Self-evident Economy

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First Ever Audit of the Federal Reserve!!! Oh Wow...

IF EVER THERE WAS A REASON TO VOTE FOR RON PAUL, THIS IS IT! The article and audit is from July 21st so apparently it’s old news. I don’t understand why so few people actually care.

vogsphere:

thoseboringpolitics:

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.

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

And here we have the evil of the Fed exposed. Unelected men bailing out huge corporations to benefit them. Corporatism at its finest. Hopefully the audit (brought up by Ron Paul and Alan Grayson) will push the idea forward that the institution is doing us no good. People should inspect this more and find that both parties are looking to monetize debt by the Fed and stay in the pockets of businesses; this central bank is what is keeping our economy in ruins for consumers and booming for rich businessmen. 

Holy shit. I mean, I knew it was gonna be bad, but…this is just nuts.

(via moralanarchism)

Filed under Politics Federal Reserve Fiat Money Economics