THE FEDERAL PART FOUR

April 29, 2021 hello 0 Comment

THE FEDERAL RESERVE BANK OF NEW YORK, PART FOUR

The Reserve Bank’s subversive gold bullion depository lies eighty feet below street level and fifty feet below sea level, lying on Manhattan bedrock. By 1927, the vault had ten percent of the world’s official gold reserves.

The vault is the biggest recognized and ascertained gold store globally and holds about seven thousand gold bullion tonnes, more than Fort Knox does. The Bank does not own the gold, which moved all of its local gold reserves to the Treasury under the Gold Reserve Act of 1934. Approximately ninety-eight percent of it holds by the central banks of foreign governments. The remaining is owned by the United States and international organizations such as the IMF. The Reserve Bank stores the gold at zero cost but charges for managing whenever it is transferred.

The Reserve Bank distributes a monthly recession probability forecast acquired from the yield curve and based on Tobias Adrian and Arturo Estrella’s project. Their models demonstrate that when the difference between long-term interest rates and short-term interest rates at the end of a Federal Reserve tightening round is not positive or less than ninety-three basis points positive, an increase in unemployment usually happens.

CRITICISMS

In 2009, the Federal Reserve Bank of New York commissioned a search into its practices. David Beim, a finance professor at Columbia Business School, presented a report in 2009, discharged by the Financial Crisis Inquiry Commission in 2011, stating “that people he questioned at the Federal Reserve Bank of New York think that supervisors paid too much deference to banks and, thus, they were less belligerent in discovery issues or in forcefully following upon them.”

Three years later, Carmen Segarra, then an auditor of the Federal Reserve Bank of New York, informed her seniors that Goldman Sachs had no policy governing divergences of interest. Segarra was fired in May 2012 and brought proceedings for whistle-blower retaliation in October 2013. In April 2014, The United States Regional court in Manhattan dismissed the lawsuit, “judging that she failed to make a lawfully enough claim under the whistle-blower protections of the Federal Deposit Insurance Act.” In September 2014, she clandestinely recorded discussions aired by This American Life. The Federal Reserve Bank of New York was accused of political corruption by being an “apprehended agency,” subject to regulatory apprehension, of the banks it oversees.

 

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