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There are gold reserves worth $10 billion in Tripoli and Gaddafi could have taken some of that amount, he said.
http://solari.com/blog/2011/03/22/when-gadhafi-falls-does-libyas-gold-get-leased-at-1-per-year-or-does-it-go-straight-to-morgan-chase/
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By Jack Farchy and Roula Khalaf
The international community has hit Mommar Gadhafi with a raft of sanctions and asset freezes aimed at cutting off his funding. But the embattled Libyan leader is sitting on a pot of gold.
The Libyan central bank — which is under Colonel Gadhafi’s control — holds 143.8 tonnes of gold, according to the latest data from the International Monetary Fund, although some suspect the true amount could be several tonnes higher.
Continue reading the article . . .
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Exchange Stabilization Fund
Wikipedia
Kadhafi ‘Hoarding Billions in Tripoli’
http://en.wikipedia.org/wiki/Exchange_Stabilization_Fund
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The Exchange Stabilization Fund (ESF) is an emergency reserve fund of the United States Treasury Department, normally used for foreign exchange intervention. This arrangement (as opposed to having the central bank intervene directly) allows the US government to influence currency exchange rates without affecting domestic money supply.
As of October 2009, the fund held assets worth $105 billion, including $58.1 billion in Special Drawing Rights (SDR) from the International Monetary Fund.[1]
http://silverbearcafe.com/private/esfexam.html
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ON THE RECORD:
An Examination of Evidence Indicating Exchange Stabilization Fund and Federal Reserve Gold Market
Activity – Part 2
As detailed in “Behind Closed Doors” by James Turk,(http://www.gata.org/bcd.html) GATA believes that American gold has been used as collateral in order to obtain foreign gold, which has subsequently been lent or sold to depress prices. This theory is based on three important facts. First of all, as evidenced by the above FOMC transcripts, the ESF (and possibly the Fed) has conducted gold swaps. Secondly, the U.S. Mint, which serves as custodian for the U.S. reserve, reports that the entire gold stock is intact. Finally, Wayne Angell made specific note of the fact that the “swap puts” were attached to “our gold.” Therefore, any gold swaps could have only involved trading the ownership of American gold for bullion in another central bank’s vault. This is preferable to directly selling American reserves, in which case the Mint would be forced to report a drawdown at the nation’s bullion depositories. A gold swap allows the Treasury to mobilize gold without raising the alarm of those who audit the Fort Knox, Denver and West Point vaults. With this in mind, a remark by Alan Greenspan in a 1998 House Banking Committee hearing is illuminating:
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Expect spectacular short-covering rally in gold, Turk tells King World News Excerpt: Expect spectacular short-covering rally in gold, Turk tells King World NewsSubmitted by cpowell on Sat, 2011-08-27 00:34. Section: Daily Dispatches 8:35p ET Friday, August 26, 2011 Dear Friend of GATA and Gold (and Silver): GoldMoney founder James Turk tells King World News tonight that short covering well may send gold back to $1,900 very quickly, that silver likely will follow to $44, and that he is very impressed by the strength of the mining shares. An excerpt from Turk's interview, headlined "Expect a Spectacular Short-Covering Rally in Gold," can be found at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/27_James_Turk_-_Expect_a_Spectacular_Short_Covering_Rally_in_Gold.html CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. | 2011-08-27 00:34 | 140 |
| GoldSeek's Peter Spina describes bypassing the mainstream media | 2011-08-26 21:11 | 58 |
| Hint of more Fed stimulus goosed gold today, Michael Pento tells King | 2011-08-26 20:24 | 50 |
| Physical market overpowers gold cartel, Murphy tells Resource Clips | 2011-08-26 20:40 | 48 |
| Ned Naylor-Leyland: Real metal is beating paper in the gold market | 2011-08-26 20:54 | 47 |
| Shares starting to outperform bullion, Lassonde tells King World News |
http://www.nber.org/papers/w8100
Excerpt:
From the Exchange Stabilization Fund to the International Monetary Fund
Michael Bordo, Anna J. SchwartzNBER Working Paper No. 8100Issued in January 2001 NBER Program(s): DAE IFM ME We highlight the elements of the operation of the U.S. Exchange Stabilization Fund that Harry Dexter White, who directed the Treasury's division of monetary research, transferred to his plan for the operation of the International Monetary Fund. The elements included the principle that all currencies were equivalent and the goal of the international fund, like that of the U.S. fund, was to stabilize exchange rates. The ESF also influenced White's vision for the International Bank for Reconstruction and Development. The IBRD, however, represented a reaction by White against key elements of ESF stabilization loans, which were very short term, paid above market interest rates, and required collateral. Had White carried forward to the IMF the ESF elements pertaining to interest rates and collateral, its operations would have evolved in a markedly different direction from the one that it has taken. |
http://adask.wordpress.com/2011/07/15/exchange-stabilization-fund/ (Not sure what I think about these videos as they seem to intimate the FED is something other than what I think it is.... I'm gonna go ahead and research more but want you guys to join me in this research project, k, cause I think I'm in over my head?) ...cal
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Exchange Stabilization Fund
15 Jul
6 Votes
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Frank Wisner in Cairo The Empire's BagmanBy VIJAY PRASHAD … WISNER HAS A LONG LINEAGE IN THE CIA FAMILY. His father, Frank Sr., helped overthrow Arbenz of Guatemala (1954) and Mossadeq of Iran (1953), before he was undone in mysterious circumstances in 1965. FRANK JR. IS WELL KNOWN AROUND LANGLEY, with a career in the Defense and State Departments along with ambassadorial service in Egypt, the Philippines, and then India. In each of these places Wisner insinuated himself into the social and military branches of the power elite. He became their spokesperson. WISNER AND MUBARAK BECAME CLOSE FRIENDS when he was in country (1986-1991), and many credit this friendship (and military aid) with Egypt's support of the US in the 1991 Gulf War. NOT ONCE DID THE US PROVIDE A CRITICISM OF EGYPT'S HUMAN RIGHTS RECORD. As Human Rights Watch put it, the George H. W. Bush regime "refrained from any public expression of concern about human rights violations in Egypt." Instead, military aid increased, and the torture system continued. The moral turpitude (bad guys, aka the Muslim Brotherhood and democracy advocates need to be tortured) and the torture apparatus set up the system for the regime followed by Bush's son, George W. after 911, with the extraordinary rendition programs to these very Egyptian prisons. WISNER MIGHT BE CONSIDERED THE ARCHITECT OF THE FRAMEWORK FOR THIS POLICY. WISNER REMAINED LOYAL TO MUBARAK. In 2005, he celebrated the Egyptian (s)election (Mubarak "won" with 88.6% of the vote). It was a "historic day" he said, and went further, "There were no instances of repression; there wasn't heavy police presence on the streets. The atmosphere was not one of police intimidation." This is quite the opposite of what came out from election observers, human rights organizations and bloggers such as Karee Suleiman and Hossam el-Hamalawy. The Democratic and Republican ghouls came together in the James Baker Institute's working group on the Middle East. Wisner joined the Baker Institute's head Edward Djerejian and others to produce a report in 2003 that offers us a tasty statement, "Achieving security and stability in the Middle East will be made more difficult by the fact that short-term necessities will seem to contradict long-term goals." If the long-term goal is Democracy, then that is all very well because it has to be sacrificed to the short-term, namely support for the kind of Pharonic State embodied by Mubarak. Nothing more is on offer. No wonder that a "Washington Middle East hand" told The Cable, "[WISNER'S] THE EXACT WRONG PERSON TO SEND. HE IS AN APOLOGIST FOR MUBARAK." But this is a wrong view. WISNER IS JUST THE EXACT PERSON TO SEND TO PROTECT THE SHORT-TERM, AND SO ONLY-TERM, INTERESTS OF WASHINGTON. The long-term has been set aside. I first wrote about Wisner in 1997 when he joined the board of directors of Enron Corporation. Where Wisner had been, to Manila and New Delhi, Enron followed. As one of his staffers said, "if anybody asked the CIA to help promote US business in India, it was probably Frank." Without the CIA and the muscle of the US government, it is unlikely that the Subic Bay power station deal or the Dabhol deal would have gone to Enron. Here Wisner followed James Baker, who was hired by Enron to help it gain access to the Shuaiba power plant in Kuwait. Nor is he different from Holbrooke, who was in the upper circle of Credit Suisse First Boston, Lehman Brothers, Perseus and the American International Group. They used the full power of the US state to push the private interests of their firms, and then made money for themselves. This is the close nexus of Capital and Empire, and Wisner is the hinge between them. One wonders at the tenor of the official cables coming from Cairo to Washington. Ambassador Margaret Scobey, a career official, has been once more sidelined. The first time was over rendition. She is known to have opposed the tenor of it, and had spoken on behalf of Ayman Nour and others. This time Obama did an end run around her, SENDING WISNER. Scobey went to visit El-Baradei. Similar treatment was meted out to Ambassador Anne Patterson in Islamabad. Her brief was narrowed by Holbrooke's appointment. What must these women in senior places think, that when a crisis erupts, they are set-aside for the men of Washington? Wisner urged Mubarak to concede. It is not enough. More is being asked for. Today, Mubarak's supporters have come out with bats in hand, ready for a fight. THIS HAS PROBABLY ALSO BEEN SANCTIONED IN THAT PRIVATE MEETING. IT IS WHAT ONE EXPECTS OF EMPIRE'S BAGMAN.
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