US Federal Reserve Handed Out More In Bailouts ($16 TRILLION!) Than The ENTIRE OFFICIAL US DEBT

If you like socialism and you don’t like socialism for the rich, YOU ARE A STUPID SOCIALIST.

Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
Posted by AD on July 21st, 2011

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: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

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.

“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)

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): http://www.scribd.com/doc/60553686/GAO-Fed-Investigation

Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

I have to laugh at the chutzpah of openly socialist Bernie Sanders in his quote, “This is a clear case of socialism for the rich…”  I mean, I thought the guy LIKED his socialism.  The idea that only socialism for the poor is okay is as idiotic as it is false.  You can go to any socialist country at any time in history to see how false it is: Kim Jong Il of “The Peoples” Republic of North Korea made sure that he had his fill of nothing but the very finest in food and drink and blong Swedish prostitutes while the rest of his starving people were digging out their own feces to burn in order to survive the winter.

But the other little factoid being revealed here is the sheer extent of our totally-out-of-control debt.

Consider the following NPR story:

A National Debt Of $14 Trillion? Try $211 Trillion
by NPR Staff
August 6, 2011

Note that the story was written in August of 2011, you know, way, way back in history when our official debt was only $14 trillion.

Obama zoomed it to more than FIFTEEN TRILLION just three months later in November.  And now the same fool-in-chief is demanding that we hike our debt ceiling again by yet another $1.2 trillion.

While Bush was rightly criticized for exploding the national debt by $4 trillion in eight years, Barack Obama has supermassively exploded the national debt by $6 trillion in only three years.

And we’re talking about our debt being a tiny,tiny fraction of what it truly is: try more than $211 TRILLION, if we use all the debt that we’ve REALLY racked up.

We are so doomed.

Which is why the beast is coming.

Get ready to worship him and take his mark, Democrats.  Your entire lives up to this point has prepared you for that moment.

Advertisements

Tags: , , , ,

6 Responses to “US Federal Reserve Handed Out More In Bailouts ($16 TRILLION!) Than The ENTIRE OFFICIAL US DEBT”

  1. The Dauntless Conservative Says:

    MichaelE: Great post. I am not a supporter of Ron Paul, but he is right about the Federal Reserve…they have been fleecing us since 1913. I highly recommend the book; “The Creature from Jekyll Island” It is a well docomented book on the origins of the Federal Reserve. You can get it at Amazon.

    http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986212

  2. Free Market Capitalist Says:

    The nefarious Federal Reserve, since its inception, has done nothing but destroy the value of the dollar and cause massive distortions in our economy. It was the root cause of every bubble, from the nasdaq bubble of the late 90’s to the housing bubble and, ultimately, the massive bond bubble (government debt) in progress. Ironically, this diabolical institution was created with the purposes of creating stability in the markets and economy; however, it has done exactly the opposite.

    Congress has the authority to abolish the Fed. If this isn’t done, we are doomed. This keynesian experiment will end in utter disaster. Also, according to the constitution, the Fed is technically unconstitutional, as only the treasurey and it alone shall issue the currency. However, today, it seems that the constitution is treated like some soiled rag and abolishing this monster will be worse than pulling teeth, as our out-of-control government depends on it to support their spending binge. Yes, it won’t be long till the man of sin appears…..

  3. Mr.Owl Says:

    What astonishes me most is that the audit report was published in July and this is the first i’ve heard about it from anywhere. I read a lot of news and listen to talk radio shows that discuss things like this and occasionally watch Fox News and I haven’t seen even a passing mention of this from anywhere until six months after the fact.

  4. Michael Eden Says:

    Dauntless,

    I’ll have to pick up a copy. It looks like I could probably get a good deal buying used.

    I haven’t gone after Ron Paul or any other candidate running as a Republican. That doesn’t mean I’d not hate to see Ron Paul win Iowa tomorrow, mind you.

    Ron Paul IS right on quite a few issues; but he’s so incredibly wrong on the other ones that what he’s right on barely matters. Just one is enough for me: nuclear Iran.

    In a weird way, a Ron Paul presidency could be a good thing: because the man’s entire political career has been characterized by refusing to do anything whatsoever that could ever have any chance of actually being passed.

    If Ron Paul completely shut down the government as president – and the people and the businesses could trust that the status quo would endure for his entire term – we might actually get somewhere.

    And that would be good – as long as we don’t mind Iran having a nuclear bomb and shutting down the Strait of Hormuz and having $20 a gallon gas and that sort of thing…

  5. Michael Eden Says:

    Free Market Capitalist,

    It’s really kind of amazing how the Federal Reserve was created in December 1913 (during the Christmas recess so it could be imposed without dissent) on the basis that it would make another economic depression an impossibility.

    And then it created the mother of all depressions within fifteen years…

    It’s the liberal mindset exemplified: give us the power to push all the buttons and pull all the levers, and give us total power and control over your petty little lives, and we will create a perfect world for you. We promise.

  6. Michael Eden Says:

    Mr. Owl,

    I thought the same thing. I saw the date and thought, “I’m just hearing about this now?”

    What ELSE don’t I know?

    Don’t answer that…

    The beast is coming.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: