'I t is the first audit of the Fed in United States history since its beginnings in 1913.The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for "financial assistance" during and after the 2008 fiscal crisis." -- Forbes, Sept. 1, 2012.
In an unusual moment of bipartisanship, the House of Representatives passed a bill by Rep. Ron Paul (R-Texas) to audit the Federal Reserve. This very first audit of the Federal Reserve revealed that $16,000,000,000,000.00 had been secretly given out to U.S. banks and corporations and foreign banks from France to Scotland. From the period between December 2007 and June 2010 (at the start of the Obama Administration), the Federal Reserve had secretly bailed out not only many of the world's banks, but corporations, and even governments as well.
The Federal Reserve refers to these secret bailouts as loans, but none of the money has been returned. While Americans have been struggling with failed mortgages, putting food on the table consistently, losing jobs and inability to find work, the Federal Reserve did not inform Congress and gave these trillions of our money to: Goldman Sachs, $813 billion; Morgan Stanley, $2.04 trillion; Royal Bank of Scotland and Deutsche Bank, $2 trillion; and other banks, the remainder of $16 trillion.
There was no debate, even though the U.S. budget that is so profoundly debated and argued about is only $3.5 trillion. With this money the Fed could have paid off every residential and commercial mortgage in the U.S., with plenty left over.
"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)
Isn't this the Ayn Randian philosophy at its very worst, at least for the rest of us, and for the earth itself?
This kind of behavior temporarily benefits the wealthy of our world while plundering the world economy. It couldn't possibly be sustainable.
"We must remake our failed economic system that impoverishes millions while destroying the ecosystem. Using a diversity of tactics that includes a Rolling Jubilee, a People's Bailout, and vigorous organizing towards a debt strike, Strike Debt seeks to abolish debt and reconstruct a just society where our debts and bonds are to one another and not the 1 percent." From "Strike Debt."