“Ruling on the Feds – small victory for Americans”
Published: 26 August, 2009, 21:50
TAGS: Crisis, Crisis Chronicle, Law, USA, Finance
The court ruling that the US Federal reserve should open its books and reveal how money is spent is “a very small victory for 75 percent of Americans”, Nicole Kardell, a legal analyst, told RT.
According to the Monday ruling, the US Federal Reserve must reveal, within five days, which firms it has given emergency loans to.
It failed to convince Manhattan Chief U.S. District Judge Loretta Preska that the documents should be exempt from the Freedom of Information Act because their disclosure would harm borrowers’ competitive positions.
It'll be the first time America's money machine is forced to be transparent when it comes to splashing the cash.
Meanwhile, banks are worried that people might take money out of their accounts if they think that those banks are in trouble.
26.08.2009, 16:32
2 comments
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A HUGE SCARY FOREX DISCOUNT IS BEING USED RIGHT NOW BY MARKET INTERMEDIARIES FOR CASH CURRENCY TRANSACTIONS. THIS IS A CLEAR LOUD PREVIEW OF FUTURE US$ AND BRITISH POUND STERLING DEVALUATION. THE DISCOUNTS PROBABLY OCCUR ON GRAND ACQUISITIONS, SPENDING US & UK DEBT, IN CONVERSION TO HARD ASSETS. A query came from me to a reliable regular banker contact with connections to Europe, Asia, and the Persian Gulf. What came back was a shock, as news of actual liquidation activity have come his way. "Really substantial transactions in buying USDollar are done at a 38% discount, and British Pound Sterling are done at a 42% discount. Off market transaction guys are already factoring in the coming devaluation. Hundreds of billions are involved, including outright cash transactions where those discounts are being applied." WOW!! He had mentioned just days before in another exchange that a big event comes on the near horizon having to do with angry USGovt creditors. They have run out of patience. They feel the USGovt pays no heed to their concerns, in displayed arrogance. A coordinated group of foreign creditors are planning to sell several hundred billion in USTreasurys in the months of September and October. If executed, then a US bank holiday is assured, and a significant devaluation of the USDollar comes. We might even see the first hint of a temporary USTreasury default Chinese agency organizations have been gathering considerable information from the Gold Anti-Trust Action committee, probably to make the case that the USDollar is not legitimate even on US Constitutional terms. They will likely make the case for an illegitimate USDollar operating as the currency by a financial sector ripe with corruption and fraud. We are in my opinion, and in the opinion of a few key contacts, with two to three weeks away from major financial earthquakes founded in the monetary foundation structures.