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20/10/14
19:51
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Skol and Infose
I had always assumed that US government accounting was structured:
Apparently it is structured:
... which means that US gold reserves will appear in the Federal Reserve balance sheet, and in the consolidated asset of the US Treasury.
This is very messy accounting, particularly given that the US Treasury banks with the Federal Reserve.
(I wonder where the mythical commercial bank ownership of the Fed fits into that hierarchy?)
Cheers