GAO Audit of the 'FED' Comes Out

N E W S B R E A K
GAO Audit of the 'FED' Comes Out
The Next Economy is emerging
as the old we’re now purging.
The old will be made new with
  the Source Field now surging.
by Christos Lightweaver

Emerging Conscience Series 11-29-11

Graphically archived at:
www.heartcom.org/GoodCheer.htm

Previous article 11-22-2011
Conscience Currency and the Next Economy

PREFACE:
Watch this excellent 5 min video on the plain truth
to keep the following in perspective.

The plain truth is SHOCKING, and what follows is an urgent wake-up call to 'Occupy Conscience'.  Let this SHOCK prevent surprise later if we see more insane terror, war and unconscionable fear-mongering by the effete elite whose time is short and wrath is great. They are facing the end of THEIR world as they have known it, and that .0001% of 'arch laggards' wants everyone as miserable as they are.

As abundant Conscience at the heart of the 'Abundant Life' becomes a self-evident virtue defining the NEXT ECONOMY, corruption in scarcity economics and monopoly capitalism naturally implodes upon itself.  Our economic system is about to morph like a caterpillar into a butterfly.

Yesterday I read that the first Congressional audit of the privately owned Federal Reserve central banking system finally came out in response to demands following the bankster bailouts.  Read that HERE: Bloomberg News 11-28. 

This is BIG NEWS from the mainstream media but in psy-ops parlance, it's a 'limited hangout':  the "7.77 TRILLION in loans" mentioned only addresses the U.S. bailouts but fails to mention a total of 16 TRILLION in loans to foreign bank stakeholders in the FED central banking sphere of influence... as you can read HERE.  To quote:

"Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning (11-28).

"What was revealed in the audit was startling:

 $16,000,000,000,000.00 (trillion) dollars had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments.

  

"The Federal Reserve likes to refer to these secret bailouts as an

 all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. 

  

"Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious - the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

 

"To place $16 trillion into perspective, remember that... The entire national debt of the United States government spanning its 200+ year history is 'only' $14.5 trillion."

 

Banks (especially Bank of America) recently "shifted" $75 Trillion of "Derivatives" debt to the obligation of American taxpayers, and the (privately owned) "Federal" Reserve was reported to have "bailed out" domestic and foreign Banks with $16 Trillion (also obligated to future American taxpayers). Yet the "super committee" worried only about the $1.2 Trillion deficit. 

Talk about a 'limited hangout'! 
Who in the corporate media
is telling us the plain truth
and what to do about it?

WATCH THIS: THE PLAIN TRUTH ABOUT FIAT MONEY AND THE BANKING SYSTEM http://www.youtube.com/watch?v=yCdlsZLNSJE (29.55 minute animated cartoon). This is the plain truth for home schoolers and young adults who never studied economics, and for Ph.Ds who never suspected that what they learned at graduate school is gross obfuscation.

Problem / Solution Resolution
Ellen Brown is an attorney and president of the Public Banking Institute. In Web of Debt, her latest of 11 books, she shows how a private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her websites are WebofDebt.com and EllenBrown.com. To quote Ellen Brown:

"The American people, who are already suffering massive unemployment and cutbacks in government services, would have to sacrifice more and pay the piper more, just as in those debt-strapped countries forced into austerity measures by the International Monetary Fund.

  

"The fear-mongering, however, is a red herring. A sovereign nation can always find the money to pay debts owed in its own currency. The Federal Reserve can buy the debt itself - just as it has been doing. That alternative would effectively eliminate the problem of interest, since the Fed returns its profits to the government after deducting its costs.

  

"Alternatively, congress could reclaim the power to issue money from the banks and fund its budget directly. The US could pay its bills using debt-free US Notes or Greenbacks, just as president Abraham Lincoln did to avoid a crippling debt during the Civil War. Congress could do this without changing any laws.

  

"Congress is empowered to "coin money", and the constitution sets no limit on the face amount of the coins. It could issue a few one-trillion dollar 'coins', deposit them in an account, and start writing checks."

 

Yep, that would do it - resolution of the core corruption behind the disruption of global civility.  The only reason it hasn't happened yet is because the corporate media is complicit in the cover-up of the agenda of powerful oligarchies, plutocrats and their 1% of power elite sycophants who go along for the same nefarious love of power that is stonewalling the ordained surge of the power of love in the Source Field.

The Aquarian Dispensation is indeed ordained to
  liberate the masses with universal freedom-in-love.
So keep the faith in good cheer!
 Get the Vision, Embrace the Virtue, Make the Vow and Claim the Victory - Occupy Conscience! 
INSIGHT... Where It's Going Occupy Conscience Movement TowardsOne Unity, One System, One Design
Continued at: www.heartcom.org/GoodCheer.htm 

Prepare for riots in euro collapse

Prepare for riots in euro collapse, Foreign Office warns

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.

The Treasury confirmed earlier this month that contingency 

planning for a collapse is now under way Photo: BLOOMBERG

By James Kirkup, Deputy Political Editor, THE TELEGRAPH

10:00PM GMT 25 Nov 2011

As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.

Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis.

The Treasury confirmed earlier this month that contingency planning for a collapse is now under way.

A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time.

“It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph.

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Recent Foreign and Commonwealth Office instructions to embassies and consulates request contingency planning for extreme scenarios including rioting and social unrest.

Greece has seen several outbreaks of civil disorder as its government struggles with its huge debts. British officials think similar scenes cannot be ruled out in other nations if the euro collapses.

Diplomats have also been told to prepare to help tens of thousands of British citizens in eurozone countries with the consequences of a financial collapse that would leave them unable to access bank accounts or even withdraw cash.

Fuelling the fears of financial markets for the euro, reports in Madrid yesterday suggested that the new Popular Party government could seek a bail-out from either the European Union rescue fund or the International Monetary Fund.

There are also growing fears for Italy, whose new government was forced to pay record interest rates on new bonds issued yesterday.

The yield on new six-month loans was 6.5 per cent, nearly double last month’s rate. And the yield on outstanding two-year loans was 7.8 per cent, well above the level considered unsustainable.

Italy’s new government will have to sell more than EURO 30 billion of new bonds by the end of January to refinance its debts. Analysts say there is no guarantee that investors will buy all of those bonds, which could force Italy to default.

The Italian government yesterday said that in talks with German Chancellor Angela Merkel and French President Nicolas Sarkozy, Prime Minister Mario Monti had agreed that an Italian collapse “would inevitably be the end of the euro.”

The EU treaties that created the euro and set its membership rules contain no provision for members to leave, meaning any break-up would be disorderly and potentially chaotic.

If eurozone governments defaulted on their debts, the European banks that hold many of their bonds would risk collapse.

Some analysts say the shock waves of such an event would risk the collapse of the entire financial system, leaving banks unable to return money to retail depositors and destroying companies dependent on bank credit.

The Financial Services Authority this week issued a public warning to British banks to bolster their contingency plans for the break-up of the single currency.

Some economists believe that at worst, the outright collapse of the euro could reduce GDP in its member-states by up to half and trigger mass unemployment.

Analysts at UBS, an investment bank earlier this year warned that the most extreme consequences of a break-up include risks to basic property rights and the threat of civil disorder.

“When the unemployment consequences are factored in, it is virtually impossible to consider a break-up scenario without some serious social consequences,” UBS said.

The Ikhwan and the Blood of Others

The Ikhwan and the Blood of Others

Whatever the outcome of the Egyptian crisis there is now no doubt that it has reached a significant point. What is that point? It is that point which forces on us a redefining of terms, and by that token the abandonment of an old check-mated game and the time for an open clear space on which the signifiers of a new game of events can be set up.

In an intelligently hosted programme on Al-Jazeera TV a woman speaker for the Ikhwan presented the cold hand of Ikhwani psychology, rejecting the other speakers and droning on with the party line of political party, political systems and the Ikhwan's willingness to collaborate with real power in order to be recognised. Snuggling up to the military today as they did with Nasser.

On the other side of the screen sat Sharief Gaber. He was the voice of that awakening which is happening across the world. Athens. New York. Tel Aviv. Rome. Damascus. Alexandria. Sharief Gaber plainly stated two significant and radical issues.

One - the time of military dictatorship is over. This may be applied to all the cities above.

Two - the political parties are themselves the instrument of oppression since their programme is one of opportunism and thus underwrites dictatorship which alone can grant them their place of illusory power, standing between the masses and the real power structure.

The Psychosis of Systems-Society

The very frame, structure, pattern of society, which had until now seemed actual, solid, founded on material itself has now begun to fragment, disintegrate and collapse. As it does so, a further condition is revealed, simply that that very frame was in itself illusory, a simulation of stuff, a non-existent presence sustained by a mathematic of ever multiplying dementia so that where before it had a decimal connection to things, that in turn had so increased that from hundreds to thousands it had hurtled into being millions. In the final phase of its enmeshing power it had turned into billions and ultimately, trillions.

The political class who had been set there to extract payment of these - now unpayable - sums, tried in vain to break the public's will and force payment of a debt they, the political class had underwritten. It was not called a debt, but rather, to veil the whole procedure, the deficit.

When the masses rioted, from New York to Athens, radical action against the political class was due. They had failed their masters, the bankers. In Athens a leftist government was replaced by a non-elected entity with an outsider as leader. He was called a technocrat. He was, in fact, a banker.  In Rome a rightest government was replaced by a non-elected entity with an outsider as leader. He was called a technocrat. He was, in fact, a banker.

It had finally happened: le Coup de Banque!

Bankers Have Seized Europe

Bankers Have Seized Europe: Goldman Sachs Has Taken Over

Sat Nov 26 2011
by Paul Craig Roberts


Global Research, November 26, 2011


On November 25, two days after a failed German government bond auction in which Germany was unable to sell 35% of its offerings of 10-year bonds, the German finance minister, Wolfgang Schaeuble said that Germany might retreat from its demands that the private banks that hold the troubled sovereign debt from Greece, Italy, and Spain must accept part of the cost of their bailout by writing off some of the debt. The private banks want to avoid any losses either by forcing the Greek, Italian, and Spanish governments to make good on the bonds by imposing extreme austerity on their citizens, or by having the European Central Bank print euros with which to buy the sovereign debt from the private banks. Printing money to make good on debt is contrary to the ECB’s charter and especially frightens Germans, because of the Weimar experience with hyperinflation.
Obviously, the German government got the message from the orchestrated failed bond auction. As I wrote at the time, there is no reason for Germany, with its relatively low debt to GDP ratio compared to the troubled countries, not to be able to sell its bonds. 
If Germany’s creditworthiness is in doubt, how can Germany be expected to bail out other countries?  Evidence that Germany’s failed bond auction was orchestrated is provided by troubled Italy’s successful bond auction two days later.
Strange, isn’t it. Italy, the largest EU country that requires a bailout of its debt, can still sell its bonds, but Germany, which requires no bailout and which is expected to bear a disproportionate cost of Italy’s, Greece’s and Spain’s bailout, could not sell its bonds.
In my opinion, the failed German bond auction was orchestrated by the US Treasury, by the European Central Bank and EU authorities, and by the private banks that own the troubled sovereign debt. 
My opinion is based on the following facts. Goldman Sachs and US banks have guaranteed perhaps one trillion dollars or more of European sovereign debt by selling swaps or insurance against which they have not reserved. The fees the US banks received for guaranteeing the values of European sovereign debt instruments simply went into profits and executive bonuses. This, of course, is what ruined the American insurance giant, AIG, leading to the TARP bailout at US taxpayer expense and Goldman Sachs’ enormous profits.
If any of the European sovereign debt fails, US financial institutions that issued swaps or unfunded guarantees against the debt are on the hook for large sums that they do not have. The reputation of the US financial system probably could not survive its default on the swaps it has issued. Therefore, the failure of European sovereign debt would renew the financial crisis in the US, requiring a new round of bailouts and/or a new round of Federal Reserve “quantitative easing,” that is, the printing of money in order to make good on irresponsible financial instruments, the issue of which enriched a tiny number of executives.
Certainly, President Obama does not want to go into an election year facing this prospect of high profile US financial failure.  So, without any doubt, the US Treasury wants Germany out of the way of a European bailout.
The private French, German, and Dutch banks, which appear to hold most of the troubled sovereign debt, don’t want any losses. Either their balance sheets, already ruined by Wall Street’s fraudulent derivatives, cannot stand further losses or they fear the drop in their share prices from lowered earnings due to write-downs of bad sovereign debts.  In other words, for these banks big money is involved, which provides an enormous incentive to get the German government out of the way of their profit statements.
The European Central Bank does not like being a lesser entity than the US Federal Reserve and the UK’s Bank of England. The ECB wants the power to be able to undertake “quantitative easing” on its own. The ECB is frustrated by the restrictions put on its powers by the conditions that Germany required in order to give up its own currency and the German central bank’s control over the country’s money supply. The EU authorities want more “unity,” by which is meant less sovereignty of the member countries of the EU. Germany, being the most powerful member of the EU, is in the way of the power that the EU authorities desire to wield. 
Thus, the Germans bond auction failure, an orchestrated event to punish Germany and to warn the German government not to obstruct “unity” or loss of individual country sovereignty.
Germany, which has been browbeat since its defeat in World War II, has been made constitutionally incapable of strong leadership. Any sign of German leadership is quickly quelled by dredging up remembrances of the Third Reich. As a consequence, Germany has been pushed into an European Union that intends to destroy the political sovereignty of the member governments, just as Abe Lincoln destroyed the sovereignty of the American states.
Who will rule the New Europe?  Obviously, the private European banks and Goldman Sachs. 
The new president of the European Central Bank is Mario Draghi. This person was Vice Chairman and Managing Director of Goldman Sachs International and a member of Goldman Sachs’ Management Committee. Draghi was also Italian Executive Director of the World Bank, Governor of the Bank of Italy, a member of the governing council of the European Central Bank, a member of the board of directors of the Bank for International Settlements, and a member of the boards of governors of the International Bank for Reconstruction and Development and the Asian Development Bank, and Chairman of the Financial Stability Board.
Obviously, Draghi is going to protect the power of bankers.
Italy’s new prime minister, who was appointed not elected, was a member of Goldman Sachs Board of International Advisers. Mario Monti was appointed to the European Commission, one of the governing organizations of the EU. Monti is European Chairman of the Trilateral Commission, a US organization that advances American hegemony over the world. Monti is a member of the Bilderberg group and a founding member of the Spinelli group, an organization created in September 2010 to facilitate integration within the EU.
Just as an unelected banker was installed as prime minister of Italy, an unelected banker was installed as prime minister of Greece. Obviously, they are intended to produce the bankers’ solution to the sovereign debt crisis.
Greece’s new appointed prime minister, Lucas Papademos, was Governor of the Bank of Greece. From 2002-2010. He was Vice President of the European Central Bank. He, also, is a member of America’s Trilateral Commission.   
Jacques Delors, a founder of the European Union, promised the British Trade Union Congress in 1988 that the European Commission would require governments to introduce pro-labor legislation. Instead, we find the banker-controlled European Commission demanding that European labor bail out the private banks by accepting lower pay, fewer social services, and a later retirement. 
The European Union, just like everything else, is merely another scheme to concentrate wealth in a few hands at the expense of European citizens, who are destined, like Americans, to be the serfs of the 21st century. 
www.globalresearch.ca/index.php?context=va&aid=27872

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