The Federal Reserve is a Private Company owned mostly by foreign interests and has no accountability to the US Congress. However, because of the outrage of the American people due to the published bailouts, Congress was able to perform a very LIMITED audit in 2011 (first time ever) where we learned that the Federal Reserve made TRILLIONS of dollars in SECRET BAILOUT LOANS to the Big Wall Street Banks during the last financial crisis.
They even secretly loaned out hundreds of billions of dollars to foreign banks.
According to the results of the limited Fed audit mentioned above, a total of $16.1 TRILLION in SECRET LOANS were made by the Federal Reserve between December 1, 2007 and July 21, 2010.
What’s worse is that these loans were at low interest and the banks turned around and used the money to buy more US securities. Effectively, the Fed gave away $16.1 Trillion of U.S. taxpayer’s hard earned income so that their “Foreign Owners” could loan it back to them at a higher interest rate.
The QE Infinity initiative is more of the same. The Fed is printing $40 billion per month and “buying” from banks below mortgage backed securities. What they would like the American people to believe is that the billions are being pumped back into the economy, ie. bolster the stock market, investments for small business, increased consumer credit, etc.
In reality, these banks are using the money to buy T-Bills from the Fed.
Basically the Fed is using this initiative in the biggest property grab in the history of the world with fiat that are worth just the paper on which they are printed.
Below is the link to the list of illegal loans from page 131 of the audit report.
Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – $175 billion
Wells Fargo – $159 billion
Dexia – $159 billion
Wachovia – $142 billion
Dresdner Bank – $135 billion
Societe Generale – $124 billion
“All Other Borrowers” – $2.639 trillion
This is a nice business model if one can get away with it. Of course, one would have been hung if they would have tried this type of corruption before 1913.
The Federal Reserve Bank is the biggest fraud ever perpetrated on Americans.
This information is not taught to those in college, unless they go to Yale of course where one can take “How to Bankrupt an Economy using your Father’s Wealth 101”.
So …where was or is the outrage? I’m not sure most Americans really care anymore!