The movie of the week is essential learning about the history and function of the Exchange Stabilization Fund (ESF), a reserve fund of the U.S. Treasury used for currency and market intervention.
This five-part documentary is among the best presentations to understand the beginnings and essential operations of the fund and how it intervenes in the markets. For example, it was used during the Covid-19 pandemic beginning in 2020 to stabilize the money markets, and it is now mentioned in the latest $40 billion aid package for Ukraine that was blocked and delayed by Senator Rand Paul.
The ESF is the mother of all slush funds. It has served in the past and will potentially serve again as an international asset seizure mechanism of disturbing proportions.
This documentary explains it all.
Also see Rob Kirby and Catherine discussing the Exchange Stabilization Fund in this 2017 Solari Report.