“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)
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 right), 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.
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. 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.
Jeff Flake is also a co-sponsor–obviously trying to gain TEA party votes after voting for homosexuals in the military. David Schweikert is also a co-sponsor.
WASHINGTON, D.C. – Congressman Paul Gosar (AZ-01) announced that he is co-sponsoring H.R. 459, the “Audit the Fed” bill primarily sponsored by Congressman Ron Paul. The bill, if enacted into law, would require a thorough audit of Federal Reserve Board operations and make public information that is currently not released.
Congressman Gosar said, “the Federal Reserve Board plays a key role in our current monetary policy. Its operations and decision making should be transparent to the American people, whose lives are impacted by the Fed. I am proud to stand by Ron Paul in his efforts to shed light on this important institution. We cannot make improvements to the system if we do not have all available information about that system.”
Congressman Ron Paul stated, “The Federal Reserve has overseen a 98% drop in the value of the dollar since its inception in 1913. The American people deserve some answers regarding their currency and the activities of the Fed. I am glad that my colleague, Congressman Gosar is standing up for transparency and accountability of the Fed and demanding a full audit.”
The Federal Reserve System was created in 1913 and operates as the central banking system of the United States. It assists with the nation’s monetary policy, supervises and regulates banking institutions, and provides financial services to depository institutions, the U.S. government, and foreign official institutions. Currently, the public does not have the right to inspect or review most Fed activities.
This should be a surprise to the people who still think that the Federal Reserve is a “government agency.” The fact is they are private bankers and rich people from around the world trying to enslave you. Of course, if YOU put money in an overseas bank, you can expect visits by Wiener’s government agencies.
Sunday 10 July 2011
by: Ellen Brown, Truthout | News Analysis
On June 30, QE2 ended with a whimper. The Fed’s second round of “quantitative easing” involved $600 billion created with a computer keystroke for the purchase of long-term government bonds. But the government never actually got the money, which went straight into the reserve accounts of banks, where it still sits today. Worse, it went into the reserve accounts of FOREIGN banks, on which the Federal Reserve is now paying 0.25 percent interest.
Before QE2 there was QE1, in which the Fed bought $1.25 trillion in mortgage-backed securities from the banks. This money, too, remains in bank reserve accounts collecting interest and dust. The Fed reports that the accumulated excess reserves of depository institutions now total nearly $1.6 trillion. Continue reading “QE2 Shocker: The Whole $600 Billion Wound Up Offshore” »
I am not among those who fear the people. They, and not the rich, are our dependence for continued freedom. And to preserve their independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts, as that we must be taxed in our meat and our drink, in our necessities and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses; and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes; have no time to think, no means of calling the mis-managers to account; but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers. Our landholders, too, like theirs, retaining indeed the title and stewardship of estates called theirs, but held really in trust for the treasury, must wander, like theirs, in foreign countries, and be contended with penury, obscurity, exile, and the glory of the nation.
“This example reads to us the salutary lesson, that private fortunes are destroyed by public as well as by private extravagance….A departure from principle in one instance becomes a precedent for a second; that second for a third; and so on, till the bulk of the society is reduced to be mere automatons of misery, and to have no sensibilities left but for sinning and suffering. Then begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.”—Thomas Jefferon
Federal Examiners Say Religious Decoration Inappropriate
PERKINS, Okla. — A small-town bank in Oklahoma said the Federal Reserve won’t let it keep religious signs and symbols on display.
Federal Reserve examiners come every four years to make sure banks are complying with a long list of regulations. The examiners came to Perkins last week. And the team from Kansas City deemed a Bible verse of the day, crosses on the teller’s counter and buttons that say “Merry Christmas, God With Us.” were inappropriate. The Bible verse of the day on the bank’s Internet site also had to be taken down.
The US Federal Reserve has named the companies that used its emergency loan facilities during the financial crisis and revealed how much they borrowed.
Details of more than 21,000 transactions aimed at stabilising financial markets have been posted on the Fed’s website.
The documents’ release was ordered by Congress, and will be picked over by critics of the Fed’s stimulus packages.
The data reveals the magnitude of support offered to banks.
Loans included $2.2trillion to Citigroup, $2.1tn to Merrill Lynch, $2tn to Morgan Stanley, and $1.1tn to Bank of America.
Most of the loans have been repaid, and none are overdue, the Fed said.
Bank of America’s aid included a pledge by the Fed for up to $118bn (£75.7bn; 90bn euros) of assets if loans and mortgage-backed securities turned sour.
But the documents show that America’s biggest bank did not, in the end, need the money.
In September 2008 alone, AIG, the insurance giant, had to draw on $62bn from a credit facility in order to pay off immediate debts.
Foreign banks including Barclays, Royal Bank of Scotland and Deutsche Bank also borrowed from the Fed to overcome their liquidity crises.
On the day the Fed announced they were spending $110 Billion per month, a $1.32 Trillion annual pace, “DJ” read my writing about sleepless nights and $4 a gallon gasoline then decided to share his story with me. This is the REAL DEAL in the economy, there are many like “DJ” out there who thought they were doing what was right in order to live the American dream, only to see their dream turn into a nightmare.
Should the “Fed” continue to pour fuel onto the fire, this nightmare is going to get worse.
As I’ve previously noted, forgery of mortgage documents is systematic and widespread. See this, this, this, this and this.
Yves Smith pointed out last month that congressional bill H.R. 3808 is an attempt to paper over rampant criminality by the big banks regarding forged mortgage documents:
We are seeing more recognition of the consequences of this [widespread problem] , which in more polite company might be called, “My dog ate your mortgage.”
Zero Hedge
Submitted by Tyler Durden
11/03/2010 20:51 -0500
In other words, the bulk of America has nothing to look forward to except encroaching poverty, and retirement fund balances substantiated by nothing than fraudulent, FASB-endorsed, stock valuations.
So much for the Fed’s two mythical mandates of promoting “maximum employment” and maintaining “price stability.” First, we had Bernanke’s predecessor Greenspan confirming in late July on Meet the Press what everyone knows: namely that the primary goal of the Fed is merely to encourage higher stock prices: “if the stock market continues higher it will do more to stimulate the economy than any other measure we have discussed here.” And now, courtesy of an Op-Ed by the current chairman, we get confirmation, again, just three months later, from the current chairman, that the Fed cares mostly about stimulating high stock prices, solely to create the completely artificial illusion of “wealth” for the few, the proud, the shareholders, and the banking oligarchy.
Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.
See, the thing is Bernanke is absolutely right… when it comes to a few hundred thousand “consumers” (out of over 330 million). One group of Americans whose wealth is tied into the equity value of any given company, typically insiders, are more than happy to take advantage of this massive surge in artificial stock valuations. This last week for example they took over 660 million advantages worth. We repeatedly demonstrate that the ratio of insider selling to buying is now beyond grotesque. In the past week alone it hit over 400 (and was over 2,300 a few weeks ago) – see chart at bottom of post. So yes, those for whom Bernanke’s “easing” is working, are taking advantage of it. As for the other group of beneficiaries, the ones who are going to receive over $100 billion in bonuses this year, well: they already literally own Bernanke, so we are not too worried about them either.
US Treasury Secretary Timothy Geithner is to visit China at a time of tension between the two countries over the value of China’s currency, the yuan.
Mr Geithner is due to discuss bilateral economic issues with the Vice Premier, Wang Qishan, in the port of Qingdao.
US officials have said China is keeping the value of the yuan artificially low to make its exports more competitive. Beijing has rejected the allegation.
On Saturday, G20 finance ministers said they would refrain from such tactics.
At a meeting in the South Korean city of Gyeongju, they also agreed to changes at the International Monetary Fund (IMF), giving major developing countries more of a say.
The problem is the Fed only directly sets short-term interest rates. And they are already about as close to zero as you can go. That’s why Ben Bernanke has been recently talking about something called “quantitative easing.” That’s when the Fed basically creates money to buy the long-term bonds that it doesn’t directly control, and drive down those interest rates as well. That should further reduce the cost of borrowing for large companies and homeowners. Some people are calling this “QE2″ because the Fed made a similar move during the height of the financial crisis when it bought mortgage bonds.
What is the most likely cause today of civil unrest? Immigration. Gay Marriage. Abortion. The Results of Election Day. The Mosque at Ground Zero. Nope.
Try the Federal Reserve. November 3rd is when the Federal Reserve’s next policy committee meeting ends, and if you thought this was just another boring money meeting you would be wrong. It could be the most important meeting in Fed history, maybe. The US central bank is expected to announce its next move to boost the faltering economic recovery. To say there has been considerable debate and anxiety among Fed watchers about what the central bank should do would be an understatement. Chairman Ben Bernanke has indicated in recent speeches that the central bank plans to try to drive down already low-interest rates by buying up long-term bonds. A number of people both inside the Fed and out believe this is the wrong move. But one website seems to believe that Ben’s plan might actually lead to armed conflict. Last week, the blog, Zerohedge wrote, paraphrasing a top economic forecaster David Rosenberg, that it believed the Fed’s plan is not only moronic, but “positions US society one step closer to civil war if not worse.”
Bearish sentiment for the dollar sends a familiar message
It is definitely NOT easy being green these days, particularly when said color pertains to the US greenback. Right now, the dollar is treading the waters of an 8-1/2 month low against a basket of the world’s leading currencies.
As far as many mainstream experts can see, continuing to hold tight to a bullish case for the dollar is akin to the captain of the Titanic going down with his sinking ship. Consequently, in the week ending October 5, 2010, speculators boosted bets against the dollar to $30 billion — yes, billion — the largest shorting of the buck since June 2008, according to the October 6 Commodity Futures Trading Commission report.
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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 right), 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.
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