First Audit of the Federal Reserve: $16 Trillion in Secret Bailouts

For the first time in about 100 years, the Federal Reserve has been audited, thanks to the long term efforts of Rep. Ron Paul (R-Tex.), along with help from Rep. Dennis Kucinich (D-Ohio) and many others. As a matter of fact, a huge majority of the House passed the bill to audit the Federal Reserve.

But the even bigger news is the secret bailouts to other countries around the world to the tune of $16 trillion. That's trillion, not billion. This is more than the entire GDP of the Unitd States. And it hasn't just been bailing out governments, but also corporations and banks, such as Royal Bank of Scotland, Barclays, UBS, Credit Suisse and Deutsche Bank.

The worst news is that the loans were given out at zero percent interest, with virtually none of the money having been repaid.