Former US DoT analyst: the very heart of the fraud

From: Richard Cook, former US Treasury analyst

Marco,

Thanks for writing. I don't have the immediate answer and can't research it at this time though the discrepancy is obvious. These people have their own ways of doing things and answerr only to themselves. Someone said the gnomes at Zurich rule the world. Referring of course to the international bankers.
I do know that the way the Fed purchases money from the U.S. Treasury for only the cost of the printing then circulates them at face value but only when they are lent by a bank to a user is at the very heart of the fraud. One of the reforms I advocate is that the banking system must borrow any money they lend beyond their deposit reserve from the Treasury and must repay it at face value with a small interest charge.

All the best,

Richard C. Cook
Please check out my new website at http://www.richardccook.com/
and my new book from Tendril Press, We Hold These Truths: The Hope of Monetary Reform


> To: Richard Cook
> Subject: About DoT and FED accounting
> Date: Tue, 19 May 2009 04:15:51 -0400
> From: Marco Saba
>
> Dear Richard Cook,
> here in Italy some time ago a general attorney (retired) wrote
> a book about bank, money and usury, In this book he noted that
> while the Italian Treasury register the T-Bond as a liability,
> also the Italian central bank register the face value of banknotes
> as a liability. Now the question arise: HOW IT IS POSSIBLE TO
> ACCOUNT FOR THE SAME AMOUNT OF MONEY - FIRST AS A T-BOND AND THEN
> AS A NOMINAL VALUE OF BANKNOTES - IN TWO ACCOUNTING BOOK OF TWO
> GOVERNMENT AGENCIES BOTH AS LIABILITIES?
> If the treasury write the T-bond as a liability, then the central
> bank - supposedly a government body - must write that sum as an asset
> to make zero sum.
> The same apply with the US DoT and the Federal Reserve: the same sum
> appear as a liability on the DoT books (as T-bonds) AND in the FED books (as banknotes).
> While if the FED registered the nominal value of the banknotes, they
> have to pay back taxes to the US gov so that the debt will be only
> for the printing cost of banknotes.
> Obviously, there is a major fraud going on. My question:
> how do the Treasury justify for that big mismanagement of
> the accounts?
> Did any one tried to have an official answer from the Treausry about
> that question?
> If yes, what is the answer?
> If not, why don't we ask them about it to sollecitate an answer?
>
> Thank you,
>
> Marco Saba