Paul, Bernanke, Waxman and $12 Billion in Cash Squandered

On February 24, Rep. Ron Paul asked Fed mob boss Ben Bernanke about $12 billion in cash. Paul said “a lot of cash was passed through — and a lot of people suppose it was passed through the Federal Reserve — when there was a provisional government [in Iraq] after the 2003 invasion. That money was not appropriated by the Congress as required by law.”

“Congressman, these specific allegations you’ve made are absolutely bizarre, and I have no knowledge of anything remotely like what you just described,” Bernanke responded.

Bizarre? Apparently Helicopter Ben does not have a grasp on the recent history of the “federal” agency he administers.



Last July Rep. Henry Waxman, chairman of the Oversight and Government Reform Committee, addressed this very issue.

“In a 13 month period from May 2003 to June 2004, the Federal Reserve sent nearly $12 billion in cash, mainly in $100 bills from the United States to Iraq,” Waxman explained. “To do that, the Federal Reserve Bank in New York had to pack 281 million individual bills … onto wooden pallets to be shipped to Iraq. The cash weighed more than 363 tons and was loaded onto C-130 cargo planes to be flown into Baghdad".'

Read more...