The results of the first audit in the Federal Reserve's nearly 100-year history were recently posted on Senator Bernie Sanders' webpage. What was revealed about the audit, by Senator Sanders, was once again startling by way of its confirmation that $16 trillion had indeed been secretly given out to US banks and corporations, and foreign banks everywhere from France to Scotland. So there is no escaping it: In the period between December 2007 and June 2010, the Federal Reserve 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. This was, therefore, a gift -- as well as a form of theft, from the American people, who will for the foreseeable future be paying interest on much of this borrowed money.
Why the Federal Reserve has never been public about this, and never 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 millions of middle-class Americans were rapidly falling into poverty or near poverty, as they struggled to find jobs that increasingly were no longer there!
So how much good could this 16 trillion dollars have done if it had been redirected into the United States economy, on behalf of the people -- rather than be used to reward the banks and financial institutions that triggered the financial and economic collapse in the first place?
Let's continue with the article from Unelected.org to reveal the following facts:
To place $16 trillion into perspective, remember that the GDP of the United States is only $14.1 trillion. Also keep in mind that t he entire national debt of the United States government, after 200+ years of spending, is "only" $14.5 trillion. Finally, remember that t he budget that is being debated so heavily in Congress and the Senate is, by comparison, "only" $3.5 trillion.
So, keeping in mind all the outrage and debate over the $1.5 trillion deficit, try to swallow this very difficult pill: There was no debate whatsoever about whether $16 trillion would be given to failing banks and failing corporations and governments around the world.
In late 2008, the TARP Bailout bill was passed -- and loans "totaling" $800 billion were reportedly given to failing banks and companies. But that was a blatant lie -- considering the fact that Goldman Sachs alone received $814 billion.
As it turns out, the Federal Reserve also 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. So why did our government lie to us about this?!
Why? Because, once again, the initial figure of 16 trillion that jumps out of the Federal Reserve audit is more money than all the goods and services produced by every single person in the United States for any given year. As pointed out earlier, it is also greater than the entire amount of debt ever racked up by the United States in its 235-year history. This needs to be kept in mind front and center, and for that reason deserves reiteration.
The 2010 Census estimated there are 114,825,428 households in the US. Sixteen trillion dollars in secret bailouts adds up to $139,342 per household.
However, the full figure of $26 trillion adds up to nearly a quarter million dollars per household -- $226,430 to be exact.
When you put it in those terms, the full weight of this gargantuan theft becomes nothing short of staggering.
Imagine that your family had a quarter million dollars saved, and then some thieves took it from you. What if the thieves then admitted what they did -- but the police and the legal system, more aligned with the thieves than with you, didn't care to help you do anything about it? Yet that's what just happened to every single family in the United States!
Every single adult in the United States who was unemployed or on public assistance could have been given a job -- so that they could lead happy, fulfilling and prosperous lives -- with plenty of money to spare. How so? A vast public works program could easily have been created to stimulate the economy. This money would then have become an investment in the country and its people, instead of a one-time gift to banks, foreign governments and big corporations.
What Jobs Could We Have Created?