Hudson Jones Posted November 16, 2011 Report Posted November 16, 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." Link This news floored me. I knew there was abuse in the FR, but I didn't know it was this bad. I am curious to see how the media will handle this. If there is no big uproar about it in the media, then we should all start wearing our tinfoil hats. Quote When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always. Gandhi
GostHacked Posted November 16, 2011 Report Posted November 16, 2011 Any company that has crappy financial practices are scared of audits. The Fed is no different. Yes they need to be fully audited. Quote Google : Webster Griffin Tarpley, Gerald Celente, Max Keiser ohm on soundcloud.com
bush_cheney2004 Posted November 16, 2011 Report Posted November 16, 2011 (edited) This news floored me. I'm not sure why this came as a surprise, as it was widely reported that a majority of Fed bail-out money did go to foreign banks, including some in Canada. There is a list of the banks floating around here somewhere at MLW. The "world" financial system is not confined to banks in the United States. Edited November 16, 2011 by bush_cheney2004 Quote Economics trumps Virtue.
jacee Posted November 16, 2011 Report Posted November 16, 2011 (edited) The truthtelling continues ... Goldman Sachs is gonna go DOWN!!! Guess what the (Government Accountability Office) GAO found? Conflicts of Interest. It seems the Banksters are sitting on the Federal Reserve board supervising their own institutions. The fox is guarding the hen house in other words. One of the most damning GAO discoveries is the timeline of Goldman Sachs turning into a holding bank and a Goldman Sachs directors, Stephen Friedman, also serving as the New York Federal Reserve chair. (See article and timeline here ...) In other words, you have a NY Fed Chair, helping make sure his company, Goldman Sachs, has access to cheap money, which will guarantee a strong profit for Goldman Sachs and buying more stock in Goldman Sachs. Why this is watered down as a interest, instead of a criminal offense is beyond comprehension. And there are more. ... I'm curious about dre's take on this ... Is the "parade" beginning? Edited November 16, 2011 by jacee Quote Rapists, pedophiles, and nazis post online too.
Hudson Jones Posted November 16, 2011 Author Report Posted November 16, 2011 (edited) I'm not sure why this came as a surprise, as it was widely reported that a majority of Fed bail-out money did go to foreign banks, including some in Canada. There is a list of the banks floating around here somewhere at MLW. The "world" financial system is not confined to banks in the United States. No need to get defensive. No one said greedy bankers are confined in the United States and that Greenspan and Bernanke only have friends in the United States. This news came out in July and I'm surprised that it's not the biggest scandal in the last century. $16 trillion is above United States' GDP. this is the mother of all scandals. Edited November 16, 2011 by Hudson Jones Quote When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always. Gandhi
bush_cheney2004 Posted November 16, 2011 Report Posted November 16, 2011 No need to get defensive. No one said greedy bankers are confined in the united states and that Greenspan and Bernanke only have friends in the United States. Not defensive at all....members here discussed the scope of the Fed bail-out as reported in detail quite some time ago. That's why someone posted a list of th banks. This news came out in July and I'm surprised that it's not the biggest scandal in the last century. Right...the news was cycled back then, including the 'secrecy' of which bank got what. If you may recall, secrecy of Fed funding was part of the political struggle to do it in the first place. $16 trillion is above United States' GDP. this is the mother of all scandals. It was just money moving around to fill liquidity/credit gaps at the time. Commercial paper does it everyday on a smaller scale. The US Fed did not just give away $16 trillion. It's the central bank of the United States and it intervened on an international scale to protect global financial interests. Quote Economics trumps Virtue.
dre Posted November 16, 2011 Report Posted November 16, 2011 Theres really no other way to describe this besides garden variety theft. The central banks do this all the time, and since none of the new money they create is backed by any real value, large infusions of new money derive value by stealing from holders of existing dollars, by reducing wages, and increasing prices. "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." — Henry Ford Quote I question things because I am human. And call no one my father who's no closer than a stranger
Hudson Jones Posted November 16, 2011 Author Report Posted November 16, 2011 Not defensive at all....members here discussed the scope of the Fed bail-out as reported in detail quite some time ago. That's why someone posted a list of th banks. Right...the news was cycled back then, including the 'secrecy' of which bank got what. If you may recall, secrecy of Fed funding was part of the political struggle to do it in the first place. It was just money moving around to fill liquidity/credit gaps at the time. Commercial paper does it everyday on a smaller scale. The US Fed did not just give away $16 trillion. It's the central bank of the United States and it intervened on an international scale to protect global financial interests. I've searched but couldn't find the thread. If you remember what the title of the thread is or who posted it, I'd appreciate it. Quote When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always. Gandhi
bush_cheney2004 Posted November 16, 2011 Report Posted November 16, 2011 Theres really no other way to describe this besides garden variety theft. But perfectly legal 'theft'. And your business is dependent on the resulting capital and financial system. What you say and what you do are two different things. The central banks do this all the time, and since none of the new money they create is backed by any real value, large infusions of new money derive value by stealing from holders of existing dollars, by reducing wages, and increasing prices. Yep...works fine for me. Just came from a bank to deposit some birthday cash in me mum's account in another state....and it's not even my bank. Thank you Mr./Ms. Banker! Quote Economics trumps Virtue.
dre Posted November 16, 2011 Report Posted November 16, 2011 It was just money moving around to fill liquidity/credit gaps at the time. Commercial paper does it everyday on a smaller scale. The US Fed did not just give away $16 trillion. It's the central bank of the United States and it intervened on an international scale to protect global financial interests. The problem with that thesis (moving money around) is the it assumes the money was somewhere else, before it got "moved" to those banks. It wasnt. Quote I question things because I am human. And call no one my father who's no closer than a stranger
bush_cheney2004 Posted November 16, 2011 Report Posted November 16, 2011 The problem with that thesis (moving money around) is the it assumes the money was somewhere else, before it got "moved" to those banks. It wasnt. It didn't have to be....money is not just currency....you have difficulty with this concept. Money can move around at the click of my mouse button, even as a marker. Quote Economics trumps Virtue.
Hudson Jones Posted November 16, 2011 Author Report Posted November 16, 2011 It's astonishing watching an average citizen being okay with this. Quote When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always. Gandhi
bush_cheney2004 Posted November 16, 2011 Report Posted November 16, 2011 It's astonishing watching an average citizen being okay with this. The average citizen only considers it as an abstraction. America is on its third central/national banking system. Quote Economics trumps Virtue.
dre Posted November 17, 2011 Report Posted November 17, 2011 It's astonishing watching an average citizen being okay with this. The average person doesnt know how the system works. Thats why they dont get upset. Quote I question things because I am human. And call no one my father who's no closer than a stranger
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