Category Archives: Federal Reserve (This and That)

7.21.11


The Fed Audit

Taken from the website of Bernie Sander – Senator for Vermont 

July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

Among the investigation’s key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. “No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” Sanders said.

The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse.  In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

For example, the CEO of JP Morgan Chase served on the New York Fed’s board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed.  Moreover, JP Morgan Chase served as one of the clearing banks for the Fed’s emergency lending programs.

In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds.  One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.

To Sanders, the conclusion is simple. “No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed’s board of directors or be employed by the Fed,” he said.

The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.

The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo.  The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.

A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. “The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

Books on the Federal Reserve worth Reading


If you desire to understand our banking system, you need to research and read read read.  I realize there is just about everything out there that will fit your point of view but when it comes to banking, there is little info.  This is because they do not want us to know who – what and where about it.  We go to a bank, deposit our checks and get a  little cash and then go about our business thinking our money is safe.  Banking is a business run by the elite of the world.

Now as you start this journey into understanding our banking system, you will go from hatred for being DOOPED to understanding that there has to be a system.  The problem with any system religous, political or otherwise is humans.  They get corrupted with greed.  In all honesty, I do not believe the original system was meant to be the way it is now.  Non the less, here we are and we definately have a corrupted system by some of our very own leaders that represent us.

Here is a book or two to read about how it all got started.  I may down the road go back farther than the Federal Reserve as it was an idea by someone/some group/some family and the people in the books are just puppets of that.

Books……………..(I have read all of these if not multiple times)

Secrets of The Federal Reserve by Eustace Mullins

The Creature from Jekyll Island by G. Edward Griffin

The Fed by Martin Mayer

Federal Reserve Contract Ends 2012


Franks info post RV from Jacque47

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 Franks info post RV from Jacque47

Post  Toucan Today at 7:13

FROM FRANK’s SITE – EMAILED TO ME[8:52:36 PM] Janice (soccermama): Federal reserve was established in 1913 and given a 99 year contract. That contract expires in 2012. Rumors are they will not be getting another contract which is why they would be gone. When the dinar RV’s and assuming it RV’s like most are expecting and predicting, this will cause a quick boost in the economy which will cause the dollar to increase in value and cause gold and silver to drop. But this will only be a temporary boost and will be short lived. Then the dollar will crash and gold and silver will skyrocket beyond anything ever imagined, BUT! And this is a BIG BUT! Be careful about buying gold. This is only my opinion but there has been WAY to much hype about buying gold, and usually when they tell the masses to do one thing it ends up being the opposite of what you should be doing. History has a bad tendency of repeating itself and I just can’t help but feel this may very well happen again. In 1933 FDR issued an executive order confiscating all the gold from the people. The people had to turn their gold in to their local banks and it was exchanged for federal reserve notes. And IF this was to happen again another thing to know is that while the market price for gold could be in thousands per ounce, Congress has never changed that value to keep up with the markets. The value of gold set by Congress is still set at around $42 per ounce. So if they were to confiscate the gold again they could come out and say you will only get $42 per ounce for it. When they replace the currency with a new currency it will be drastically devalued. Similar to how the Iraq dinar was devalued, but I don’t think to that degree. The dollar will likely be devalued by 90% where you would have to redeem your current dollars for the new currency where a $100 in federal reserve notes will be redeemed for $10 in new currency.This leaves us with two major concerns to be watching closely. One is they may do another gold confiscation again, and the other is if you cash out your dinar and have everything deposited in banks it could be devalued by 90% when replaced with the new currency. So I would buy everything you need immediately and pay cash for everything so you have no debt owed. Then find something safe to put all your wealth into instead of having it all sitting in a bank account. And I don’t mean keep a bunch of cash on hand because the cash today will be devalued against the new currency where you will have to redeem the current currency for the new currency once it comes out. So you need to find something to invest it in that would retain its value against a currency devaluation.Whether this would affect the dinar after it RV’s or not I wouldn’t know. One would think their currency would remain the same and actually increase in value against any new currency we get, but that also depends on whether they will just come out with a new currency for the US, Mexico and Canada, or if it will be a new world currency.There is no telling exactly what they will do, but one thing is almost certain and that is the dollar is going to completely collapse. It is only a matter when and most likely in the very near future here. So I personally don’t trust leaving anything in banks, including any valuables in safety deposit boxes, and I don’t trust buying gold. Silver would be better in my opinion, but it appears the silver supply is low and takes months to get orders filled now.

Buying lots of seed would probably be good because food prices will skyrocket and seed for planting food would seem to be a safe bet. Of course if they devalue the dollar by 90% and replace it with a new currency this could cause prices to come way down. Real estate will likely crash in value and would not be a good investment right now, other than paying off your personal home or paying cash for a new home if that is part of your plan once this RV’s.

For now I plan to pay cash for new home somewhere, buy up lots of supplies, and only cash in enough dinar to pay for that and hold the rest in dinar as long as there is no time limit to cash it out. And if we have to cash out sooner then I plan to cash out the higher denoms and just buy back the new lower denoms to replace it with. Then I don’t have to worry about cashing out the higher denoms. I also plan to buy up silver if I can get it.

The only other way I see anything changing for the better is if they get rid of the private banking cartels all together and go back to a government non-interest currency and where they do a complete jubilee forgiving all debts. Without that happening the system is going to completely collapse and this is what the elite are wanting to happen so they can usher in their new world order and one world government where they enslave the entire planet. Other groups are fighting this to prevent it from happening where there will be a jubilee. So hopefully they succeed, but until then, be very careful with where you put your new wealth and pay close attention to everything happening in the world. Otherwise you could wake up one morning where a banking holiday has been announced where the banks shut down for several days, only to learn they are issuing a new currency and all your money has just been devalued to 10 cents on the dollar wiping your new found wealth out. So plan ahead and be ready to move quickly to put your wealth into things that may be safe enough to protect its value once it RV’s.

Blessings


Toucan
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