Congress pushed for an audit of the Federal Reserve. They wanted to know what was going on behind closed doors. The Fed wasn’t crazy about that, but the lost on that one. The result? Well, how about over $16 trillion in bailouts that the American public didn’t know a damned thing about for starters?
That’s right folks, $16 trillion was “loaned” out at 0% interest to corporations and national banks throughout the world. It hasn’t been paid back. So what’s the big deal? Here’s an analysis of what we’re talking about:
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
Keep in mind that the Federal Reserve isn’t exactly a private bank. It’s a semi-private bank that’s in charge of massive amounts of the United States economy. In addition to acting as a bank, loaning money to other banks that permits them to loan it to us, it also lists the following as among it’s function.
The Federal Reserve has responsibility for supervising and regulating the following segments of the banking industry to ensure safe and sound banking practices and compliance with banking laws: