Federal Reserve Currency
Sixteen Trillion in Secret Loans by the Fed
Republican Senator Ron Paul has been crusading for an audit of the Federal Reserve for thirty years, but his bill which passed the House in 2009 met with resistance. Bernie Sanders, Independent Senator from Vermont, pushed a compromise bill through the Senate, which has resulted in the Fed being required to open the books on its activities from 2008-2010.
GAO Investigative Report Released
The Government Accounting Office (GAO) released a 266-page report on its findings on July 20, 2011. According to Sanders, the Fed “provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
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