The opinions expressed by columnists are their own and do not represent our advertisers

Sunday, January 08, 2012

Audit Of The Federal Reserve Reveals $16 Trillion In Secret Bailouts

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.



lmclain said...

Also, at the same time, as a matter of perspective (and for all those who vehemently criticized the OWS groups for protesting corporate and banking control of our government), home loans for Americans came to a virtual standstill, credit card interest rates were doubled and tripled (sometimes quadrupled-- on GOOD paying customers), small business loans dried up (the banks that were SECRETLY given TAXPAYER money by the trillions said "screw you" to the same people who saved their aces) and many closed up and went under. THEN the government that did it told (previously) working Americans that unemployment payments had to end and old people MUST pay more for Medicare and Medicaid, and those same banks began (and are STILL doing it) foreclosing on MILLIONS of American homes. TRILLIONS of OUR tax dollars given away IN SECRET to foreign banks and nations. And our "leaders" and "representatives" RESISTED in every possible way an audit?! WHERE ARE YOU SHEEP who keep saying "the system is working" and the OWS people are dirty, welfare sucking, hippies? Sounds like to me YOU have your head up a certain tunnel and they have nailed it. ONLY a revolution will take our country back. These monsters are destroying our country and laughing at our complacence. Maybe voting will help???????????

I hate Obama said...

Vote 'em out in 2012; and you Obama lovers will loose also.

Anonymous said...


Anonymous said...

This is a terrible thing for our government to do. 16 trillion could have paid off the whole National debt. Now you know why Ron
Paul wants to get rid of agencies like this in the federal government. Because they are killing our Country. We are going down the tubes, and our government is giving trillions of dollars away to foreign countries. Something has to be done to stop this. I think I will be voting for

Anonymous said...

I guess stealing is legal when it's in the trillions. You won't see any arrests at the fed i bet.

Anonymous said...

Time to start a revolution in the USA, and this time kill them all and let God sort them out!

Anonymous said...

I hate Obama said...
Vote 'em out in 2012; and you Obama lovers will loose also.

January 8, 2012 12:02 PM

Nice. A hateful redneck who can't spell.