The Federal Reserve’s 3.3 Trillion Dollar Bailout of Foreign Banks and Corporations
The Federal Reserve was forced by Congress to disclose over 21000 transactions made between December 2007 and July 2010, which were previously unknown to Congress and the public. These secret transactions resulted in over 3.3 trillion dollars being loaned at nearly zero percent interest to foreign banks, foreign corporations, and corporations within the United States. The 3.3 trillion dollar loans were not made at the behest of Congress, because any bill passed, or any legislative process at all for that matter. The United States public was not aware of the $165 billion dollars given to the United Bank of Switzerland(UBS) nor did the general public know about the $97 billion dollars doled out to the Deutsche Bank in Germany.
What is stunning is the lack of oversight of the monstrosity that the Federal Reserve has become since its inception in 1913. It is inconceivable that the central bank of the United States would lend trillions of dollars to failing foreign banks at the expense of US taxpayers. Propping up corporations and banks that would have failed otherwise while destroying the savings of Americans through inflation is theft. What benefit does the average American gain from their money being transferred to companies like Metlife, Toyota, and others? Even South Korea directly received some of the money printed by the Federal Reserve!