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Federal Reserve Took 16 Trillion From U.S. Taxpayers!

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  • Rick Stevens
    Federal Reserve Took 16 Trillion From U.S. Taxpayers! Just look at who the Federal Reserve loaned 16 Trillion dollars to at zero percent interest during 2008,
    Message 1 of 1 , Nov 30, 2011
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      Federal Reserve Took 16 Trillion From U.S. Taxpayers!

      Just look at who the Federal Reserve loaned 16 Trillion dollars to at zero percent interest during 2008, 2009 and the first half of 2010. They refused to provide more data for the amounts secretly given out over the last 17 months. Our Congress did not even have this information prior to this FIRST audit of the Federal reserve in almost 100 years. Read who received special deals as this money was being passed out. Is this how you want YOUR money given out? That was over $55,000 for each man, woman and child in the United States, given out in just two and one half years. How are we going to recover that amount of money? How many new jobs were created during that time period? You are correct if you answered ........."less than one".

      The first ever GAO 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, 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 web page.

      Copy and paste:
      What was revealed in the audit was startling: [n.b. Table 8, pg 144 of the 256 pg GAO Report of July 2011 identifies the loans discussed.]

      $16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations 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. ****

      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. 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)
      The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sa...

      "The greatness of a nation and its moral progress can be judged by the way its animals are treated." Mohandas Gandhi
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