12.3 trillion? What is this an Austin Powers movie?
There's around 10 trillion dollars of money in the entire US! (M2 and lower money supply.) And around 50 trillion in total assets.
The 12.3 trillion number sounds absurd, but it is real. What the article neglects to mention is that about 9 trillion was very short term and double counting along with various other exceptions. Only about 3 trillion was actually a handout.
Still, the point of the article seems valid, in a way that your foux-amazement fails to challange. Bankers were given more money then we can imagine, because they held the Fed hostage.
Note that it costs the Fed nothing to make these loans. The Fed simply creates the money. To the extent that this is electronic money, there are not even printing costs associated with this money. Viewed in this light, any interest at all is too much because the money is only free for the Fed. The citizens who are taxed to pay it back with interest must work for the money.
So you say an audit of the Federal Reserve is not necessary?
I certainly don't think the fed is the "source of all ills".
I think a collapse of the USA could be the best thing for ordinary US citizens in 10 years.
And no, most of it isn't packed briefcases of five-dollar notes.
And discount rate of 0.5% is not as normal, as one might think. Compare with China -- ~3%, or Russia -- 7.75%.