Federal Reserve finally audited. Findings are not good...

[M. Sage]

First Audit Results In The Federal Reserve's Nearly 100 Year History Were Posted Today, They Are Startling! | Economy

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.

Apparently, whenever you want $16 trillion, you can just make it up out of thin air, because that's where these loans/bailouts came from.

 

[RstyShcklfrd]

Holy hell.

 

[Pilgrim]

Holy crap! Way to go Ron Paul! Wow, REAL change is starting to happen (not the Obama version). The question is where does it go from here?

 

[Wolfwood]

funny, it seems like the guys who talked about this 5 years ago and more were "conspiracy theorists" to be discounted as cooks and laughed at in public.

weird.

 

[Pilgrim]

What's weird is that I clicked the link to Senator Sanders' page and the article was dated July 21, 2011. Am I missing something here?

 

[M. Sage]

What's weird is that I clicked the link to Senator Sanders' page and the article was dated July 21, 2011. Am I missing something here?

Don't know. Was this really out there this long without us noticing? The GAO report has the same date.

 

[Wolfwood]

Don't know. Was this really out there this long without us noticing? The GAO report has the same date.

yep - and people have been talking about it rather loudly. the problem is the right people haven't been hearing it. the average news company isn't going to touch this. and the average news consumer is going to skip to the sport's page. The average liberal says "obama knows best" the average conservative says "there goes those goofy RP supporters / 9-11 truthers / birthers / tin foil hat wearin' idjits again"....

 

[BigBoss0311]

Yes, this has been out for a year now. And that was only a partial audit of the bailouts, not the full audit. The full audit has not yet made it through the senate. The full audit will go through all files. Also, don't forget this is 16 trillion ON TOP OF the 10 TRILLION already given. The actual total is closer to 29 trillion.

 

[BigBoss0311]

Here you go:

Alan Grayson: The Fed Bailouts: Money for Nothing

 

[RetArmySgt]

Did yall see the sheeple in the comment section calling it a bunch of lies and right wing propaganda?

 

[Mexican_Hippie]

I love how a few people in DC like Ron Paul work to get us this transparency, but even TGT'ers in a recent thread call him crazy, nutbag, etc.

The problem is the ignorance on both sides. Republicans with their heads in the sand are no more helpful with Democrats who refuse to accept reality.

We are not about to financially collapse. We are already in the initial stages of one - at least a partial one that will require currency revaluation. There's a number of methods to do it, but make no mistake, revaluation is a foregone conclusion at this point.

Even if Ron Paul were elected he couldn't prevent it, only soften the effects. When election time comes around I'd ask myself two questions:

1) Who is competent enough to help rebuild the monetary system?
2) Who will retain our liberties even during turbulent times?

Obama: (1) FAIL (2) FAIL
Romney: (1) PASS (2) ???
Gary Johnson: (1) ??? (2) PASS

-----AND FOR FUN----------------
Paul Ryan: (1) PASS (2) PASS
Ron Paul: (1) PASS (2) PASS


I was considering Gary Johnson until Romney picked Paul Ryan. I'm hoping he has a large influence.

 

[ROGER4314]

Power corrupts
Absolute power corrupts absolutely.

The fact that our finances could be raped like this is a an indicator of how far our government has gone off track. We can't fix the government in November but it's a start. We need to get ALL of the thieves, scoundrels and pickpockets out of Congress and a new occupant of the Oval Office. That's how this nation was born. The King kept screwing us and the people said "That's enough!" Once again, it's time for action.

Remember November!

Flash

 

[Pilgrim]

I love how a few people in DC like Ron Paul work to get us this transparency, but even TGT'ers in a recent thread call him crazy, nutbag, etc.

The problem is the ignorance on both sides. Republicans with their heads in the sand are no more helpful with Democrats who refuse to accept reality.

We are not about to financially collapse. We are already in the initial stages of one - at least a partial one that will require currency revaluation. There's a number of methods to do it, but make no mistake, revaluation is a foregone conclusion at this point.

Even if Ron Paul were elected he couldn't prevent it, only soften the effects. When election time comes around I'd ask myself two questions:

1) Who is competent enough to help rebuild the monetary system?
2) Who will retain our liberties even during turbulent times?

Obama: (1) FAIL (2) FAIL
Romney: (1) PASS (2) ???
Gary Johnson: (1) ??? (2) PASS

-----AND FOR FUN----------------
Paul Ryan: (1) PASS (2) PASS
Ron Paul: (1) PASS (2) PASS


I was considering Gary Johnson until Romney picked Paul Ryan. I'm hoping he has a large influence.

I like Paul Ryan too and he's a BIG reason I feel a little easier about going with Romney. However, even Ryan's stance was only to curb ADDITIONAL increases in spending... he didn't lobby to also CURB the baseline that keeps creeping up every year. Ron Paul has been harping about that for years. He says we can't begin to recover until we stop ALL spending. He says we can't even hope to pay off the trillions and trillions we owe all we can do is liquidate the debt, take the national credit hit, soften the global economic impact of our nations's "bankruptcy" and then start the long painful process of building our economy back up to some non-fiat currency standard.

I'm sick of people calling him a crackpot simply because of his foreign policy stance. I don't 100% agree with his stance on that either but he has solid, grounded ideas in just about everything else... that's why I would vote for him.

 

[stdreb27]

I'm going to point something out, keep in mind I'm a very conservative person, and I do have some background in economics...

BUT, before you get all worked up about those 16 trillion dollars... Keep I mind that is part of the job of the federal reserve. They do 24 hour loans to financial institutions. Which is what drives the federal funds rate... So those institutions can keep their reserves within federal requirements...

SOOOOO that 16 trillion, may just be the same money turned over and paid back over and over and over....
There are hundreds of legitimate issues, out there, there is no need to make one up...

 

[TheRealT-Dawg]

From what im hearing the "full audit" is gaining great traction right now, and hopefully sooner then later we will see the results... And those blind idiots in the comment section don't realize that this is bigger than Republican vs. Democrats lol!
Sent from my Windows Phone using Board Express

 

[ROGER4314]

There are hundreds of legitimate issues, out there, there is no need to make one up...

Do you think that airplane loads of shrink wrapped bundles $100 bills are proper ways to loan or distribute funds? Our financial institutions do things that would make a drug cartel smile! They are simply out of control! A letter of credit, an open account for authorized expenses, a monitored dispersal system with appropriate records would make sense. But.....NO....... we gotta send plane loads of cash printed up to increase our deficit and to inflate our currency. If they continue with this irresponsible behavior, we'll be wiping our butts with $100 bills!

http://www.guardian.co.uk/world/2007/feb/08/usa.iraq1

Check it out for yourself. This is NOT an isolated incident!

Flash

 

[Mic]

I have zero confidence in our government. I have zero confidence in our financial longevity. This is just another piece of data that makes me completely distrust government. I REALLY need to move from knowing that I need to prep and working on it at a snails pace to going full throttle.

 

[stdreb27]

There are hundreds of legitimate issues, out there, there is no need to make one up...

Do you think that airplane loads of shrink wrapped bundles $100 bills are proper ways to loan or distribute funds? Our financial institutions do things that would make a drug cartel smile! They are simply out of control! A letter of credit, an open account for authorized expenses, a monitored dispersal system with appropriate records would make sense. But.....NO....... we gotta send plane loads of cash printed up to increase our deficit and to inflate our currency. If they continue with this irresponsible behavior, we'll be wiping our butts with $100 bills!

How the US sent $12bn in cash to Iraq. And watched it vanish | World news | The Guardian

Check it out for yourself. This is NOT an isolated incident!

Flash

OK, maybe I'll explain this a little further.

To get FDIC ensured, and open your doors as a bank, you have to go out and do a bunch of stuff, and have quite a few regulations. ONE of those regulations is to maintain a certain amount of money as something they can pay out via various means if you want to withdraw your money. (because banks take your money and loan it out for auto loans, mortgages and various other money making endeavors. (that is how you can have a free checking account) because they're using your money for other things while it sits in your bank account.

The FED requires banks to hold a percentage of your deposits. There are various mechanics to how they measure it, (I'm not going to pretend I fully understand) But if for whatever the reason they don't meet those requirements, they call up the fed. And the fed lends them the money. This is typically an overnight loan. (although they can change it as a tool to influence the money supply) And it has been as long as 30 days in recent years. They lend this at the Federal Funds Rate. It's simply a tool to ensure proper deposits for banks. Due to government regulations.

So when people run around hollering because the fed has loaned out 16 trillion or whatever it is. It really isn't the sky is falling issue the Ron Paulites claim it is. NOR is it a 16 trillion dollar increase of the money supply...

IF you want to talk about what our role should be with lending money for foreign banks, then we can talk about it. Or if you can show me a story that these guys aren't paying their loans back the next morning. Then we have a real issue. But as far as I can tell, And I've looked and looked and looked. This is in reference to federal funds rate loans, and well, we are making money doing that...

But you're talking 2 different issues, I'm referring to these claims that it is somehow a scandal that the fed lent 16 trillion in funds over a certain period of time. Not the mismanagement of funds from oil for food, or money from the UN.

 

[Mexican_Hippie]

There's nothing that requires you to accept Federal Reserve Notes (aka dollars) if you don't price your good or services in dollars and provide notice to consumers. Competing currencies are a completely legitimate alternative to dollars, even under current law (given a few stipulations).

There's a number of exchanges popping up that use alternative currencies and are gaining traction - being accepted more widely. This was pretty common for certain geographic regions during various parts of our history, including the last century.

I hope they don't try to switch to a gold standard because then they'll just price set that market and screw that up too. The real solution is for people to pay their taxes in dollars and do all other transactions in a private currency that's value is set by the market without all the centralized control.

 

[Mexican_Hippie]

OK, maybe I'll explain this a little further.

To get FDIC ensured, and open your doors as a bank, you have to go out and do a bunch of stuff, and have quite a few regulations. ONE of those regulations is to maintain a certain amount of money as something they can pay out via various means if you want to withdraw your money. (because banks take your money and loan it out for auto loans, mortgages and various other money making endeavors. (that is how you can have a free checking account) because they're using your money for other things while it sits in your bank account.

The FED requires banks to hold a percentage of your deposits. There are various mechanics to how they measure it, (I'm not going to pretend I fully understand) But if for whatever the reason they don't meet those requirements, they call up the fed. And the fed lends them the money. This is typically an overnight loan. (although they can change it as a tool to influence the money supply) And it has been as long as 30 days in recent years. They lend this at the Federal Funds Rate. It's simply a tool to ensure proper deposits for banks. Due to government regulations.

So when people run around hollering because the fed has loaned out 16 trillion or whatever it is. It really isn't the sky is falling issue the Ron Paulites claim it is. NOR is it a 16 trillion dollar increase of the money supply...

IF you want to talk about what our role should be with lending money for foreign banks, then we can talk about it. Or if you can show me a story that these guys aren't paying their loans back the next morning. Then we have a real issue. But as far as I can tell, And I've looked and looked and looked. This is in reference to federal funds rate loans, and well, we are making money doing that...

But you're talking 2 different issues, I'm referring to these claims that it is somehow a scandal that the fed lent 16 trillion in funds over a certain period of time. Not the mismanagement of funds from oil for food, or money from the UN.

The fact that the lending rates are set for the entire market by that centralized entity and that its backed by government debt is what I'm complaining about. It also encourages irresponsible behavior by banks.

The 16 trillion is shocking to me because it shows what a bad situation banks are in.