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GATA cited in Wall Street on Parade's latest report of Fed's unaccountability

Section: Daily Dispatches

8:33p ET Thursday, November 14, 2019

Dear Friend of GATA and Gold:

Wall Street on Parade's Pam and Russ Martens, who seem to be the last investigative financial journalists in the United States if not the solar system as well, cited GATA today in their latest report on the deceitful and secretive ways of the Federal Reserve System, most lately in regard to its distribution of the tens of billions of dollars in "repo" cash.

The Martenses write: "The New York Fed is the most inherently conflicted Frankenbank in the history of central banks. Not one member of its board or management is elected by the American people and yet it can create trillions of dollars at the push of an electronic button and make that money flow to benefit the interests of the top 10 percent of Americans. (It's no wonder that New York is home to 70 billionaires.) ...

... Dispatch continues below ...


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After noting the reply to GATA received this week from the Federal Reserve Bank of New York asserting that the recipients of the "repo" cash and their amounts could not be disclosed for two years --

-- the Martenses write:

"Tragically, the U.S. government has outsourced its money printing to an unaccountable, privately owned facility in lower Manhattan that has no respect for the public's right to know. The New York Fed has a long history of denying basic information to Wall Street On Parade in order to keep a very dark curtain around its interconnections to Wall Street's trading houses. ...

"Fed Chairman [Jerome] Powell can't open his press conferences saying that the role of the Federal Reserve is to represent the interests of the American people and then deny those same people the right to sunshine on its actions if he hopes to maintain any semblance of credibility. If he continues on this path, the history books will be as unkind to him as they have been to [former Fed Chairman Ben] Bernanke and former Fed Chairman Alan Greenspan."

Wall Street on Parade's report is headlined "The Fed Has Created the Big Lie for Congress on its Repo Loans while the New York Fed Blocks Freedom of Information Requests" and it's posted here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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