UWSA Fed. Rsrve Accntblty
Current News about the Foreign-owned Central Bank called,
THE FEDERAL RESERVE SYSTEM.
May 6, 1997
From: Katalyst
Subject: [UWSA] FED RESERVE allows RED CHINA in SECRET Meetings
>This is from the ignition-point list service.
>Barry Skaggs
>
>
>Prepare yourself to NOT throwup. Following this article I will send you
>incontrovertable proof that the Fed has NEVER been audited ever, and by
>audited I of course mean fully audited as there is no such thing as a
>partial audit, as in a partial audit you simply show them the stuff that
>makes you look clean and hide the stuff that does not, duh ! You will see
>in the next message, but first this, hot off the presses...
>
> ralph@TeamInfinity.com
>
> Published in Washington, D.C.. . . . . . . . . . . . . 5am -- May
> 7, 1997 . . . . . . . . . . . . .www.washtimes.com
>
>
> Foreigners get to sit in on secret Fed rate talks
> ------------------------------------------------
> By Patrice Hill
> THE WASHINGTON TIMES
> ------------------------------------------------
>
> [T] he Federal Reserve Bank of Kansas City has
> allowed 28 banking officials from China and the
> formerly communist countries of Eastern Europe to
> observe critical meetings where the bank made
> interest-rate decisions.
>
> The Missouri bank is the same Fed branch
> that invites Fed watchers and reporters to hobnob
> each summer with Fed governors at an exclusive resort
> in Jackson Hole, Wyo.
>
> A spokesman said the breach of the usually
> strict secrecy surrounding rate decisions is part of
> a program to show foreign banking officials how a
> central bank functions in a free society.
>
> Many of the 11 other Fed regional banks and
> the Fed's headquarters in Washington regularly employ
> financial scholars and private economists to provide
> advice and, in some cases, sit in on meetings where
> Fed bank presidents are prepped to make rate
> decisions. But, unlike the foreign visitors, they
> aren't permitted to sit in on the banks' board
> meetings, where votes are taken.
>
> These and other details of the privileged
> few the Fed has allowed to observe sensitive policy
> discussions, including the 8-year-old daughter of a
> Fed staffer on Take Our Daughters to Work Day, were
> disclosed in an April 25 letter from Fed Chairman
> Alan Greenspan to the House banking committee.
>
> "We find it troubling that where the door is
> closed for congressional oversight, many people who
> are not even employees of the Federal Reserve are
> welcome," Reps. Henry B. Gonzalez of Texas and
> Maurice D. Hinchey of New York said in releasing the
> letter Monday.
>
> The two Democrats are frequent critics of
> the Fed. Mr. Gonzalez, a former chairman of the
> banking committee who loves to throw the spotlight on
> secretive Fed practices, is widely credited with
> pressuring the Fed to release, with a five-year
> delay, detailed minutes of the Fed committee meetings
> in Washington where the final call on interest rates
> is made every six weeks.
>
> The two congressmen charge that the visitors
> entertained in the Fed's regional boardrooms get
> inside information they can use to become instant
> millionaires in the financial markets. Aides to the
> two Democrats acknowledge they have no knowledge of
> fraud or abuse in the Fed's foreign-exchange and
> visiting-scholars programs.
>
> "Do I have access to information I could use
> to harm the system? The answer is no," said Steven
> Smith, a finance professor at Georgia State
> University who has provided advice to the Atlanta Fed
> bank's president and sat in on his monetary briefings
> the past five or six years.
>
> Critics say Mr. Smith and a few other
> consultants discuss bank presidents' views on rates
> at those meetings and are privy to the options being
> considered in Washington, but Mr. Smith denies those
> charges.
>
> "I don't think there is any kind of
> information someone can make money off of," he said,
> adding that, like other consultants, he has signed a
> "confidentiality agreement" with the Fed that
> prohibits him from making private investments or
> having conflicts of interest.
>
> Barry Robinson, a spokesman for the Kansas
> City bank, dismissed charges that foreign visitors
> could exploit what they learn from sitting in on the
> bank board meetings, where directors vote every two
> weeks on the level of interest rates they recommend
> to the Fed in Washington.
>
> "Among the fraternity of central bankers
> there is a level of trust and understanding about
> policy matters," he said, so the bank does not even
> ask the visitors to sign confidentiality agreements.
> "We assume they are principled people or they
> wouldn't be employed by a central bank."
>
> The Kansas City bank believes that the
> foreigners' one-time experience of observing board
> votes is "a classic example of how we can demonstrate
> how economic policy is made in a free and democratic
> society," Mr. Robinson said. "They hear the
> discussion and even hear the vote being counted."
>
> But congressional aides noted that the
> knowledge of even one bank's vote on interest rates
> can be valuable to traders who control billions of
> dollars in the stock and bond markets.
>
> Last summer, a news report that several
> regional Fed banks had asked the Fed to raise the
> discount rate it charges banks for last-resort loans
> fueled a conviction in the financial markets that the
> central bank was about to raise rates.
>
> As often happens with such discount-rate
> requests, the Fed board in Washington ignored the
> bank presidents and did not raise rates until this
> year. But that didn't keep traders from making and
> losing millions of dollars on the rumor.
>
>
>
>------------------------------------------------------------------------
>
>El Jeffe, El Capiton, Generalissimo Klintonista speaks out
> about the US Constitution:
>
>
>"When we got organized as a country and we wrote a fairly radical
>Constitution with a radical Bill of Rights, giving a radical amount of
>individual freedom to Americans ..."
>
>"And so a lot of people say there's too much personal freedom. When
>personal freedom's being abused, you have to move to limit it. That's what
>we did in the announcement I made last weekend on the public housing
>projects, about how we're going to have weapon sweeps and more things like
>that to try to make people safer in their communities."
>
>President Bill Clinton, 3-22-94, MTV's "Enough is Enough"
>
>"We can't be so fixated on our desire
> to preserve the rights of ordinary Americans ..."
>
> Bill Clinton (USA TODAY, 11 March 1993, page 2A)
>
> Why cant any of these be considered a violation of the oath of
> office to uphold the Constitution and qualify as TREASON !!
>
>
>"Gun registration is not enough." Attorney General Janet Reno, December 10,
>1993 (Associated Press)
>
>"Waiting periods are only a step. Registration is only a step. The
>prohibition of private firearms is the goal." - Janet Reno
>
>"What good does it do to ban some guns. All guns should be banned." Sen.
>Howard Metzanbaum
>
>"Our task of creating a socialist America can only succeed when those who
>would resist us have been totally disarmed." Sara Brady, Chairman, Handgun
>Control, to Sen. Howard Metzanbaum, The National Educator, January 1994,
>Page 3.
>
>
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