Partial Audit of the Federal Reserve Bank

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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.

 July, 2011
 
 
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. Federal Reserve Bank 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 Sanders to the Wall Street reform law passed one year ago, directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
 
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

What was revealed in the audit was startling:

$16,000,000,000,000.00 (trillion) 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

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit. Click the link below.


Go to page 131 to see the different banks who received most of the $16 trillion dollars. 

 

Unelected.org is an organization of journalists, hackers, military veterans, economists, and parts of various other facets of society. We are composed of Republicans, Democrats, libertarians, socialists, and anarchists, and Constitutional conservatives, but we overlook our differences and unite under one goal: The abolishment of the Federal Reserve.

October 2011  WASHINGTON (MarketWatch) -- Responding to criticism of the Zionist Jew- owned Federal Reserve Bank, for the number of director-affiliated banks that participated in emergency lending programs during the financial crisis, the Government Accountability Office called on the central bank to take four steps: 

1. broaden their pools of potential candidates for directors, 
2. clearly document the roles of the directors, 
3. adopt a process for regional banks to grant rule waivers, 
4. and publish key governance documents online

In a letter written back to the GAO, the Federal Reserve Bankers said it will "look to" broaden the pool, "consider ways" to amend bylaws to make director roles clearer, "will consider" publishing any granted waivers and "will" post governance documents online. Sen. Bernie Sanders, the Vermont Independent who requested the report, said it shows that "the most powerful entity in the United States is riddled with conflicts of interest." 

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Please carefully read the words in quotes. Out of the 4 demands of the U.S. government, the Zionist Jew-owned Federal Reserve bankers agreed to do one thing, "post governance documents online". The Federal Reserve Bank's lack of respect for the U.S. government is due to the fact that these Zionist Jews OWN our banking system! They print our money, they determine how much money will be in the markets at any one time, they determine what our interest rates will be, and on and on. They also determine who the politicians will be in the Congress of the U.S., and who the president of the U.S. will be. 

These Zionist Jews should not have that kind of power in the U.S. government.

"Allow me to control the issue and the nation's money and I care not who makes its laws!" The above quote has long been attributed to the 18th century Jewish banker Amshell Rothschild (his blood line controls the Federal Reserve Bank). For if one unscrupulous group is allowed to print a nation's money - it can eventually use that money to gain control of the press AND the politicians - and thus gain control of making the nation's laws - and finally - control of the nation itself.

Ben Shalom Bernanke, a Jew, is an American economist, and the current Chairman of the Federal Reserve Bank, the central bank of the United States.

Per Congressman Ron Paul:
 
"Today somebody asked me, "What should I do in this country to improve our economy?" My answer was very simple: End the Federal Reserve Bank.

The Federal Reserve Bank is the culprit and I talk about about that in this book and explain why the Federal Reserve Bank not only creates our problems, they perpetuate the problems and the sooner we come around to understanding that, and first of course get the audit of the Fed, but eventually we have to end the Fed if we care about sound money, personal liberties, limited government."

This is the book that you have to read.