(11 am. – promoted by ek hornbeck)
Just in case you missed this one-day story which Raw Story dug out of the first and only audit of the Federal Reserve…
The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank.
Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.
That’s more than $500 billion per month every month for 32 months between December 1 2007 and July 21 2010, and it’s also more than one quarter of the net wealth of the entire United States.
So how much more has the Fed loaned the banks in the year since July 21, 2010?
The same rate of $500 billion per month adds up to another $6 trillion, for a very grand total of $22 TRILLION in free money for the same “too big to fail” financial institutions which produced the Second Great Depression where almost no ordinary American citizen can get a loan for anything.
But of course it’s always possible that the Fed cut off the banks last July, and never ever loaned them another penny.
At least $16.1 TRILLION!
More than the GDP!
More than the national debt!
And all of it at less than one percent interest!