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EFLtrainer
Joined: 04 May 2005
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 Posted: Thu Apr 05, 2007 6:26 am Post subject: Fed Analyst Questions M1 Spike Pre 9/11 |
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Former Fed Analyst Questions M1 Currency Component Spike Prior To 9/11
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By Ed Haas
March 22, 2007 � William Bergman worked at the Federal Reserve Bank of Chicago from July 1990 until early 2004. He served as an economist for eight years, and then moved to a senior analyst position in a new department researching financial market and payment system risk policy issues. In late 2003, he was asked to consider an assignment in the money laundering area. Bergman accepted the assignment...
...Bergman decided that the best method to discover the answer was to contact the staff of the Board of Governors of the Federal Reserve directly. In December 2003 he called the Board and inquired about the meaning and motivation behind the August 2, 2001 letter. Within two weeks his assignment was abruptly terminated and his credentials canceled.
Bergman explains:
| Quote: |
| At the time I was also looking into and asking questions about currency flows. I thought these questions were worth pursuing, and was planning to raise them when I made the above-noted phone call to the Board of Governors. The currency component of M1 (Federal Reserve Notes circulating outside of banks) rose especially rapidly in July and August 2001. In fact, up to and including August 2001, that month (August 2001) was one of the three fastest growing months for the currency component of M1 since 1947, on a seasonally adjusted basis, even on the heels of significantly above-average growth in July 2001. Much of the July-August surge (over $5 billion above-average) seems to have been in the $100 denomination. Among other explanations, persons aware of any imminent terrorist attacks and concerned about possible asset seizures such as those that arose after the 1979 Iranian hostage crisis and the 1998 embassy bombings could have been trying to liquidate their bank accounts in July and August 2001. The money trail could provide important clues about people aware of, if not responsible for, the attacks. I looked at some internal data bearing on this issue that was available to anyone within the Federal Reserve�s internal computer network; after going back to look at this important data again a week or two later, it was no longer freely available, but password protected. |
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wannago
Joined: 16 Apr 2004
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| Posted: Thu Apr 05, 2007 8:40 am Post subject: Re: Fed Analyst Questions M1 Spike Pre 9/11 |
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| EFLtrainer wrote: |
Former Fed Analyst Questions M1 Currency Component Spike Prior To 9/11
| Quote: |
By Ed Haas
March 22, 2007 � William Bergman worked at the Federal Reserve Bank of Chicago from July 1990 until early 2004. He served as an economist for eight years, and then moved to a senior analyst position in a new department researching financial market and payment system risk policy issues. In late 2003, he was asked to consider an assignment in the money laundering area. Bergman accepted the assignment...
...Bergman decided that the best method to discover the answer was to contact the staff of the Board of Governors of the Federal Reserve directly. In December 2003 he called the Board and inquired about the meaning and motivation behind the August 2, 2001 letter. Within two weeks his assignment was abruptly terminated and his credentials canceled.
Bergman explains:
| Quote: |
| At the time I was also looking into and asking questions about currency flows. I thought these questions were worth pursuing, and was planning to raise them when I made the above-noted phone call to the Board of Governors. The currency component of M1 (Federal Reserve Notes circulating outside of banks) rose especially rapidly in July and August 2001. In fact, up to and including August 2001, that month (August 2001) was one of the three fastest growing months for the currency component of M1 since 1947, on a seasonally adjusted basis, even on the heels of significantly above-average growth in July 2001. Much of the July-August surge (over $5 billion above-average) seems to have been in the $100 denomination. Among other explanations, persons aware of any imminent terrorist attacks and concerned about possible asset seizures such as those that arose after the 1979 Iranian hostage crisis and the 1998 embassy bombings could have been trying to liquidate their bank accounts in July and August 2001. The money trail could provide important clues about people aware of, if not responsible for, the attacks. I looked at some internal data bearing on this issue that was available to anyone within the Federal Reserve�s internal computer network; after going back to look at this important data again a week or two later, it was no longer freely available, but password protected. |
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I guess my first question would be what event happened after the 1947 spike? My guess would be nothing. Currency flow spikes happen all the time. To me, it doesn't signal anything close to a knowledge that something was going to happen in September '01. What's next, are we going to get weather forecasts from the National Weather Service to say they were in on the conspiracy as well? And heaven forbid the Federal Reserve password protects its information. That's just silly seeing that hackers never do any damage any more and the Federal Reserve certainly doesn't have anything to protect. This guy's just another conspiracy whackjob. A little bit like you BLT.  |
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mithridates
Joined: 03 Mar 2003
Location: President's office, Korean Space Agency
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| Posted: Thu Apr 05, 2007 8:52 am Post subject: Re: Fed Analyst Questions M1 Spike Pre 9/11 |
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| wannago wrote: |
| EFLtrainer wrote: |
Former Fed Analyst Questions M1 Currency Component Spike Prior To 9/11
| Quote: |
By Ed Haas
March 22, 2007 � William Bergman worked at the Federal Reserve Bank of Chicago from July 1990 until early 2004. He served as an economist for eight years, and then moved to a senior analyst position in a new department researching financial market and payment system risk policy issues. In late 2003, he was asked to consider an assignment in the money laundering area. Bergman accepted the assignment...
...Bergman decided that the best method to discover the answer was to contact the staff of the Board of Governors of the Federal Reserve directly. In December 2003 he called the Board and inquired about the meaning and motivation behind the August 2, 2001 letter. Within two weeks his assignment was abruptly terminated and his credentials canceled.
Bergman explains:
| Quote: |
| At the time I was also looking into and asking questions about currency flows. I thought these questions were worth pursuing, and was planning to raise them when I made the above-noted phone call to the Board of Governors. The currency component of M1 (Federal Reserve Notes circulating outside of banks) rose especially rapidly in July and August 2001. In fact, up to and including August 2001, that month (August 2001) was one of the three fastest growing months for the currency component of M1 since 1947, on a seasonally adjusted basis, even on the heels of significantly above-average growth in July 2001. Much of the July-August surge (over $5 billion above-average) seems to have been in the $100 denomination. Among other explanations, persons aware of any imminent terrorist attacks and concerned about possible asset seizures such as those that arose after the 1979 Iranian hostage crisis and the 1998 embassy bombings could have been trying to liquidate their bank accounts in July and August 2001. The money trail could provide important clues about people aware of, if not responsible for, the attacks. I looked at some internal data bearing on this issue that was available to anyone within the Federal Reserve�s internal computer network; after going back to look at this important data again a week or two later, it was no longer freely available, but password protected. |
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I guess my first question would be what event happened after the 1947 spike? My guess would be nothing. Currency flow spikes happen all the time. To me, it doesn't signal anything close to a knowledge that something was going to happen in September '01. What's next, are we going to get weather forecasts from the National Weather Service to say they were in on the conspiracy as well? And heaven forbid the Federal Reserve password protects its information. That's just silly seeing that hackers never do any damage any more and the Federal Reserve certainly doesn't have anything to protect. This guy's just another conspiracy whackjob. A little bit like you BLT. |
Ah, I like this wannago better without a comment on the left wing in each post (seriously, this was a nice surprise). |
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