The Federal Reserve has refused to disclose the
recipients of more than $2 Trillion worth of loans from U.S.
Taxpayers and the assets that the Federal Reserve has
accepted as collateral. Therefore, every American man,
woman and child has personally cosigned for over $6,000 of
loans made by the Federal Reserve without knowing any
information on these loans. If these loans are not repaid
the American People will be liable for $2 Trillion.
When the Federal Reserve "lends" out money and that
money is repaid, there is no cost to the American taxpayer.
But when the Federal Reserve "lends" out money and that
money is NOT repaid, then the American Taxpayers are
liable for that money. Therefore, the American Taxpayers
are cosigning for every dollar that the Federal Reserve
"lends" out.
The Federal Reserve has the authority to "lend" to
American financial institutions AND "U.S. branches and
agencies of foreign banks." Therefore, if a foreign bank
has just ONE branch in the United States the Federal
Reserve can "lend" to that bank (This information is taken
from the Federal Reserve Website: http://www.frbdiscountwindow.org/mmmftc.cfm?hdrID=14&dtlID).
This Country is in the worst economic crisis since the
Great Depression and yet the Federal Reserve is risking
$2 Trillion of American Taxpayers money.
"The U.S. government is prepared to provide more
than $7.76 trillion on behalf of American taxpayers. The
unprecedented pledge of funds includes $3.18 trillion
already tapped by financial institutions in the biggest
response to an economic emergency since the New Deal
of the 1930's, according to data complied by Bloomberg,"
(Bloomberg News, November 24, 2008 http://www.bloomberg.com/apps/news?pid=20601109&sid=an3k2rZMNgDw&refer=home).
Where does the Federal Reserve get the money?
"It creates it out of thin air, simply writing checks on itself
and giving them to banks. If that sounds fishy, then you
understand it just fine," (The Revolution, A Manifesto by
Congressman Ron Paul, Page 141).
In that context, "The Federal Reserve refused a
request by Bloomberg News to disclose the recipients of
more than $2 trillion of emergency loans from U.S.
taxpayers and the assets the central bank is accepting
as collateral." Bloomberg News has filed a lawsuit under
the U.S. Freedom of Information Act to obtain this
information from the Federal Reserve. (Bloomberg News,
December12, 2008, http://www.bloomberg.com/apps/
news?pid=20601109&sid=aGvwttDayiiM&refer=home)
Therefore every American man, woman and child
has personally cosigned for over $6,000 for the money loaned
out by the Federal Reserve without knowing who the money
was loaned to and what collateral has been accepted by the
Federal Reserve as backing for these loans.
Why is the Federal Reserve refusing to reveal who they
loaned out $2 Trillion to? This most likely means that most
of the loans will never be repaid. Since the Federal Reserve
is continuing to lend out money the problem doesn't stop at
$2 Trillion.
The most effective way to end the enormous financial
crisis our Country is in today would be to put money directly
into consumers hands because consumer spending "accounts
for 70 percent of the economy" (The New York Times, January
14, 2008, http://www.nytimes.com/2008/01/14/business/14spend.html).
Therefore, if the next $2 Trillion was used as a Tax Cut
it would mean that NO ONE would have to pay PERSONAL
Income Tax for a year and a half. Think what that would
mean to your financial situation.
The lawsuit filed by Bloomberg News may take a long
time to be resolved. "It would really be a shame if we have
to find this out (who the Federal Reserve has "lent" the $2
Trillion out to) 10 years from now after some really nasty
class-action suit and our financial system has completely
collapsed" said Lucy Dalglish, executive director of the
Reporters Committee for Freedom of the Press.
(Bloomberg News, December 12, 2008, http://www.bloomberg.com/apps/news?pid=20601109&sid=aGvwttDayiiM&refer=home).
Therefore, we are petitioning the Federal Reserve to
release this information. Should the Federal Reserve refuse
to release the information, we are calling for an immediate
National Advisory Referendum to be held on this issue 90
days from the time that Congress authorizes the election.
The severity of the economic crisis that this Country
is in means that the American people cannot sit back and
let events take place. We are at a point of whether or not
our economic system, and therefore the Country, will survive.
It is imperative that every American act now!
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I would like to help petition to Demand the Federal
Reserve to Account for $2 Trillion
of U. S. Taxpayers Money.
By submitting this form, I am signing a petition
requesting that the Federal Reserve disclose the
recipients of more than $2 Trillion of "loans" from U.S.
Taxpayers and the assets that the Federal Reserve
has accepted as collateral.
By submitting this form, I am signing a petition
requesting that Congress pass Legislation to place
on the National Ballot, 90 days from the passage
of the Legislation, a National Advisory Referendum
Question stating: "Should the Federal Reserve be
required to disclose the recipients of more than $2
Trillion of loans from U.S. Taxpayers and the assets
that the Federal Reserve has accepted as collateral?"
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