Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

What I have been afraid to blog about: The ESF and Its History (Part 1)

IMG Auteur
Published : June 06th, 2011
606 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

http://www.youtube.com/watch?v=2ssrcD5GdPQ&am...player_embedded

Links to material covered in video:

INTRO

target="_blank" Exchange Stabilization Fund — Introduction (Treasury’s website)

target="_blank" Above a Chinese Cafe, GAO Men Investigate Secret Treasury Unit (Wall Street Journal, Jan 28, 1971)

Us Treasury Has Control-free ‘kitty (St. Petersburg Times, May 24, 1976)

target="_blank" Two Billions Secretly Used By Treasury (Gettysburg Times, Dec 7, 1940)


——————————–

The ESF’s official purpose is defending (stabilizing) the value of the dollar

Google Archive News results for target="_blank" “exchange stabilization fund

target="_blank" Exchange Stabilization FundFedpoints (New York Fed’s website)

target="_blank" U.S. Bought $1 Billion During March Yen Intervention (Business Week, May 13, 2011)

TREASURY SETS UP TWO-BILLION FUND FOR STABILIZATION (New York Times, May 1, 1934)

Google Archive News results for target="_blank" Inflation or deflation debate

——————————–

The ESF operates FROM WITHIN the New York Fed

target="_blank" Exchange Stabilization FundFedpoints (New York Fed’s website)

Exchange Stabilization Fund – Finances and Operations (Treasury’s website)






target="_blank" Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

target="_blank" Fed to lend $85 billion to AIG, take 80 percent stake (Reuters, Sep 16, 2008)

target="_blank" Secret Banking Cabal Emerges From AIG Shadows (Bloomberg, Jan 28, 2010)

——————————–

The ESF has authority over all International Monetary Affairs

target="_blank" Exchange Stabilization Fund – Relations with the Federal Reserve (Treasury’s website)

target="_blank" Exchange Stabilization Fund — Introduction (Treasury’s website)

The Fed Debate in the 1960s over Sterilized Foreign Exchange Intervention (Richmond Fed’s website)

target="_blank" William McChesney Martin, Jr. (From Wikipedia)

US Fed launches four new currency swap lines (Reuters, Oct 30, 2008)

target="_blank" AIG borrows $90.3 billion from Federal Reserve (Reuters, Oct 24, 2008)

Intervention: Simple but Secret (New York Times, Jan 7, 1988)

Google Archive News results for target="_blank" McCain takes lead over Obama: poll

target="_blank" McCain takes lead over Obama: poll (Reuters, Aug 20, 2008)

target="_blank" Questions for Mr. Geithner (New York Times, Dec 14, 2008)

target="_blank" White House Insider: Eric Holder Is Gonna Fall (Newsflavor, May 9, 2011 )

——————————–

The ESF keeps a low profile using the Fed as a front.

target="_blank" Get Briefed: Dr. Ron Paul (Forbes, Jan 11, 2010)

target="_blank" U.S. Monetary Authorities Intervened in FX Markets during the First Quarter (New York Fed’s website, May 13, 2011)

Google Archive News results for target="_blank" “US monetary authorities

target="_blank" System Open Market AccountFedpoints (New York Fed’s website)

Fed takes heat on AIG from both sides of Congress (Reuters, Sep 22, 2008)






——————————–

Hijacking the Fed

target="_blank" FRASER » Federal Reserve Archival System for Economic Research
Author(s): United States. Congress. House. Committee on Banking and Currency
Title: Gold Reserve Act of 1934: Hearings on S. 2366
Citation:  Senate Committee on Banking and Currency, Jan 19-23, 1934. – pp.

HEARINGS ON THE GOLD RESERVE ACT OF 1934 (Fed’s website)





target="_blank" Full Resolution

——————————–

Taking control of America’s gold

Above a Chinese Cafe, GAO Men Investigate Secret Treasury Unit (Wall Street Journal, Jan 28, 1971)

target="_blank" History of Federal Reserve Free Edition

target="_blank" 8.5 BILLION IN GOLD IS SECRETLY REMOVED FROM NEW YORK TO FORT KNOX (Lewiston Daily Sun, Mar 1, 1941)

——————————–

The ESF was guaranteed disaster

HEARINGS ON THE GOLD RESERVE ACT OF 1934 (Fed’s website)

——————————–

Dictatorial power and no oversight

Here’s Idea Where That 2 Billion Dollars Is Going (San Jose News, Apr 12, 1934)

target="_blank" McGugin, Leading Drive to Put Stabilization Under Board, Rallies Only 73 Votes (New York Times, Jan 21, 1934)

The Exchange Stabilization Fund: Slush Money or War Chest?
target="_blank" Chapter 3 — ESF’s History


target="_blank" Congressional Record (July 16 1998)

target="_blank" Stabilization Fund Secrecy Due to Desire to Avoid Publicity on Possible Losses (Pittsburgh Post-Gazette, Jan 27, 1934).


Eric de Carbonnel


 

 

 



Companies Mentionned : Gold |
<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Financial Repression Authority w...
03 Marovertheedge
"The US is only about 50% of global market cap but most US investors have a 'hometown bias" of having 70% of their portfolio in US securities. Fabe...
Bondholders “Bailed In” In Austr...
03 Marovertheedge
"“Bail-in is now the rule” as Irish finance Minister Michael Noonan warned in June 2013. Noonan admitted that the move to not maintain deposits as ...
Bondholders “Bailed In” In Austr...
03 MarArgus
Shortly after the Cyprus test run, Canada's budget document made provision for bail-ins in the event of significant 'systemic risk' to the banking ...
Illinois Pension Plans 39% Funde...
02 Marovertheedge
And it gets even worse. The unfunded pension liability monies aren't invested and never will be. You can't pay pensions out of an unfunded ...
China is about to overthrow Lond...
28 Febneville
This a good slap in the face for the downright crooked bullion banks,traders that have been front running ie algorythm trading etc It had to ta...
A Salvo in the Battle for the Go...
27 Febovertheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Sprott Resources(Ag-Au-Co)SCP.TO
Resource Corp. Announces 2014 Annual Results
CA$ 1.26-4.55%Trend Power :
Corporate news
Vista Gold(Cu-Le-Zn)VGZ.TO
. Announces 2014 Results and Provides Update on Recent Activities
CA$ 0.43+0.00%Trend Power :
Corporate news
Major DrillingMDI.TO
Announces Third Quarter Results and Declares Dividend
CA$ 6.41+0.16%Trend Power :
Corporate news
UR-Energy(Ur)URE.TO
Releases 2014 Year End Results
CA$ 1.18+2.61%Trend Power :
Financials
Rockwell(Cu-Gems-Ni)RDI.TO
Announces Filing of Preliminary Short Form Prospectus
CA$ 0.26-1.89%Trend Power :
Corporate news
Cardero Res.(Ag-Au-Cu)CDU.TO
Announces Proposed Reverse Takeover of Artha Resources
CA$ 0.04+0.00%Trend Power :
Corporate news
Goldcorp(Cu-Le-Zn)G.TO
declares third monthly dividend payment for 2015
CA$ 25.37-2.72%Trend Power :
Corporate news
Integra Gold(Gems-Ag-Au)ICG.V
Files PEA Technical Report on SEDAR
CA$ 0.30-6.35%Trend Power :
Corporate news
Fjordland Expl.(Ag-Au-Co)FEX.V
Geophysical Survey Outlines Strong Conductors on South Voisey's Bay Nickel Project
CA$ 0.02-16.67%Trend Power :
Corporate news
Clifton StarCFO.V
Announces Private Placements and Settlement of its Osisko Litigation Raising $11 million
CA$ 0.18+0.00%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.