principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places." Eph.6:12.
First Real Audit Of The Federal Reserve
Audit of the Federal Reserve has revealed that the Fed has ripped us off to the tune of $16 trillion $16,000,000,000,000
The just completed audit of the Federal Reserve has revealed that the Fed has ripped us off to the tune of $16 trillion. This could to be a death blow to our economy.
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
The news below of the Fed audit comes from the website of Sen. Bernie Sanders. The above link will take you to this site where you will find a link to the the complete GAO (Government Accounting Office) Report.
(Snippet)
"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 Sanders to the Wall Street reform law passed one year ago this week 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."
Okay, folks, here’s what this means to you and me. It means that the Fed has run it’s electronic printing press and created 16 trillion dollars worth of new currency. This has the effect of diluting the value of the currency we are already holding.
They gave this money away to banks and corporations in the form of zero interest loans, taking as collateral worthless toxic assets that include bad loans and financial derivatives that have lost all or most of their value.. They did this without Congressional oversight or approval. To put this bluntly, they ripped us off. As you watch the price of food and other things go up even though your income stays the same or goes down, you are witnessing the results of this ripoff.
How badly have we been ripped off?
The magnitude of this ripoff is mind boggling! To try to get a perspective on this, consider the following:
--The federal government’s annual budget is 3 1/3 trillion dollars. Yes, this is the same annual budget that has the 1 ½ trillion deficit we are all so concerned about.
--Our annual GDP (Gross Domestic Product – the total value of all the goods and services produced in our country) is 14 trillion dollars.
--Our National Debt (the total debt accumulated by the federal government over our 200 year existence) is 14 ½ trillion dollars.
--Prior to 2008, the Fed was printing about 9 cents of every dollar spent by the federal government. This resulted in anywhere from 3 to 8 percent inflation depending on whose numbers you believe. Since 2008, the Fed has been printing 30 cents for every dollar spent by the federal government. Now, with this 16 trillion, the Fed has printed more that $7 for every dollar spend this year by the government! How much price inflation will this cause? I really don’t want to think about it. And when prices skyrocket, especially the prices of food, the result will be that most Americans will have to eliminate the purchase of almost everything else in order to put gas in their car to go to work and to put food on the table. This, my friends, is called POVERTY. And, this is the magnitude of the ripoff by the Fed.
To add insult to injury, the Fed not only ripped us off, but they gave a very large chunk of our money, that they printed, to foreign banks and corporations.
This wholesale creation of currency by the Fed is no different that any other crook using his computer to print counterfeit money. If people were allowed to do this, it would trash the value of our currency. And, this is exactly what the Fed has done. The owners of the Federal Reserve should be stripped of their assets and put in prison like any other white collar crook.
For any of you who still do not understand that the Fed is a private corporation,
owned by private individuals dedicated to their own enrichment at the expense of the American people, I have attached my essay; The Federal Reserve: How it operates and why it must be abolished. This essay will provide you with a summary. After you read it, I urge you to watch the video called The Money Masters. This video is very interesting and will give you a detailed account. Here is a link to this video;
http://www.youtube.com/watch?v=JXt1cayx0hs
Here is a partial list of institutions that received the most money from the Federal Reserve. This list can be found on page 131 of the GAO Audit.
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)
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)
From Shammrock68, Investors Village, Precious Metals Message Board
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