“The U.S. went off the gold standard in August 1971. With no benchmark, central banks could print money and debase currencies. That opened the door for huge bailouts after big banks screwed up in a big way. Taxpayers—not incompetent bankers—paid the price.
By [the late 1980’s], the Federal Reserve Bank and large U.S. banks had established a pattern to control the public relations damage each time banks had a major screw-up: accountants and regulators let banks lie about the size of the problem to stall for time; the Federal Reserve blew smoke at the media; finally, the Fed would bail out the banks in a way that most taxpayers would not understand.
Banks didn’t have to get smarter or more competent. The Fed trained the banks that uninformed taxpayers would eat the losses, and fake accounting would let bank officers keep their positions and their money.”
Janet Tavakoli, Decisions: Life and Death on Wall Street
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The (((owners))) of the FED, you can bet, have huge stakes in these other banks.
What a deal; when your children screw up royally the parent is always there to bail them out at the expense of the uninvolved and unknowing citizens!
Privatize profits, socialize losses. Does it get any sweeter? Not on this planet!
Until this serpent is guillotined we will cintinue to suffer immeasurable losses.
The Catholic church used to teach a doctrine “Dont hurt the Jews, but never let them into your society”. It should be obvious by now why that makes sense.
The operation of how the Fed is used to enrich the Wall Street bankers is posted at
FEDERAL RESERVE FOR DUMMIES. All profit of the Fed legally belongs to the government.
The funds from Treasury securities auctions [which are government money] exceed $12 trillion annually and are exclusively handled by the FRBNY, Ref. 31 CFR 375.3. They have never been audited. Any congressional committee can request an audit by the GAO. The records are also subject to FOIA demands.