The US national debt now stands in excess of 9.4 trillion dollars.
It has been projected that the final costs of the Iraq & Afghanistan wars will exceed $3 trillion. The Christian Science Monitor recently reported:
"The cost is going up every month," says Linda Bilmes, an expert at Harvard University's Kennedy School of Government. She estimates the short-term, "running cost" has reached $12.5 billion a month. That's up from $4.4 billion a month in 2003. Add in long-term factors, such as the care of veterans and interest on federal debt incurred as a result of the war, and the cost piles up to $25 billion a month nowadays."
Yet, two days ago, The Federal Reserve announced a rescue package for banks and investment houses that would provide approximately $200 billion using at risk home-loan packages as collateral.
Earlier today Reuters reported that "JPMorgan Chase & Co (JPM.N) and the Federal Reserve Bank of New York on Friday agreed to provide emergency financing to Bear Stearns (BSC.N) after the investment bank said its cash position had deteriorated sharply, sending its shares into freefall."
In addition, the US Treasury department estimates that beginning in May they will send out approximately $167 billion to approx 130 million US taxpayers as part of an "economic stimulus" package.
Can anyone tell me where all of this money is coming from?
Where does The Federal Reserve get it's money?
Are those taxpayer dollars?
And why if The Fed has $367 billion plus at their disposal the United States has delayed investing in: healthcare, infrastructure, education, medical care and body armor for us troops, etc, etc.?
Earlier today, during a speech to the Economic Club President Bush praised the efforts of the Federal Reserve in trying to stave off a recession. He also did his best to weave in the topics of the Iraq war and telecom immunity.
But I have to ask again, if the US has $367 billion plus at its disposal then why are US service men and women in Iraq & Afghanistan becoming ill from unsafe drinking water supplied by war contractors like Haliburton and KBR.The following video was posted to YouTube May 25th, 2007
Of course during his speech, President Bush made a point of saying that "The Fed" functions independently of the White House.
Well let's look at that statement.
According to Wikipedia:
The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (part private, part government) banking system composed of :
(2) the Federal Open Market Committee;
(3) 12 regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors;
(4) numerous private U.S. member banks, which subscribe to required amounts of non transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils..
So, in essence, "The Fed" is comrprised of presidential appointees in bed with the banks in order to serve the interests of the banks, not the United States and its people.
Is this picture becoming clear?
Blackwater Awarded "Small Business" Government Contracts
US Troops Ill from Unsafe Drinking Water