Dear Ann,
Did you know, during the financial crisis, the global banking elite ran
up a tab of
$1.2 trillion in bailouts with taxpayer money through the Federal Reserve
System?
This figure is a subset of the $16 trillion in total I've previously
written you about
that the Fed loaned out during the height of the financial crisis.
Bloomberg News reports these numbers dwarf the public money used by the
U.S. Treasury
for the bailouts everyone knew about.
Yet, because of the secretive nature of the Federal Reserve System, these
numbers
remained hidden - and would have continued to be kept from the American people
- until
after a Freedom of Information Act request, subsequent lawsuits, and your
grassroots
pressure last Congress on Audit the Fed that forced a one-time disclosure of
the Fed's
emergency lending facilities.
This wasn't just Wall Street the Federal Reserve was secretly bailing out
on our dime.
Nearly half of the Fed's top 30 borrowers were from Europe.
On Friday, Fed Chairman Bernanke will be speaking in Jackson Hole,
Wyoming.
The Fed's actions over the last couple years have trained the markets to
expect more
of our money to be handed over to them when the going gets tough.
Considering the market has been on a roller coaster the last several
weeks, many are
watching Bernanke's speech for a hint, a subliminal nod, that the Fed will lend
a "helping
hand" if financial markets continue to worsen.
While few expect an outright "QE3" announcement, it's important to
remember the
Federal Reserve is continuing to buy up to $25 billion per month in Treasuries,
even without
directly engaging in what they consider an additional round of "quantitative
easing."
QE2.5, as it's sometimes referred to, is done through the Fed buying
Treasuries with
proceeds from maturing debt it already owns.
All of this is continuing to occur - for the most part unscrutinized and
unquestioned.
This is where you and I can make a difference.
With your help, we can force a vote on Audit the Fed in the Senate.
Last week, C4L staff sorted, packaged, and delivered over 30,000
petitions to U.S.
Senators calling for a full, thorough, and regular audit of the Federal Reserve
System.
If you haven't already, I'd encourage you to sign our petition and
forward the link on
to your friends, family, and everyone in your contact list so they can sign it
as well.
The only way C4L can push a vote on Audit the Fed this session is to not
only keep the
pressure on, but to turn it up.
Together, I believe we can make it happen.
Your support has enabled us to take the fight straight to the Federal
Reserve, and I
trust you'll continue to stand with us as we work to fully audit, and then end,
the Fed.
In Liberty,
Tim Shoemaker
Director of Legislation
P.S. The Federal Reserve can literally create money out of thin air
whenever it wants.
To make sure the American people get the full story on what's happened with
their money,
it's critical C4L have your continued support.
And if you're able to at this time, please chip in $10 or $20 so we can
recruit more
Americans to this fight for our economic future.
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