Yes, you read that right. The Government Accounting Office completed an audit of the Federal Reserve Board and released a report on July 21, 2011, that revealed that the Fed has made secret loans totaling $16 trillion to banks both in the United States and around the world.
To put that in perspective, last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.
Furthermore, the biggest Fed loans were made to those institutions who were most culpable for the economic crisis of 2008.
Put aside how appalling this is. The first question that comes to my mind is WHERE ARE THE NEWS MEDIA?????
An unaccountable government entity took $16 trillion of money from the American people and secretly gave it to banks that have already proven themselves to be untrustworthy. Included in this $16 trillion was $3 trillion in interest-free “loans” to foreign financial institutions in the U.K., Germany, Switzerland, France and Belgium that have not been repaid. And the Fed took this covert action with our money at a time that Americans were losing their jobs by the millions.
Yet in the three weeks since the GAO issued its report a Google search reveals that none of the major American news media found this story to be newsworthy!
Want to know who broke this news? Bernie Sanders. Yes, that Bernie Sanders – the self-avowed socialist from Vermont.
You know America is in trouble when the nation’s only (admitted) socialist senator is more reliable in exposing government waste on a massive scale than our supposedly “mainstream” media.
You can read the GAO report for yourself here.
