- The USD hegemony is coming to an end. It is public knowledge that powerful countries: China, Russia, Brazil…emerging countries are moving to reduce their exposure to USD in the event of a major collapse.
- We now have Argentina joining the party. Financial Times reports :
China, which is pushing to end the dominance of the dollar as a worldwide reserve, has agreed a Rmb70bn ($10.24bn, £7.18bn, €7.76bn) currency swap with Argentina that will allow it to receive renminbi instead of dollars for its exports to the Latin American country.
Xinhua, the official Chinese news agency, said the deal was signed on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martín Redrado, Argentine central bank president, in Medellín, Colombia, where they are attending a meeting of the Inter-American Development Bank.
An Argentine official confirmed a deal had been discussed and said the fine print was being worked out and negotiations were “very advanced”.
Beijing has signed Rmb650bn ($95bn, €72bn, £67bn) of deals since December with Malaysia, South Korea, Hong Kong, Belarus, Indonesia and, now, Argentina in an attempt to unblock trade financing that has been severely curtailed by the crisis.
- Webster Tarpley, author, historian gives his views on what the globalist are planning next for the world with Obama their top sales pitch man. America is becoming a corporate fascist state ala Mussolini’s Italy.
- See also :
Obama – Wars on a Greater Scale!
Webster Tarpley on Barack Obama
Barack Obama – A Fraud You Can Believe In?
Alex Jones – Obama Deception ! New Full Length Video Release !
Ron Paul: Obama Foreign Policy Identical To Bush
Gerald Celente – Obama Deception, The Emperor Has No Clothes.
America’s Fiscal Collapse – Obama’s Budget Will Impoverish America
Obama Weighs Military Options in Mexico
- Banksters and the Military Industrial Complex rule the world. War is initiated for the profit of the ruling elites. YouTube :
War is a Racket by Smedley Butler is a famous speech denouncing the military industrial complex. This anti-war speech by two-time Congressional Medal of Honor recipient exposes war profits that benefit few at the expense of many. Throughout his distinguished career in the Marines, Smedley Darlington Butler demonstrated that true patriotism does not mean blind allegiance to government policies with which one does not agree. To Hell with war.
- Highly decorated General Smedley Butler says is his book, War is a Racket :
WAR is a racket. It always has been.
It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives.
A racket is best described, I believe, as something that is not what it seems to the majority of the people. Only a small “inside” group knows what it is about. It is conducted for the benefit of the very few, at the expense of the very many. Out of war a few people make huge fortunes.
In the World War [I] a mere handful garnered the profits of the conflict. At least 21,000 new millionaires and billionaires were made in the United States during the World War. That many admitted their huge blood gains in their income tax returns. How many other war millionaires falsified their tax returns no one knows.
How many of these war millionaires shouldered a rifle? How many of them dug a trench? How many of them knew what it meant to go hungry in a rat-infested dug-out? How many of them spent sleepless, frightened nights, ducking shells and shrapnel and machine gun bullets? How many of them parried a bayonet thrust of an enemy? How many of them were wounded or killed in battle?
Out of war nations acquire additional territory, if they are victorious. They just take it. This newly acquired territory promptly is exploited by the few — the selfsame few who wrung dollars out of blood in the war. The general public shoulders the bill.
- See also :
America: From Freedom to Fascism
America – Why do We Fight ?
The Plot to Overthrow Franklin D. Roosevelt
Do Banksters and the Military Industrial Complex Rule the World ?
- America has been taken over by the corrupt Wall Street banksters. These banksters are hell bent on destroying America with their ponzi fraud. America is being ‘raped’ and pilfered by these banksters!
- America has 8000 banks, so what if the top 5 banks collapse? America could have started 10 new banks capitalized at US$ 100B each and it would have cost only US$1 T. These 10 new banks can start lending immediately unlike all these zombie insolvent banks that are being propped up with almost US$13-14 T. Are these too big to fail banks alive? It looks like America is going to past legislation using ‘mark to fantasy’ accounting rules. I suppose I can also declare my toilet bowl as worth US$1 B and declare myself a billionaire. Allowing banksters to declare their toxic assets with mark to fantasy accounting is not going to solve the problem. It will make things alot worse.
- William Engdahl reports :
When the Solution to the Financial Crisis becomes the Cause
USTreasury Secretary Tim Geithner has unveiled his long-awaited plan to put the USbanking system back in order. In doing so, he has refused to tell the ‘dirty little secret’ of the present financial crisis. By refusing to do so, he is trying to save de facto bankrupt US banks that threaten to bring the entire global system down in a new more devastating phase of wealth destruction.
The Geithner Plan, his so-called Public-Private Partnership Investment Program or PPPIP, as we have noted previously is designed not to restore a healthy lending system which would funnel credit to business and consumers. Rather it is yet another intricate scheme to pour even more hundreds of billions directly to the leading banks and Wall Street firms responsible for the current mess in world credit markets without demanding they change their business model. Yet, one might say, won’t this eventually help the problem by getting the banks back to health?
Not the way the Obama Administration is proceeding. In defending his plan on US TV recently, Geithner, a protégé of Henry Kissinger who previously was CEO of the New York Federal Reserve Bank, argued that his intent was ‘not to sustain weak banks at the expense of strong.’ Yet this is precisely what the PPPIP does. The weak banks are the five largest banks in the system.
The ‘dirty little secret’ which Geithner is going to great degrees to obscure from the public is very simple. There are only at most perhaps five USbanks which are the source of the toxic poison that is causing such dislocation in the world financial system. What Geithner is desperately trying to protect is that reality. The heart of the present problem and the reason ordinary loan losses as in prior bank crises are not the problem, is a variety of exotic financial derivatives, most especially so-called Credit Default Swaps.
The ‘Dirty Little Secret’
What Geithner does not want the public to understand, his ‘dirty little secret’ is that the repeal of Glass-Steagall and the passage of the Commodity Futures Modernization Act in 2000 allowed the creation of a tiny handful of banks that would virtually monopolize key parts of the global ‘off-balance sheet’ or Over-The-Counter derivatives issuance.
Today five US banks according to data in the just-released Federal Office of Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activity, hold 96% of all US bank derivatives positions in terms of nominal values, and an eye-popping 81% of the total net credit risk exposure in event of default.
The five are, in declining order of importance: JPMorgan Chase which holds a staggering $88 trillion in derivatives (€66 trillion!). Morgan Chase is followed by Bank of America with $38 trillion in derivatives, and Citibank with $32 trillion. Number four in the derivatives sweepstakes is Goldman Sachs with a ‘mere’ $30 trillion in derivatives. Number five, the merged Wells Fargo-Wachovia Bank, drops dramatically in size to $5 trillion. Number six, Britain’s HSBC Bank USA has $3.7 trillion.
After that the size of US bank exposure to these explosive off-balance-sheet unregulated derivative obligations falls off dramatically. Just to underscore the magnitude, trillion is written 1,000,000,000,000. Continuing to pour taxpayer money into these five banks without changing their operating system, is tantamount to treating an alcoholic with unlimited free booze.
The Government bailouts of AIG to over $180 billion to date has primarily gone to pay off AIG’s Credit Default Swap obligations to counterparty gamblers Goldman Sachs, Citibank, JP Morgan Chase, Bank of America, the banks who believe they are ‘too big to fail.’ In effect, these five institutions today believe they are so large that they can dictate the policy of the Federal Government. Some have called it a bankers’ coup d’etat. It definitely is not healthy.
This is Geithner’s and Wall Street’s Dirty Little Secret that they desperately try to hide because it would focus voter attention on real solutions. The Federal Government has long had laws in place to deal with insolvent banks. The FDIC places the bank into receivership, its assets and liabilities are sorted out by independent audit. The irresponsible management is purged, stockholders lose and the purged bank is eventually split into smaller units and when healthy, sold to the public. The power of the five mega banks to blackmail the entire nation would thereby be cut down to size. Ooohh. Uh Huh?
This is what Wall Street and Geithner are frantically trying to prevent. The problem is concentrated in these five large banks. The financial cancer must be isolated and contained by Federal agency in order for the host, the real economy, to return to healthy function.
This is what must be put into bankruptcy receivership, or nationalization. Every hour the ObamaAdministration delays that, and refuses to demand full independent government audit of the true solvency or insolvency of these five or so banks, inevitably costs to the US and to the world economy will snowball as derivatives losses explode. That is pre-programmed as worsening economic recession mean corporate bankruptcies are rising, home mortgage defaults are exploding, unemployment is shooting up. This is a situation that is deliberately being allowed to run out of (responsible Government) control by Treasury Secretary Geithner, Summers and ultimately the President, whether or not he has taken the time to grasp what is at stake.
Once the five problem banks have been put into isolation by the FDIC and the Treasury, the Administration must introduce legislation to immediately repeal the Larry Summers bank deregulation including restore Glass-Steagall and repeal the Commodity Futures Modernization Act of 2000 that allowed the present criminal abuse of the banking trust. Then serious financial reform can begin to be discussed, starting with steps to ‘federalize’ the Federal Reserve and take the power of money out of the hands of private bankers such as JP Morgan Chase, Citibank or Goldman Sachs.
- The drive towards 1 world government is accelerating. Will America lose its sovereignty? It looks increasingly likely that the globalists are preparing America for induction into their 1 world government. Americans will surrender their rights to this ‘new’ United Nation world government.
- Daniel Taylor reports :
The Council on Foreign Relations, often described as the “real state department”, has launched an initiative to promote and implement a system of effective world governance.
Henry Kissinger, a CFR member, anticipates that President Obama will, “…give new impetus to American foreign policy partly because the reception of him is so extraordinary around the world. I think his task will be to develop an overall strategy for America in this period when, really, a new world order can be created. It’s a great opportunity, it isn’t just a crisis.”
The program, titled ” The International Institutions and Global Governance Program,” utilizes the resources of the “…David Rockefeller Studies Program to assess existing regional and global governance mechanisms…” The initial funding for the program came with a $6 million grant from the Robina Foundation, which claims that the grant is “…one of the largest operating grants ever received in Council history.”
The IIGG program, launched on May 1st, 2008, is the latest manifestation of an agenda that has existed since and before the founding of the Council on Foreign Relations. Former CFR member, Rear Admiral Chester Ward, stated regarding the group,
“The most powerful clique in these elitist groups have one objective in common – they want to bring about the surrender of the sovereignty and the national independence of the United States. A second clique of international members in the CFR comprises the Wall Street international bankers and their key agents. Primarily, they want the world banking monopoly from whatever power ends up in the control of global government.”
The International Institutions and Global Governance Program identifies several “global issues” that require a system of world governance. Environmental issues, terrorism, the global economy and energy are all mentioned. The project then states that a system of “universal membership” could be pursued, or alternatively a regional organization, such as the European Union model.
“In each of these spheres, the program will consider whether the most promising framework for governance is a formal organization with universal membership (e.g., the United Nations); a regional or sub-regional organization; a narrower, informal coalition of like-minded countries; or some combination of all three.”
The program calls for the “Re-conceptualizing” of national sovereignty, citing the European Union’s “pooling” of sovereignty as a model. The CFR project recognizes that historically, the United States has been resistant to the ideals of global governance. The project states, “Among the most important factors determining the future of global governance will be the attitude of the United States…”
The IIGG program continues, “…few countries have been as sensitive as the United States to restrictions on their freedom of action or as jealous in guarding their sovereign prerogatives.” The program then states that the separation of powers as stated in the Constitution, along with the U.S. Congress, stand in the way of the United States assuming “new international obligations.” …….
The actions of the Military Industrial Complex under the Bush Administration have served globalist interests well. “Global structures” are now presented as the mechanism to prevent such atrocities. America’s demonization is central to building a system of world governance. ……
Globalist forces are hard at work in the economic and political realms in an attempt to shape the future of the world, furthering the dominance of the global elite. Calls for a global currency in response to the economic crisis are regularly occurring, drawing the tacit support of Treasury Secretary Timothy Geithner, speaking to the CFR.
- See also :
Collapse of America to Lead to New World Order?
UN & IMF Back Agenda For Global Financial Dictatorship
A World Currency Moves Closer After Geithner’s Slip
Single Global Currency
The End of Money -> 666 !
Towards A One World Currency, One World Central Bank & One World Government !
Lindsey Williams – Global Bankruptcies and One World Government