Skip to comments.Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
Posted on 11/30/2011 12:53:25 PM PST by edcoil
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 Reserves nearly 100 year history were posted on Senator Sanders 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,
(Excerpt) Read more at silverbearcafe.com ...
Are we in the Quadrillion range yet?
Then add the Fed fundamentally bailing out Europe. The total tab for Euro bailout will be $4 trillion!!!!!
Central Banks “Last Tango in Paris” - “Fire up the printing presses, gang!” Or at Least Lower Swaps Rates 1/2%
...and that’s what they LET us find out...
The names and pictures of the recipient banks, their majority stockholders, officers and directors should be published. In addition, their social and business relationships to the “American’s” responsible for the fund transfers should be made public.
it’s really over.
So what does this mean exactly? They printed the money and they have the authority to print money. Do they have the authority to pass it around to their global elitist pals, too? I thought only Congress was authorized to spend or loan our country’s money?
This devalues the dollar, right? How did the Fed decide which banks and corporations to give our money to? Who takes the loss if these corporations and banks fail to pay back the Fed’s loans? Is this treason?
I’m asking these questions in the hope you or someone else will let me know what this means exactly.
US wont let the Euro fail. We will be bailing them out. The Fed has the authority to buy up foreign debt any time they want. They do not need Congressional approval.
Well, four isn't a very big number. Just put it on our tab.
paging William Jennings Bryan....
Don’t worry, it’s only $16 Billion in Europe.
Do Conservatives really want to end the welfare state? End the creeping Federal takeover of the States’ Rights and the economy? End the debasement of our currency which steals earning and savings in the form of long-term inflation, to finance Gov’t social-engineering schemes?
The only way to do it is to end the Federal Reserve. The FED is the cornerstone of Progressive Gov’t. Without it, none of the above would be possible.
Its a once fringe-idea which is steadily moving into the mainstream.
As much as I hate to admit, this makes me want to join the “Occupy Wall Street” crowd. With Obama et. al., we are all so completely screwed!
16 Trillion? Isn’t that how much the country is in debt? Well there you go.
But, can a private business get a loan these days? My experience says no. We have an ongoing manufacturing business. We have no debt, except the mortgage on the building. We also need a new roof. The business is profitable, and we are current with all of our vendors. Our customers are current with us. We are financing day to day business through cash receipts, personal loans from me and my husband, and credit cards. In addition to the building and property owned by the business, the loan is also secured by our personal residence. Our bank (Canadian) wants out of the mortgage because they can make more money financing T Bills than by financing small business. There is no alternative financing available.
The last bank offer received wanted, in addition to our personal guarantees, our sons who, are not in the business, to also guarantee the loan. They also wanted to freeze repayment of any loans made by me in the past to the company. IOW, I would not be able to take any of my money back in emergencies. My husband told them to pound salt.
This business provides a living for about 15 long term employees plus the taxes we pay, both state and federal. We'd also love to give a $150,000 job to a roofing company, too. We are tired of wearing waders around here! But, there is no financing available. We have been trying to move our financing for over a year.
If only I had thought to start a line of solar panels. Maybe Obama would provide financing out of his "stash".
Judge Rakoff said "Even a $285 million settlement is pocket change to any entity as large as Citigroup..."
Particularly if they got $2.5 trillion from the Federal Reserve as this article says.