tyb
>effing gerbils
The Exchange Stabilization Fund-Slush Money or War Chest?
The Exchange Stabilization Fund (ESF) holds more than $40 billion that is at the disposal of the US Secretary of the Treasury for use in foreign exchange intervention and international financial support operations. Its use in the Mexican rescue package of 1995 brought the ESF into the public spotlight for the first time in recent years, and it has been deployed in Brazil and several Asian crisis countries as well. Its availability for such packages and its total control by the Treasury secretary have therefore become very controversial.
Randall Henning's study maintains that the Fund is an important element of US foreign policy and economic policy and that it should remain under the exclusive control of the Treasury, but that Congress should exercise effective oversight. Henning also covers the legislative history of the ESF and outlines the principles by which the Fund should be administered.
http://cup.columbia.edu/book/the-exchange-stabilization-fund/9780881322712
The Exchange Stabilization Fund (ESF) consists of three types of assets: U.S. dollars, foreign currencies, and Special Drawing Rights (SDRs), which is an international reserve asset created by the International Monetary Fund.
The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDR) assets, and to provide financing to foreign governments. All operations of the ESF require the explicit authorization of the Secretary of the Treasury ("the Secretary").
The Secretary is responsible for the formulation and implementation of U.S. international monetary and financial policy, including exchange market intervention policy. The ESF helps the Secretary to carry out these responsibilities. By law, the Secretary has considerable discretion in the use of ESF resources.
The legal basis of the ESF is the Gold Reserve Act of 1934. As amended in the late 1970s, the Act provides in part that "the Department of the Treasury has a stabilization fund …Consistent with the obligations of the Government in the International Monetary Fund (IMF) on orderly exchange arrangements and an orderly system of exchange rates, the Secretary …, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.
https://home.treasury.gov/policy-issues/international/exchange-stabilization-fund
MALT21 USAFSOC C-32B departed Elmendorf AFB, Anchorage sw-this departed Yokota AB, Japan late last night CONUS time and heading back to Eglin AFB, FL
the Upset Presidents series continues with Poppy Bush still upset-this was one of the first ones
UPSET41 USAF KC-135R Stratotanker out of Milwaukee, WI-Mitchell Airport
totally
just making statements with no backup
all anecdotal
It just doesn't go away like that.
apparently you do care since you replied.
>I know for a fact that this happened.
Keep spewing total bullshit
banks still have to deal with it on the books.
It doesn't magically go away as you suggest.