This may come as a surprise to many of you but it’s worth mentioning as it’s being overlooked with all the focus in the world on race wars and riots.
The Federal Reserve FED has five unelected individuals who oversee a balance sheet of $6.98 trillion.
This makes up 28 percent of the $25.3 trillion federal government debt that is overseen by 100 elected Senators and 435 elected members of the House of Representatives.
Ironically (or NOT), over just the past year, those five unelected Fed Governors have grown the Fed’s balance sheet by $3 trillion in order to bail out bad bets on Wall Street.
Their balance sheet is created out of thin air at the electronic push of a button by the 12 regional Fed banks.
The Fat Finger award goes to the New York Fed who’s balance sheet stands at $3.9 trillion or 56 percent of the total balance sheet for all 12 regional Fed banks.
But why has the New York FED run up such a huge deficit?
Glad you asked.
The New York FED is privately-owned by some of the largest, most dangerous banks in America which, since 2008, have been habitually propped up by cheap money from the New York Fed.
Those mega banks include JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.
The question is, if it’s privately owned, shouldn’t its share holders be on the hood for its liabilities?
You would hope so.
However, if the Fed and its rapidly growing $6.98 trillion balance sheet blows up, the U.S. taxpayer will be on the hook for 98 percent of the losses.
You read that right.
It’s in the fine print of the Federal Reserve Act that nobody reads or questions.
Here’s the bottom line. An institution controlled by five unelected people, with the insane power to create money out of thin air by pushing an electronic button, have put taxpayers (and the next generation) on the hook for $6.85 trillion…and growing.
And you think we have problems from rioting and looting?
We’ll say it again.
CoronaFraud, riots, race wars, etc., are distractions for governments around the world who are desperately trying to cover-up the fact that they are bankrupt and so are their pension plans.
How are you prepared deal with it when the, you know what, hits the fan?
Get prepared by reading our monthly newsletter “…In Plain English.”
Your future financial survival may just depend on it.