Thread: Can We Keep Our Republic?

2012 Election: A Constitutional republic run by the people we elect to run it, or we'll continue to be subjected to the whims of an international cartel which privatizes profits and socialize losses

Can We Keep Our Republic?

- Arnold Ahlert
Tuesday, December 6, 2011

Americans, whether they know or not, are in for the fight of their lives. It’s been one week since the biggest story of the last three years was published by Bloomberg News, and maybe the only thing more fascinating than the story itself is the level of indifference it’s gotten from our so-called mainstream media. Remember the $700 billion in TARP funds used to bail out the banks? Chump change. Or more to the point, collateral for the $7.77 trillion made available by the Federal Reserve to bail out financial institutions all over the world.

That’s right, all over the world. Back in August, the facade was partially pierced when the number on the bailout went from $700 billion up to $1.2 trillion. That’s when it was revealed that almost half of the Fed’s top 30 borrowers were European firms, including Royal Bank of Scotland, Zurich-based UBS, Belgium-based Dexia SA and France’s Societe Generale SA.

Now we discover that even the $1.2 trillion was a crock. Or rather Bloomberg News discovered it, after filing a Freedom of Information Act petition that took more than two years to wend its way through the courts. Bloomberg got the information after the Supreme Court rejected an appeal last March by the Clearing House Association LLC, a group comprised of the nation’s largest commercial banks. They, along with Fed Chairman Ben Bernanke, tried to prevent the details from becoming public. If it were up to them, Americans still wouldn’t know a thing.

Its a scheme in which the Feds made available an amount of money equal to half of America’s Gross National Product for an entire year. Furthermore, on a single day, December 5, 2008, the banks were in such dire straits they needed a combined $1.2 trillion to remain solvent. How duplicitous were the bankers themselves? A little more than a week before this level of borrowing occurred, former Bank of America CEO Kenneth D. Lewis, informed shareholders that B of A was “one of the strongest and most stable major banks in the world,â€

Not without a lot of hard work ....and, sadly it doesn't look too good to me up to this point...