However, MSM has minimized the image to barely a footnote that at least characterizes the science/art of bait-and-switch.
Taxpayer liability from TARP is closer to $23.7 trillion, and thanks to the Fed, forever inflating.
An Odd Audit
The Fed is a private agency not subject to the Freedom of Information Act, and the Fed threw enough power at reinforcing this fact to make it shocking that Congress mustered enough votes to actually force a peek into some of the Fed's books.
Since the Fed serves the interests
of its owners, the Government Accountability Office (GAO) "limited
audit" gave MSM plenty to suppress.
Between December 1, 2007 and July 21, 2010, the Fed gave $16.1 trillion to banks and corporations around the world--loans virtually free, backstopped by the American public.
Recipients listed on page 131 of the "audit report":
Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Barclays PLC - $868 billion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
Royal Bank of Scotland - $541 billion
JP Morgan Chase - $391 billion
Deutsche Bank - $354 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Bank of Scotland - $181 billion
BNP Paribas - $175 billion
Wells Fargo - $159 billion
Dexia - $159 billion
Wachovia - $142 billion
Dresdner Bank - $135 billion
Societe Generale - $124 billion
"All Other Borrowers" - $2.639 trillion
"Quantitative Easing"
In the middle of December, 2012, the Fed announced another Quantitative Easing (QE-4). In addition to QE-3 creating new money to transform $40 billion of toxic waste on bank balance sheets into taxpayer liabilities, QE-4 bumps the monthly taxpayer tab up to $85 billion.
A quip amid Weimar Germany hyperinflation went something like this: "If a wheelbarrow full of money were left on the street, thieves would dump the money, and steal the wheelbarrow."
How much more Quantitative Easing will it take to deliver America's Weimar Moment?
Since the Federal Reserve Act in 1913, the dollar has lost 95% of its purchasing power.
In the four years since QE-1 (middle of the last "financial crisis"), the dollar's value in gold has fallen more than 50%.
Early in 2012, the Federal Reserve Open Market Committee announced the Fed's goal of devaluing the dollar 33% over the next twenty years.
With dollar creation running wide open, and QE-3/QE-4 pouring $85 billion each month to scrub toxic waste from banks' balance sheets, America's Weimar Moment approaches the horizon.
Taxpayer liability from TARP is closer to $23.7 trillion, and thanks to the Fed, forever inflating.
An Odd Audit
The Fed is a private agency not subject to the Freedom of Information Act, and the Fed threw enough power at reinforcing this fact to make it shocking that Congress mustered enough votes to actually force a peek into some of the Fed's books.
Between December 1, 2007 and July 21, 2010, the Fed gave $16.1 trillion to banks and corporations around the world--loans virtually free, backstopped by the American public.
Recipients listed on page 131 of the "audit report":
Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Barclays PLC - $868 billion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
Royal Bank of Scotland - $541 billion
JP Morgan Chase - $391 billion
Deutsche Bank - $354 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Bank of Scotland - $181 billion
BNP Paribas - $175 billion
Wells Fargo - $159 billion
Dexia - $159 billion
Wachovia - $142 billion
Dresdner Bank - $135 billion
Societe Generale - $124 billion
"All Other Borrowers" - $2.639 trillion
"Quantitative Easing"
In the middle of December, 2012, the Fed announced another Quantitative Easing (QE-4). In addition to QE-3 creating new money to transform $40 billion of toxic waste on bank balance sheets into taxpayer liabilities, QE-4 bumps the monthly taxpayer tab up to $85 billion.
A quip amid Weimar Germany hyperinflation went something like this: "If a wheelbarrow full of money were left on the street, thieves would dump the money, and steal the wheelbarrow."
How much more Quantitative Easing will it take to deliver America's Weimar Moment?
Since the Federal Reserve Act in 1913, the dollar has lost 95% of its purchasing power.
In the four years since QE-1 (middle of the last "financial crisis"), the dollar's value in gold has fallen more than 50%.
Early in 2012, the Federal Reserve Open Market Committee announced the Fed's goal of devaluing the dollar 33% over the next twenty years.
With dollar creation running wide open, and QE-3/QE-4 pouring $85 billion each month to scrub toxic waste from banks' balance sheets, America's Weimar Moment approaches the horizon.
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