According Daily Paul, this year's audit the fed bill passed the committee and is headed to the full House for a vote, possibly in July.
The last audit revealed that the fed created and gave over $1 Trillion to US banks, corporations, and foreign banks everywhere from France to Scotland, between December 2007 and July 2010.
- Citigroup: $58 billion
- Morgan Stanley: $45 billion
- Merrill Lynch: $19 billion
- Bank of America: $67 billion
- Barclays PLC (United Kingdom): $58 billion
- Deutsche Bank: $30 billion
- Goldman Sachs: $20 billion
- Royal Bank of Scotland (UK): $58 billion
- JP Morgan Chase: $31 billion
- Deutsche Bank (Germany): $30 billion
- UBS (Switzerland): $35 billion
- Credit Suisse (Switzerland): $21 billion
- Wells Fargo: $25 billion
- Bank of Scotland (United Kingdom): $20 billion
- BNP Paribas (France): $19 billion
- Dexia SA (Belgium): $23 billion
- Bank of Scotland (United Kingdom): $20 billion
- Societe Generale SA (France): $17 billion
- Wachovia Corporation: $16 billion
- Commerzbank AG (Germany) : $20 billion
- AIG: $15 billion
- Norinchukin Bank (Japan): $15 billion
- All Other Borrowers: $537 billion
Click here to read the GAO report and skip to page 132
A common response to "Audit the Fed" is that the federal reserve is already audited by the Government Accountability Office (GAO). Which is true, however, there are four major restrictions on the audit that have a tremendous impact on what happens to the value of the Federal Reserve Note, commonly referred to as "the dollar."
Federal Banking Agency Audit Act - Amends the Accounting and Auditing Act of 1950 to authorize the General Accounting Office (GAO) to conduct independent audits of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
Prohibits the GAO from auditing:
(1) transactions conducted on behalf of or with foreign central banks, foreign governments, and nonprivate international financing organizations
(2) deliberations, decisions, and actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations
(3) transactions made under the direction of the Federal Open Market Committee including transactions of the Federal Reserve System Open Market Account
(4) those portions of oral, written, telegraphic, or telephonic discussions and communications among or between Members of the Board of Governors, and officers and employees of the Federal Reserve System which deal with topics listed in this Act.
·Sets forth prohibitions on the public disclosure of certain information.
·Authorizes bank examiners to discuss the affairs of banks and bank holding companies with GAO audit personnel.
·Imposes a fine of up to $5,000 and/or one year imprisonment for disclosure of information from a bank examination report by a GAO auditor.
http://thomas.loc.gov/cgi-bin/bdquery/z?d095%3AHR02176%3A%40%40%40L&summ2=m&
I'd like to thank you for taking the time to read through this post and possibly sharing it. At this point in time, you now cannot unknow the fact that starting less than a year before the financial crash in 2008, the federal reserve magically found over a trillion dollars to give to major corporations and foreign banks.
We have Ron Paul's introduction of this bill and the efforts of grassroots activists to thank for this peek into the window of the house of hellborn liars who run our government, our money supply, and most major corporations. Now that you've read this, this information will stick in your head forever like a horrific case of seemingly incurable mental herpes.
So what's the solution? I don't think there is "a" solution, instead I think there are multiple solutions. One of the many solutions is to pressure local "representatives" (yes I used quotes because they don't really represent your interests) to stay focused on the federal reserve system. Here's how you can start to contact them:
So what's the solution? I don't think there is "a" solution, instead I think there are multiple solutions. One of the many solutions is to pressure local "representatives" (yes I used quotes because they don't really represent your interests) to stay focused on the federal reserve system. Here's how you can start to contact them:
- Congress: www.house.gov
- Senate: www.senate.gov/general/contact_information/senators_cfm.cfm
Sure contacting the same people who are most likely supported in some way by the federal reserve system and demanding that they bite the hand that feeds them seems like urinating in the wind, however, I'm of the opinion that every step that can be taken, should be taken.
One wave of disclosure with the first audit (which was admittedly watered down) clearly wasn't enough to hit a critical mass, however, there is a chance to hit the system with another wave, so if for nothing other than your own amusement, contact your representative (via email, the phone, and especially in person) and demand they vote to audit the federal reserve.
SAVE THE DATE:
9/22/12 - Coming to a city near you, Nationwide END THE FED rally. Click the link to RSVP on facebook, more details to come...
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p.s.
this post was recently edited due to a few details which were brought to my attention in a recent comment. i updated the post and removed the comment as it didn't make sense after the post was edited, so to the anonymous commenter, thanks for bringing that to my attention. regardless of how much was "paid back" on the books, it still doesn't negate the fact that the central bank has the ability to create and destroy money out of thin air and issue it to favored corporations and foreign banks. nor does it eliminate the inherent moral hazards, conflicts of interest, and gambling on taxpayers.
