Friday, July 24, 2009

$500 Billion

This week during testimony, Alan Grayson questioned Ben Bernanke on the disappearance of $500 billion this past fall.

To help you understand what they are talking about it is a process called "swaps" where Central Banks will exchange one currency for the other.

In this case, the Federal Reserve printed $500 billion and gave it to foreign central banks overseas. He is then asked....

"Which banks received the money?"

Answer: "I don't know"

Do you think that $500 billion could have been helpful to our economy? The everyday working people?

Four people have asked me during this week if I saw Obama's speech the other night.

I just don't know what to say to people. I want to shake them, to wake them up.

$500 billion was printed out of thin air and given to foreign central banks. The decision was made by 12 representatives of the Federal Reserve which is a private business, a private for profit bank.

Who owns this bank? Who collects interest on the money that they print and lend to us to survive?

We will never be allowed to know. My guess is that some of them live overseas and could have benefited greatly from the $500 billion in printed dollars they received while Americans suffer everyday.