I am going to refrain on commentary on this other than to say that the recent audit of the Fed has revealed something incredible. It details perhaps the single most significant action taken by the United States (well, the Fed, actually) since dropping the bomb, if not ever. Read on and tell me if I am exaggerating:
The Federal Reserve has bought the world.
From Senator Bernie Sander’s web site:
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
The GAO report that buries the lede amongst other incredible reports of conflict of interest and other scary stuff.