October 23rd, 2011

Report: GAO Investigation Bombshell: The FED Audit


Sixteen Trillion Dollar Book-Cooking Scheme by the Federal Reserve.

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Note from Elias Alias: Someone observed recently that Oath Keepers is a Conservative organization. It is not. Oath Keepers is non-partisan, in the tradition of the Military, which obeys its command regardless of whether Republican or Democrat or Independent.  Oath Keepers shuns neither the Left nor the Right, and is no more “Conservative” than it is “Liberal”. Yet there are two extremes which Oath Keepers shuns:

1) Corporate Fascism on the far Right, and

2) Cultural Marxism on the far Left.

Those two extremes are of course un-Constitutional and cannot exist legitimately in America, and so Oath Keepers does not recognize them except as anti-Constitutional philosophies seeking the approval of a brain-washed and mass-hypnotized public mind. They are, both corporate Fascism and cultural Marxism, now exposed and we can lay them to rest, thanks to James Jaeger and Matrixx Entertainment.

Yet between those two jaws of the vise which is now squeezing the American middle class from each direction, exists the entire spectrum between liberalism and conservatism – the so-called “Left” and the “Right” and also the melding point of conjunction at the center of that spectrum where Left and Right both come to the same finite point. That is where one finds the Constitution smiling benevolently  like a welcome home banner over one’s doorway to personal freedom.

One must rise above the smoke and mirrors belched forth in government proclamation, media, and the press, to see that the spectrum itself is but a philosophical illusion. The reality from which Americans are perpetually distracted is in the article below, the Government Accountability Office (GAO) Report on the Federal Reserve System, Inc.

The great crime which has been committed by the Federal Reserve is neither Left nor Right. It is an elite group of self-appointed managers who would rule America to rob America, and leave you and me holding the bag. It’s now officially on the Congressional Record.

Senator Bernie Sanders is not my favorite guy. Aside from displaying a tiger’s willingness to engage on behalf of his personal beliefs, the guy is a Left gate-keeper in my opinion. I disagree with many of his “solutions”. I’m posting this article from his website anyway. Why? Because I refuse to be seduced into a mental state of slavery to the false “left-right” paradigm. I say, to Hell with factions, with lobbies, with political parties, all of whom rely upon the public’s acceptance, which is known to be manipulable.

The truth is what counts when all one has got left is the Constitution. The truth is everywhere. Some of it is found on the Left, some of it is found on the Right, and much of it is found above those two fields of action, hovering over them both like a zenith, in wisdom.

There is a Constitutional remedy for what you are about to read. The Constitution is neither Left nor Right – it sits above those two false illusions.

Yea, the pendulum doth swing to and fro, but the hinge atop its blade rules its rhythm and its reach to either side, because both Left and Right are hinged above their platforms.

You and I are supposed to remain on  one or the other of the two platforms. You and I, what we think, see, and do, are the intended objective of the hinge on which the pendulum swings. So never mind that Bernie Sanders is a liberal with collectivist preferences at times. Just remember that this is on a U.S. Senate web page, is dealing with information from the Congressional Record, and know that it is true.

They created sixteen trillion dollars out of thin air, backed it with U.S. debt which you and I will be expected to pay, and gave the money to themselves.

And if the little people, the poor people, the disenchanted youth or the disillusioned Veterans, camp outside their door to protest, they call forth the long arm of the law, for the elite must maintain the appearance of control, must keep people down, must contain the voice of dissent.

And if the middle-class people cry out about it on the Internet, using a Tea Party coalition of un-organized resistance, the elite make use of incredible secret government agencies to monitor and manipulate that consciousness using the threat of secret government pre-crime “war-on-terror tactics”, including psy-ops paid for by tax dollars, to cause anyone to have to put at risk one’s home, career, family, and even one’s life for daring to oppose their lie with truth-telling on the Internet.

We’ve known it all along. Now the Federal government has proven it for all to see. The people who operate the Federal Reserve System, Inc.,  made the money from nothing, devaluing the Dollar in the process, backed the newly-created money with public debt, and gave it to themselves. They had to. Otherwise, if they did not do it, their House of Cards would “all fall down”, and what they’ve worked for for over three hundred years would suddenly disappear in defeat, and you and I would once again, in the American tradition of personal sovereignty, autonomy, freedom and individual responsibility, be the rulers of our lives.

Oath Keepers is not a “Conservative” camp, and Oath Keepers is not a “Liberal” camp. Like the Constitution for which we stand, we are non-partisan and we stand for all Americans. We certainly stand against the criminality of the Federal Reserve System, Inc., for the Fed is un-Constitutional. It is righteous and patriotic to support Occupy The Fed Now! and Operation Sleeping Giant.

Ron Paul, of course, was right. The Government Accountability Office has said so.

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The Fed Audit

Fed_Accountability

Fed_Accountability

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

Among the investigation’s key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. “No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” Sanders said.

The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse.  In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

For example, the CEO of JP Morgan Chase served on the New York Fed’s board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed.  Moreover, JP Morgan Chase served as one of the clearing banks for the Fed’s emergency lending programs.

In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds.  One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.

To Sanders, the conclusion is simple. “No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed’s board of directors or be employed by the Fed,” he said.

The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.

The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo.  The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.

A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. “The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”

To read the GAO report, [in pdf] click here.

<   http://sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf >




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5 Responses to “Report: GAO Investigation Bombshell: The FED Audit”

  1. 1
    Lee Says:

    Awesome article Elias!

    It is way past time for Americans to unite, and put an end to this NIGHTMARE!

  2. 2
    Lee Says:

    http://www.youtube.com/watch?v=L-JQ1q-13Ek

  3. 3
    Elias Alias Says:

    Well, Lee, if you’re going to do that, then I’ve just got to do this, lol!

    But I’ll try to stick to the article above, though you and I apparently see that much done in the name of art reflects the human conditions which have permitted the criminals on Wall Street and in WDC to wreck this great nation.

    Bob Dylan – “It’s Not Dark Yet”:

    http://www.youtube.com/watch?v=RZgBhyU4IvQ

    Salute!
    Elias

  4. 4
    PAUL LEO FASO Says:

    Thank you for placing the spotlight on the proper target. The American people are slowly coming out of a coma and are ready to finally act to get our country back.
    The first and foremost act to end this misery is to file a class action lawsuit on behalf of the American people who have been damaged by the blatant crimes of the federal Reserve Bank. For nearly 100 years the people have been financially sodomized by this private cabal, who have recklessly plundered and looted our Treasury with impunity. That day is over, and the civil and criminal charges to include the full force of the R.I.C.O. ACT will put a wooden stake into the very heart of this beast.

    GOOGLE; CLASS ACTION LAWSUIT AGAINST THE FEDERAL RESERVE BANK
    Or follow the link below for the plan;

    http://www.zerohedge.com/print/365866

  5. 5
    john Says:

    http://www.monetary.org has a plan.

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