This problem did not begin in 1911. Once you have read Financial Tyranny, you will be well aware that it goes back to at least the 1700s.
The results of the Federal Reserve were elegantly summed up by the Ron Paul site:
Ron Paul Site -- Audit the Federal Reserve
http://www.ronpaul.com/congress/legislation/audit-the-federal... The Federal Reserve is the chief culprit behind the economic crisis.
Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle
-- and causes one financial bubble after another.
Since the Fed’s creation in 1913, the dollar has lost more than 96% of its value
, and by recklessly inflating the money supply, the Fed continues to distort interest rates -- and intentionally erodes the value of the dollar.
For the past 30 years, Congressman Ron Paul
has worked tirelessly to bring much-needed transparency and accountability to the secretive bank.
And in 2009 and 2010, his unfaltering dedication showed astonishing results: HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks.
The bill passed as an amendment both in the House Financial Services Committee and in the House itself. But eventually the most significant portions of the bill were derailed. (Full story here
NOT THIS TIME
Ron Paul's original bill led to a shocking disclosure.
The Federal Reserve paid 26 trillion dollars in bailouts -- with American money it printed, without our permission -- to its own member banks surrounding the financial crash of 2008.
This has still not created anywhere near the degree of outrage that it should have. Corporate media has completely ignored it -- because to publicize it would speed their own destruction.
Here is a small part of the letter where Congressman Alan Grayson reveals how he found this number, in the newly-audited Federal Reserve balance sheets, to John Hively -- “The World’s Most Accurate Economic Forecaster Since 1989”.
http://johnhively.wordpress.com/2011/12/05/breakdown-of-the-2... CONGRESSMAN GRAYSON:
I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number.
Page 131 – The total lending for the Fed’s “broad-based emergency programs” was $16,115,000,000,000.That’s right, more than $16 trillion.
The four largest recipients, Citigroup, Morgan Stanley, Merrill Lynch and Bank of America, received more than a trillion dollars each.
The 5th largest recipient was Barclays PLC.
The 8th was the Royal Bank of Scotland Group, PLC. The 9th was Deutsche Bank AG. The 10th was UBS AG. These four institutions each got between a quarter of a trillion and a trillion dollars. None of them is an American bank.
Page 205 – Separate and apart from these “broad-based emergency program” loans were another $10,057,000,000,000 in “currency swaps.” In the “currency swaps,” the Fed handed dollars to foreign central banks, no strings attached, to fund bailouts in other countries….
These currency swaps and the “broad-based emergency program” loans, together, totaled more than $26 trillion.
That’s almost $100,000 for every man, woman, and child in America.
That’s an amount equal to more than seven years of federal spending — on the military, Social Security, Medicare, Medicaid, interest on the debt, and everything else.
And around twice America’s total GNP….
If the Fed had extended $26 trillion in credit to the American people instead of Wall Street, would there be 24 million Americans today who can’t find a full-time job?
NOW THE AUDIT HAS THE POTENTIAL TO BE COMPLETED
However, as the above quote from the Ron Paul site reveals, "the most significant portions of the bill were derailed."
That all may have just changed. The magic date should sound quite familiar by now -- June 27, 2012.
June 27: Ron Paul's Audit The Fed Bill Clears House Panel, Unopposed!
The House Oversight Committee easily cleared legislation Wednesday that would require a top-to-bottom audit of the Federal Reserve.
The bill, sponsored by Rep. Ron Paul (R-Texas), was advanced by the committee on a bipartisan voice vote with no vocal opposition.
The measure, which has garnered 257 co-sponsors from both parties, would require the Government Accountability Office (GAO) to conduct a full audit of the Fed's operations, including its monetary policy deliberations, for the first time....
Before the audit bill cleared the oversight committee on Wednesday, ranking member Elijah Cummings (D-Md.) attempted to introduce an amendment that would prevent the GAO from auditing the Fed's deliberations on monetary policy.
Cummings withdrew the amendment after Chairman Darrell Issa (R-Calif.) voiced opposition, saying it "essentially guts this bill."
Issa maintained it was ironic that Congress took an intense interest in the $2 billion and counting in losses suffered recently by JPMorgan Chase when it "pales in comparison" to the Fed's multi-trillion dollar portfolio.
"It is long past time for a real audit,"
Fed Chairman Ben Bernanke has previously opposed congressional attempts to audit the Fed's monetary policy deliberations, saying it would expose the politically independent institution to lawmaker pressure.
VERY INTERESTING THAT BOTH OF THESE THINGS HAPPENED ON THE SAME DAY
I find it very interesting that the Department of Justice blew the whistle on the LIBOR scandal on the same day
that the new Audit the Fed bill passed the House Committee.
Clearly there is a "read between the lines" message being given here -- for those who are paying attention.
The Federal Reserve IS the heart of the "cartel" of bankers that are manipulating the LIBOR rate.
It is safe to say that the Federal Reserve and its affiliates were completely caught off guard by this surprise one-two punch -- and have been scrambling to contain the damage ever since.
Though this has now become a tremendously significant issue in Great Britain, the controlled US monopoly press has essentially been plugging its ears and humming, hoping it will just go away.
Just as I was preparing to publish this, we had another tragic mass shooting in Colorado.
Once you've read Financial Tyranny, you may start to wonder if these "lone nut" assassins are really acting alone.
Stories like this can dominate the headlines for weeks -- and wash away other, embarrassing issues for the Cabal in the meantime.737 CORPORATIONS HAVE 80 PERCENT OF THE CONTROL JUNE 27: THE SCANDAL BREAKS IN THE UK TELEGRAPH June 28: Barclays LIBOR Scandal As It Happened
June 29: Britain's Top Business Lobbying Group Calls LIBOR Scandal "Deplorable"
July 1: Barclays CEO Bob Diamond Refuses to Step Down
July 2: Growing Vatican Bank Scandal Threatens Catholic Church Image
JP Morgan is the sixth most powerful corporation in the entire "super-entity" of 147 companies identified
March 19: JP Morgan Divorces the Vatican Bank
July 3: Barclays CEO Suddenly Resigns, 24 Hours After Defiant Self-Defense
July 3: LIBOR Scandal Suggests the Whole Game is Rigged
July 3: Barclays Claims Bank of England Told Them to Rig Interest Rates
July 3: Why Is Nobody Freaking Out About the LIBOR Scandal?
July 3: IRS Gets Audited -- For Allowing Billions of Dollars in Fraud
July 4: British Parliament Calls for Mass Arrests in LIBOR Scandal
To Get links to all of these stories visit this link: