Friday, July 22, 2011

Where All The Money Went: GAO Audits The FED

Dees Illustration
The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank.
Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.
Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office's (GAO) analysis shows.

We have to give up the middle class, education, social security, medicare, a vibrant economy, the green building revolution so we can bail out banksters that gambled against us with our own money?  It would seem so.

Thom Hartmann had a great idea today.  He said since congress gives the treasury the power to coin money, the treasury should just mint 3 platinum coins worth 1 trillion dollars each.  They then deposit these 3 trillion dollar coins with the fed.  We now don't have to raise the debt ceiling.  Also we don't owe interest on the 3 trillion since we didn't borrow it from the banksters. 

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