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nene
Joined: 11 Jun 2005
Location: Samcheok, Gangwon-do
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 Posted: Mon Jun 22, 2009 11:32 pm Post subject: Total US gov't subsidization of banks - $13.6T? |
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On Monday's DemocracyNow! Nomi Prins (a former exec at Goldman) said total government outlays to the banking industry stand near $13.6 tillion. That includes TARP and "...over two-and-a-half trillion dollars� worth of guarantees and other types of subsidies from the Treasury Department; over seven-and-a-half trillion from the Federal Reserve..."
Can anyone point me to a breakdown of all that cash? I am nearly completely ignorant on economics, but I'd like to understand what the Fed does, what these guarantees are, and, well, really I'd like to understand if we really are in as bad a position as Mises et al say and what that will mean. Any suggestions for where to start??? |
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visitorq
Joined: 11 Jan 2008
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| Posted: Tue Jun 23, 2009 2:46 am Post subject: Re: Total US gov't subsidization of banks - $13.6T? |
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| nene wrote: |
On Monday's DemocracyNow! Nomi Prins (a former exec at Goldman) said total government outlays to the banking industry stand near $13.6 tillion. That includes TARP and "...over two-and-a-half trillion dollars� worth of guarantees and other types of subsidies from the Treasury Department; over seven-and-a-half trillion from the Federal Reserve..."
Can anyone point me to a breakdown of all that cash? I am nearly completely ignorant on economics, but I'd like to understand what the Fed does, what these guarantees are, and, well, really I'd like to understand if we really are in as bad a position as Mises et al say and what that will mean. Any suggestions for where to start??? |
Basically the Fed is a privately owned and operated bank with no oversight by the gov't whatsoever. It's shareholders are all private, mainly the major banks (JP Morgan-Chase, Citi, BoA etc). The Fed has never been audited. Obama (a puppet president) has placed only Wall street executives into his administration, including Tim Geithner, former NY Fed president, now our Secretary of the Treasury!
In other words, Wall street runs the government and the Fed. All the money you mentioned ($13+ trillion) has simply been stolen from the public and handed over to the banksters, simple as that. In any case, the greatest depression the world has ever seen is about to take place, and is probably less than a year away.
To understand how the Fed works with the banks to control our money supply and enslave us and the gov't with interest, look up 'central banks' and 'fractional reserve system'. Our government literally borrows US dollars from the Fed at interest, in exchange for bonds, even though the gov't could just as easily create this money itself interest-free. Last year around $450 billion tax dollars were spent servicing the interest on the debt from money 'borrowed' from the Fed. The Fed controls the money supply and literally has the power to cause depressions (including the last 'Great Depression', which it caused single-handedly, and almost certainly deliberately), which allows the banks to consolidate the economy into their hands (banks create our money out of thin air, so they can never lose).
The system is utterly corrupt and rigged, and our gov't is pack of open traitors working for the banks. I kid you not. Look any of the facts up (or see many references posted in other threads here) and you will see how screwed we are. Once you become convinced, please spread the word to as many friends/family members as you can. |
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Robot_Teacher
Joined: 18 Feb 2009
Location: Robotting Around the World
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| Posted: Tue Jun 23, 2009 5:33 am Post subject: |
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I would venture that this is all that's been propping the system up and is the only thing that kicked money into the system to support a stock market rally which is now waning into another unspoken bear. Yes, it's a rigged game. Now it's beginning to tank again since the monies have filtered out of the economy in the form of investor capital gains by day traders.
Visitorq, you're right. I'll add that most folks back home already know they're screwed and have lost hope of ever having money and long term employment in a stable economic country system. Even those still employed, money in the bank, and investments feel like they're on a Titanic. The banksters have created an unstable country system the world is losing trust in every day. They'll just take to their graves, a terrible job done while they retired fat while creating a great depression. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Tue Jun 23, 2009 6:36 am Post subject: Re: Total US gov't subsidization of banks - $13.6T? |
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| nene wrote: |
On Monday's DemocracyNow! Nomi Prins (a former exec at Goldman) said total government outlays to the banking industry stand near $13.6 tillion. That includes TARP and "...over two-and-a-half trillion dollars� worth of guarantees and other types of subsidies from the Treasury Department; over seven-and-a-half trillion from the Federal Reserve..."
Can anyone point me to a breakdown of all that cash? I am nearly completely ignorant on economics, but I'd like to understand what the Fed does, what these guarantees are, and, well, really I'd like to understand if we really are in as bad a position as Mises et al say and what that will mean. Any suggestions for where to start??? |
The logical first person to ask would be Fed Chairman Ben Bernanke. When he appeared before the House Financial Services Committee on Nov. 18th, he was asked to whom the TARP money going, how much, and what collateral were the taxpayers receiving in return. His response? To divulge that information "would be counterproductive." So, sorry then, no one else can point you to the breakdown.
The Fed is simply a group of private bankers who after decades of attempts finally succeeded in bribing enough Congressmen just before the Christmas recess in 1913 to pass the Federal Reserve Act under which they would now lend money to the government to function, collecting interest on it in return. Abolish the Fed, and US taxpayers would save billions in interest every year. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Tue Jun 23, 2009 9:29 am Post subject: |
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| Robot_Teacher wrote: |
| Visitorq, you're right. I'll add that most folks back home already know they're screwed and have lost hope of ever having money and long term employment in a stable economic country system. Even those still employed, money in the bank, and investments feel like they're on a Titanic. The banksters have created an unstable country system the world is losing trust in every day. They'll just take to their graves, a terrible job done while they retired fat while creating a great depression. |
Yes, it's a horrible situation. The odds of economic riots taking place in the near future as the economy gets ever worse is very high, as is a much increased crime rate. The next step for the government will probably be to step up the police state to deal with the unrest, and/or start another (bigger) war to distract us from the problem...
There is no easy solution to this mess. My own theoretical course of action (easier said than done) would be to arrest all the corrupt bankers and traitors in gov't, lock them up (or shoot them for all I care), seize all hard bank assets (including all the private assets of the Rockefellers et al) and nationalise them (eventually distributing this wealth among the American people, who created it in the first place), cancel all interest owed on debts both public and private, and issue a new interest-free government fiat currency to replace the old one. At the same time, cancel all Treasury bonds and refuse to exchange dollars from abroad into the new dollars, unless they are spent as investments on US goods and services. This is probably oversimplifying things, but basically this is what I feel should be done.
The problem really is not our economy, which is quite strong and competitive in most areas, it's our totally corrupt monetary system. We are all victims of a gigantic ponzi scheme caused by the banks and the Fed. It seriously doesn't have to be this way. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Jun 23, 2009 9:57 am Post subject: Re: Total US gov't subsidization of banks - $13.6T? |
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| nene wrote: |
On Monday's DemocracyNow! Nomi Prins (a former exec at Goldman) said total government outlays to the banking industry stand near $13.6 tillion. That includes TARP and "...over two-and-a-half trillion dollars� worth of guarantees and other types of subsidies from the Treasury Department; over seven-and-a-half trillion from the Federal Reserve..."
Can anyone point me to a breakdown of all that cash? I am nearly completely ignorant on economics, but I'd like to understand what the Fed does, what these guarantees are, and, well, really I'd like to understand if we really are in as bad a position as Mises et al say and what that will mean. Any suggestions for where to start??? |
I think it is 15 trillion.
http://www.ritholtz.com/blog/2009/06/bailout-costs-vs-big-historical-events/
It is hard to know. Could be much more or less. |
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