- 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.
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- "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)
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- 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.
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- 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.
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- 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..
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- 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
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- View the 266-page GAO audit of the Federal Reserve(July
21st, 2011):
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- Source:
- FULL PDF on GAO server:
- Senator Sander's Article: http://sanders.senate.gov/newsroom/n...3-62060dcbb3c3http://www.gao.gov/new.items/d11696.pdfhttp://www.gao.gov/
- products/GAO-11-696http://www.scribd.com/doc/60553686/G...-Investigationhttp://sanders.senate.
- gov/newsroom/n...3-62060dcbb3c3
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