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Russia proposes creation of global super-reserve currency
- Text size
March 16, 2009
Russia suggests the G20 summit in London in April should start establishing a system of managing the process of globalization and consider the possibility of creating a supra-national reserve currency or a “super-reserve currency.” The Russian Federation’s proposals for ways out of the ongoing financial and economic crisis and for a post-crisis order of the world financial system have been published on the Kremlin’s website. The proposals have been dispatched to the leadership of the G20 countries, the CIS and international organizations.
“The current global economic crisis points to the need for discarding standard approaches and requires the adoption of collective decisions, agreed at the international level and geared to creating a system of globalization process management,” the document says. Russia suggests “acting with the maximum resolution in order to restore sustainable economic development and also confidence and stability in the financial markets.”
The Russian side believes the summit should seek and achieve accord on the main parameters of a new world financial system. It suggests calling an international conference that would produce the basic parameters of a world financial architecture and adopt international conventions regarding a new financial world order.
- A d v e r t i s e m e n t
In the sphere of control and supervision Russia suggests drafting and adopting an international agreement setting global standards of control and supervision in the financial sector – a Standard Universal Regulatory Framework (SURF).
Russia calls for reforming the international currency and financial system with the aim to strengthen its stability and control. In that connection the Russian side suggests discussing the possibility of expanding the list of currencies to be used as reserve ones, on the basis of the adoption of agreed measures to stimulate the development of major regional financial centers, and also “the creation of a supra-national reserve currency that will be issued by international financial institutions.”
“It looks expedient to reconsider the role of the IMF in that process and also to determine the possibility and need for taking measures that would allow for the SDRs (Special Drawing Rights) to become a super-reserve currency recognized by the world community,” the document says.
Also, Russia in the medium and long-term is for a revision of the role and mandate of the IMF in order to adjust both to a new structure of the world currency and financial system, whose modification is to be completed as a result of the current crisis.
For the purpose of overcoming the current crisis it will be necessary to considerably increase the resources of the IMF.
“The decisions we shall make at the London summit must be not only adequate to the current situation, but also meet the requirements of a new, post-crisis world,” the document says.
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March 16th, 2009 at 12:45 pm
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PLEASE CLICK ON MY NAME TO HEAR MY NEW WORLD ORDER SONG!! LET ME KNOW WHAT YOU THINK!
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March 16th, 2009 at 12:45 pm
Here is a wackipedia entry. What does it mean?
http://en.wikipedia.org/wiki/World-systems_theory
March 16th, 2009 at 12:48 pm
Alex was Right, Russia is nwo. He was called a liar months ago for saying it.
Thomas Morton Reply:
March 16th, 2009 at 5:05 pm
Yes he was.
trut Reply:
March 17th, 2009 at 8:53 pm
no. not mother, Russia no. The Russians must just want to further devalue the american $. Makes sense, since there is far more american dollars floating around the world waiting to come back home. The only place where American dollars have to be honoured is the USA.
March 16th, 2009 at 12:49 pm
CUNTS WHAT A BUNCH OF CUNTS
bebe Reply:
March 16th, 2009 at 12:59 pm
Russia is NWO. China is NWO. US is NWO. Europe is NWO. UN is NWO. I can feel the trap closing…Your for 911 Truth
illuminated-dj Reply:
March 16th, 2009 at 2:00 pm
you’re right
Patrick Reply:
March 16th, 2009 at 10:49 pm
All these countries have been working on this for a long time. Bad things happened to the countries who didn’t want to be involved. All presidents were bribed with large amount of money [that's where the stimulus money is going and we pay for it in taxes]. Some presidents have been killed and replaced by CIA puppets. I wonder if the Federal printers are really printing USDs or Ameros right now. Anyway, stop paying taxes as much as you can cause we, the tax payers are paying for this global take over. We are paying to be fucked in the ass and they expect us to like it.
George Reply:
March 24th, 2009 at 6:40 pm
hey,
if china and russia was nwo, we would already have a one world government..
the elite are trying there best to get a foothold in russia and china,but they only have a little influence in japan.
and thats why iran joined alliance with russia, india and china, because the USA keeps fucking with them..
SomeGuy Reply:
March 25th, 2009 at 2:51 am
Your fucking retarded singling out the USA as just the elites fucking everybody else up? Take your medication you lunatic China and Russia are at the bottom of the fucking barrel when it comes to human rights, where people get imprisoned just for talking about democracy. But it doesn’t look like you could give a shit though, seeing the 2-faced bastard you are.
March 16th, 2009 at 12:56 pm
I’ve never heard of the publisher before, but this is a wierd move.
March 16th, 2009 at 12:57 pm
Here’s an indirectly related web-article located at http://www.energy-daily.com/re.....l_999.html
The point of the article is that Russia has offered Iran a trading floor to sell its oil instead of New York or London.
trut Reply:
March 17th, 2009 at 8:55 pm
exactly. Russia doesn’t want to honour American dollars.
SomeGuy Reply:
March 25th, 2009 at 2:52 am
The West don’t need your communist dollars. Bitch
March 16th, 2009 at 12:57 pm
The Central Bankers should be brought to justice for crimes against humanity!
killuminati Reply:
March 16th, 2009 at 3:28 pm
you are right…people of freedom must all unite against these greedy and evil imf bankers!!! no more debt! no more corruptions! everyone stand up!
March 16th, 2009 at 1:19 pm
My comment on this article didn’t appear in the comment section after I posted & hit the “refresh” button 10 to 15 times. Anyway, there’s an interesting in-directly related web-article located at http://www.energy-daily.com/re.....l_999.html
It has to do with Russia “offering” Iran a trading floor for its oil, I think it’s called the St. Peterburg Exchange
March 16th, 2009 at 1:28 pm
The seismic cracks produced in the Western economic structures amid the greatest recession since the Great Depression are reverberating far beyond the major financial centers of Wall Street and the City of London as nations consider how to protect their economies from further contraction. New ideas and concepts are receiving a far more sympathetic hearing as countries scramble to halt their economies’ decline.
One of the most potentially significant new ideas whose time may have come involves the establishment by major energy-exporting nations of alternative exchanges for oil, the world’s most actively traded commodity, and natural gas. Until now oil trade has been dominated by the New York Mercantile Exchange, the world’s largest physical commodity futures exchange, which handles West Texas Intermediate benchmark futures, and London’s IntercontinentalExchange, which deals in North Sea Brent. All trades are in dollars, effectively giving the U.S. currency a monopoly.
Now Russia, the world’s second-largest oil exporter, is discussing with Iran, the Organization of Petroleum Exporting Countries’ second-largest exporter, the possibility of Tehran using the St. Petersburg Commodity Exchange to market its output. Given the shifting tectonic plates of the global economy, the offer, if accepted, may prove to be the harbinger of change in how marketing the world’s most fungible commodity is traded, with potentially ominous implications for New York and London’s effective monopoly.
The proposed collaboration is initially modest but significant: On March 3, during a visit to Tehran, Russian Energy Minister Sergei Shmatko observed that Moscow could assist Iran in marketing its gas in Europe, as “Russia enjoys a good and effective position in the European gas market.” Warming to his theme, Shmatko told journalists that he suggested, during his discussions with Iranian Oil Minister Gholamhossein Nozari, the “establishment of a joint oil bourse (stock exchange) by Iran and Russia” to “form a regional market for oil trade, as many of the oil-producing countries are currently seeking different markets for their crude oil.” Shmatko added, “The Russian side has proposed that our Iranian partners consider the possibility of selling a part of Iran’s oil at the St. Petersburg Commodity Exchange,” to which Nozari replied that the Iranian government would review the offer.
Nozari and Shmatko agreed to establish a joint energy committee to enhance Russian-Iranian energy cooperation. According to Nozari, Iran and Russia have been discussing proposals for natural gas swaps, building a refinery in the Caspian Sea region, Russian participation in constructing the trans-Iran Neka-Jask pipeline to the Gulf of Oman, as well as joint exploration and development of oil fields.
It is hardly a secret that both countries have chafed for years under the Anglo-American and dollar’s predominance in the global oil trade, and Nozari’s and Shmatko’s discussions represent an incremental undermining of NYMEX and ICE’s dominance of global energy markets. Both countries have established exchanges, though their trading is at present dwarfed by both NYMEX and ICE.
In April 2008 a consortium of Russian oil and transport companies and large banks founded the St. Petersburg Commodity Exchange, which conducted its first trading session five months later, trading a small number of aviation and diesel fuel contracts. As the bourse’s opening coincided with the onset of the global recession, plans for full-scale trading to start in early 2009 have been delayed. In a sign of Moscow’s intention to downsize its energy market’s dependence on the dollar, the St. Petersburg Commodity Exchange’s news service reported that bourse director Sergei Maslov said Feb. 26 that the Russian branch of British company British Petroleum TNK-BP will begin to sell crude oil for rubles at the Exchange.
The policy has strong state support, as Russian Prime Minister Vladimir Putin has said repeatedly that Russia should begin trading energy contracts in rubles to tighten state control over prices. As TNK-BP is currently responsible for 18 percent of Russia’s current oil production, it is not an insignificant move. As the Exchange’s membership includes Transneft, Rosneft, Transnefteproduct, Gazprom Neft, Zarubezhneft and Surgutneftegaz, TNK-BP’s move could be followed by others that collectively produce the majority of Russia’s oil.
On Feb. 17, 2008, Iran opened its own Petroleum Exchange on its Persian Gulf Kish Island, which Tehran had designated as a free trade zone. The Exchange was set up to trade contracts in euros, Iranian rials and a basket of other currencies other than dollars. The previous year, Iran had requested that its petroleum customers pay in non-dollar currencies, and by Dec. 8, 2007, Iran reportedly had converted all of its oil export payments to non-dollar currencies.
The Kish Island Petroleum Exchange currently trades contracts for oil-derived products, such as those used as feedstock for plastics and pharmaceuticals. According to Nozari, the bourse eventually may begin direct trading in crude oil, if the exchange successfully establishes itself. Should Iran participate in the St. Petersburg Commodity Exchange, it could avail itself of Russia’s greater expertise in European markets while nurturing its own petroleum commodity exchange, and sharing Moscow’s declared intention to shift trade beyond the international dollar-dominated market.
Diversification away from the dollar has long been a key tenet of Iranian government policy. On June 17 last year, addressing the 29th meeting of the Council of Ministers of the OPEC Fund for International Development in the Iranian city of Isfahan, Iranian President Mahmoud Ahmadinejad told those in attendance: “The fall in the value of the dollar is one of the biggest problems facing the world today. The damage caused by this has already affected the global economy, particularly those of the energy-exporting countries. … Therefore, I repeat my earlier suggestion, that a combination of the world’s valid currencies should become a basis for oil transactions, or (OPEC) member countries should determine a new currency for oil transactions.”
If the growing rapprochement between Russia and Iran is enough to unsettle New York and London oil brokers, Washington’s previously solid relationship with Saudi Arabia, the world’s leading oil producer, may also be about to shift toward Moscow. Last year National Security Council of Saudi Arabia Secretary-General Prince Bandar bin Sultan bin Abdulaziz, who had served as Saudi ambassador to the United States from 1983 to 2005, becoming dean of the Washington diplomatic corps and earning the sobriquet “Bandar Bush” for his closeness to the president’s family, visited Russia, ostensibly to explore Saudi-Russian military cooperation. What was overlooked by many Western energy analysts, however, was his single sentence, as reported by Interfax on July 14, “Both Russia and Saudi Arabia agree upon and understand each other in virtually every energy-related issue.”
If Russia’s assiduous courtship of the Middle East’s pre-eminent oil producers bears fruit, then Britain and the United States may shortly find in the globalist world they so assiduously promoted that their hegemony in the world’s energy markets has been diminished by forces beyond the control of both Wall Street and the City of London.
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March 16th, 2009 at 1:40 pm
It is amusing at best to see this coming about. My friends would say “that’s absurd” or “it’ll never happen”. HA!
John_Holmes Reply:
March 16th, 2009 at 2:47 pm
Mine too. I’ve lost all hope in them. They refuse to even acknowledge anything I try to tell them. I’m just directing my efforts to save myself from here out.
March 16th, 2009 at 2:14 pm
Yeah, everybody sees the bubble building in Treasuries so talk of replacing the Federal Reserve Note will spread and make headlines.
I guess after the dollar crash US troops in Asia will fall under UN command.
March 16th, 2009 at 2:32 pm
“Russia believes that the ‘obsolete mono-polar structure of the world economy should give way to a system based on cooperation by several major centers.’”
This is not the “one world currency” we currently have (fiat US dollars). I trust 95% of what Alex says, but people need to stop obsessing over cue words and look at reality. “Global” doesn’t necessarily mean “globalization.” Even Libertarians have to admit the need for better, fairer, international agreements. You can’t smash every governmental structure on earth and expect freedom to rain down like candy out of a piñata. The levers of power can’t be destroyed overnight – they need to be reformed into a balanced system that allows both national protectionism and global trade.
Recall: Lincoln was an economic nationalist fighting British colonialism, and won the war by cooperating with Russia, Germany and Japan. Hitler was an economic nationalist fighting British colonialism, but he was also an isolationist (and insane racist), which allowed him to be crushed by cooperation between competing interests. The solution to our problems will require cooperation with other nations – exchange rates, trade rules, etc. – to prevent domination by financiers in London, New York, Tel Aviv and elsewhere.
Go to YouTube and check out Lyndon LaRouche’s “four powers” proposal which outlines what this article seems to be saying.
March 16th, 2009 at 2:54 pm
You got that right!
March 16th, 2009 at 2:59 pm
Yup, that should do the trick, replace fiat paper with more fiat paper=shell games.
March 16th, 2009 at 3:03 pm
You are correct sir. The test I believe is this. In order to know if a leader is not part of the NWO is either they are getting the shit bombed of them or they are assassinated. With the possible exception of plotted coup d’ état.
BuddyCanUSpareAJob Reply:
March 16th, 2009 at 4:51 pm
Like the Kennedy brothers. They were for “the people” and it got them assassinated.
March 16th, 2009 at 3:30 pm
I don´t know Russia is really NWO.
They can be simply blind or stupid.
I mean, theyare holding tight to the rouble.
Yes, it must be blindness and stupidity.
They want their souvereignity but they don´t
understand they underminde it.
Or at least, all these specialists are all
NWO- recruited…
this had never happened if Russians gov
started dialogue with his people.
They should start “democracy” (actually dialogue
with people), that´s their only chance…
if Russia is infiltrated. I´m not too sure…
March 16th, 2009 at 3:42 pm
Tired of being relegated to comment sections.
Visit The Freemen Institute and start contributing articles and news.
Only when we rally together will we be successful.
http://www.freemeninstitute.com
March 16th, 2009 at 4:22 pm
Go to hell, Russia.
Helen Reply:
March 16th, 2009 at 5:31 pm
Well, you first, sir
March 16th, 2009 at 4:34 pm
how strange.
I thought Putin wanted souvereignity for russia
and respect for its interests… or is he not aware
of this? I doubt it.
maybe tarpley´s wrong and putin is either not
the most intelligent president in our world,
or he´s really a part of it. however,
he doesn´t have to be, since it´s easy to
infect russia, even with the KGB being loyal
to the president.
March 16th, 2009 at 4:44 pm
“Enough” of the players going into the G20 summit- and please keep in mind it does not have to be anywhere near a “majority”- are in such disagreement with the bankrupt status-quo that the outcome is already pre-determined: every man for himself. Ask yourself: Is there any honor among thieves??? Another harsh reality has set in among “enough” of the players in this “game”: If we cannot all stand together, then we do NOT “need” to all fall down together. Folks, we’re not saying this is the “end of the world”, but it is the “end of the age”, and when the dust finally clears, very few people will mourn its passing.
March 16th, 2009 at 5:32 pm
There´s one thing I don´t get though.
Hugo Chavez is an ally of Russia and an enemy of globalism, so how can
Russia be an ally of Hugo Chavez if they´re part of it?
I pray to heaven that Russia is indeed no part and the authorities
are merely ignorant…
March 16th, 2009 at 5:34 pm
A super-reserve currency… what a great and unique idea… I guess the NWO geniuses didn’t notice that we’ve had one since the dawn of time… it’s called gold!
Mike Reply:
March 16th, 2009 at 9:18 pm
Actually, it’s the international bankers that own the gold. I recommend you watch The Money Masters…. NWO has imposed gold standards on people many times so that they don’t have control over their currency. The solution is NOT a gold standard if you want your country to be free.
Rocky Horror Reply:
March 17th, 2009 at 10:22 am
used to be if the stocks dropped gold and silver went up.
now they go hand in hand.
total manipulation that i can’t figure out.
why let the price drop and more people are buying it as a reserve,
if they want to eliminate the populations wealth?
cyber2ooth Reply:
March 17th, 2009 at 11:23 am
http://www.sprott.com/pdf/not_free_not_fair.pdf for a nice treatise on the manipulation of gold.
Beavis Reply:
March 17th, 2009 at 2:52 am
Amen
JustG Reply:
March 17th, 2009 at 7:19 pm
Many things have been used for currency including chocolate and sticks. We can NOT go back to a gold based currency! It doesnt work. Besides you don’t need it. All you need is to take the money making powers away from the banks and put it back in the hands of congress where it belongs.
March 16th, 2009 at 9:16 pm
LOOKS LIKE STUPID KNOWS NO BOUNDARY.
March 16th, 2009 at 9:18 pm
Read this and get smart:
Utopia of Usurers by G K Chesterton
http://www2.hn.psu.edu/faculty.....surers.pdf
March 16th, 2009 at 9:51 pm
so this is what kissenger was doing going over to russia. what a joke. wearechange.org
March 16th, 2009 at 9:56 pm
Time to act people!!! Get involved!!!
http://www.worldnetdaily.com/i.....geId=91398
March 16th, 2009 at 10:37 pm
Now you can see what’s going to happen next…
However you can’t stop it…only die trying….
Mark this on your calendar, when you see the UN given control
over the NWO, know that its destruction is close at hand.
Next, the NWO global governments will ban religion around the globe.
Next, the NWO will attack the only religion (JHVH Witnesses) refusing to submit to its
authority, however before they can attack the Witnesses unseen spirit creatures will destroy the NWO!!!
THE END
Wartooth Reply:
March 17th, 2009 at 11:25 am
Yeah, we’ll see. I guess this explains why so many people stand down. Dream on!
Maxis Reply:
March 19th, 2009 at 12:36 pm
You are so right it was so shocking for me I’m studying with the JW and all the pieces of the puzzle are coming in to place.
March 17th, 2009 at 12:54 am
Standard Universal Regulatory Framework (SURF) thats funny I guess thats just a coincedence.How stupid do these neo-feudalistic slave masters think we are ??????
March 17th, 2009 at 1:08 am
Its the Globalist BANKING FAMILYS………………. GET it Straight everything else is misguiding U……….. They pay for Goverments And Control Them like Puppets … SO WAKE UP PEEPS AND PATRIOTS AND GET MOVING IN THE INFOWAR AND PREPARE. INGAGE IN LOCAL POLITICS AND BEGAN INFORMING. STOP WASETING TO MUCH OF UR TIME BULLSHITING ON THIS SITE ………ITs the same people wasting there time writing on this site.
March 17th, 2009 at 4:34 am
Rollo? is’nt that a HELMET song?. Anyway i agree with your 1st point, But people like to write on these pages. Mostly just to vent, or agree or disagree. Or exchange intel. So take a dump m8 you ‘ll feel better.
March 17th, 2009 at 9:20 am
Hey, wait a minute. I have heard of all this before. Oh ya, from Revelation and Daniel.
Rocky Horror Reply:
March 17th, 2009 at 10:10 am
have you ever stopped and considered how ludicrous it is to say this piece of paper is worth something but that piece of paper isn’t?
or this metal is nice and shiny and pretty it’s worth $1000 an ounce, but that metal is ugly and even though you can make useful things with it, it’s worth pennies an ounce.
diamonds are another scam what are they really worth?
and you know they are a manipulated commodity.
what a house of cards the world economy truly is…
OMG no Way! Reply:
March 17th, 2009 at 11:11 pm
MAX. Im not religious or nothing but my cousin is, so he brought a Bible and showed me the Bible verses. It scared the crap out of meh! I Think im gona start going to church now. lol
0.0
March 17th, 2009 at 9:51 am
The commies love the NWO…. It’s all about CONTROL and the corruption of souls.
March 17th, 2009 at 9:52 am
Peace.
March 17th, 2009 at 1:06 pm
This story needs a more reliable source than “ITAR-TASS” to be accepted by the mainline American.
March 17th, 2009 at 1:40 pm
I thought we already had a global reserve currency — gold.
JustG Reply:
March 17th, 2009 at 7:22 pm
yea they numbered the people long ago with the social #’s. The people are commodities to the bankers.
March 17th, 2009 at 1:44 pm
50 leaders forging the new world order
SmartBrief on Leadership | 03/12/2009
The financial crisis and the responses to it are creating a new kind of capitalism. Getting it right, according to this Financial Times piece, will require skillful political leadership, vision and international coordination. This nifty interactive graphic can serve as your global leadership scorecard. The No. 1 spot is no surprise: President Barack Obama. But you may not recognize the youthful face at No. 13. He is Olivier Besancenot, a “Trotskyist postman” and the leader of France’s extreme-left New Anti-capitalist party. Financial Times (03/10)
http://www.smartbrief.com/news.....F1617CE193
March 17th, 2009 at 2:16 pm
With the WHOLE WORLD against *US* wtf are we supposed to do??
maestro Reply:
March 17th, 2009 at 4:50 pm
there is but one reliance ‘van buren’s trust instructions…jeffersonians hooked us up’ hold to what is right and the rest is gravy
March 17th, 2009 at 7:08 pm
once there is too much heat in the kitchen they will launch a nuke.
March 18th, 2009 at 1:49 am
WHO IS THE KING OF TEXAS
I will show myself on April 22 in Waco Texas at the massacre site. I am calling as many Christians of this nation who can find the time to come and see what it is that you don’t even know that you want.
I have the answers for the Christians who have never been defended by their government but have rather been oppressed by their so called government of freedom.
I also have the answers to the current generated economic crisis. This is a peaceful gathering for YHWH our God. But you might want to bring a firearm just in case. After all let us not forget what they did to us in Waco. MAY OUR LORD JESUS BE WITH YOU FRIEND.
I realize it is off topic please forgive me.
March 18th, 2009 at 2:37 am
That is how world wars start. They get US citizens around the world to identify with OUR national governemts, where WE defend what EACH is doing, while forgetting what caused it in the first place. When the problem started WITH US here, by allowing OUR central government to SUPERSEDE control from US in the States. Distractions are the main tool of the Globalists, which makes US reidentify with THEM. We have everything HERE in this COUNTRY to live WELL. We have energy, land, and climate to GROW food. We can manufacture anything we want, BUT ARE NOT BEING ALLOWED TO DO SO. Because we have lost control of OUR wealth. The CAFR MOVIE is very important to get out, for that is the key. Until we can TAKE control HERE the world is once again at risk of a MAJOR WORLD WAR, with ALL THE ELITE being able to GO UNDERGROUND while the peoples of the world suffer OUR OWN DRESDENS.
March 18th, 2009 at 10:43 am
Why would anyone want to continue trading anymore federal reserve NOTES for anything? Debt for commodities? That’s weird. Why would the average taxpayers want them? Amazing the mindtricks played on everyone everday.
maestro Reply:
March 18th, 2009 at 4:33 pm
People are not smart on the average and the mass of them makes the average. The elite have a plan but they are average too ‘just a bit more to work with’…there are a few with the goods across the board but they are not so interested in the works of being overwhelmed with trivia just to save a bunch…mindtricks are not much more complex than the average easter egg hunt, so what is the real problem on the whole…?
I ask, what is the friggin point? Who is the joker ‘makes things cumbersome’ for what the hay?
Alex cracks me up with the busy work…he is proficient fo sure ‘his high finance sucks as his quantum physics and without factoring in this stuffs, you are just busy and trust me are not we all! Just the same better than a couch tater aye
March 19th, 2009 at 12:27 am
How the Federal Reserve is Audited
Printer version
All Federal Reserve Banks and branches are audited and examined regularly. The scope and frequency of audits are based on the specific risk factors in each Bank’s operations.
Internal audits involve verification of assets, liabilities, and items held in custody.
Auditors evaluate the adequacy of internal controls and compliance with prescribed procedures. Major automated systems also are checked for security and effectiveness.
Periodic Reviews and Examinations
All Federal Reserve Banks and branches, like commercial depository institutions, are audited and examined regularly.
Internal audits are conducted by a permanent audit staff at each Reserve Bank. Each audit staff is headed by a general auditor who reports directly to the Bank’s board of directors. In addition, a private CPA firm conducts an annual examination of each Reserve Bank and its branches on behalf of the Federal Reserve Board. External audits were instituted in recent years in place of annual examinations by the Board of Governors to ensure total independence in this process.
Operations at each Federal Reserve Bank also are subject to review by the Government Accountability Office (GAO), the audit arm of the U.S. Congress. However, GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. This restriction was imposed by Congress to assure the independence of the Federal Reserve from political influence.
The Scope of Audits
The scope and frequency of audits are based on the specific risk factors inherent in each Bank’s operations, including the nature of the activities it conducts, the prevailing level of controls surrounding these activities, and the quality and experience of the individuals assigned to the operation.
Internal audits at each Reserve Bank involve verification of assets, liabilities, and items held in custody. Auditors check both the physical presence of these items and the timely and accurate reporting of their movement. An evaluation of the adequacy of controls throughout the Bank and of compliance with prescribed procedures also is done. Audits are performed periodically in order to determine if the auditors’ perceptions of prevailing risk levels and operating conditions since the last review remain valid. Periodic audits also help to determine whether previously identified problems and issues were adequately addressed and remedied, and to ascertain whether new problems or issues have emerged.
Although auditing procedures differ among the 12 Reserve Banks, their emphases are broadly similar. At the Federal Reserve Bank of New York, the audit staff reviews the cash, check, fiscal, electronic payments, and accounting areas, and all of the service and professional operations (which include legal, bank supervision and regulation, and research and statistics). It also audits centralized electronic data processing operations and automated systems under development. These audits consist of reviews of the Bank’s data centers, with primary emphasis on environmental software products, including data base systems, operating systems, and data communications systems. Auditors evaluate the strength of internal controls and security of each software product, as well as the procedures and controls put in place by the organizational unit responsible for it. An auditor at the Buffalo Branch reviews activities there.
Audits of automated systems under development similarly concentrate on the adequacy of controls and security. These audits are intended to ensure that appropriate checks and balances are in place for each automated processing operation. Audit teams check the accuracy of records pertaining to transactions that flow through the system and certify that systems under development are fully and adequately tested before being placed into production.
Together with two other departments of the Bank, the audit staff controls activities in the Bank’s gold vault, which stores about one-quarter of the world’s official gold reserves. Auditors monitor all gold transactions, both deposits and withdrawals, and independently verify accounting records and balances pertaining to gold held in custody by the Bank.
maestro Reply:
March 19th, 2009 at 12:06 pm
Sure, all banks are audited regular basis style and where has that lead? I am an auditor… (25+ years) and I have been blacklisted for telling the truth and my life has been threatened, I have been tortured, the abuses are long and strong.
The Fed.. is cooking the books and everyone knows it and they certainly have NO legal right doing such business with the United States Treasury! Is ok tho, time will release itself from its own bondage and the punks at the finance helm of bull crap will too face the wrath of ignorance…
March 19th, 2009 at 3:42 am
If KGB Russia supports a super-reserve currency, it’s guaranteed evil – the ultimate super secular world government of tyranny. But We The People already know that………..
March 19th, 2009 at 3:55 am
We The People: http://www.youtube.com/watch?v.....re=related
March 19th, 2009 at 9:15 am
This kind of says it all in under 4 minutes:
http://www.youtube.com/watch?v=uw5dP5gy2Vs
Click on ‘CBM Fan’ to download it for free…
March 19th, 2009 at 9:35 am
This kind of says it all (in under 4 minutes):
http://www.youtube.com/watch?v=uw5dP5gy2Vs
Click on ‘CBM Fan’ to download it for free…
March 23rd, 2009 at 4:32 pm
Can you provide more information on this?