EXCHANGE STABILIZATION FUND

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I don't really understand financial stuff (which is probably why I ain't got nothin'!), but according to THE DAILY BELL web site, the information within these videos might be important.

For the best effect, please be sure and watch, in "FULL SCREEN" mode, this series of five (05) videos.



This series of five (05) videos, which for convenience, I've combined into a single automated playlist, was posted on the YOU TUBE web site on Friday 03 June 2011 by Eric deCarbonnel, who states on his web site, MARKET SKEPTICS, that he now resides in Russia.

Eric deCarbonnel

Reference to these videos first came to my attention when perusing the FREE NORTH CAROLINA web site.

Here is a quote from the official web site of the United States Department of the Treasury explaining what the EXCHANGE STABILIZATION FUND actually is:

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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 financial statement of the ESF can be accessed at "Reports" or "Finances and Operations".

The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDRs) 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."

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Here is the concluding paragraph from THE DAILY BELL web site:

Whatever one thinks of Mr. deCarbonnel's point of view (we're not endorsing it, merely presenting it), his perspective regarding the ESF is intriguing, and he seems to us a passionate financial journalist in the modern Western tradition. He states at one point that his expose – and others – could not have found their way to the public forum without the Internet, which Mockingbird still does not control. In providing this interesting group of videos to the general public via YouTube, deCarbonnel seems to be providing proof of his point of view.

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