BAKER
Notable requested dig on BIS/ESF.
Good write-up (an entire day of digging)- need eyes on it.
No Notable (pb)?
ESF - Exchange Stability Fund
Cont'd
All operations of the ESF require the explicit authorization of the Secretary of the Treasury. By law, the Secretary has considerable discretion in the use of ESF resources.
BUT
ESF operations are normally conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury Department.
DOES THIS ELUDE TO THE FED BEING A 'FIDUCIARY' OF THE TREASURY?
With considerable discretion, a Timothy Geithner would be authorized to allow the FED free-reign over all financial matters of the Treasury? As their fiscal agent?
That's how I'm reading this. If true, our Treasury has been nothing but an empty suit since 1969 when the IMF implemented the ESF! Leaving the FED to rob us blind including the manipulation of Gold and Silver prices.
BankerAnons? Financefags? EconExperts?
Need eyes and minds to bounce this around.
(When the United States adopted the revised articles of agreement of the International Monetary Fund (IMF) in 1978, Congress amended the Gold Reserve Act to provide that the dealings of the ESF were to be consistent with U.S. obligations to the IMF.)