Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts

This gives a new meaning to " gov’t. corruption"!!!!

No wonder they didn't want to be Audited..

Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts - unelected.org - Click: The Silver Bear Cafe

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.

"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 super-corporations 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

Source: unelected.org  - Click: The Silver Bear Cafe

(The Motto of the Silver Bear Cafe is: "Serving up a heaping helping of the Truth, with a generous side of Common Sense")

Oppose H.R. 3996, Support H.R. 1207 – Audit the Fed

I received the following info from Campaign for Liberty. Please go to this link http://www.auditthefed.com/house-financial-services-committee-members/ find and urge your representative to support true financial reform by rejecting the further government interference contained in H.R. 3996 and instead working to pass H.R. 1207 out of committee on its own merits for a standalone, up or down vote on the House floor.

According to our sources on Capitol Hill, H.R. 3996, Barney Frank’s financial regulatory reform bill, could come up for a vote in the House Financial Services Committee tomorrow (December 2).

C4L is sending the following letter to all Financial Services Committee members telling them to reject the regulatory bill and its expansion of congressional and Federal Reserve powers.
If you live in a Committee member’s district (see link below our letter for a listing of the members), I urge you to join in our efforts to prevent further government intervention in our economy by contacting your representative and telling him to oppose H.R. 3996.

Even if you are in a district not represented on the Financial Services Committee, be sure to contact your representative and ask them to support true financial reform by working for a standalone, up or down vote on Audit the Fed on the House floor.

Dear Representative,
On behalf of Campaign for Liberty's more than 200,000 grassroots activists across the country, as well as the seventy five percent of Americans who want a full, thorough audit of the Federal Reserve System, I urge you to vote against H.R. 3996, the Financial Stability Improvement Act of 2009.

Congress and the Federal Reserve combined to create the conditions leading to the current economic crisis, yet H.R. 3996 would increase the power of the federal government to interfere in our economy through more bailouts and the ability to break up any company it deems “too big to fail.”

Before Congress considers increasing the Fed’s powers, it is critical we know what it is doing with the ones it currently has.
The Federal Reserve is one of the most powerful policy making bodies in the world, yet it operates without any real transparency or accountability to the American people.

H.R. 1207, which we like to call simply the “Audit the Fed Bill,” would require full transparency and accountability from the Federal Reserve and deliver answers to the American people about what the Fed is doing with their money.

I urge you to support true financial reform by rejecting the further government interference contained in H.R. 3996 and instead working to pass H.R. 1207 out of committee on its own merits for a standalone, up or down vote on the House floor.

In Liberty,
John Tate, President,
Campaign for Liberty

Click http://www.auditthefed.com/house-financial-services-committee-members/ for a listing of Financial Services Committee members along with their contact information. The Democrat members who have cosponsored Audit the Fed are listed in bold.

Help prevent further government intervention into the economy. Contact your representative!

HR 1207 Passed out of Committee to Audit The Fed

Now is the time to contact your Representatives to pass HR 1207

http://www.govtrack.us/congress/bill.xpd?bill=h111-1207

Excellent site to contact your Representatives!!!
http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1...

There are 313 Co-Sponsors, check the list, then contact your Representatives and Senators to get the legislation Passed!
Washington, D.C. - Congressman Ron Paul (TX-14) is pleased to announce that his and Congressman Grayson’s amendment based on HR 1207 has passed in the Financial Services Committee by a vote of 43-26 and will be included in major banking reform legislation.
http://www.house.gov/apps/list/press/tx14_paul/paulgraysonamdt.shtml

This Act will be voted on as soon as the Committee returns from its Thanksgiving break, and we will then know if it will move to the floor.

http://www.campaignforliberty.com/blog.php?view=28983
Rep. Peter DeFazio (D., Ore.) called on Mr. Geithner to resign this week, and said in an interview that Mr. Geithner is too close to Wall Street.

"Quite frankly, all the gambling on Wall Street is doing nothing to put people back to work in America and rebuild our economy," the Oregon Democrat said.

http://online.wsj.com/article/SB125864421370955721.html?mod=rss_com...

There are End the Fed Rallies Nov 22, good timing to show support to get the Bill passed.

November 22, 2009 End The Fed - H.R. 1207 + S604
http://endthefedusa.ning.com/
http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1...

The Federal Reserve

The Federal Reserve is a private corporation owned by a consortium of private banks. The owners are the infamous "international bankers" who have controlled western money for many centuries and who financed all sides of every war since the middle ages. Federal Reserve Notes are not really money, they are notes, debt instruments. The notes are loaned to the United States at full face value plus interest. The interest is paid by the personal income tax. This makes every American taxpayer a slave to private banking interests. It is time to end that economic slavery.

There are two options that Americans better understand and consider quickly: either nationalize the Federal Reserve or dismantle it completely!

1. Nationalize the Federal Reserve. Call it the United States Reserve. Issue United States Notes, debt free money created by the US government. Let banks that are now members of the Federal Reserve join the United States reserve and borrow as they do now from the Federal Government. Let the interest on that pay for the costs of government and government programs instead of it enriching the bankers, who do nothing for the money except manage the debt scam and much worse. Take it over! Nationalize the Federal Reserve

2. Who would EVER recommend that the Fed be nationalized? I'd like to see it dismantled permanently. Ron Paul explains it best :
Before the US House of Representatives, February 4, 2009, introducing the The Federal Reserve Board Abolition Act, H.R. 833.

Madame Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.

From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial "boom" followed by a recession or depression when the Fed-created bubble bursts.

With a stable currency, American exporters will no longer be held hostage to an erratic monetary policy. Stabilizing the currency will also give Americans new incentives to save as they will no longer have to fear inflation eroding their savings. Those members concerned about increasing America's exports or the low rate of savings should be enthusiastic supporters of this legislation.

Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of special interests and their own appetite for big government.

Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy.

In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.

In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans' standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.

Why Is This Idea Important?

This is important because until we end the Federal Reserve American taxpayers are enslaved to the bankers. Why should the fruits of American labor go into the pockets of the bankers instead of onto the dinner tables of the workers?

Why should these people decide which puppet will be the next American President and decide how we will live?

Thomas Jefferson said ,"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." And this is where we find ourselves… exactly in the position that Thomas Jefferson warned us about. How did we get here? The Obama Deception and Who Controls the Presidency a must see for every American!

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Stiglitz: We Should Have Nationalized Banks

The U.S. economy is suffering because the government did not fully nationalize distressed banks, says Nobel Prize-winning economist Joseph Stiglitz.

Nationalization would have give the government more control over financial institutions and basically forced them to lend and kick-start the economy quick into recovery, Stiglitz says.

“If we had done the right thing, we would be able to have more influence over the banks,” Stiglitz told Bloomberg News.

“They would be lending and the economy would be stronger.”

U.S. Treasury Secretary Timothy Geithner has said that banks, which accepted billions in bailout money, need to take on more risk and lend again, which would help fuel faster economic recovery.

“We have this very strange situation today in America where we have given banks hundreds of billions of dollars and the president has to beg the banks to lend and they refuse,” Stiglitz said.

“What we did was the wrong thing. It has weakened the economy and has increased our deficit, making it more difficult for the future.”

“Too big to fail” has become a catch phrase these days as big banks, flush with bailout money, dole out bonuses while Main Street still suffers from high unemployment.

Democrats in Congress are jumping on the political opportunity to cut off the government purse strings via limiting Federal Reserve lending to bailed out banks and giving regulators more power to break up large institutions.

“No more Fed (money) to AIG. No more Fed to Bear Stearns,” says Rep. Barney Frank, according to an Associated Press report.

By: Forrest Jones - Friday, November 6, 2009 9:37 AM

© 2009 Newsmax

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Comment by Kristin… As a Mom… Sisterhood of the Mommy Patriots:

Abraham Lincoln, I believe, was the first president to warn of world banking systems and extolled the virtues of a true money system that was backed by gold or silver, for the sole purpose of America retaining it's sovereignty over global banks.
I think it's about time we got rid of the Federal Reserve and stopped prostituting our labors and taxes to bankers from other countries while millions of Americans are going hungry, losing their homes and are desperate for a way to provide the bare minimum essentials for their families.