Ben Bernanke Tries To Convince America That The Federal Reserve Is Good And The Gold Standard Is BadSubmitted by GBAmerica on Thu, 03/29/2012 - 20:41
Ben Bernanke Tries To Convince America That The Federal Reserve Is Good And The Gold Standard Is Bad
Today, the U.S. national debt is more than 5000 times larger than it was when the Federal Reserve was first created.
So I guess you could say that the results have been spectacular.
The Federal Reserve system also greatly favors the big Wall Street banks that it is designed to serve.
When those big banks get into trouble, the Federal Reserve snaps into action.
According to a limited GAO audit of Fed transactions during the last financial crisis, $16.1 trillion in secret loans were made by the Federal Reserve to the big Wall Street banks between December 1, 2007 and July 21, 2010.
The following list is taken directly from page 131 of the GAO audit report and it shows which banks received money from the Fed....
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
What about all the rest of us?