$4,102,138,000,000 - Bernanke Leaves Fed with Record $4.1 Trillion Balance Sheet
Jerry Robinson / FTM Daily
Assets up 391% under Bernanke…
Today, the transfer of power from one “dear leader” to the next is official: Bernanke is out, and the new Yellen era at the Fed begins today. As Bernanke hands the reins over to Yellen, he also leaves her with one of the most precarious financial situations in history. According to the latest figures, the Fed is now saddled under an unprecedented $4.1 trillion in total assets on its balance sheet, up 391 percent from $834.6 billion when Bernanke took over as chairman in February 2006.
This huge spike in asset purchases came in the wake of America’s 2008 economic crisis, in which the Fed began aggressively purchasing U.S. Treasury securities and mortgage-backed securities in an effort to stimulate the economy.
According to CNSNews:
“As of Feb. 1, 2006, when Bernanke took over as chairman, the Fed’s balance sheet indicated it owned $748,840,000,000 in U.S. Treasury securities. At that time, the balance sheet listed no mortgage-backed securities. As of Jan. 29, 2013, the balance sheet indicated the Fed owned $2,243,176,000,000 in U.S. Treasury securities and $1,532,224,000,000 in mortgage-backed securities.”
Under the current stimulus program, the Fed’s balance sheet is growing by an additional $65 billion each month through a combination of Treasury bonds and mortgage-backed securities. In recent weeks, however, the Fed has sought to slow the growth of these asset purchases through “tapering.”
Despite Bernanke’s exit and Yellen’s entrance, our position on the Federal Reserve and its reckless monetary policies have never been more clear: The Federal Reserve is a fraud. It not “federal” and it has no “reserves.” It is an appalling collusion of global banking interests with the tax-payer funded government.
The Fed is a leach upon the American economic system. It is an extraneous middle man. The Constitution originally delegated currency production to the Congress itself. No outside private banks were to be given this job. As it reads in Article I, Section VIII of the U.S. Constitution:
“The Congress shall have Power… To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;”
Since its inception 100 years ago, the Fed has systematically attacked the U.S. Dollar, destroying its value by over 90%.
Never again should our nation be held hostage by globalist banksters to whom interest must be paid on our own currency.
It’s time to end the Fed.
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