Wednesday, September 28, 2011

My Second "Herman Cain Letter" to the Fed

During various campaign stops, the Republican presidential candidate and former Chairman of the Federal Reserve Bank of Kansas City, Herman Cain, has suggested that there is no need for another audit of the Fed, that sufficient audits have been conducted. He also has said that if there were any questions about how the Fed works, that one should just call up a Fed public relations department and that they would go over concerns.

This prompted me to contact the New York Federal Reserve and ask them about trading they have done with Primary Dealers, such as Goldman Sachs. That email is here.

Below  I reproduce a second email that I have sent. This one to the Federal Reserve Board of Governors hot shot PR person Linda Robertson who is based at the Fed headquartes in Washington D.C.

Dear Ms Robertson,

During various campaign stops, Republican presidential candidate Herman Cain has suggested that there is no need for another audit of the Fed, that sufficient audits have been conducted. He also has said that if there were any questions about how the Fed works, that one should just call up a Fed public relations department and that they would go over concerns. This is why I am contacting you.

My concern is with the gold stock numbers that are listed regularly on the Federal Reserve Condition Statement of Federal Reserve Banks  of roughly $11 billion.
As per Mr. Cain's suggestion, I would like to see this gold or be provided with the name of an independent person or firm, that I would be comfortable with, that has seen the gold, audited the gold and is willing to swear under oath that the gold exists in the quantities stated on your Condition Statement of Federal Reserve Banks..

As per Mr. Cain's suggestion, I would like to set up an appointment with you so that we can get started on my concern immediately.

As I wrote in a letter to the New York Federal Reserve, I want to commend the new openness program the Federal Reserve has adopted, as indicated by Mr. Cain. I would have thought that it would have been much more difficult to get a complete picture of the gold the Federal Reserve indicates it holds on its Condition Statement of Federal Reserve Banks.
 Best regards,

Robert Wenzel
Editor and Publisher
EconomicPolicyJournal.com

10 comments:

  1. You're toyin' with'em now Mr. Wenzel, but I agree with Anonymous@2:26 PM....it is hilarious!

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  2. Anyone wanna lay down a bet that the octopus over at the Fed doesn't know that two of it's tentacles have received similar e-mails from Wenzel?

    lol

    I wonder how many times you can beat that wasp nest before they come out to play?

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  3. Hilarious! Can't wait to see the responses.

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  4. Robert, you're the best! Keep it up.

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  5. I am definitely looking forward to their stonewalling, um, I mean response. Maybe once they blow you off, I mean give you a meaningful answer; maybe Cain can explain that in his next debate.

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  6. I'm sure they will place your letter on top of the UN-opened Ron Paul letters..

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  7. This is hilarious.

    Now when you only get stonewalling for your response, you should CC this to the Herman Cain campaign, certified mail, and demand that he explain why the Fed won't answer these questions. After all, you did exactly what he suggested.

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  8. Great work. The next challenge will be to make Cain answer for this, publicly. Let him be his own worst enemy, just like Perry and Romney. RON PAUL 2012 - JUST WIN BABY

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  9. Bob,

    Instead of saying "I would have thought that it would have been much more difficult to get a complete picture of the gold the Federal Reserve indicates it holds...", here's how I will end my letter to the Fed:

    "At first I thought that it would have been much more difficult to get a complete picture of the gold the Federal Reserve indicates it holds. But then I thought: 'If a lowly Godfather's pizza delivery man (or a former Venice, Florida flight school owner such as myself) is subject to having each one of his business receipts scrutinized at the whim of one of our government servants, then it makes sense that within a socially democratic regime that pursues justice such as ours that this sort of scrutiny would be reciprocal.'

    Sincerely,

    Wallace J. Hilliard (former Venice, Florida flight school owner)"

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