Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide?
What is not often covered in the media are the audits of the US official gold reserves stored at the US Mint, which is the custodian for 95 % (7716 tonnes) of the stash – also referred to as deep storage, and at the Federal Reserve Bank Of New York that safeguards the remaining 5 % (418 tonnes).
The lawful owner of the US official gold reserves is the US Treasury.
Part one covered the most recent records I could find published by the US government, in this post we’ll examine more historical records and approach this matter from a more critical angle.
The most incredible thing you realize from Carmen Segarra’s account of her brief stint at the Fed, is that when push came to shove and non-compliance issues were revealed, her bosses had no backbone whatsoever and in fact scrambled to protect the banks and coverup their malfeasance.
Incredibly, this was still business as usual just a couple of years after the banks destroyed the global economy, ripped apart the rule of law, and demanded and received trillions in taxpayer backstops and bailouts.
So were Carmen’s efforts all for naught? Thanks to her secretly recording over 46 hours worth of conversations, it’s possible that her whistleblowing may ultimately bear some real fruit.
In the near-term, the most interesting angle is whether or not it will affect the fate of the “Audit the Fed” bill in the U.S. Senate.
Elizabeth Warren has called for congressional hearings into allegations that the Federal Reserve Bank of New York has been too deferential to the firms it regulates in light of the Segarra revelations.
Congressman & former Presidential Candidate Ron Paul joins the show this week, discussing:
- Putin’s response to US sanctions with economic retaliation- implications for US economy & the US Dollar- It is very significant, dumping of US dollars has begun…The dollar can’t be maintained. One reason the dollar has been sustained as well as it has been is who wants to buy yuan or euros? But ultimately they will buy the real money, and that’s gold!
- Paul on the Coming collapse of the dollar & all fiat currencies: Officials in charge of monetary policy are very aware of what’s coming– they believe as long as it is orderly they will be ok…The problem is when people lose confidence in a currency, they lose confidence completely. There’s nothing orderly about it! There’s always a panic, and that’s hard to manage. There will be a day when people will panic in the financial markets, not only in the dollar, but in the world-wide system!
- The former member of the House Financial Services Committee explains why his nemesis at the Federal Reserve works so hard to discredit gold, and what he wishes he would have asked Ben Bernanke during his grilling of the Fed Chairman at his House Hearings on the Fed’s Monetary Policy.
The MUST LISTEN SD Metals & Markets with Former Presidential Candidate, Sound Money & Freedom Champion Ron Paul is below:
In 2008, the American public was enraged as Hank Paulson shoved an $800 billion bankster handout named TARP down the throats of American taxpayers.
The recently completed GAO audit of the Federal Reserve as required under the Frank/Dodd legislation has revealed that the true number given to TBTF banks during the financial crisis was nearly 20 FOLD LARGER AT $16.115 TRILLION!!
In fact, 7 individual TBTF financial institutions each received bailouts in excess of $800 billion through various 4-letter acronym lending facilities!
The GAO report reveals that Citigroup received an astonishing $2.5 TRILLION, Morgan Stanley (who again may be on the verge of collapse) was bailed out to the tune of $2.04 TRILLION, and Goldman Sachs & JP Morgan received over $1.1 TRILLION combined!