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.
Read full story here: http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts
We need more political fighters who seek to reveal the truth like Ron Paul ~ Thank you, Johannes, for this profoundly revealing and overwhelming report!! ~
From the article – “the Federal Reserve is an entity onto itself, which has no oversight and no accountability.”
“To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.”
Bless the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which made this insight into the Federal Reserve possible! ~
I am shocked that this audit did not make huge news in the US. Either citizens do not care how their money is being squandered or it was purposely downplayed in the media. These loans were funded by the money of the American people – with no interest. This money could have been used to really kickstart the US economy by investing in American enterprise, or reducing its already unfathomable debt. Next question: how much gold is in Fort Knox?
It is a great wonder, Johannes, why citizens do not seem to care more about these shocking insights to where massive amounts of their money has squandered … So the next question – How much gold is in Fort Knox?
I found the following from the Gold Market website:
“During the 1970s a wealthy businessman named Edward Durell alleged that most of the gold in Fort Knox had been secretly moved out of Fort Knox by President Johnson in the late 1960s in an attempt to keep the gold price suppressed at $35 per troy ounce (the price at which it was fixed under the gold standard). His evidence was mostly circumstantial and anecdotal, so it’s far from definite, but it goes without saying that his claims were suppressed and that reporters covering his allegations were soon out of a job.
In 1982 President Reagan set up a gold commission to investigate the possibility of returning to a gold-backed currency. His commission’s investigation concluded that the US Treasury now owns no gold, that it is now owned by the Federal Reserve – a private bank and non-government entity.
Theories similar to Durell’s have been held by many, that the Federal Reserve has leased out its physical holdings of gold to suppress the gold price and keep the US dollar high. Chris Powell, chairman of GATA, the Gold Antitrust Action Committee points out that since 1995 the US Federal Reserve has been swapping gold with other countries’ central banks to rig currency markets and keep the gold price low. The Federal Reserve is a private bank and not controlled by the US government, but as we mentioned before, the Fort Knox gold is now owned by the Federal Reserve. Perhaps this is because of the US’s massive amount of debt to the Federal Reserve.”
Great discussion, Johannes and Coralina! It is quite the topic! Most people are either now aware of it, or they don’t Understand what it really means.
Ron Paul is apparently pushing for a full audit of the Federal Reserve. I received a petition to sign calling for it a few days ago. I think there may be some conflicting information at hand, though, as it appears that there has been one other full audit on the Fed, which was done in 1953.
http://www.lewrockwell.com/orig12/mckay-m2.1.1.html
I can’t believe that no one has called for once since! The rest of the financial world usually has them annually.
Also, the gold in Ft. Knox was viewed – the one and only time it has been viewed – by the public in 1974.
http://www.numismaticnews.net/article/Gold_all_there_when_Ft_Knox_opened_doors
Evidently the Fed has several stashing places, with Ft. Knox being only one of them. Who knows if the gold is really still there or not?!? I’d also like to know why it is legal for the privately held Fed to own gold, while it is illegal for the rest of the U.S. citizens to own it!
Yes, I think the media is purposely downplaying the audit. One must remember that the government owns and/or funds some of the mainstream media, and the rest of them are clearly playing along. It seems to be a standard routine to downplay certain things that “we” really don’t want to see (or someone doesn’t want us to see!). For example – the radiation contamination from Fukushima, the coming catastrophic solar storms (as reported by NASA and NOAA), the relationship between the bin Ladens and the Bushes, the side effects of GMOs and vaccines, etc.
Are we really “America the Free”, or we “America the disillusioned”?