When the mainstream media is reporting stories like this, you know it is so serious that it cannot be ignored, even if they wanted to.
Today Bloomberg has revealed that the “Wall Street Aristocracy” received a staggering $1.2 trillion in loans. Yes, you read that right: $1.2 trillion.
The private Federal Reserve calls these hand-outs to their corporate cronies “emergency loans” but in reality they are nothing more than friends giving friends unfathomable amounts of money in order to “keep the economy from plunging into depression”.
Of course Federal Reserve Chairman Ben Bernanke and Bloomberg opt to characterize the giveaway of public funds as legitimate “unprecedented efforts” to help our withering economy, when this is far from the case as we have seen from the entire “stimulus” package that has just driven American deeper into the black hole of debt.
If Bernanke actually cared one iota about getting the American economy back on track, he would have given the money to the people of the United States.
This $1.2 trillion would be able to cover almost the entire 6.5 million delinquent and foreclosed mortgages of struggling American citizens. Instead, and not at all surprisingly, Bernanke and the Fed opted instead to give the money to their buddies.
The preponderance of the funds went to Morgan Stanley, who received $107.3 billion. Second was Citigroup, receiving $99.5 billion, and third was Bank of America who received $91.4 billion, according to information obtained via FOIA requests, months of litigation, and an act of Congress on behalf of Bloomberg.
Nearly half of the Federal Reserve’s top 30 borrowers as measured by peak balances were not American. A disturbing amount of money, which was given with American citizens as collateral, went directly to offshore European banks.
The Royal Bank of Scotland in Edinburgh received $84.5 billion, UBS AG out of Zurich got $77.2 billion, German Hypo Real Estate Holding AG received $28.7 billion. Bloomberg reports that this equals an average of $21 million for every single one of Hypo Real Estate Holding’s 1,366 employees.
Bloomberg reveals a quite disturbing reality in the following paragraph:
The $1.2 trillion peak on Dec. 5, 2008 — the combined outstanding balance under the seven programs tallied by Bloomberg — was almost three times the size of the U.S. federal budget deficit that year and more than the total earnings of all federally insured banks in the U.S. for the decade through 2010, according to data compiled by Bloomberg.
This proves beyond a shadow of a doubt that the Federal Reserve is indeed working against the American people. They are deliberately destroying the value of the dollar, giving out free money to their cronies to the detriment of the American economy, and to make matters worse, they are promising to continue these practices.
One must remember, the recent audit of the Federal Reserve turned up a mind-blowing $16 trillion in emergency loans, which banks will pay back by borrowing from the treasury, continuing the vicious cycle that has brought us to where we are today.
Furthermore, recently the former Chairman of the Federal Reserve Alan Greenspan revealed the rationale behind this type of operation by saying that we would never default since we can just print more money.
These corrupt bankers think that they can continue blowing up the bubble ad infinitum. Unfortunately, that is just not the case and eventually this enormous financial bubble will pop, completely diminishing the value of the dollar and the stability (or lack thereof) of the American economy with it.
The article published by Bloomberg is a must read. While it is long, you would be doing yourself a disservice not to check it out here.
