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Remember the poor (central banks)

Jun 28, 2012

Forbes reported last September that an audit showed that the Federal Reserve loaned out $16 trillion.

"The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy. It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis."

http://www.forbes.com/sites/traceygreenstein/2011/09/20/the-feds-16-trillion-bailouts-under-reported/

Now we are told that the assets of all the central banks world wide total only $18 trillion.

"Overall, central bank assets are at $18 trillion, about 30 percent of global gross domestic product, double the ratio a decade ago, according to the BIS."

http://www.moneynews.com/StreetTalk/BIS-centralbanks-fed-euro/2012/06/24/id/443254?s=al&promo_code=F48B-1

If my math skills (i.e., my ability to use my calculator) don't fail me, I calculate that the Fed gave away 88.888% of the total of all the assets in the world's Central Banks.

Now that is a bailout of titanic proportions. Where did it go? Probably the same place as the Titanic.

And they still think that a few more bailouts will save the system? Are the inmates running the asylum?


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Dr. Stephen Jones


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