History Made: US Fed Reserve to be Audited by IMF

Here’s something else that’s not being reported here in the U.S.: The German paper Der Spiegle reports the the International Monetary Fund (“IMF”), founded in 1944 to oversee the global financial system, has doubts about the US Federal Reserve. They want an audit. The US has never before been audited.

In the past, the chairman of the Federal Reserve was a pope among the priests of the financial elite. But unlike his predecessor Alan Greenspan, Bernanke is finding that his policies are not universally accepted, even within the Fed.

The last seven decisions reached by the Federal Open Market Committee, which sets monetary policy, were accompanied by a growing number of dissenting votes. Bernanke’s critics say that with his policy of cheap money — in other words, recurring rate reductions — he in fact helped fuel the inflation problem he is now trying to combat.

Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF’s board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests — worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar.

Under its bylaws, the IMF is charged with the supervision of the international monetary system.
 
US President George W. Bush… has only given the IMF board his consent under one important condition. The review can begin in Bush’s last year in office, but it may not be completed until he has left the White House.
 
Is Bush worried about what might be found? Of course, you remember I told you 18 months ago he has purchased a 100,000 acre ranch in Paraguay. Paraguay’s extradition treaty with the US was changed a few years back to disallow “politically motivated” extradition of criminals. His daughter, Jenna, has been down there to meet the President of Paraguay.
[link to Britain’s Guardian article.]
[link to US/Paraguay Extradition Treaty. See article 4 section 2 (page 15) for the “political exemption”.]
 
I used to love this country, now I feel like I have to apologize to the world for our actions.
 
◊◊◊◊ Now: Gold @ $919.60, Silver @ $17.39, USDX @ 73.24 ◊◊◊◊
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