This Fiscal Friday, we're coming at you on location in Washington DC. What better place to bring you Five Facts About the Fed than The Federal Reserve? There's a lot of confusion regarding this secret bank, so we hope to bring some of these issues to light.
Fact 1: On December 23, 1913 Congress passed the Federal Reserve Act, creating a central bank for the United States. When the American banking system couldn’t provide money, this central bank could now create it, on demand. This provided more elasticity in our economy and was intended to prevent future “money panics.”
Fact 2: The Federal Reserve describes itself as “independent within the government.” (What in the actual -?) It derives authority from Congress, but its monetary policies do not have to be approved by the President or anyone else in government. (Yeah, makes sense) Guess this explains Federal Chairwoman Janet Yellen opposes audits…
Fact 3: Speaking of… A 2011 audit, the first in its history, revealed the Federal Reserve provided over $16T in secret loans to bail out the richest institutions and corporations in the world during the ‘08 crisis. (Source: Sen. Sanders)
American groups like: Citigroup: $2.5T, Morgan Stanley: $2.04T, Merrill Lynch: $1.95T, Bank of America: $1.34T, Goldman Sachs: $814B and JP Morgan Chase: $391B. For some unknown reason, the Federal Reserve also provided bailouts to international institutions like: Barclays (UK): $868B, Deutche Bank: $354B and Bank of Scotland: $181B.
Fact 4: There are major conflicts of interest with the Fed and organizations they fund. Examples: CEO of JP Morgan Chase served on the New York Fed’s board of directiors the same time his bank received more than $390B in financial assistance from the Fed.
Fact 5: The Federal Reserve currently holds $2.46T in U.S. national debt. How? The government borrows money the Federal creates as credit. Major banks and businesses then buy this credit (AKA debt), “to stimulate the economy.” Why does it matter? U.S. taxpayers must repay money *printed* or *credited* out of thin air.
In other Fiscal Friday news, the US Government hit $18 trillion in debt last Friday. You didn’t hear about it on other networks because they had more important stories to report, like Black Friday.
Anyone else think the government planned this? How convenient.
Logging off from DC, thanks for tuning in and remember, it's your generation and you're empowered!