“Thanks to heroic efforts of Congressman Ron Paul, former Congressman Alan Grayson and Congressman Bernie Sanders to audit the Federal Reserve we now know that the Federal Reserve secretly lent out 26 trillion dollars‘ worth of American money from 2007 to 2010 — much of it to foreign banks.”
CONGRESSMAN GRAYSON: I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number.
Page 131 – The total lending for the Fed’s “broad-based emergency programs” was $16,115,000,000,000. That’s right, more than $16 trillion. The four largest recipients, Citigroup, Morgan Stanley, Merrill Lynch and Bank of America, received more than a trillion dollars each…
Page 205 – Separate and apart from these “broad-based emergency program” loans were another $10,057,000,000,000 in “currency swaps.” In the “currency swaps,” the Fed handed dollars to foreign central banks, no strings attached, to fund bailouts in other countries….
These currency swaps and the “broad-based emergency program” loans, together, totaled more than $26 trillion. That’s almost $100,000 for every man, woman, and child in America.