02/18/10 Stockholm, Sweden – It sounds far-fetched but, as Dr. Ron Paul highlights in his weekly column, Americans have no insight into the operations of the Federal Reserve. Therefore, the Fed can covertly funnel US funds to wherever it decides. This could include, for example, Greece, as it inches ever closer to default.
From Texas Straight Talk:
“Is it possible that our Federal Reserve has had some hand in bailing out Greece? The fact is, we don’t know, and current laws exempt agreements between the Fed and foreign central banks from disclosure or audit.
“Greece is only the latest in a series of countries that have faced this type of crisis in recent memory. Not too long ago the same types of fears were mounting about Dubai, and before that, Iceland. Several other countries (Spain, Portugal, Ireland, Latvia) are approaching crisis levels with public debt as well.
“Many have strong ties to Goldman Sachs and the case could easily be made that default could have serious implications for big US banking cartels. Considering the ties between the Fed and these big banks, it is not outlandish to wonder if the US taxpayer is secretly bailing out the entire world, country by country, even as our real unemployment tops 20 percent.
“Unless laws are changed to allow a complete and meaningful audit of the Federal Reserve, including its agreements with foreign central banks, we might never know if this is occurring or not.”
Not only do US citizens still have no clear picture of where bailout funds went in terms of financial institutions, we don’t even know if foreign governments have been supported through the Fed. It begs the question… how bad is the truth?
Read the full perspective from Dr. Ron Paul in his column about how US taxpayers may be bailing out Greece.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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