Treasury’s Exchange Stabilization Fund (ESF)

TREASURY’S EXCHANGE STABILIZATION FUND (ESF)

****What I have been afraid to blog about: THE ESF AND ITS HISTORY (Part 1-5)*****

 

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Links to material covered in video:

INTRO (part 1)

Exchange Stabilization Fund — Introduction (Treasury’ s website)

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)

Two Billions Secretly Used By Treasury (Gettysburg Times, Dec 7, 1940)

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

Google Archive News results for “exchange stabilization fund”

Exchange Stabilization Fund – Fedpoints (New York Fed’s website)

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 Inflation or deflation debate

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The ESF operates FROM WITHIN the New York Fed

Exchange Stabilization Fund – Fedpoints (New York Fed’s website)

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

Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

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

Secret Banking Cabal Emerges From AIG Shadows (Bloomberg, Jan 28, 2010)

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The ESF has authority over all International Monetary Affairs

Exchange Stabilization Fund – Relations with the Federal Reserve (Treasury’s website)

Exchange Stabilization Fund — Introduction (Treasury’ s website)

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

William McChesney Martin, Jr. (From Wikipedia)

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

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 McCain takes lead over Obama: poll

McCain takes lead over Obama: poll (Reuters, Aug 20, 2008)

Questions for Mr. Geithner (New York Times, Dec 14, 2008)

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

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

Get Briefed: Dr. Ron Paul (Forbes, Jan 11, 2010)

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 “US monetary authorities”

System Open Market Account – Fedpoints (New York Fed’s website)

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

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Hijacking the Fed

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)


Full Resolution

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Taking control of America’s gold

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

History of Federal Reserve Free Edition

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

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The ESF was guaranteed disaster

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

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Dictatorial power and no oversight

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

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?
Chapter 3 — ESF’ s History

Congressional Record (July 16 1998)

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

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The ESF begins financing covert operations (part 2)

Google Archive News results for Stabilization Fund Is Called Secret Weapon

Stabilization Fund Is Called Secret Weapon (Evening Independent, Dec 6, 1940)

Stabilization Fund Pictured As Secret Weapon In Hands Of Us (Lawrence Journal-World, Dec 6, 1940)

China To Get Us War Aid (Reading Eagle, Dec 2, 1940)

Out In The Open (Toledo Blade, Dec 4, 1940)

Us Funds Counter Axis (Tuscaloosa News, Dec 8, 1940)

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

Four Senators Fight US Cash Aid to England (Pittsburgh Press, Dec 7, 1940)

Four Senators To Oppose Stabilization Fund Loans (Pittsburgh Press, Dec 7, 1940)

Mexico: Policy Failure, Moral Hazard, and Market Solutions (CATO Institute, Oct 10, 1995)

Exchange Stabilization Fund — History (Treasury’ s website)

ESF Credit Operations (Treasury’s website)

From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund (Federal Reserve’ s website, May 1997)

From the Exchange Stabilization Fund to the International Monetary Fund (The National Bureau of Economic Research, January 2001)

White Held The Reins In Many Sensitive Jobs (Newburgh News, Nov 19, 1953)

White Joined, And Joined And Joined (Pittsburgh Press, Dec 3, 1953)

Office of Strategic Services (Wikipedia)

Books of the Times; ‘A Vast Chaotic Organization’ (New York Times, Feb 28, 1946)

TRUMAN ENDS OSS, SHIFTS FUNCTIONS (New York Times, Sep 21, 1945)

Keep Propaganda In Its Place (Sarasota Herald-Tribune, Aug 16, 1948)

TERROR A WEAPON IN US PROPAGANDA (New York Times, Dec 12, 1951)

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The ESF designs world monetary system

From the Exchange Stabilization Fund to the International Monetary Fund (The National Bureau of Economic Research, January 2001)

US OFFERS PARLEY A CURRENCY PLAN (New York Times, Jan 21, 1942)

Without Cost? (Lawrence Journal-World, Apr 10, 1943)

Plan Advanced . Treasury Offers Second Blueprint (Toledo Blade, Nov 24, 1943)

http://www.worldbank.org/ (The World Bank’s website)

www.imf.org/ (IMF’ s website)

International monetary systems (Wikipedia)

History of Federal Reserve Free Edition

From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund (Federal Reserve’ s website, May 1997)

White Held The Reins In Many Sensitive Jobs (Newburgh News, Nov 19, 1953)

World Currency Study Touches Every Citizen (St. Petersburg Times, Apr 8, 1943)

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

Bretton Woods Progress Report . Quotas, The Toughest Hurdle, Now Safely Negotiated (Financial Post, Jul 22, 1944)

World Money Plan Proposed . Giant Stabilization Fund Is Basis (Deseret News, Aug 20, 1943)

Taft Attacks Bretton Pact . Says Monetary Setup Is Camouflaged Loan (Telegraph-Herald, Jul 12, 1945)

10th Of Nation’s Revenue Goes For Foreign Aid (St. Petersburg Times, Oct 22, 1952)

Oral History Interview with Samuel P. Hayes (Harry S. Truman Library & Museum, Jul 16, 1975)

FOREIGN AID: MAJOR OPPOSITION RISES IN CONGRESS (New York Times, Aug 25, 1963)

ESF Credit Operations (Treasury’s website)

The Exchange Stabilization Fund: Slush Money or War Chest?
Chapter 5 — Institutional Position

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

Google Archive News results for Bankers Opposed To Stabilization Fund

Bankers Approve Modified Bretton Woods (Deseret News, Mar 17, 1945)

US Swinging To The Bretton Woods Plan (Youngstown Vindicator, Mar 25, 1945)

Google Archive News results for International Fund treasury propaganda

Banker Assails Money Parley (St. Petersburg Times, Nov 27, 1944)

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Donations welcome

Gold Data: Lesson in Artful Dodging (Wall Street Journal, Aug 1, 1967)

From the Exchange Stabilization Fund to the International Monetary Fund (The National Bureau of Economic Research, January 2001)

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

The CIA’s 3-Decade Effort To Mold the World’s Views (New York Times, Dec 25, 1977)

For donations:
Thank you for supporting Market Skeptics (MarketSkeptics.com)

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Running the black budget

Operation Rollback: America’s Secret War Behind the Iron Curtain By Peter Grose

From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund (Federal Reserve’ s website, May 1997)

OPC, OSO and interim covert solutions 1948-1951 (Wikipedia)

Legacy of Ashes: The History of the CIA by Tim Weiner

A Brief History of the CIA: 1945-1953 (Truman) (The Lippard Blog, Aug 11, 2007)

The Life and Times of the CIA (LewRockwell.com, July 25, 2007)

The Presidential Slush Fund (Entrepreneur, September 2000)


Blood money (People’s Weekly World, Apr 5, 1997)

History of Federal Reserve Free Edition

ESF Credit Operations (Treasury’s website)

Mexico: Policy Failure, Moral Hazard, and Market Solutions (CATO Institute, Oct 10, 1995)

Out In The Open (Toledo Blade, Dec 4, 1940)

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

Congressional Record (July 16 1998)

CIA, Legal Restriction (answers.com)

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ESF/CIA go wild fighting cold war (part 3)

The Life and Times of the CIA (LewRockwell.com, July 25, 2007)

The CIA: Beyond Redemption & Should be Terminated (Scoop News, Jul 26, 2010)

Google Archive News results for:
CIA executions democracy
“Jacobo Arbenz” cia
disappearances victims CIA
“El Salvador” CIA
“Patrice Lumumba” CIA
“death squads” CIA
experiments CIA
CIA settle lawsuit
overthrown elected CIA
CIA nazi

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The ESF/CIA build worldwide propaganda network

PROPAGANDA WAR–THE US AND RUSSIAN PROGRAMS APPRAISED (New York Times – Sep 8, 1963)

Worldwide Propaganda Network Built by the CIA (New York Times, Dec 26, 1977)

Operation Rollback: America’s Secret War Behind the Iron Curtain By Peter Grose

Wurlitzer (Wikipedia)

Final report of the Select Committee to Study Governmental Operations with Respect to Intelligence Activities (Internet Archive)
Finalreportofsel01unit.pdf (43.7 Mb)

The Big Short: Inside the Doomsday Machine (Amazon.com) (example of propaganda book)

*****Government (not Wall Street) Financial Innovation Caused 2008 Financial Crisis***** (MarketSkeptics.com, Apr 4, 2011)


THE CIA AND THE MEDIA (carlbernstein.com, Oct 20, 1977)

Nightly News (MSNBC)

CBS Evening News with Katie Couric (CBS News)

60 minutes (Reality) VS Nightly News (Propaganda) (MarketSkeptics.com, Dec 20, 2010)

The CIA’s 3-Decade Effort To Mold the World’s Views (New York Times, Dec 25, 1977)

Worldwide Propaganda Network Built by the CIA (New York Times, Dec 26, 1977)

CIA Established Many Links To Journalists in US and Abroad (New York Times, Dec 27, 1977)

Google Archive News results for “has relationships with reporters from every major wire service, newspaper”

Memorandum from Task Force on Greater CIA Openness to Director of Central Intelligence, Task Force report on Greater CIA Openness, December 20, 1991 (The George Washington University, Dec 20, 1991) (memo from CIA Director Robert Gates)

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The ESF’ s Twisted Logic

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

Swap (finance) (Wikipedia)

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

Forward contract (Wikipedia)

Fedpoint—U.S. Foreign Exchange Intervention (New York Fed’ s website)

Final report of the Select Committee to Study Governmental Operations with Respect to Intelligence Activities (Internet Archive)
Finalreportofsel01unit.pdf (43.7 Mb)

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

Treasury’s Own Private Kitty (Lewiston Daily Sun, May 24, 1976)

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Spending the entire US gold reserves

The Life and Times of the CIA (LewRockwell.com, July 25, 2007)

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

MORGENTHAU STIRS GLASS’ GOLD WRATH (New York Times, Mar 3, 1939)

Foreign Claims (The Age, Nov 29, 1956)

Claims On Gold Reserve Are Potentially Immense (St. Petersburg Times, Sep 15, 1960)

Why is Gold so Valuable? (ITMtrading.com, Dec 8, 2010)

Currency in Circulation (Federal Reserve’ s website)

Is The Sky The Limit? (Portsmouth Times, Jul 27, 1945)

Taft Seeks Delay On Bretton Woods (Deseret News, Jul 12, 1945)

FOREIGN AID: MAJOR OPPOSITION RISES IN CONGRESS (New York Times, Aug 25, 1963)

US Is Working to Turn Red Ink Into Black (New York Times, Sep 30, 1963)

Dollar Trouble; And Economic Policy (New York Times, Jul 21, 1963)

Continued Deficits Drop Dollar To 45 Cent Level (Press-Courier, Jun 24, 1963)

Need Confidence In The Dollar (Milwaukee Sentinel, Sep 23, 1960)

Fiscal Course (Daytona Beach Morning Journal, Nov 6, 1960)

13.7 Billion In Foreign Gold Rests Beneath New York (St. Petersburg Times, Jul 25, 1963)

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Gold outflow begins

History of Federal Reserve Free Edition

To Stop Gold Hemorrhage (Milwaukee Journal, Jul 19, 1963)

The Truth Told About Gold Issue (Newburgh-Beacon News, Oct 28, 1960)

MORGENTHAU STIRS GLASS’ GOLD WRATH (New York Times, Mar 3, 1939)

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

The Life and Times of the CIA (LewRockwell.com, July 25, 2007)

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Part 4:

Accounting in 2014 (TSCPA’ s website (Tennessee Society of Certified Public Accountants))

Bretton Woods Progress Report . Quotas, The Toughest Hurdle, Now Safely Negotiated (Financial Post, Jul 22, 1944)

Editorials . Impact Of Foreign Spending Cut (Tuscaloosa News, Nov 24, 1960)

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The ESF’s desperate dollar defense

SHARP GOLD RISE OF 1952 RECALLED; Some Black-Market Prices Abroad Hit $60 an Ounce (New York Times, Oct 23, 1960)

History of Federal Reserve Free Edition

Operation Rollback: America’s Secret War Behind the Iron Curtain By Peter Grose

International monetary systems (Wikipedia)

From the Exchange Stabilization Fund to the International Monetary Fund (The National Bureau of Economic Research, January 2001)

ESF Credit Operations (Treasury’s website)

Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

Editorials . Impact Of Foreign Spending Cut (Tuscaloosa News, Nov 24, 1960)

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Currency interventions to prop up the dollar (by borrowing foreign money)

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

THE BIG SEVEN OF INTERNATIONAL LENDING (New York Times, Aug 23, 1959)

Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

Foreign Exchange Reserves Explained (Market Skeptics, Feb 5, 2009)

Architects of World Finance to Study Structural Repair This Week in Washington (New York Times, Sep 30, 1963)

US Exchange Rate Policy: Bretton Woods to Present (Federal Reserve Archive)

Coexistence Called Unthinkable (Washington Observer, Feb 10, 1962)

Exchange Stabilization Fund — History (Treasury’ s website)

Swap (finance) (Wikipedia)

*****Fed Using Currency Swaps To Boost The Dollar***** (Market Skeptics, Apr 17, 2009)

New York Fed Make: Francs For Trade (Montreal Gazette, Mar 2, 1962)

London Market Up — Price Of Gold Watched (Miami News, Oct 2, 1964)

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Gambling in derivative markets

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

Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

The Exchange Stabilization Fund: How It Works (Federal Reserve Bank of Cleveland, December 1999)

RESERVE IS ACTING TO ASSIST DOLLAR (New York Times, Feb 4, 1962)



Forward contract (Wikipedia)

Untangling Wall Street’s tricky bets (CNN Money, Apr 22, 2010)

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The London Gold Pool

Architects of World Finance to Study Structural Repair This Week in Washington (New York Times, Sep 30, 1963)

History of Federal Reserve Free Edition

Quiet Pooling Of Resources Stabilizes The Gold Market (Fort Scott Tribune, Feb 26, 1963)

US Gold Supply Drops (Montreal Gazette, Dec 29, 1967)

US Transfers Gold To Stabilization Fund (Montreal Gazette, Dec 8, 1967)

US Dealings in Gold Masked By Exchange Stabilization Fund (New York Times, Jun 3, 1963)

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Deceiving the world

Gold Data: Lesson in Artful Dodging (Wall Street Journal, Aug 1, 1967)

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Debasing statistics

Gold Data: Lesson in Artful Dodging (Wall Street Journal, Aug 1, 1967)

Fuzzy Numbers by Chris Martenson

US Gold Supply Drops (Montreal Gazette, Dec 29, 1967)

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Propaganda

Worldwide Propaganda Network Built by the CIA (New York Times, Dec 26, 1977)

Many Weak Spots Hidden Inside Prosperity Balloon (Milwaukee Sentinel, Sep 2, 1964)

Deflated Money Angers Expert (The Day, Aug 18, 1970)

Google Archive News results for IMF deflation gold dollar

Deflation Seen Big Danger (New York Times, Sep 12, 1962)

The Bogeyman Of Deflation (Newsweek, May 6, 2003)

Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

Now They Worry A Bout Deflation (Sumter Daily Item, Oct 9, 1962)

A must read article: Debunking Deflation (IBTIMES, Aug 14, 2010)

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Corrupting Economics

Spenders All (Montreal Gazette, Nov 10, 1958)

Dollar’s Convertibility Into Gold Could Be Restored, But… (Evening Independent, Mar 12, 1980)

Deflation Seen Big Danger (New York Times, Sep 12, 1962)

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

Let’ s Get Rich — Why Shouldn’t We Spend? (Ocala Star-Banner, Jan 19, 1965)

Dollar’s Defense (Wall Street Journal, Mar 1, 1962)

Final report of the Select Committee to Study Governmental Operations with Respect to Intelligence Activities (Internet Archive)
Finalreportofsel01unit.pdf (43.7 Mb)

Planned Treasury Deficits New Administration Economy Plan (Sumter Daily Item, Jan 29, 1965)

We’re Spending Our Way To Prosperity (Star-News Jan 24, 1998)

*****The Subversion Of Economics***** (Market Skeptics, May 10, 2011)

Inside Job Film Documentary 2010 (5)
(the part about economics starts after 2 minutes)

THERE IS MUCH MORE INFORMATION – GO HERE TO THE ORIGINAL SOURCE AND SCROLL DOWN FOR THE EMBEDDED VIDEO THAT GOES WITH THAT IS JUST BEOW THE  “INSIDE JOB FILM DOCUMENTARY 2010 (5)

 

 

 

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