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Pam and Russ Martens: Billions in stimulus funds are being used by ESF for currency intervention
11:30a ET Friday, November 27, 2020
Dear Friend of GATA and Gold:
With more heroic financial jouranlism today, Pam and Russ Martens of Wall Street on Parade disclose that hundreds of billions of dollars appropriated by Congress for economic stimulus during the virus epidemic have been placed by Treasury Secretary Steve Mnuchin in the Treasury Department's Exchange Stabilization Fund, where much of it has been used to buy foreign currencies.
... Dispatch continues below ...
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Of course as GATA long has noted, the ESF is authorized to intervene surreptitiously in the currency and gold markets and indeed to intervene surreptitiously in any markets anywhere.
The Martenses conclude: "The House Financial Services Committee will hold a hearing with Mnuchin and [Federal Reserve Chairman Jerome] Powell next Wednesday, December 2. We are forwarding this article to the members of the Committee, asking that they get to the bottom of this as they question Mnuchin and Powell. We're not holding our breath."
Wall Street on Parade's report is headlined "75% of the $454 Billion CARES Act Money Never Went to the Fed; It Was Invested by a Mnuchin Slush Fund Called the ESF" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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