Exchange Stabilization Act and black ops funds and The Treasury Dept.
*****What I have been afraid to blog about: THE ESF AND ITS …
Jun 3, 2011 - After months of work, the video series on the Treasury’sExchange Stabilization Fund is finally finished! Why you should watch these five videos: It is impossible to understand the world today without knowing what the ESF is and what it has been doing. Officially in charge of defending the dollar, the ESF https://fraser.stlouisfed.org/scribd/?title_id=1085&filepath=/files/docs/historical/congressional/goldreserveact1934.pdf
31 U.S. Code § 5302 – Stabilizing exchange rates and arrangements
Current through Pub. L. 114-38. (See Public Laws for the current Congress.) https://www.law.cornell.edu/uscode/text/31/5302
), and for investing in obligations of the United States Government those amounts in the fund the Secretary of the Treasury, with the approval of the President, decides are not required at the time to carry out this section. Proceeds of sales and investments, earnings, and interest shall be paid into the fund and are available to carry out this section. However, the fund is not available to pay administrative expenses.
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Consider the standards for assessment. In most countries, national legislation that establishes the authorities of the finance ministry and central bank focuses largely on their domestic tasks; their roles in exchange rate policy are usually not completely defined.
Under the Bretton Woods regime, the Treasury was directed to maintain the par value for the dollar. After the shift to flexible exchange rates, Treasury was enjoined to use its Exchange Stabilization Fund (ESF) simply in ways that were “[c]onsistent with the obligations of the Government in the International Monetary Fund on orderly exchange arrangements and a stable system of exchange rates” (31 USC 5302b). The 1988 act mandated Treasury to pursue “international economic coordination” where possible and to review the currency practices of trading partners, identify instances of exchange rate manipulation, and pursue negotiations to halt manipulation
(discussed in detail below). No general statement in legislation sets overall objectives for exchange rate policy and its relationship to domestic monetary and fiscal policies. Therefore, while these mandates set down some specific markers by which Congress can judge Treasury’s performance, they are partial, vague in come critical cases, and collectively incomplete. The reporting provisions of the 1988 act addressed the third prerequisite—sufficient transparency to hold the authorized officials to account. In the act, Treasury is required to discussexchange rate policy within the context of the broader macroeconomic environment and in light of global current account balances and capital movements. The department is directed to provide information and analysis on a formidable list of policy and financial topics. Its reports are evaluated in the sections below. Congress is by no means limited to information provided by the Treasury; it can of course also draw on information from private-sector financial analysts, independent policy analysts, and private-sector lobbying
http://www.iie.com/publications/wp/wp07-8.pdf
the ESF as the “mother of all slush funds.” Christopher Simpson’s excellent book Blowback: America’s Recruitment of Nazis and Its Effects on the Cold War:
“The trail of this tainted money dates back to 1941, when the War Powers Act authorized the U.S.Treasury’s Exchange Stabilization Fund to serve as a holding pool for captured Nazi valuables— currency, gold, precious metals, and even stocks and bonds— seized as the Germans or other Axis governments attempted to smuggle them out of Europe. The captured wealth, which eventually totaled tens of millions of dollars, included substantial amounts of blood money that the Nazis had pillaged from their victims. Indeed, it was precisely this type of criminal booty that overeager Nazis had most frequently attempted to export from Europe.”
“The Exchange Stabilization Fund was authorized to safeguard the portion of the Nazi hoard that had been uncovered and confiscated by the United States in the Safehaven program, which sought to interdict the German smuggling efforts. The official purpose of the fund was to serve as a hedge against inflation and as a bankers’ tool to dampen the effects of currency speculation in the fragile economies of postwar Europe and Latin America.”
“In reality, this pool of money became a secret source of financing for U.S. clandestine operations in the early days of the CIA. The first known payments from the Exchange Stabilization accounts for covert work were made during the hotly contested Italian election. The CIA withdrew about $10 million from the fund in late 1947, laundered it through a myriad of bank accounts, then used that money to finance sensitive Italian operations. This was the “black currency” that Cardinal Spellman asserted was given to the Vatican for anti-Communist agitation.”
This coming week, I will be in Toronto to attend the convention of the Prospectors and Developers Assocation of Canada (PDAC) and visit with Rob Kirby of Kirby Analytics. Rob will join me to discuss the Exchange Stabilization Fund and its role at the intersection of the hidden system of finance, the black budget, and the financial markets. Rob had a successful career in the fixed income and derivatives markets working for global and Canadian financial institutions before starting Kirby Analytics. He is one of the most popular on line commentators today on the financial markets. Rob is particularly knowledgeable about Exchange ESF role in the precious metals markets. As we will discuss, following the gold price suppression and other manipulations in the gold market invariably leads investors to want to learn more about the ESF.
For Let’s Go to the Movies, Rob and I will discuss Eric deCarbonnel’s video briefing, “The ESF and its History.” You can access it on line, starting with Part I here:
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