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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."

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."

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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Category: News Commentary

Dr. Stephen Jones

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