William Schambra is a Senior Fellow and the Director of the Bradley Center for Philanthropy and Civic Renewal at the Hudson Institute in Washington. D.C.
Given his role and profile, Catherine thinks he may have some insights into what might be considered a financial coup d’etat by the US Treasury, which might be established (or not) if only there were more information available.
What say you, Mr. Schambra ?
Mr. Schambra:
Thank you for taking time to be interviewed by our favorite morals tutor - and for your willingness to respond to questions.
My questions focus on the role of government money and credit in our society, including in philanthropy.
First, let me add some background. In the mid - 1990’s, laws went into effect that required "covered agencies" of the United States government to report audited annual financial statements. To date, numerous agencies, particularly the Department of Defense (DOD), and the government on a consolidated basis have failed to comply. In the process, DOD, NASA and HUD have reported undocumentable adjustments to balance their books of over $4 trillion. For more detail and documentation see The Missing Money.
What this means is that government finances are being managed in significant violation of constitutional requirements. Given the very significant amounts going missing, we are watching the equivalent of a financial coup d’etat. This is particularly disturbing given the likelihood of securities fraud by the US Treasury and housing agencies necessary to finance such extraordinary sums. See, for example, the Financial Times article regarding the differences in US and foreign reports on outstanding debt: Discrepancies in America’s accounts hide a black hole, by Daniel Gros (June ‘06))
At the same time, the most well funded media enterprises and think tanks have been silent on the disappearance of extraordinary sums of money.
My questions are as follows:
1. Where is all this money going?
2. What have you and the Hudson Institute done to illuminate this situation and the impact on our society?
3. To what extent are your board members and donors and their sources of income and capital gains dependent on keeping silent?
4. Is a discussion of constitutional principles relevant when constitutional finance is out the window?
5. Given the long-term refusal of the federal government to comply with the US Constitution and basic laws of spending and disclosure, has the time come to revisit the idea of consortium of private banks serving as the lead depository for the federal accounts and manager of the Exchange Stabilization Fund while they also control monetary creation and policy?Your thoughts on these matters are most appreciated. Again, thank you for your participation,
Tags: William Schambra, Bradley Center, Hudson Institute
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