As the Super Committee failed to agree on a measly $1 trillion in budget cuts, Bloomberg recently reported yet another secret bank bailout totaling $7.7 trillion courtesy of the private Federal Reserve bank. This disclosure is in addition to the first-ever Congressional audit of the Fed that revealed a startling $16 trillion in secret bailouts.
This brings the grand total of previously unknown theft to $23.7 trillion which, interestingly enough, is the exact figure Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program, estimated in July 2009.
As Americans are being told that they need to tighten their belts and that Congress must do the same or the country will fall into economic ruin, these private bank bailouts, nearly double the size of the national debt, are handed out without any benefit to the public.
Indeed, it is of great detriment to the public who bear the brunt of the inflationary and tax burdens, as well as reduced public benefits forced by the failed Super Committee. Furthermore, it has been recently disclosed that the people’s FDIC will now backstop some $75 trillion in derivatives at Bank of America alone. And just today, they threw in a fresh new bailout of Europe that is just another temporary fix. When will the people tire of bailing out a clearly broken monetary system?
Delivered by The Daily Sheeple
We encourage you to share and republish our reports, analyses, breaking news and videos (Click for details).
Contributed by Eric Blair of Activist Post.