This isn't complicated. This is a simple question to the head of the Federal Reserve, Ben Bernanke: What happened to $500 Billion dollars and where and to whom did it go to? This is in fact, Bernanke's job. To keep track of the endless trillions of dollars that are flying out the windows the Federal Reserve on the behalf of the American People.
When Democrat Congressman Alan Grayson (Fla.) asked him the question about the money, Ben Bernanke said these words:
I don't know. Wow, well if you don't know Ben, who the fuck does? I believe that what is witnessed in the below video is nothing less than perjury. It is ludicrous to believe otherwise, due to the fact that Ben and Tim (Geithner) and their excellent adventures of 'hiding the facts - or simply refusing to answer questions from Congress has become standard operating practice for our government at large. I think of this as a large harry 'middle' finger in our faces, with copious amounts of arrogance on the side. A kind of 'Screw You, We Aren't Telling..." metaphor.
In response to the global economic crisis, the Fed has injected hundreds of millions of U.S. dollars into foreign central banks in exchange for foreign currency. The swaps represent a radical intervention by the Fed in the global money supply but have barely been covered by the media. They are done without approval from or oversight by the Congress or the White House.
Grayson, in an interview with the Huffington Post, said that the lending program represents a startling amount of decision-making authority vested with one man.
He put the $500 billion-plus lending program in perspective. "I see all the time, still to date, actual recorded votes on $100,000-dollar elements on these actual appropriations bills. Now compare that to the fact that the Federal Reserve handed out $500 billion dollars, which is literally five million times as much...and they don't even know who ended up with the money," he said. "Was the money used to buy U.S. treasuries and prop up the dollar? They don't know. Was the money used to bail out European automakers? They don't know. He literally doesn't know what happened to $500 billion dollars," he said. "I find that extremely disturbing."
My take on this is that if Ben Bernanke doesn't know, they he is not doing his job and should be fired or at the least investigated. If he is doing his job, and does know where the money is (and that is more than like the truth) then he is simply lying.
Bernanke told Grayson that the U.S. has so far profited from the exchanges because the foreign banks paid interest. But Grayson calls that claim "misleading" because the U.S. likely paid interest -- probably higher interest -- on its half of the deal and also lost as the currency fluctuated.
"This is the sort of thing that happens when he's not subject to audit, he's not subject to document requests, and you only get the pieces of the story that he wants you to hear," said Grayson. The half-trillion dollar foreign lending program, said Grayson, is more reason for the House to pass Rep. Ron Paul's (R-Texas) bill that would mandate an audit of the Fed. It's currently backed by more than 270 members of Congress, a wide majority.
"The first step is to find out exactly what happened and that's something that hasn't happened yet, particularly when you get deceptive answers," said Grayson. "You have to figure out what happened and that takes an independent audit."
http://www.huffingtonpost.com/...
Well one thing we do know is that Ben Bernanke has indeed a favored list of 'clients' he has given billions to and they include Golden Sachs and JP Morgan among others. How much money is another question.
But don't ask Ben. Ben doesn't know. Yeah, right.
I don't know if you happen to have caught Eliot Spitzer and Dylan Ratigan do their little 'skit' on exactly what is really going on with the Federal Reserve but it certainly is worth watching. I cannot seem to imbed the video propery (MSNBC) video, but I will provide the link so that you can watch it. It is 'perfect' and Spitzer throws 'ice water' on what the Federal Reserve is hiding. A few quips from the 'skit'....
The skit includes a 'representation' of all the toxic dept that the Federal Reserve has taken on in the form of a black 'garbage bag'....
If it sounds a bit oblique, well, it's actually a pretty good description of the bank bailout and the Federal Reserve's much-maligned secrecy. To aid the viewer, Ratigan dons a hat that says BANK, and Toure wears a FED hat.
Where does the garbage bag come in? The mystery bag is an analogy for the trillions in bad financial assets purchased by the Fed during the bailout. Ratigan argues the Fed has fought to conceal exactly which assets it purchased from banks. The central bank has become "a Goodwill store for the banks," Ratigan says, and kept the details of the bank rescue private.
Later in the piece. Spitzer offered some pointed critique of the Fed:
"Let me tell you a dirty secret, the Fed has done a disastrous job since Paul Volcker left...They've created multiple bubbles without permitting the economy underneath it to grow." "This is a Ponzi scheme, an inside job. It is outrageous. It is time for the Congress to say 'Enough of this,'" added Spitzer.
Ratigan later added: "I feel as if the American has suffered the greatest theft and cover-up ever."
http://www.huffingtonpost.com/...
And now - so it begins a complaint to the SEC about investigating Goldman Sachs 'front running' trading.
Posted by Tyler Durden at 1:34 AM
From GATA:
United States Securities and Exchange Commission
Washington, D.C. 20549
July 20, 2009
Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541
Dear Mr. Powell:
Thank you for your letter of July 7, 2009, to Chairman Mary Schapiro of the U.S. Securities and Exchange Commission. Your letter has been referred to the SEC's Office of Investor Education and Advocacy for a response.
We are taking your complaint regarding Goldman Sachs and its proprietary software that may be used to manipulate the markets very seriously, and have referred it to the appropriate people within the SEC.
Please understand that the SEC conducts its investigations on a confidential basis and neither confirms nor denies the existence of an investigation unless we bring charges against someone involved. We do this to protect the integrity and effectiveness of our investigative process and to preserve the privacy of the individuals and entities involved. As a result, we will not be able to provide you with any future updates on the status of your complaint or of any pending SEC investigation.
I've attached a flyer that describes our policy as it will apply to your complaint. If you have any question, please contact Bonnie Dailey, an attorney on my staff, at 202-551-6364.
Sincerely,
Gloria Smith-Hill
Branch Chief
Office of Investor Education and Advocacy
http://zerohedge.blogspot.com/
It is time to keep the relentless pressure up. The media is starting to jump on the Goldman Sachs 'illegal tactics' to screw everyone in sight. Next they will be going after the Cap and Trade to rape that new vehicle. If we stop them now, and give this woman, Bonnie Daily a call at 202-551-6364, and ask her why Goldman Sachs is allowed to use a front running trading system, that is at best highly questionable and at worst, criminal, then what exactly does the SEC plan on doing about it?
Time for investigations into the Federal Reserve and their 'best pals' Goldman Sachs.
Time for the raping and pillaging to stop. If we don't do it, no one will. Don't let these bastards lie and steal and cheat any more. It's our country, it's our money, it's our government.
Support Senator Bernie Sanders S604 - The Sunshine Auditing Act or HR 1207 which is the same Auditing Bill in the House - 270 House Members have signed on thus far, and this is a completely bi-partisan bill. Many of your own representatives are on the list that have indeed had enough of the Federal Reserve and for that matter Goldman Sachs lying, cheating and stealing and getting away with it. Stop the Dictatorship, and stop the crooks and liars from having the unmitigated and illegal arrogance to believe that they are above the law.
This is a nation of laws, not men.