mercoledì 29 dicembre 2010

US still misunderstanding banking seigniorage scam


DE RUEHLO #0797/01 0771827
R 171827Z MAR 08
Monday, 17 March 2008, 18:27
C O N F I D E N T I A L LONDON 000797
EO 12958 DECL: 03/17/2018
Classified By: AMB RTUTTLE, reasons 1.4 (b) and (d)
1. (C/NF) Since last summer, the nature of the crisis in financial markets has changed. The problem is now not liquidity in the system but rather a question of systemic solvency, Bank of England (BOE) Governor Mervyn King said at a lunch meeting with Treasury Deputy Secretary Robert Kimmitt and Ambassador Tuttle. King said there are two imperatives. First to find ways for banks to avoid the stigma of selling unwanted paper at distressed prices or going to a central bank for assistance. Second to ensure there’s a coordinated effort to possibly recapitalize the global banking system. For the first imperative, King suggested developing a pooling and auction process to unblock the large volume of financial investments for which there is currently no market. For the second imperative, King suggested that the U.S., UK, Switzerland, and perhaps Japan might form a temporary new group to jointly develop an effort to bring together sources of capital to recapitalize all major banks. END SUMMARY
Systemic Insolvency Is Now The Problem
2. (C/NF) King said that liquidity is necessary but not sufficient in the current market crisis because the global banking system is undercapitalized due to being over leveraged. He said it is hard to look at the big four UK banks (Royal Bank of Scotland, Barclays, HSBC, and Lloyds TSB) and not think they need more capital. A coordinated effort among central banks and finance ministers may be needed to develop a plan to recapitalize the banking system.
Unblocking Illiquid Mortgage-Backed Securities
--------------------------------------------- -
3. (C/NF) King said it is also imperative to find a way for banks to sell off unwanted illiquid securities, including mortgage backed securities, without resorting to sales at distressed valuations. He said sales at distressed values only serve to lower the floor to which banks must mark down their assets (mark to market), thereby forcing unwarranted additional write downs. He said we need to find an auction system where banks could move paper they want to sell without fear of stigma that the market views selling at a low price as a sign that a bank is in trouble. King said, however, he did not yet know how to structure such an auction and that further dialogue was needed. Kimmitt acknowledged the need to find ways to unblock these markets and said we should remain in touch bilaterally as well as in the G-7, the Financial Stability Forum, and the central banks.
A Possible Approach To Recapitalization
4. (C/NF) The G-7 is almost dysfunctional on an economic level, said King. Key economies are not included, especially those that have large and growing pools of capital. King said that a new international group was needed to address the issue. It could be a temporary group, and he suggested that perhaps the central banks and finance ministers of the U.S., the UK, and Switzerland could coordinate discussions with other countries that have large pools of capital, including sovereign wealth funds, about recycling dollars to recapitalize banks. King said Japan might not be included because it has little to offer. King noted, though that including the Japanese might force their hand in finally marking to market impaired assets. Kimmitt said that he was cautious about starting new groups in the international financial community because of the inevitable debate around whom to include.
5. (C) The King proposals were not casual ideas developed in the course of luncheon conversation. It was clear that his principal objective in the meeting was to outline his outside-the-box thinking for Kimmitt. King included very few details about his proposals and was content to present broad concepts, thereby planting the seeds for future discussion. END COMMENT.
6. (U) Participants: USG: Ambassador Robert Tuttle; Deputy Secretary Kimmitt; Eric Meyer, Office Director for Europe;
SIPDIS Robert Saliterman, Spokesman, International Affairs, U.S. Treasury; Warren Chane, ECONOFF. UK: Mervyn King, Governor, Bank of England; Chris Salmon, Private Secretary.
7. (U) Deputy Secretary Kimmitt has cleared this message.
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Microfinance: Debt Driven Suicides in India

The Other Face of the Global Economic Crisis: Debt Driven Suicides in India

News stories related to the World Bank and IMF

A selection of news stories related to the World Bank and IMF, brought to you by the Bretton Woods Project:

Fears over new scramble for Africa
The Scotsman, 26 December 2010

The making of international monetary reform by Jean Pisani-Ferry
Project Syndicate, 23 December 2010


DE RUEHLO #0364/01 0481718
P 171718Z FEB 10


EO 12958 DECL: 02/16/2020

Classified By: Ambassador Louis B. Susman for reasons 1.4 b and d.

1. (C/NF) Summary. Reining in the UK’s debt will be the greatest challenge facing the party that wins the expected May 6 general election, Bank of England Governor Mervyn King told the Ambassador in a February 16 meeting. While neither party has adequately detailed plans to reduce the deficit, King expressed great concern about Conservative leaders’ lack of experience and opined that Party leader David Cameron and Shadow Chancellor George Osborne have not fully grasped the pressures they will face from different groups when attempting to cut spending. King also raised concerns about the global economic recovery, arguing that global growth in 2010 would be anemic and a double-dip recession remained a possibility. Greece’s profound economic troubles will trigger a further consolidation in power within the euro-zone, with Germany and France likely to impose the right to scrutinize if not exercise some control over Greek government accounts in return for an implicit or explicit guarantee, he predicted. The UK has been on the sidelines in the debate over Greece and could have less influence in the EU, as Germany and France will seek greater political cohesion in the euro-zone in the aftermath of the Greek crisis, he stated. End Summary

Bleak UK and Global Economic Picture

2. (C/NF) For the next ten months, the UK faces the challenge of adopting deficit-reduction measures, controlling inflation and addressing rising unemployment. The deficit is expected to reach 12.6 percent of GDP in 2010. Inflation for the twelve-month period, December 2009 to December 2010, reached 3.5 percent, primarily a result of the return of the VAT rate to 17.5 percent and higher energy prices. King predicted that inflation would drop to two percent this year, since energy prices are expected to stabilize, with oil price per barrel remaining at or near USD 70. The UK also likely faces rising unemployment. Businesses will cut jobs faster this year and eliminate many part-time positions, as employers realize that economic recovery will be a long, drawn-out process, said King. The U.S. already has gone through this pain of rising unemployment, and saw in the last quarter of 2009, a rise in productivity. The UK - and Europe in general - has not gone through this restructuring, and productivity fell throughout 2009.

3. (C/NF) The global picture was also worrisome, commented King. At the February 6 G7 meeting in Iqualit, Canada, the German and Japanese Finance Ministers, raised concerns about weak domestic consumption and the slow recovery of export trade, King stated. While China’s domestic spending, primarily on its large infrastructure projects, helped ameliorate the worst of the global economic crisis, there has been no noticeable change in domestic consumption. China’s consumers will not lead economic growth, he said. Given these factors, as well as the high U.S. unemployment and Europe’s expected rising unemployment, it was hard to be optimistic about recovery in 2010, King argued, and noted a double-dip recession was still a possibility.

Conservatives - Not Prepared

4. (C/NF) Conservative leaders David Cameron and George Osborne do not fully grasp the pressures they will face when attempting to cut back on spending, when “hundreds of government officials will make pleas of why their budgets should not be reduced,” stated King. In recent meetings with them, he has pressed for details about how they plan to tackle the debt, but received only generalities in return. Both Cameron and Osborne have a tendency to think about issues only in terms of politics, and how they might affect Tory electorability. King also raised concerns that Osborne’s dual roles as Shadow Chancellor of the Exchequer but also as the Party’s general election coordinator could create potential problems in the approach on economic issues.

5. (C/NF) King also expressed concern about the Tory party’s lack of depth. Cameron and Osborne have only a few advisors, and seemed resistant to reaching out beyond their small inner circle. The Cameron/Osborne partnership was not unlike the Tony Blair/Gordon Brown team of New Labour’s early years, when both worked well together when part of the opposition party, but fissures developed - for many reasons - once Labour was in power. Similar tensions could arise if Cameron and Osborne disagreed on how to handle the deficit, and the lack of depth in their inner circle, would aggravate the situation.
LONDON 00000364 002 OF 002

Greece’s Problems Will Re-Define Euro-Zone

6. (C/NF) Germany and France will ultimately have no choice but to offer explicit guarantees of Greek debt, argued King. The euro-zone could not risk a Greek default and euro devaluation would not be an acceptable political option for Germany or France. Germany and France will likely, as a condition of any guarantee, require the ability to scrutinize if not exercise some control over the Greek budget. Longer-term, the drive for greater political cohesion will accelerate. The EU’s one single success was the monetary union, and now that success has been undermined. Leaders in Germany and France have recognized that allowing monetary union to happen without corresponding political cohesion was a mistake and one that needed to be rectified, King opined.

7. (C/NF) The euro-zone’s move to greater political cohesion could poise some disadvantages for the UK, King speculated. During the February 16 ECOFIN meeting, euro-zone governments politely listened to Chancellor Darling when he commented on the situation in Greece, but he was not invited to attend internal discussions since the UK is not part of the euro-zone. It would be incumbent for the UK to demonstrate that it has something meaningful to say and to be constructively engaged in the EU, should this greater political cohesion among the euro-zone governments occur, commented King.
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D'Alema: the judiciary is the greatest threat to the Italian state

DE RUEHRO #0840/01 1851654
P 031654Z JUL 08
S E C R E T SECTION 01 OF 02 ROME 000840


E.O. 12958: DECL: 07/02/2033

ROME 00000840 001.2 OF 002

Classified By: Ambassador Ronald P. Spogli for reasons 1.4 (b) and (d).


1. (C/NF) After a very strong first month in office, PM
Berlusconi's political honeymoon has been upset by
prosecutors accelerating proceedings in criminal cases
pending against him. These proceedings, leaked wiretaps, as
well as the probability of further leaks have Berlusconi
insiders concerned. The political furor over legislative
proposals to block these investigations has distracted the
public and Italy's politicians from progress on needed
reforms but has not reduced Berlusconi's popularity,
according to recent opinion polls. The strong prospect that
legislation will be approved granting Berlusconi criminal
immunity by the end of July may reduce his legal risks, but
his political standing and ability to accomplish his national
agenda could suffer setbacks. END SUMMARY.


2. (C/NF) Soon after his May 8 swearing in, PM Berlusconi
started delivering on campaign promises to reduce taxes and
increase public security, propelling his approval ratings
above sixty percent and earning him the grudging support of
many opposition voters and even parts of a normally hostile
press (REF A). On June 17, Berlusconi attached an amendment
to a security decree pending in the Senate that would freeze
trials on "lesser crimes" committed before June 30, 2002 (REF
B), a provision that would reportedly suspend at least one
case against Berlusconi. The press aggressively attacked
Berlusconi for attending to his personal affairs; Democratic
Party (PD) leader Walter Veltroni announced the end of
dialogue with Berlusconi; and several Forza Italia (FI)
members of parliament told Poloff they were confused by
Berlusconi's timing when there was much on the political
agenda yet to be accomplished. Commentators were ready to
declare Berlusconi's honeymoon over.

3. (C/NF) The Senate ultimately approved the amendment
freezing certain criminal cases as well as the underlying
decree, passing it the Chamber of Deputies for consideration.
The self-governing Superior Council of the Magistracy (CSM)
objected, suggesting the provision was unconstitutional.
President Napolitano gave the CSM an unusual rebuke by
telling them they were speaking out of turn and that
pronouncing on constitutionality was the purview of the
Constitutional Court. Berlusconi has since introduced a
modified version of a 2003 law, known as the "Lodo Schifani,"
that would give the top four institutional figures in Italy,
including Berlusconi, criminal immunity for the time they are
in office. Passage of at least one of these measures is
possible by the end of July. Berlusconi is also consulting
with coalition partners on a bill to restrict the use of
telephone intercepts.

4. (C/NF) Council of Ministers Undersecretary Paolo Bonaiuti
told Poloff July 1 that discussion of these provisions has
diverted the public's attention from legislative progress on
Berlusconi's domestic agenda. However, a poll released July
2 indicates that 51 percent of Italians would vote for
Berlusconi if elections were held now, versus 47 percent who
actually voted for him in April. 45 percent support (an
additional 10 percent are indifferent) the temporary freeze
of less important criminal cases, including those pending
against Berlusconi.


5. (S/NF) The press reports there are at least three criminal
cases pending against the PM. The reason for the timing of
Berlusconi's moves became clear when prosecutors announced
that Berlusconi could be required to testify eight times in
July. Simultaneously, audio files of wiretappings of
Berlusconi and other politicians were leaked to the press and
published on the internet. Council of Ministers
Undersecretary Gianni Letta told the Ambassador July 2 that
additional embarrassing wiretappings could be released in the
next few weeks.

6. (C/NF) Though the timing for the hearings was a surprise,
the cases against Berlusconi are not new. In one case
potentially coming to a head in the next few weeks,
Berlusconi is accused of offering British corporate lawyer
David Mills a $600,000 bribe to hide potentially

ROME 00000840 002.2 OF 002

incriminating evidence. In another trial, Berlusconi is
accused of fraud related to film rights for his private TV
network, Mediaset. In the case currently receiving the most
press due to leaked telephone intercepts, Berlusconi is
accused of trading political favors with former state
television (RAI) director Agostino Sacca, though much of the
evidence surrounds Berlusconi's recommendations that certain
showgirls should get greater airtime. (NOTE: Berlusconi would
not be required to resign in the event of a criminal
conviction, though he would likely come under considerable
political pressure to do so. Convictions are not considered
definitive until they are upheld on two appeals. In Italy,
that can take several years. END NOTE.)


7. (C/NF) Transcripts of telephone intercepts related to
criminal investigations are frequently leaked to the press,
resulting in significant embarrassment to those involved and
calls for reform of Italy's fiercely independent judiciary
and of the practice of wiretapping. Rarely, if ever, is the
source inside the judiciary who leaked the transcript
discovered. Though Italy's judiciary is traditionally
considered left-leaning, former PM and FM Massimo D'Alema
told the Ambassador last year that the judiciary is the
greatest threat to the Italian state. Despite fifteen years
of discussions on the need for comprehensive judicial reform,
no significant progress has been made. Italians, by and
large, consider their judicial system broken, perhaps beyond
repair, and have very little confidence that the system
actually delivers justice.


8. (C/NF) Berlusconi's legal troubles date back to before his
entry into politics, though FM Frattini recently noted that
Berlusconi has never been convicted definitively for
anything. Berlusconi frequently complains that prosecutors
time the announcement of investigations to damage him
politically: "justice by the clock." For example, Milan
judges announced they were investigating Berlusconi for
accounting fraud on April 26, 2005, the day Berlusconi was
requesting a parliamentary vote of confidence. Only a month
earlier and days before local elections, investigators
announced they would charge Berlusconi with bribery involving
film rights for his media company. Though there are several
more examples, the most celebrated is the announcement
Berlusconi was being investigated for tax fraud on the eve of
the 2001 G8 Summit in Genoa.


9. (C/NF) Berlusconi's legal woes have dogged his fifteen
years as a politician, though he has never received a
conclusive conviction. With even some opposition members
decrying the apparently political timing of the magistrates'
most recent investigations and supporting judicial reform, it
seems that politically motivated investigators may have gone
too far. More importantly, President Napolitano's implied
support for a bill conferring criminal immunity on, among
others, Berlusconi means Berlusconi's legal problems could
soon be laid to rest for the duration of his governing
mandate. Despite this and buoyant opinion polls, additional
revelations over the next month have some of his advisers
worried. In short, Berlusconi has run into headwinds, and it
is unclear if they have shifted back in his favor. In the
extreme, it is possible to imagine a scenario where
Berlusconi could lose considerable popularity and his ability
to implement reforms, or even his power to govern. END

I sicari dell'economia globale

I sicari dell'economia globale
di Bruno Amoroso - 28/12/2010

Fonte: Il Manifesto

Nel suo editoriale su La Repubblica del 19.12.2010 Eugenio Scalfari ci informa sull'esistenza di una Cupola finanziaria che gestisce le principali speculazioni mondiali. La sua fonte è il New York Times, che conferma quanto aveva già letto in Marx tempo prima. Da qui alcune sue deduzioni - di Eugenio Scalfari s'intende - sulle quali è bene soffermarsi. La prima, sulla quale concordo, è che le speculazioni non riguardano solo singoli faccendieri e neanche gli Hedge Fund, ma un sistema organizzato il cui cervello è costituito dalle maggiori nove banche mondiali. È vero, come sostiene, che è contro queste ultime che si è appuntata la critica della sinistra per decenni sfociata nella richiesta della nota Tobin Tax. Una visione miope che evade l'ampiezza del problema e che purtroppo resta comune sia agli amici che agli sciocchi.

Che la finanzia mondiale costituisca oggi un sistema di potere globale è stato ampiamente descritto negli ultimi 10 anni da numerosi studi e autori. Basti ricordare il bel testo di J. Perkins - Confessioni di un sicario dell'economia - che illustra come la rete di esperti e di centri di studio internazionali falsifichino i dati economici dei singoli paesi per spingerli ad indebitarsi e poi provocarne una crisi che mette i governi e l'economia nelle loro mani.

Processi che hanno modificato i rapporti di potere nei paesi capitalistici. Ne dà conto per gli Stati Uniti James K. Galbraith (The Predator State, 2008), che spiega molto bene come il governo di Bush fu costituito da ministri ed esperti proprietari o rappresentanti delle principali industrie energetiche e dell'industria militare sostenuti dai centri finanziari come la Goldman Sachs, e simili. Una struttura di potere che continua intatta con la nuova presidenza Obama. Siamo, quindi, non in presenza di speculatori ma della trasformazione dell'economia capitalistica da una economia di produzione in un sistema basato sulla rendita e lo sfruttamento delle altrui risorse. Una scissione definitiva tra capitalismo e mercato che per gestire questo potere rioccupa lo spazio della politica.

La seconda osservazione di Scalfari è che la Cupola italiana esiste ma è piccola e provinciale. Concordo ma per ragioni diverse dalle sue. Il «provincialismo» è dato dal fatto che la finanza e il potere dei grandi gruppi globali non è ancora riuscito a penetrare fortemente nel tessuto economico del nostro e di alcuni altri paesi dell'Europa del Sud. Cioè mentre Stati Uniti e i paesi dell'Europa occidentale sono dentro il sistema della «Triade» (la vera Cupola di cui parla Scalfari) l'Italia riesce ancora a difendersi sia con parte della sua economia per nostra fortuna non globalizzata sia per una maggiore autonomia del sistema politico. Ma la pressione è certamente forte. I ricorrenti conflitti tra governo e Banca d'Italia, questa sì occupata dai poteri della «Triade», sono noti. I tentativi di mettere il paese in riga con il sistema della globalizzazione sono sempre stati attuati insediando «governi tecnici» per neutralizzare la politica ed espropriando i cittadini oltre che della loro sovranità dei loro redditi. Un tentativo oggi di nuovo in atto e credo che Scalfari farebbe bene a difendere l'Italia dai «governi tecnici» che si cerca di creare con l'aiuto di Fini, Amato e i noti personaggi dell'antipolitica invece che prendersela con Moffa o la Chiesa Romana.

La terza osservazione riguarda l'Euro, minacciato secondo Scalfari, dai poteri della Cupola. È vero il contrario. L'euro fu introdotto con il sostegno dei centri finanziari della Triade spiegando ai governi ed agli scettici che doveva costituire l'ombrello a difesa della diversità dei sistemi produttivi e sociali europei. Non tutti hanno creduto alla favola, ovviamente. Come dimostrano gli ultimi atti della Commissione a proposito del Piano di stabilità, chdi fronte alla speculazione finanziaria e alla grave crisi sociale e economica da questa prodotta non si interviene con misure di controllo sui centri finanziari ma ponendo vincoli ai governi nazionali ed ai bilanci pubblici, impedendo iniziative rivolte a limitare i danni della speculazione finanziaria sui sistemi produttivi locali, sull'occupazione e sui sistemi di welfare europeo. Questo accompagnato da misure della Bce che fanno di questa lo strumento di equilibrio a favore dell'economia tedesca e delle speculazioni finanziarie dei centri finanziari di Londra e Francoforte. La Germania sta facendo passare come una politica di suoi aiuti ed impegno ai paesi colpiti dalla crisi quello che in realtà è un modo di far pagare agli europei ed ai cittadini di Grecia e Irlanda le speculazioni finanziarie delle banche tedesche verso questi paesi, e le misure di rigidità di bilancio e di tagli ai settori sociali con il mantenimento del livello delle spese militari di questi paesi per garntire forniture dalle industrie tedesche.

Bruno Amoroso - Crisi economica o truffa finanziaria? (intervista)

Ultima considerazione: le cose non stanno come sostiene Scalfari; non è la Cupola che vuole dividere l'euro, ma il contrario. L'euro, dall'essere l'ombrello protettivo dei paesi europei, si è trasformato nella sua camicia di forza saldamente protetta, anche in questo caso, dal ricorso all'autonomia della Bce. Autonomia dai governi e dai cittadini e non dai centri finanziari che ne occupano le posizioni di potere. I paesi che sono restati fuori dell'euro proteggono la loro autonomia di intervento politico sia rispetto alle proprie Banche centrali che da quella europea. Parlo della Danimarca, della Svezia e della Gran Bretagna. Se l'euro è divenuto la moneta tedesca e dei centri finanziari globali è ovvio che altri paesi europei, a difesa dei propri sistemi produttivi e delle loro scelte di società, si diano una propria moneta a questi corrispondente. D'altronde lo stesso Scalfari esprime tutto il suo pessimismo nella possibilità di trasformare l'Euro e l'Ue in qualcosa di diverso.

La ripresa economica e produttiva da tutti richiesta è possibile solo se si restituisce ai governi ed ai cittadini la sovranità sulle politiche economiche e si riporti il sistema monetario dentro queste scelte. Non si può pensare che ogni stato esca oggi singolarmente dall'euro ma l'unico modo per evitarlo è che l'Europa ritrovi una sua dimensione confederale a livello istituzionale e monetario. L''istituzione di una moneta sud-Europea (Francia, Italia, Spagna, Grecia, Portogallo) è l'unica via di uscita positiva dalla crisi attuale se si vuole impedire la frammentazione totale dell'Ue.

Vedi anche: ALBAMED, una moneta per il mediterraneo

Antonveneta rinviata a giudizio per usura aggravata

Antonveneta rinviata a giudizio per usura aggravata

N. Forcheri, 28 dicembre 2010

Rinviata a giudizio per usura aggravata la Banca Antonveneta, era stata acquisita dalla Monte dei Paschi, nel 2007, alla Santander per almeno il doppio del suo prezzo, con un'operazione esosissima che molto probabilmente servì più a finanziare l'acquisto da parte di Santander dell'olandese ABN Amro - la quale aveva in pancia l'Antonveneta - nell'ambito della scalata su ABN Amro del consorzio Santander/Royal bank of Scotland e Fortis, svuotando vergognosamente le casse dell'ex banca della città di Siena.

Nell'ambito della stessa operazione di smembramento di ABN Amro - con chissà quali gemme infrastrutturali del belpase appartenenti ad Antonveneta - la banca belgo-olandese Fortis subì un collasso in seguito a tale acquisizione, per opera del bilderberger Lippens, costringendo il governo belga a nazionalizzare la banca prima di cederla per un pezzo di pane alla BNP Paribas - vera finalità dell'operazione - e ciò a dispetto della volontà dei piccoli azionisti renitenti, cioé praticamente tutti, che intentarono un'azione in giustizia.

Si ricorda che BNP Paribas appartiene in parte al governo francese, a quello belga e a quello lussemburghese... E' come se il governo italiano si riacquistasse una banca o una società che già gli appartiene, per salvarla mantenendone le rendite (a sé stesso): agli eurocrati espertucoli nella pseudo branca della concorrenza, chiedo un vero esame di coscienza e di rispondere ONESTAMENTE

"non sarebbe considerato aiuto di Stato, fosse successo all'Italia (o altro PIIGS, tranne Spagna)"?

E poi, ricordo che l'Antonveneta finì in pancia ad ABN Amro in quella battaglia assimmetrica tra i soliti "investitori" stranieri e quelli italici disprezzatamente chiamati "furbetti del quartierino", tra ABN Amro e Fiorani della Popolare di Lodi, che fu deliberatamente eliminato da una magistratura (una magistratura che ospita nei tribunali i servizi delle banche per pignoramenti ed esecuzioni mobiliari, sic) in modo da farla ricomprare, come visto sopra, almeno al doppio del prezzo con denari pubblici italiani svuotando le casse della banca privatizzata Monte dei Paschi. Non prima di cedere Interbanca - dell'Antonveneta - a niente pò pò di meno che General Electric...

Un po' come se ci fosse un modello imposto dall'alto che costringesse fallimenti e operazione di fusione e acquisizione a passare dalle grinfie degli "investitori esteri", con tanto di riconoscimento di commissioni o pizzo. Ora se non si capisce la finta forzata supremazia del dollaro, con intrinseci rapporti di forza geopolitici, né il trucco del signoraggio che coinvolge alcuni governi più sovrani di altri nel depredare le varie regioni dell'impero, non si riusciranno neanche a scorgere tali modelli di inviluppo.

Modelli che ritornano, con il braccio armato della magistratura, ad esempio con il caso della BNL che nel 2005 finì alla solita BNP Paribas, dopo deliberata e forzata eliminazione del concorrente Unipol da parte della magistratura.

Si ricordi anche che BNP Paribas, è appunto una banca "semisovrana" fedelmente interconnessa con le galassie The Power Corporation of Canada, da una parte, e l'universo Frère/Suez/Total/Lafarge/Imerys/TranscorAstra/Banca Leonardo... (cfr., vera e propria erede dell'ex Compagnia delle Indie Occidentali.

Nicoletta Forcheri

Non-US Banks Gain from Fed Crisis Fund

Strong foreign banks splurged on, profited from Fed's emergency credit


Non-US Banks Gain from Fed Crisis Fund

By Robin Harding, Bernard Simon, and Christian Oliver
Financial Times, London
Monday, December 27, 2010

Some of the world's strongest banks have profited from an emergency credit facility set up by the US Federal Reserve to shore up confidence in the global financial system, according to a Financial Times analysis of data released by the Fed.

More than half of lending under the Fed's term auction facility -- the largest of its crisis programmes -- went to foreign banks. Details of the varied uses to which they put it may add to political criticism of the Fed.

The Taf was set up in December 2007 to provide one-month loans to credit-worthy banks as markets dried up for lending longer than overnight. In August 2008 it began offering three-month loans as well.

Rabobank of the Netherlands and Toronto-Dominion of Canada, two of the only banks in the world with triple-A credit ratings, used more than $20 billion in cumulative Taf loans.

Ed Clark, TD chief executive, said that using Taf was logical even though his bank never had a liquidity problem. "That wasn't how we made a lot of money. But you make a dollar here, you make a dollar there. What's the spread you make on a billion dollars?" he said.

In the summer of 2008, TD was borrowing $1 billion from TAF at rates of between 2 and 2.5 per cent. For that borrowing it used the lowest quality -- and hence highest yielding -- collateral acceptable to the Fed.

More than 80 per cent of its collateral had a triple-B credit rating at a time when such bonds yielded about 7 per cent. TD could therefore have made a notional gross spread of about $4 million a month during 2008.

Mr Clark said the authorities were encouraging healthy banks to use schemes such as the Taf so as not to stigmatise their weaker counterparts. In January 2008, Ben Bernanke, the Fed chairman, said the Taf appeared to be succeeding because "there appears to have been little if any stigma."

"You go through the whole crisis and there were lots of things we did that weren't necessarily economic but were the right thing to do for the system," said Mr Clark. "So I'm not embarrassed by this at all."

Rabobank said it used the Taf only "in case the situation on the financial markets would further deteriorate" but it still had $5 billion in outstanding loans as late as January 2010.

The Fed declined to comment, but has pointed out that all of its emergency credit was repaid in full with interest, and that its goal was to provide liquidity.

Korean banks, including Hana Bank, Korea Development Bank, Industrial Bank of Korea, and Shinhan Bank, were also among the most enthusiastic posters of triple-B collateral to the Taf.

One Korean bank official said: "It was the best option we had for raising foreign capital during the financial crisis."

Class action against Morgan, HSBC

Class action against Morgan, HSBC specifies silver manipulation mechanism


1:30a Tuesday, December 28, 2010

Dear Friend of GATA and Gold (and Silver):

A Chicago law firm yesterday announced another class-action lawsuit against J.P. Morgan Chase & Co. and HSBC Holdings PLC complaining of silver market manipulation. Interestingly, the lawsuit cites GATA's silver market manipulation whistleblower Andrew Maguire and U.S. Commodity Futures Trading Commission member Bart Chilton, and specifies mechanisms by which Morgan and HSBC could manipulate the silver market through the use of silver exchange-traded funds.

The lawsuit complains:

"Before the Class Period began, JPMorgan had become the custodian and an authorized participant of the largest known concentration of silver bars, the iShares Silver ETF, which holds in excess of 340 million troy ounces of silver, a sum that equals an estimated 1/3 of the total present global supply of silver bullion. As a result, it had actual knowledge of the precise whereabouts of much of the world's known silver bar supply.

"In approximately March 2008, JP Morgan acquired Bear Stearns, which held a very large short position in silver. With more of the total short position in silver concentrated in the hands of JP Morgan, it had a further motive to suppress prices.

"Upon information and belief, JP Morgan works together with HSBC, the other dominant player in the silver and precious metals markets. In July 2009, HSBC became the custodian of the SIVR ETF, which meant that it had physical access to and knowledge of the silver held by that trust. Notably, it named JP Morgan as one of the sub-custodians of the SIVR ETF.

"As a result of their participation in the silver ETFs, JP Morgan and HSBC had a direct opportunity to confer and discuss with each other the prices of silver held by each of them.

"In addition, Defendants had a strong incentive to suppress downward the price of silver as measured by the NYSE-Arca and CME/COMEX instruments. For example, Defendants could pledge their silver to the ETFs in exchange for ETF shares, sell their shares to other market participants, drive down the prices of silver through trades on NYSE-Arca and CME/COMEX, buy back their ETF shares from investors at lower prices, and return their (now lower-priced) silver ETF shares in exchange for the silver bars initially pledged against those shares, the real value of which remained the same, and only notionally appears lower because of Defendants' suppression.

"With respect to Defendants' conduct on the CME/COMEX platforms, JPMorgan and HSBC's scheme has been corroborated by Andrew Maguire, a 40-year precious metals trading veteran. Mr. Maguire reported his findings to the Commodity Futures Trading Commission (CFTC), which commenced an investigation in 2008.

"On October 26, 2010, CFTC Commissioner Bart Chilton stated that there had been 'violations of the Commodity Exchange Act in the silver market' and 'fraudulent efforts to persuade and deviously control' silver prices, and that these efforts 'should be prosecuted.'"

The full complaint of the lawsuit has been posted at GATA's Internet site here:

The law firm's press release is appended.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Cafferty Faucher LLP Files Class Action Lawsuit
Against JPMorgan and HSBC Alleging Manipulation
of Silver Bar Financial Products

Law Firm Press Release
via Business Wire
Monday, December 27, 2010

CHICAGO -- Cafferty Faucher LLP ( filed a lawsuit on behalf of a class that includes purchasers and sellers of the iShares Silver Trust (NYSE-Arca SLV) and the ETF Securities Ltd. Silver Trust (NYSE-Arca SIVR) during the period March 1, 2008, through the present.

The lawsuit alleges that JPMorgan, the custodian of silver backing SLV securities and the sub-custodian of silver backing SIVR securities, and HSBC, the custodian of silver backing the SIVR securities, manipulated and suppressed the price of silver bar financial products, including SLV and SIVR, in violation of Section 9 of the Securities Exchange Act.

If you purchased or sold the iShares Silver Trust ETF or the ETF Securities Silver Trust securities during the period March 1, 2008, through the present, you may move the Court to serve as lead plaintiff within 60 days. The lawsuit, Case No. 1:10-cv-07768, was filed in the Northern District of Illinois on December 7, 2010 and is assigned to the Honorable Charles R. Norgle Sr.

The case is also brought on behalf of investors who purchased or sold CME Group Inc.'s Comex silver futures or options contracts, which are traded electronically through the Chicago-based Globex platform and through Comex. On behalf of these investors, the lawsuit alleges violations of the anti-manipulation provisions of the Commodity Exchange Act.

In addition to the claims under the anti-manipulation provisions of the Securities Exchange Act and the Commodity Exchange Act, the lawsuit also alleges that defendants violated federal antitrust law.

Cafferty Faucher LLP, with offices in Chicago, Philadelphia, and Ann Arbor, Michigan, is a national litigation firm that represents investors, businesses, and consumers who have been injured by illegal marketplace practices. Firm contact information is available at the above website. The firm has recovered tens of billions of dollars for its clients in cases targeting illegal acts and practices in a variety of industries including securities, commodities, insurance, pharmaceuticals, banking services, medical, high-tech, food and beverage, construction materials, and many others. Combined, the firm's attorneys have hundreds of years of experience working to recover losses on behalf of clients.

Contacts for Cafferty Faucher LLP:

Anthony Fata (Chicago), 312-782-4880, or Bryan Clobes (Philadelphia), 215-864-2800.




I miei amici più informati parlano ormai apertamente di agenzie a pagamento incaricate del reclutamento e della gestione di alcune centinaia di persone per pilotare con i loro lazzi e frizzi la guerra contro di me in rete e sui media.

Un risibile ancorché grottesco ‘complotto’ al quale non c’è da stentare a credere, perché sono cose — non solo molto comuni e facili da organizzare (potrei farlo io stesso, se fossi al livello dei miei nemici) — ma coerenti allo stile e alla moralità degli odierni potentati, siano essi banche o organizzazioni al loro servizio, quali giornali, partiti, apparati burocratici e quant’altro.

Fermo restando che devo essere comprensivo, perché qui la posta è alta: se i miei scritti divengono popolari sono proprio tanti quelli che — trucidati non saranno di certo, perché sono pene destinate ai fieri, ai ribelli, ai violenti, mentre qui abbiamo a che fare con delle morbide carte da toletta — ma saranno tuttavia ridotti alla, per loro sgradita, condizione di cittadini privati.

Né vorrei credere a simili esagerazioni, ma d’altra parte dopo l’ulteriore articolo del 28.12.10 di quest’altra penna d’oro del giornalismo, tale Malcom Pagani, non c’è più spazio per dubitare che dietro questo vasto attacco deve esserci un apparato imponente, ancorché sclerotico e delirante (le banche).

Altrimenti non si spiega, ad esempio, perché mai uno sciocco come mi si vuol fare apparire in quel singolare articolo possa aver meritato che si sia consumata un’intera pagina de Il fatto quotidiano solo per costruire — per palesi fini di denigrazione — una così fantasiosa parodia avulsa dalla sostanza e dalla forma di tutto quanto mi è stato chiesto e ho detto in un’intervista di oltre un’ora.

Un caso, quello de Il fatto quotidiano, in cui non sono vere nemmeno l’età e la fotografia, perché ho da pochi giorni 63 anni, non 67, e nella pagina del sito hanno usato una foto di uno che non sono io nella stessa logica perversa in cui hanno invece incredibilmente usato una foto mia in un attacco ad Alfonso Marra, il giudice di Milano.

Vasti apparati dotati di una furbizia condivisa, da comunità di ratti, e per ciò stesso non intelligenti, consci però del fatto che non è vero che «l’importante è che se ne parli», perché invece parlar male, inventarsi di tutto, cercare di ridicolizzare usando gli strategismi più perversi, attribuirmi affermazioni o toni non miei, serve a far apparire i miei libri come ‘nemici’ e a tenerne lontana la società.
Un apparato che non mi manda i sicari solo perché gioverebbe alla diffusione delle mie opere, visto che ho già scritto e divulgato, da molto tempo, tutto quello che volevo dire.

Chi sono questi mostri? Tra magistrati, avvocati, politici e giornalisti lo sanno circa trecentomila persone: sono le cosche al soldo dei poteri criminali che controllano le banche e comandano a bacchetta la turba del proselitismo incolto, incosciente e accattone addestrata a pulire il luridume dei loro sederi con la lingua strabuzzando continuamente gli occhi dal piacere come stesse leccando gelati della miglior pasta per buscarsi così qualche soldo e qualche parte in commedia: turba composta da vaste fasce deviate dell’apparato mediatico, politico, burocratico, poliziesco e giudiziario.

Se ho paura? Neanche un po’. Invito anzi questi nemici — non semplicemente della democrazia e della cultura — ma della legalità, a serrare i ranghi così, quando la collettività, in breve, presenterà i suoi conti, potrà distinguerli più facilmente.

Alfonso Luigi Marra

Vedi anche: Spot sul libro IL LABIRINTO FEMMINILE

Banche, consigli utili: opponetevi sempre

emilia romagna

Consigli utili: opponetevi sempre

Se ricevete un decreto ingiuntivo perché non avete pagato le rate del mutuo, oppure perché la banca vi ha revocato il fido, opponetevi sempre.

Non ascoltate commercialisti o legali che vi dicono che "non c'è niente da fare".
Ci si può difendere, eccome se ci si può difendere, ci si deve difendere!

Si contestano i conti perché tra anatocismo (interessi sugli interessi), commissione di massimo scoperto, valute, etc, i conti sono sempre viziati ed il saldo che chiedono non è mai quello reale e se poi, facendo periziare i conti, si scopre che sono stati applicati tassi usurari, cioè superiori al tasso soglia che attualmente è al 13,75 (per gli affidamenti superiori a 5.000 euro), allora non sono dovuti interessi e si può querelare la banca e richiedere il risarcimento del danno economico e morale.

Il tasso effettivo che pagate, non è quello indicato sull'estratto conto, bensì il costo del denaro, cioè ciò che voi avete pagato per poter utilizzare la somma messa a disposizione dalla banca (sono escluse solo le tasse).

Una volta querelata la banca, si chiede in Prefettura l'accesso al Fondo di solidarietà per le vittime dell'usura ai sensi della legge 108/96, in seguito vedremo cosa occorre fare.

Ora interessa porre in evidenza che se qualcuno al quale stanno per vendere la casa all'asta, ha contestato i conti prima della suddetta vendita, deve informare l'Istituto vendite giudiziarie, il Giudice delle esecuzioni ed i potenziali acquirenti, che chi acquista la casa all'asta lo fa a suo rischio e pericolo, perché se la banca dovesse perdere la controversia, l'acquirente perderà casa e soldi, in quanto una recente pronuncia della Cassazione ha stabilito che l'art.2929 del codice civile non si applica quando la contestazione dei conti bancari viene fatta e notificata prima della vendita all'asta.

federcontribuenti emilia romagna
via Caselli 7 43126 Parma
tel 0521 985610 fax 0521 984556

Bankitalia in mano a un cartello criminale

martedì 28 dicembre 2010

Banks and WikiLeaks

Julian Assange, founder of WikiLeaks, 12/24/10. (photo: AP)
Julian Assange, founder of WikiLeaks, 12/24/10. (photo: AP)

Banks and WikiLeaks

By The New York Times | Editorial

26 December 2010

Petition in Support of Julian Assange

Also See:
WikiLeaks' Twitter Page:
WikiLeaks' Support Page:
Lieberman Attacks New York Times Over WikiLeaks Documents:

he whistle-blowing Web site WikiLeaks has not been convicted of a crime. The Justice Department has not even pressed charges over its disclosure of confidential State Department communications. Nonetheless, the financial industry is trying to shut it down.

Visa, MasterCard and PayPal announced in the past few weeks that they would not process any transaction intended for WikiLeaks. Earlier this month, Bank of America decided to join the group, arguing that WikiLeaks may be doing things that are "inconsistent with our internal policies for processing payments."

The Federal Reserve, the banking regulator, allows this. Like other companies, banks can choose whom they do business with. Refusing to open an account for some undesirable entity is seen as reasonable risk management. The government even requires banks to keep an eye out for some shady businesses - like drug dealing and money laundering - and refuse to do business with those who engage in them.

But a bank's ability to block payments to a legal entity raises a troubling prospect. A handful of big banks could potentially bar any organization they disliked from the payments system, essentially cutting them off from the world economy.

The fact of the matter is that banks are not like any other business. They run the payments system. That is one of the main reasons that governments protect them from failure with explicit and implicit guarantees. This makes them look not too unlike other public utilities. A telecommunications company, for example, may not refuse phone or broadband service to an organization it dislikes, arguing that it amounts to risky business.

Our concern is not specifically about payments to WikiLeaks. This isn't the first time a bank shunned a business on similar risk-management grounds. Banks in Colorado, for instance, have refused to open bank accounts for legal dispensaries of medical marijuana.

Still, there are troubling questions. The decisions to bar the organization came after its founder, Julian Assange, said that next year it will release data revealing corruption in the financial industry. In 2009, Mr. Assange said that WikiLeaks had the hard drive of a Bank of America executive.

What would happen if a clutch of big banks decided that a particularly irksome blogger or other organization was "too risky"? What if they decided - one by one - to shut down financial access to a newspaper that was about to reveal irksome truths about their operations? This decision should not be left solely up to business-as-usual among the banks.

Lanciano, banca condannata per il fallimento di un'azienda

Lanciano, banca condannata per il fallimento di un'azienda

Il crac per un debito di 40mila euro. Il giudice: ora riavrà 180mila euro

Il Centro - Chieti, 27 dicembre 2010

di Rossano Orlando

LANCIANO. L'impresa fallì per 40mila euro: un'inezia se si pensa che oggi la banca con la quale quella società aveva rapporti come cliente, di euro deve restituirne 180mila a titolo di «risarcimento e ripetizione degli interessi». Lo ha deciso il giudice civile che ha inviato gli atti in Procura per gli accertamenti penali sull'usura.

La sentenza è stata emessa dal giudice del tribunale di Lanciano, Francesca Del Villano Aceto. In sostanza, la banca, una delle più grandi in città e con una consoldata presenza storica, deve restituire alla curatela fallimentale di una azienda metalmeccanica della Val di Sangro, fallita per 40mila euro, ben 181.585,17 euro con i quale forse sarebbe stata evitata la chiusura dell'attività.

In pratica, il giudice con la condanna ha evidenziato che la banca ha applicato all'impresa interessi superiori a quelli legali e non validamente pattuiti; che l'istituto di credito ha preteso commissioni di massimo scoperto non concordate; che la banca ha applicato spese e valute non pattuite; che l'istituto di credito ha praticato interessi usurari violando così le leggi in materia. Nel corso dell'udienza, tutte le richieste della banca sono state respinte.

«Questa sentenza», commenta l'avvocato Emanuele Argento, delegato dell'associazione Sos Utenti, «è la migliore emessa dal tribunale di Lanciano in favore di un cliente del sistema bancario, confermando così l'orientamento giurisprudenziale sempre più consolidato anche nei tribunali abruzzesi e con tempi processuali assai contenuti: solo due anni. Dopo che la Sos Utenti, insieme al Forum antiusura bancaria, ha denunciato che in Abruzzo oltre 17mila famiglie subiscono usura dalle banche sulle cosiddette operazioni autoliquidanti, il tribunale di Lanciano, dopo quello di Chieti e la sezione staccata di Ortona, rileva l'applicazione di interessi usurari, riscontrati dall'esperto del giudice, Maurizio Pocetti, con la trasmissione degli atti alla Procura».

Secondo Gennaro Baccile, estensore della perizia di parte che ha spinto la ditta fallita a portare la banca in giudizio, «se la banca avesse riconosciuto subito la restituzione degli interessi usurari e del maltolto, la ditta in questione non sarebbe fallita». Sulla scorta di questa sentenza «che arreca benefici alla curatela fallimentale e alla quale va riconosciuto il merito di avere autorizzato la prosecuzione della causa, si evidenzia», sottolinea Baccile, «come in Abruzzo, ad eccezione di un caso nel Teramano, le curatele non assumono iniziative di rivendicazione del maltolto bancario».

Il centro del potere mondiale

Il centro del potere mondiale

Politica e Beni Comuni

Valutazione attuale: / 10

newworldpowerUn videoeditoriale di Giulietto Chiesa su MegaChannelZero.

Trascrizione a cura di

A proposito di complottisti: dedichiamo questo commento a Pigi Battista e a tutti quelli che sostengono sempre, invariabilmente, le versioni ufficiali.

Adesso ne abbiamo una nuova, quasi ufficiale ma, sfortunatamente, complottista al cento per cento. E’ del New York Times, e scommetto un milione di euro che né Pierluigi Battista, né Riotta, né De Bortoli, né nessun altro di questa risma ne parlerà ugualmente, anche se viene dal New York Times.

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Sembra una favoletta: ci sono nove-banche-nove, che si riuniscono una volta al mese da qualche parte a Manhattan, per decidere quanti milioni di disoccupati creare, quanta gente ridurre alla disperazione, quanti bambini devono morire di fame – in Africa, in Asia, non importa dove.

Volete sapere i nomi? Eccoli. JP Morgan, Goldman Sachs, Union de Banques Suisses (Ubs), Crédit Suisse, Barclays, Citigroup, e altre ancora. Questo è il centro del potere mondiale. E’ da qui che si irraggiano le manovre speculative, è qui che si complotta, è qui che si inventano i ricatti contro i governi, è qui che si disfano e si fanno i governi, è qui che si decide quali ministri bisogna mettere, in quale governo.

Bene: questo è un complotto o non è un complotto? Come la mettiamo?

scalfari-eugenioUno che ne ha parlato in Italia si chiama Eugenio Scalfari, domenica scorsa; ha fatto un editoriale molto intelligente. Anche Scalfari lo sapeva: infatti disse che si trattava di un segreto di Pulcinella. Io ne parlai, qualche anno fa, scrivendo, insieme a Marcello Villari, un libro che avevo intitolato “Superclan”. E parlai sapendo che mi avrebbero dato del complottista. Ma avevo fretta: sapevo che sarebbe arrivata la tempesta e decisi di parlare ugualmente.

Invece Scalfari tacque, pur sapendo la verità; adesso, dottamente, ci spiega che costoro decidono tutto nel buio, decidono i nostri destini, il nostro futuro; ma anche adesso, dopo aver detto questo, anche Eugenio Scalfari non vuole andare fino in fondo.

Perché se le cose stanno così, se questi signori – in nove – sono più forti del presidente degli Stati Uniti d’America (e lo sono per davvero), allora che cosa ne è della democrazia in questo mondo? Che cosa ne è della democrazia liberale dell'Occidente? E chi avrà il coraggio di mettere all’ordine del giorno di un governo qualsiasi di questa Europa la questione di spiccare un mandato di cattura contro questi delinquenti ciechi, che rappresentano tutti insieme la scimmia al comando che sta trascinando il mondo in un baratro? Ecco, la domanda è questa: chi avrà questo coraggio?

Io propongo di cominciare a organizzarci, per creare una forza politica che dica la verità e dichiari guerra ai creatori della guerra – perché questi sono i veri organizzatori della guerra, soltanto che è una guerra contro di noi.

"Alternativa" è questo nucleo, e si propone questo obiettivo. Allora io vi chiedo: venite con noi, per fare diventare questo nucleo, adesso piccolo, una valanga. Perché basta che si cominci a dire la verità perché questo gruppo di malfattori venga costretto all’impotenza.

lunedì 27 dicembre 2010

Organized mass resistance to the banksters

Weekly Geopolitical News and Analysis101227: Was George Bush Jr. delivered a coffin as a warning?

The accident that left a fancy sports car on the lawn in front of George Bush Jr.’s front lawn last week bears a striking coincidental resemblance to the traditional triad custom of delivering a coffin to someone’s front door as a warning. This, combined with the attack on Prince Charles and Camilla, the car entering Obama’s security zone and other incidents seem to indicate the spontaneous emergence of organized mass resistance to the banksters. The Western elite, for their part, are now working hard to fundamentally reform the stewardship of this planet. In fact, although no formal announcements have been made, a transition process has already begun.

As a first step, scientific, economic and other experts around the world are being consulted on how best to create a new global economic planning agency charged with ending poverty, stopping environmental destruction and sending life on earth on an exponential, peaceful and constructive expansion into the universe. The winding down of the Federal Reserve Board is now expected to last until August 1, 2011. That is the date when the Bank of Japan, the Bank of England and other central banks will stop printing US dollars.

By that time, most of the gold stolen or received from China in the past 150 years will be returned to China. In exchange China will write off all US and European debt. US dollars held by non-Americans will then become first gold-backed and then commodity backed neutral units of exchange managed by an impartial agency staffed by a meritocratically selected international group of professionals. The United States will issue their own, government controlled new currency, possibly to be called greenbacks in recognition of the previous efforts by Presidents Jackson, Lincoln and Kennedy etc. to free the American people from the clutches of international banking cabals.

An open letter to Representative Ron Paul


An open letter to Representative Ron Paul from Benjamin Fulford

Dear Representative Paul,

My name is Benjamin Fulford. I am a spokesperson for the Black, White and Golden Dragon societies as well as for the Red and the Green. These ancient secret societies have a global command structure, partially visible in your local martial arts societies, that is capable of mobilizing a 100 million person army on very short notice in case of an emergency. These ancient societies have gone from dormant to semi-active mode because through the successful wiretapping of meetings of your elite, they have learned of plans to start World War 3, kill at least 4 billion people and destroy much of the Northern hemisphere. You may confirm with your Pentagon or CIA sources that this is all very real.

The reason we are writing an open letter to you is to explain why the Federal Reserve -Board needs to be abolished and the global financial architecture needs to be revamped.

The United States government is bankrupt and has been kept running along these past decades by the goodwill of the peoples of the planet. That good will is running out.

Your financial elite have proposed either devaluing the US dollar or carrying out a hidden devaluation by replacing it with a new currency called the Amero. Both proposals have been rejected. The reason is that by far most US dollars ever created are no longer owned by Americans. Many, often poor, people would suffer enormously if these dollars suddenly lost half of their value.

Our groups have proposed an alternative plan. We have offered to pay back all US debt owed to China by returning gold that was stolen from there during the 20th century. In addition, we plan write off US debt to the rest of the world by taking the US dollars owned by non-Americans, backing them with gold and putting them under the control of a new international meritocratic organization. This organization would never create any fiat currency but merely act as a neutral clearing house for governments, corporations and plutocrats.

The newly debtless United States government would then be free to issue its own government controlled currency. Such a currency would have a lower international purchasing power than the US dollar now has. The result will be that Chinese goods will become more expensive for Americans while US exports will regain their competitiveness. This will allow the US to rebuild its real economy.

However, as the history of the yen and the Plaza Accord show, devaluation alone will not solve the US’s chronic external deficit problem. The US deficit is also a structural problem caused by the fact that the military industrial complex does not produce trade-able goods.

Pentagon officials have also made it clear to us they would rather start a war than end up like Soviet era generals who suddenly found themselves driving taxis.

We therefore propose that the peoples of the world finance a gradual swords-to-plowshares transition of the military industrial complex. According to the American Association of Scientists, over 6,000 patents have been suppressed for “national security reasons.” We believe an expert review of those patents would unearth a high-tech bonanza for the American people and the US economy that would help ease this transition.

We are also proposing the creation of a global economic planning agency. This agency would be run by the motto “we stand between desires and reality.” The organization would try to surpass the sorry records of the World Bank and the IMF by carrying out an intensive campaign to end poverty, stop environmental destruction and set humanity on the course for exponential expansion into the future. There would be no burden placed on the American people and no threat to US sovereignty posed by this organization. Rather it should provide vast new opportunities for American individuals and corporations.

Finally, although this is purely an American domestic issue, we strongly recommend that you confiscate the funds stolen from the American people this past century by amoral, criminal financiers and return them to their rightful owners. Vladimir Putin was able to quintuple Russian living standards when he did a similar thing in Russia.

The final point we wish to make is that the peoples of the world desire peace. The desperate criminal cabal behind the Federal Reserve Board still wields enormous power and is still trying to start World War 3. We would like to request the help of the American peoples in ending this perverse threat to humanity and the planet.

Sincerely yours,

Benjamin Fulford

PS: If you would like the hear more, contact me through the US embassy in Tokyo.