Monday, Dec 01, 2008
The U.S. government financial bailout effort has reached a mind-blowing $8.5 trillion. But where did all this money go, exactly?
A chart at SFGate.com tracks the bailout expenditures, revealing some disturbing facts about the failure of the bailout to solve the lending liquidity problem. For example, the Federal Reserve has already created and dumped $2.1 trillion into the money supply, and it has pledged to create another $3.4 trillion.
And yet, despite these astonishing numbers, the liquidity crisis remains as bad as ever. Even worse, the very idea of rescuing bad debt by creating yet more bad debt (which is what the Fed is doing) seems outrageously stupid to begin with. The Fed is only setting us up for even greater financial problems down the road.
The SFGate.com chart has one major mistake, however: It implies the Federal Reserve is part of the U.S. government. As the better-informed readers across the internet already know, the Fed is, in fact, a private bank owned by a handful of wealthy individuals who aren’t even Americans! It is not a department of the U.S. government, nor does it answer to U.S. law. It is, in a very real sense, a money supply dictatorship that has stolen trillions of dollars worth of purchasing power from U.S. taxpayers in order to bail out the rich bankster friends of Treasury Secretary Henry Paulson.
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There is no accounting of these funds, and Congress never approved the $5.5 trillion pledged by the Fed, which ultimately comes out of the pockets of taxpayers and consumers due to the money supply inflationary effects.
That’s why there’s a growing backlash against the Federal Reserve. Websites such as www.EndTheFed.us are cropping up on the ‘net, and YouTube videos are revealing the shocking truth about the Fed: www.youtube.com/watch?v=3qsJjTaekA8
The Fed is literally destroying the U.S. money supply; destroying your savings and destroying your economic future. Stopping the Fed’s runaway creation of fiat money should be the No. 1 priority of U.S. citizens, but for reasons I’ve described elsewhere, most U.S. citizens are too brainwashed, dumbed-down and gullible to believe they’re being royally ripped off by an unprecedented fraud masterminded by a privately-owned bank called the Federal Reserve.
This article was posted: Monday, December 1, 2008 at 5:11 am