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More on the Belgium Treasury Purchase

by Dr. Paul Craig Roberts and Dave Kranzler, PaulCraigRoberts.org:

In response to our account of the mysterious large rise in Belgium’s Treasury purchases http://www.paulcraigroberts.org/2014/05/12/fed-great-deceiver-paul-craig-roberts/ , it was suggested that the transaction would show up on the Fed’s balance sheet. However, the Fed is under no obligation to show the transaction.

The $141.2 billion in Treasuries purchased into the Belgium account represents 3.2% of the total current size of the Fed’s balance sheet. The Fed is a private corporation and is therefore not beholden to GAAP accounting standards. However even with GAAP standards applied, a corporation does not have to itemize and disclose the details of any event that represents less than 5% of its assets. In other words, the Fed can easily bury a 3% transaction in its financial statements.

There is evidence of mismatch in Federal Reserve financial statements. For example, at year-end 2013, the size of the Fed’s balance sheet was $4.024 trillion. According to its latest report as of May 14, 2014, the size of the Fed’s balance sheet is $4.360 trillion.

Read More @ PaulCraigRoberts.org

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