The Wall Street Pentagon Papers: Biggest Scam In World History Exposed
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The Wall Street Pentagon Papers: Biggest Scam In World History
Exposed - Are The Federal Reserve’s Crimes Too Big To Comprehend?
Posted on Monday, December 6th, 2010 at 2:16 pm,
By David DeGraw, AmpedStatus
What if the greatest scam ever perpetrated was blatantly exposed,
and the US media didn’t cover it? Does that mean the scam could keep
going? That’s what we are about to find out.
I understand
the importance of the new WikiLeaks documents. However, we must not let
them distract us from the new information the Federal Reserve was
forced to release. Even if WikiLeaks reveals documents from inside a
large American bank, as huge as that could be, it will most likely pale
in comparison to what we just found out from the one-time peek we got
into the inner-workings of the Federal Reserve. This is the Wall Street
equivalent of the Pentagon Papers.
I’ve written many reports detailing the crimes of Wall Street
during this crisis. The level of fraud, from top to bottom, has been
staggering. The lack of accountability and the complete disregard for
the rule of law have made me and many of my colleagues extremely
cynical and jaded when it comes to new evidence to pile on top of the
mountain that we have already gathered. But we must not let our
cynicism cloud our vision on the details within this new information.
Just when I thought the banksters couldn’t possibly shock me
anymore… they did.
We were finally granted the honor and privilege of finding out the
specifics, a limited one-time Federal Reserve view, of a secret
taxpayer funded “backdoor bailout” by a small group of unelected
bankers. This data release reveals “emergency lending programs” that
doled out $12.3 TRILLION in taxpayer money - $3.3 trillion in
liquidity, $9 trillion in “other financial arrangements.”
Wait, what? Did you say $12.3 TRILLION tax dollars were thrown around
in secrecy by unelected bankers… and Congress didn’t know any of the
details?
Yes. The Founding Fathers are rolling over in
their graves. The original copy of the Constitution spontaneously burst
into flames. The ghost of Tom Paine went running, stark raving mad
screaming through the halls of Congress.
The Federal
Reserve was secretly throwing around our money in unprecedented
fashion, and it wasn’t just to the usual suspects like Goldman Sachs,
JP Morgan, Citigroup, Bank of America, etc.; it was to the entire
Global Banking Cartel. To central banks throughout the world:
Australia, Denmark, Japan, Mexico, Norway, South Korea, Sweden,
Switzerland, England… To the Fed’s foreign primary dealers like Credit
Suisse (Switzerland), Deutsche Bank (Germany), Royal Bank of Scotland
(U.K.), Barclays (U.K.), BNP Paribas (France)… All their Ponzi players
were “gifted.” All the Racketeer Influenced and Corrupt Organizations
got their cut.
Talk about the ransacking and burning of Rome! Sayonara American
middle class…
If you still had any question as to whether or not the United
States is now the world’s preeminent banana republic, the final verdict
was just delivered and the decision was unanimous. The ayes have it.
Any fairytale notions that we are living in a nation
built on the rule of law and of the global economy being based on free
market principles has now been exposed as just that, a fairytale. This
moment is equivalent to everyone in Vatican City being told, by the
Pope, that God is dead.
I’ve been arguing for years that
the market is rigged and that the major Wall Street firms are elaborate
Ponzi schemes, as have many other people who built their beliefs on
rational thought, reasoned logic and evidence. We already came to this
conclusion by doing the research and connecting the dots. But now, even
our strongest skeptics and the most ardent Wall Street supporters have
it all laid out in front of them, on FEDERAL RESERVE SPREADSHEETS.
Even the Financial Times, which named Lloyd Blankfein its 2009
person of the year, reacted by reporting this: “The initial reactions
were shock at the breadth of lending, particularly to foreign firms.
But the details paint a bleaker and even more disturbing picture.”
Yes, the emperor doesn’t have any clothes. God is, indeed, dead.
But, for the moment at least, the illusion continues to hold power. How
is this possible?
To start with, as always, the US
television “news” media (propaganda) networks just glossed over the
whole thing - nothing to see here, just move along, back after a
message from our sponsors… Other than that obvious reason, I’ve come to
the realization that the Federal Reserve’s crimes are so big, so huge
in scale, it is very hard for people to even wrap their head around it
and comprehend what has happened here.
Think about it.
In just this one peek we got at its operations, we learned that the Fed
doled out $12.3 trillion in near-zero interest loans, without
Congressional input.
The audacity and absurdity of it all is mind boggling…
Based on many conversations I’ve had with people, it seems that the
average person doesn’t comprehend how much a trillion dollars is, let
alone 12.3 trillion. You might as well just say 12.3 gazillion, because
people don’t grasp a number that large, nor do they understand what
would be possible if that money was used in other ways.
Can you imagine what we could do to restructure society with
$12.3 trillion? Think about that…
People also can’t grasp the colossal crime committed because they
keep hearing the word “loans.” People think of the loans they get. You
borrow money, you pay it back with interest, no big deal.
That’s not what happened here. The Fed doled out $12.3 trillion in
near-zero interest loans, using the American people as collateral,
demanding nothing in return, other than a bunch of toxic assets in some
cases. They only gave this money to a select group of insiders, at a
time when very few had any money because all these same insiders and
speculators crashed the system.
Do you get that? The very people most responsible for crashing the
system, were then rewarded with trillions of our dollars. This gave
that select group of insiders unlimited power to seize control of
assets and have unprecedented leverage over almost everything within
their economies - crony capitalism on steroids.
This was
a hostile world takeover orchestrated through economic attacks by a
very small group of unelected global bankers. They paralyzed the
system, then were given the power to recreate it according to their own
desires. No free market, no democracy of any kind. All done in secrecy.
In the process, they gave themselves all-time record-breaking bonuses
and impoverished tens of millions of people - they have put into motion
a system that will inevitably collapse again and utterly destroy the
very existence of what is left of an economic middle class.
That is not hyperbole. That is what happened.
We are talking about trillions of dollars secretly pumped into
global banks, handpicked by a small select group of bankers themselves.
All for the benefit of those bankers, and at the expense of everyone
else. People can’t even comprehend what that means and the severe
consequences that it entails, which we have only just begun to
experience.
Let me sum it up for you: The American Dream is O-V-E-R.
Welcome to the neo-feudal-fascist state.
People throughout the world who keep using the dollar are either A)
Part of the scam; B) Oblivious to reality; C) Believe that US military
power will be able to maintain the value of an otherwise worthless
currency; D) All of the above..
No matter which way you look at it, we are all in serious trouble!
If you are an elected official, (I know at least 17 of you
subscribe to my newsletter) and you believe in the oath you took upon
taking office, you must immediately demand a full audit of the Federal
Reserve and have Ben Bernanke and the entire Federal Reserve Board
detained. If you are not going to do that, you deserve to have the
words “Irrelevant Puppet” tattooed across your forehead.
Yes, those are obviously strong words, but they are the truth.
The Global Banking Cartel has now been so blatantly exposed, you
cannot possibly get away with pretending that we live in a nation of
law based on the Constitution. The jig is up.
It’s been over two years now; does anyone still
seriously not understand why we are in this crisis? Our economy has
been looted and burnt to the ground due to the strategic, deliberate
decisions made by a small group of unelected global bankers at the
Federal Reserve. Do people really not get the connection here? I mean,
H.E.L.L.O. Our country is run by an unelected Global Banking Cartel.
I am constantly haunted by a quote from Harry Overstreet, who wrote
the following in his 1925 groundbreaking study Influencing Human
Behavior: “Giving people the facts as a strategy of influence” has been
a failure, “an enterprise fraught with a surprising amount of
disappointment.”
This crisis overwhelmingly proves Overstreet’s thesis to be true.
Nonetheless, we solider on…
Here’s a roundup of reports on this BernankeLeaks:
Prepare to enter the theater of the absurd…
I’ll start with Senator Bernie Sanders (I-Vermont). He was the
senator who Bernanke blew off when he was asked for information on this
heist during a congressional hearing. Sanders fought to get the
amendment written into the financial “reform” bill that gave us this
one-time peek into the Fed’s secret operations. (Remember, remember the
6th of May, HFT, flash crash and terrorism. “Hey, David, Homeland
Security is on the phone! They want to ask you questions about some
NYSE SLP program.”)
In an article entitled, “A Real Jaw-Dropper at the Federal
Reserve,” Senator Sanders reveals some of the details:
At a Senate Budget Committee hearing in 2009, I asked Fed
Chairman Ben Bernanke to tell the American people the names of the
financial institutions that received an unprecedented backdoor bailout
from the Federal Reserve, how much they received, and the exact terms
of this assistance. He refused. A year and a half later… we have begun
to lift the veil of secrecy at the Fed…
After years of stonewalling by the Fed, the American people are
finally learning the incredible and jaw-dropping details of the Fed’s
multi-trillion-dollar bailout of Wall Street and corporate America….
We have learned that the $700 billion Wall Street bailout… turned
out to be pocket change compared to the trillions and trillions of
dollars in near-zero interest loans and other financial arrangements
the Federal Reserve doled out to every major financial institution in
this country.…
Perhaps most surprising is the huge sum
that went to bail out foreign private banks and corporations including
two European megabanks — Deutsche Bank and Credit Suisse — which were
the largest beneficiaries of the Fed’s purchase of mortgage-backed
securities….
Has the Federal Reserve of the United States become the central
bank of the world?… [read Global Banking Cartel]
What this disclosure tells us, among many other things, is that
despite this huge taxpayer bailout, the Fed did not make the
appropriate demands on these institutions necessary to rebuild our
economy and protect the needs of ordinary Americans….
What we are seeing is the incredible power of a small number of people
who have incredible conflicts of interest getting incredible help from
the taxpayers of this country while ignoring the needs of the people.
[read more]
In an article entitled, “The Fed Lied About Wall Street,” Zach
Carter sums it up this way:
The Federal Reserve audit is full of frightening revelations
about U.S. economic policy and those who implement it… By denying the
solvency crisis, major bank executives who had run their companies into
the ground were allowed to keep their jobs, and shareholders who had
placed bad bets on their firms were allowed to collect government
largesse, as bloated bonuses began paying out soon after.
But the banks themselves still faced a capital shortage, and were
only kept above those critical capital thresholds because federal
regulators were willing to look the other way, letting banks account
for obvious losses as if they were profitable assets.
So
based on the Fed audit data, it’s hard to conclude that Fed Chairman
Ben Bernanke was telling the truth when he told Congress on March 3,
2009, that there were no zombie banks in the United States.
“I don’t think that any major U.S. bank is currently a zombie
institution,” Bernanke said.
As Bernanke spoke those words banks had been pledging junk
bonds as collateral under Fed facilities for several months…
This is the heart of today’s foreclosure fraud crisis.. Banks are
foreclosing on untold numbers of families who have never missed a
payment, because rushing to foreclosure generates lucrative fees for
the banks, whatever the costs to families and investors. This is, in
fact, far worse than what Paul Krugman predicted. Not only are zombie
banks failing to support the economy, they are actively sabotaging it
with fraud in order to make up for their capital shortages. Meanwhile,
regulators are aggressively looking the other way.
The
Fed had to fix liquidity in 2008. That was its job. But as major banks
went insolvent, the Fed and Treasury had a responsibility to fix that
solvency issue—even though that meant requiring shareholders and
executives to live up to losses. Instead, as the Fed audit tells us,
policymakers knowingly ignored the real problem, pushing losses onto
the American middle class in the process.” [read more]
Even the Financial Times is jumping ship:
Sunlight Shows Cracks in Fed’s Rescue Story
It took two years, a hard-fought lawsuit, and an act of Congress,
but finally… the Federal Reserve disclosed the details of its financial
crisis lending programs. The initial reactions were shock at the
breadth of lending, particularly to foreign firms. But the details
paint a bleaker, earlier, and even more disturbing picture…. An even
more troubling conclusion from the data is that… it is now apparent
that the Fed took on far more risk, on less favorable terms, than most
people have realized. [read more]
In true Fed
fashion, they didn’t even fully comply with Congress. In a report
entitled, “Fed Withholds Collateral Data for $885 Billion in
Financial-Crisis Loans,” Bloomberg puts some icing on the cake:
For three of the Fed’s six emergency facilities, the central bank
released information on groups of collateral it accepted by asset type
and rating, without specifying individual securities. Among them was
the Primary Dealer Credit Facility, created in March 2008 to provide
loans to brokers as Bear Stearns Cos. collapsed.
“This
is a half-step,” said former Atlanta Fed research director Robert
Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in
Sarasota, Florida. “If you were going to audit the facilities, then
would this enable you to do an audit? The answer is ‘No,’ you would
have to go in and look at the individual amounts of collateral and how
it was broken down to do that. And that is the spirit of what the
requirements were in Dodd-Frank.” [read more]
See also:
a.. Fed Data Dump Reveals More Contradictions About its $1.25
Trillion MBS Purchase Program
a.. Fed Created Conflicts in Improvising $3.3 Trillion Financial
System Rescue
a.. Meet The 35 Foreign Banks That Got Bailed Out By The Fed
a.. Ben Bernanke’s Secret Global Bank
Here’s the only person on US TV “news” who actually covers and
understands any of this, enter Dylan Ratigan, with his guest Chris
Whalen from Institutional Risk Analytics. This quote from Whalen sums
it up well: “The folks at the Fed have become so corrupt, so captured
by the banking industry… the Fed is there to support the speculators
and they let the real economy go to hell.”
The
Progressive’s Matthew Rothschild has a good quote: “The financial
bailout was a giant boondoggle, undemocratic and kleptocratic to its
core.”
Matt Stoller on NewDeal 2.0:
End This Fed
The Fed, and specifically the people who run it, are responsible
for declining wages, for de-industrialization, for bubbles, and for the
systemic corruption of American capital markets. The new financial
blogosphere destroyed the Fed’s mythic stature…. With a loss of
legitimacy comes a lack of public trust and a vulnerability to any form
of critic. The Fed is now less respected than the IRS…. Liberals should
stop their love affair with conservative technocratic myths of monetary
independence, and cease seeing this Federal Reserve as a legitimate
actor. At the very least, we need to begin noticing that these people
do in fact run the country, and should not. [read more]
In case anyone is confused into believing that this is just another
right vs. left partisan issue, enter Fox Business host Judge Andrew
Napolitano with his guest Republican Congressman Ron Paul, who is, of
course, a longtime leading Fed critic. Paul hopes to see some Wikileaks
on the Federal Reserve:
The Sunlight Foundation shines a light on Bank of America and the
Federal Reserve’s brother money manager BlackRock:
Federal Reserve Loan Program Allowed Bank of America to Benefit
Twice
Bank of America was one of several banks that was able to play
both sides of a Federal Reserve program launched during the 2008
financial crisis. While Bank of America was selling its assets to firms
obtaining loans through the Fed program, the investment firm
BlackRock—partially owned by Bank of America—was potentially turning a
profit by using those loans to buy assets similar to those sold by Bank
of America. [read more]
Gretchen Morgenson at the New York Times jumps into the act:
So That’s Where the Money Went
How the truth shines through when you shed a little light on a
subject….
All of the emergency lending data released by the Fed are highly
revealing, but why weren’t they made public much earlier? That’s a
question that Walker F. Todd, a research fellow at the American
Institute for Economic Research, is asking.
Mr. Todd,
a former assistant general counsel and research officer at the Federal
Reserve Bank of Cleveland, said details about the Fed’s vast and
various programs should have been available before the Dodd-Frank
regulatory reform law was even written.
“The Fed’s current set of powers and the shape of the Dodd-Frank
bill over all might have looked quite different if this information had
been made public during the debate on the bill,” he said. “Had these
tables been out there, I think Congress would have either said no to
emergency lending authority or if you get it, it’s going to be a much
lower number — half a trillion dollars in the aggregate.” [read more]
Welcome to the “global pawnshop:”
The Fed Operates as a “global pawnshop:” $9 trillion to 18
financial institutions
What the report shows is that the Fed operated as a global
pawnshop taking in practically anything the banks had for collateral.
What is even more disturbing is that the Federal Reserve did not enact
any punitive charges to these borrowers so you had banks like Goldman
Sachs utilizing the crisis to siphon off cheap collateral. The Fed is
quick to point out that “taxpayers were fully protected” but mention
little of the destruction they have caused to the US dollar. This is a
hidden cost to Americans and it also didn’t help that they were the
fuel that set off the biggest global housing bubble ever witnessed by
humanity. [read more]
“No strings attached.” Financial reporter Barry Grey unleashes
the truth:
Fed report lifts lid on Great Bank Heist of 2008-2009
The banks and corporations that benefited were not even obliged
to provide an account of what they did with the money. The entire
purpose of the operation was to use public funds to cover the gambling
losses of the American financial aristocracy, and create the conditions
for the financiers and speculators to make even more money.
All of the 21,000
transactions cited in the Fed documents?released under a provision
included, over the Fed’s objections, in this year’s financial
regulatory overhaul bill?were carried out in secret. The unelected
central bank operated without any congressional mandate or oversight.
The documents shed light on the greatest plundering of social
resources in history. It was carried out under both the Republican Bush
and Democratic Obama administrations. Those who organized the looting
of the public treasury were long-time Wall Street insiders: men like
Bush’s treasury secretary and former Goldman Sachs CEO Henry Paulson
and the then-president of the New York Federal Reserve, Timothy
Geithner….
The Fed documents show that the US central
bank enabled banks and corporations to offload their bad debts onto the
Fed’s balance sheet. Now, in order to prevent a collapse of the dollar
and a default by the US government, the American people are being told
they must sacrifice to reduce the national debt and budget deficit.
But as the vast sums make clear, the “sacrifice” being demanded
of working people means their impoverishment?wage-cutting, mass
unemployment, cuts in health care, Social Security, Medicare, Medicaid,
etc.
The very scale of the Fed bailout points to the
scale of the financial crash and the criminality that fostered it…. The
entire US capitalist economy rested on a huge Ponzi scheme that was
bound to collapse…
The banks were able to take the cheap
cash from the Fed and lend it back to the government at double and
quadruple the interest rates they were initially charged?pocketing many
billions in the process….
The ongoing saga of the
looting of the economy by the financial elite puts the lie to the
endless claims that “there is no money” for jobs, housing, education or
health care. The ruling class is awash in money. [read more]
Here’s an old Jim Rogers interview from two years ago when this
whole thing was originally going down:
Here are two videos that I made last year, with an assist from
Alan Grayson and Dylan Ratigan:
The Wall Street Economic Death Squad - Part I
The Greatest Theft in History - Wall Street Economic Death Squad
- Part II
And on a final note, you may as well rock out to this new song
while Rome burns…
WORLD PREMIERE ~ Ben Bernanke: Public Enemy #1 – Mr. Big Shot
(((Music Video)))
Ben Shalom Bernanke is wanted for violating the United States
Constitution, committing acts of financial terrorism and crimes against
humanity. As a leading member of the Global Banking Cartel, he is
considered a highly dangerous enemy combatant. Citizens of the United
States hereby demand that he be properly detained under the laws and
customs of war.
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Source:
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