What I have been afraid to blog about: The ESF and Its History (Part 1)

A very good expose of the Treasury's shadowy "Exchange Stabilization Fund", which DeCarbonnel argues is actually more powerful and influential than the Fed (I doubt that -- I think the Fed, Treasury and federal government simply reached a sort of self-serving dysfunctional detente in the 1930s; though it is admirable of DeCarbonnel to attempt to rehabilitate his great-Grandfather Frank Vanderlip, one of the men who secretly conspired to create the Fed).