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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
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Links to material covered in video:


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)


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.


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



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




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