The Warning Bell At The Federal Agency Created To Monitor Systemic Bank Risk Failed To Ring
By Pam Martens and Russ Martens: April 25, 2023
[Matthias Chang Comments: Why are the warnings held back?? Two interpretations – the OFR and officials of the FED and other central banks are plain stupid (not likely) or it was a deliberate attempt not to sound the alarm. Why? The data and the numbers of the mess are published by the FED, Central Banks etc and it is not possible to hide them. The data must be published. It is not so easy to manipulate the date and numbers, because the global Too Big To Fail Banks need the data and numbers to survive to plan their operations etc. Therefore, for Malaysians, you guys need to demand from Bank Negara, why in its Annual report for year 2022, published in March, 2023, Bank Negara kept an eerie silence and failed to warn the public? Likewise, the warnings was not stated in the Budget for 2023. No warnings from the Ministry of Finance as well. In the case of Malaysia, the powers that be were clueless. The only warnings came from me and published in my Whatsapp messages, articles and videos, including on the consequences of dedollarization. Yet there are news from official sources that Malaysia is also moving away from the dollar in her trade….. with no proper analysis. Why? Because they are blur and are posting “cut and paste” analysis to show that they know. BS! Malaysia don’t even have a plan B to survive the global financial crisis! The article was embargoed by me for a few days as I had to forward the same to a “special recipient” to warn him so that he could do something. Not sure that he did anything.]
The article begins below:
For years Wall Street On Parade saluted the work of the Office of Financial Research (OFR) in sounding the alarms about the risks building up in the U.S. banking system – even when it was politically unpalatable for the OFR to do so. Then the Trump/Koch administration took over and gutted OFR and put a crony in charge.
It does not appear that the damage to staffing and talent under the former Trump/Koch administration has been adequately repaired under the Biden administration.
The OFR was created after the near collapse of the U.S. financial system in 2008. It derives its statutory role from the Dodd-Frank financial reform legislation of 2010. Its key job is to issue timely alerts and research reports to keep the Financial Stability Oversight Council (F-SOC) informed of emerging financial threats or weaknesses that have the potential to crater the U.S. financial system again.
Continue reading from the PDF below: