Skip to comments.US to backdoor Euro bailout through new IMF credit facility
Posted on 11/28/2011 4:17:44 PM PST by Qbert
In 2008, the United States government and Federal Reserve helped bailout European banks to the tune of trillions of dollars. The reactions to this by Congress and the public ensured that any future bailouts would have to be performed through the use of a proxy institution.
It appears that this proxy institution has been found, as the IMF on November 22nd just opened a new credit facility with the primary purpose of providing liquidity to sovereign nations, especially those currently in the Euro Zone.
IMF talking points on new credit facility
* IMF APPROVES CREDIT LINE PROGRAM CHANGES TO PROVIDE LIQUIDITY
* IMF CREDIT LINE CREATES NEW SOURCE OF FUNDS FOR MEMBER NATIONS
* IMF ADDS EMERGENCY FUNDING TOOL TO ASSIST COUNTRIES IN CRISIS
* IMF NEW CREDIT LINE AVAILABLE FOR SIX MONTHS TO TWO YEARS
* IMF CREATES PRECAUTIONARY AND LIQUIDITY LINE
* IMF SAYS ACCESS UNDER 6-MONTH LIQUIDITY LINE COULD BE UP TO 500% OF MEMBERS QUOTA - Zerohedge
(Excerpt) Read more at examiner.com ...
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):
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. What was revealed in the audit
$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
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
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
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):
” The reactions to this by Congress and the public ensured that any future bailouts would have to be performed through the use of a proxy institution. “
Congress be damned - the reaction by the public should have ensured that future bailouts not ever even be proposed...
No surprise to those that were watching. They fell for it again in DC.
More of Uncle Sam’s lies from 2008 and 2009 revealed...
It is insane what happens without any votes in Congress.
The ATF to ban scrubber pads?
IMF is a suicide pact?
Sure looks like it.
Where is the impeachment resolution?
“Obama ready to help EU with debt crisis”
Published on Nov 29, 2011
“WASHINGTON (AFP) - President Barack Obama said the United States was ready to help Europe solve its fiscal problems on Monday, following a summit with European Union leaders dominated by the euro zone crisis.
‘The United States stands ready to do our part to help them resolve this issue,’ Mr Obama said after hosting EU representatives at the White House...”
Why not just stop the middle man and take our paychecks straight from the payroll office and be done with it.
We have to get the money first from China before we can bail out Europe.
That’s it. Stuff those European treasuries and keep the euro high.
Your post was the best summary I’ve seen.
I’ve forwarded it to several friends.
What the Federal Reserve did should be the top story, worldwide. Instead, our “news” media has chosen to focus on a few billion in excess profits a few giant banks made as a result of zero interest loans, if they even cover it at all.
(Since the Fed managed to block a full audit, I also have to wonder what ELSE the Fed has been up to.)
The Scribd link you posted goes to something that looks like the GAO report.
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