US military protecting international banking cartel
"My assessment is that 90% of the value of the US dollar comes from the US military.”— Former Assistant Housing Secretary Catherine Austin Fitts
For decades, America has used its armed strength to enforce the use of the dollar as the world’s reserve currency, effectively making the US military the armed wing of the international banking cartel (IBC). Since 1971 when President Richard Nixon stopped paying US debt obligations with gold, America has increasingly used its military might to prop up the value of the dollar and enforce a global financial structure whose primary beneficiary is the US itself, and whose central bank, the Federal Reserve, serves as the IBC’s supervisory authority.
Who or what is this IBC?* It consists of Bank of America, JP Morgan Chase, Citigroup and Wells Fargo along with Deutsche Bank, BNP and Barclays. Eight families reportedly control the IBC: the Goldman Sachs, Rockefellers, Lehmans, Kuhn Loebs, Rothschilds, Warburgs, Lazards and the Israel Moses Seifs.* Besides owning the US oil behemoths Exxon Mobil, Royal Dutch Shell, BP and Chevron Texaco, IBC member institutions are among the top ten shareholders of nearly every Fortune 500 company. While the IBC itself has no formal status, nevertheless its members are represented by an international body, the Financial Stability Board (FSB).* Organized as the Financial Security Forum in 1999 by G7 finance ministers and central bank governors, the FSB “seeks to give momentum to a broad-based multilateral agenda for strengthening financial systems and the stability of international financial markets.”
War is extremely profitable for the IBC, since not only do its members profit from financing arms sales to both sides during the conflicts that they themselves often initiate, but also from the post bellum reconstruction. In fact, the most powerful of the central banking institutions in the world, the Bank for International Settlements (BIS), was established in 1930 to oversee reparation payments imposed upon Germany by the Treaty of Versailles that ended the First World War. In addition to providing banking services for central banks worldwide, the BIS supervised the Bretton Woods international currency agreements from the Second World War until the early 1970s, when Nixon reneged on pledges to pay US debt obligations in gold. The BIS also works with the International Monetary Fund (IMF) to expand the IBC-imposed debt-dependency cycle among the nations of the world.
The methodology for global financial domination is really quite simple: America imports more goods than it exports and therefore dollars flow out of the US and accumulate in the central banks of other countries. Since the US has refused to honor these obligations in gold, the central banks are forced to invest in US treasury bills, bonds and other US financial instruments that pay interest which is financed by the issuance of further debt. The result is a US-dominated global financial system dependent upon maintaining the value, or more correctly, minimizing the rate of depreciation, of the dollar, allowing the US to enjoy an extravagant consumer-based economy at the expense of the rest of the world.*
Regarding the insidious US debt-domination process, Wall Street analyst Michael Hudson explains that “by running balance-of-payments deficits that it refuses to settle in gold, it has obliged foreign governments to invest their surplus dollar holdings in Treasury bills, that is, to relend their dollar inflows to the US Treasury.”** The system is somewhat self-perpetuating, for should a non-US central bank decide to divest its dollars, it would effectively sabotage the economy in its own country.** Of course, foreign central banks and financial institutions are well aware that by investing in US treasury securities, they will lose money since the Federal Reserve will only turn around and “print” more dollars, thus further diluting the value of their reserves. However, if these foreign institutions would fail to reinvest their dollars in more T-bills, the rate of depreciation of their dollar holdings would accelerate dramatically. Such awareness holds most governments in check, preventing wholesale dumping of dollars, which of course would bring the entire global system down, along with the IBC.
Hence, demand for US dollars and government and agency bonds continues even as [dollar] value falls. The losses on these holdings represent a tax paid to the ‘Empire’,” writes Catherine Austin Fitts, adding, “The fundamental system is as old as the hills. It is based on force.” Conversely, this ability of the IBC to call upon the US military, which incidentally consumes 40 percent of global military spending, whenever and wherever the cartel’s interests are threatened, results directly from the global dominance of the dollar. India-based scholar and social activist Rohini Hensm writes, “It is the dominance of the dollar that underpins US financial dominance as a whole as well as the apparently limitless spending power that allows it to keep hundreds of thousands of troops stationed all over the world.”** In short, dollar dominance allows the obscenely profligate spending to maintain the US military’s global presence, which in turn insures the continuing hegemony of the dollar.
Nevertheless, an increasing number of challenges to this dollar hegemony regime has arisen, some of which have necessitated suppression by the US military.* Iraq is a good case in point. In November of 2000, former Iraqi dictator Saddam Hussein announced to the world that Iraq would no longer accept dollars for petroleum transactions. Despite the declining value of the Euro, Saddam demanded payment for Iraqi oil in the troubled currency while declaring dollars to be “the currency of the enemy.” By 2002, Iraqi oil was being traded in Euros, effectively dumping the dollar. Former US President George W. Bush, who was a deputy of the IBC from the oil industry, used the 9/11 terrorist attacks as a convenient excuse to invade Iraq in March 2003, thus eliminating Saddam’s threat to dollar domination.
When former Libyan leader Muammar al-Qaddafi tried to establish a state-run central bank and trade petroleum in non-dollar currencies, the IBC tapped NATO to intervene. On March 19, 2011, a mere month after initial internal unrest, the Transitional National Council “rebels” announced they were establishing the Libyan Oil Company as the supervisory authority on oil production and policies, and designated the Central Bank of Benghazi as the authority for monetary policies.* That a local group of rebels one month into a rebellion would form a national oil company and designate a private central bank astounded Robert Wenzel of the Economic Policy Journal who remarked, “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising.” Confirming suspicions of IBC involvement, the US Treasury placed sanctions on Qaddafi’s National Oil Corporation, but assured the rebels, “Should National Oil Corporation subsidiaries or facilities come under different ownership and control, Treasury may consider authorizing dealings with such entities.”
Other countries have had enough of the IBC and its armed wing. Both Russia and China have expressed their distaste for the dollar status quo and US threats of sanctions or military force. On Thursday, Sept. 6, 2012, China announced that any nation in the world that wishes to buy, sell, or trade crude oil can do using the Chinese currency, not the American dollar. Following suit the next day, Russia announced that it would sell China all the crude oil it wanted but it would not accept US dollars. In addition, Russia has recently unveiled a payment system, called the PRO 100 Universal electronic card, designed to bypass the IBC should it again decide to block credit card services to Russian banks.* “There is little doubt in my mind but that Russia and China and no doubt many other countries around the world are getting angry as hell about the US abusing its foreign currency privilege,” wrote investment banker Jay Taylor.
Iran, of course, has long been targeted by the IBC for refusing to surrender to US-imposed sanctions and threats of military force. Iran had completely eliminated the use of US dollars for oil trading by December 2007 and inaugurated its Bourse (stock exchange) for trading petroleum in non-dollar currencies in February 2008, coinciding with the 29th anniversary of the victory of the Islamic Revolution. Additionally, the IBC has tried to cut off Iran from using SWIFT, Society for Worldwide Interbank Financial Telecommunications, for international transactions. However, with the world's second-largest gas reserves and third-largest oil reserves, Iran retains the potential to strike a major blow against US dollar hegemony.
The question is how can we put an end to this stranglehold on the global financial system by the IBC and its armed wing? Hensm gives us a simple, straightforward answer: “Destroy US dollar hegemony, and the ‘Empire’ will collapse.” If more nations join Iran, Russia and China, and opt out of the US dollar protection racket, then this evil “Empire” will surely collapse along with its armed wing.
Inside Wall Street's most secret society: The billionaire banker fraternity where cross-dressing new members make jokes about Hillary Clinton and drunkenly mock the financial crisis
By James Nye15:45 18 Feb 2014, updated 23:17 18 Feb 2014
Kappa Beta Phi was founded in 1929 and has remained secret for more than eight decades
One reporter managed to sneak into their January 2012 induction for new membersWitnessed them dressed in drag, telling jokes in bad taste and mocking Main Street and the bailout
A journalist who gate-crashed a secret fraternity of billionaire bankers has laid bare the booze fueled, cross dressing antics of its members as they openly mocked the 99 percent and made light of the enormous government bailouts of 2009.
Sneaking into the swanky St Regis Hotel ballroom in January 2012, where he was assumed to be a waiter, Kevin Roose became the first outsider to witness the Monty-Python-esque induction ceremony for Kappa Beta Phi.
New members, known as neophytes, traipsed around other masters of the universe dressed in leotards and gold-sequined skirts and wigs - to then perform vaudeville-style acts that included homophobic and sexist jokes and even a parody of ABBA's 'Dancing Queen', called 'Bailout King'.Over 200 multi-millionaire and billionaire bankers and financiers were in attendance at the annual event so chock-full of power and money that Roose felt that 'if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist'.Older hands at the fraternity, which has existed since the end of the Great Depression, walk around the well-lubricated dinner wearing 'purple velvet moccasins embroidered with the fraternity’s Greek letters'.
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One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society
Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of*Jews at Kristallnacht, Wall Street titans are saying that they’re*sick of being beaten up, and this week, a billionaire investor, Wilbur Ross,*proclaimed*that “the 1 percent is being picked on for political reasons.”Ross's statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.
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Revealed: The Full Membership List of Wall Street’s Secret Society
Full list of names at link above
Wall Street Chapter
Duff P. Anderson (1994)
Silas R. Anthony, Jr. (1993)
Andrew Arno (2001)
Peter A. Atkins (1977)
Walter E. Auch, Jr. (2000)
Sara Ayres (2009)
George L. Ball (1975)
Vincent Banker (2003)
David C. Batten (1981)
Bernard Beal (2007)
Robert Benmosche (2002
James A. Benson (1995)
Jonathan M. Berg (2006)
Alfred R. Berkeley (2000)
Rosemary T. Berkery (2006)
Michael A. Berman (2000)
E. Garrett Bewkes III (1993)
Jessica Bibliowicz (1999)
John Birkelund (1981)
Ronald E. Blaylock (1999)
Michael R. Bloomberg (1995)
Andrew Blum (1972)
Howard L. Blum, Jr. (1986)
Magnus Bocker (2009)
Mike Bodson (2009)
Geoffrey T. Boisi (1989)
Suicides baffles experts
By*Michael GrayMarch 18, 2014 | 2:27pm
By*Michael GrayMarch 18, 2014 | 2:27pm
The financial world has been rattled by a rash of apparent suicides, with some of the best and brightest among the finance workers who have taken their lives since the start of the year.A majority of the eight suicides of 2014 have been very public demonstrations, which has suicide-prevention experts puzzled.“Jumping is much less common as a method for suicide in general, so I am struck by the number that have occurred in recent months in this industry,” said Dr. Christine Moutier, chief medical officer of the American Foundation for Suicide Prevention.Moutier also discounts the location of the act as being the driver behind the reason for the suicide.
“The suicide-research literature doesn’t help very much with the question of why the method of these suicides is so out in the open,” she added.
MARCH 12: Kenneth Bellando, 28, an investment banker at Levy Capital, was found dead on the sidewalk outside his building on Manhattan’s East Side, after allegedly jumping from the sixth-story roof, sources said.
MARCH 11: Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, jumped in front of an LIRR train near the Syosset, NY, train station.
FEB. 28: Autumn Radtke, CEO of First Meta, a cyber-currency exchange firm, was found dead outside her Singapore apartment. The 28-year-old American jumped from a 25-story building, authorities said.
FEB. 18: Li Junjie, a 33-year-old JPMorgan finance pro, leaped to his death from the roof of the company’s 30-story Hong Kong office tower, authorities said.
FEB. 3: Ryan Henry Crane, 37, a JPMorgan executive director who worked in New York, was found dead inside his Stamford, Conn., home. A cause of death in Crane’s case has yet to be determined as authorities await a toxicology report, a spokesperson for the Stamford Police Department said.
JAN. 31: Mike Dueker, 50, chief economist at Russell Investments and a former Federal Reserve bank economist, was found dead at the side of a road that leads to the Tacoma Narrows Bridge in Washington state after jumping a fence and falling down an embankment, according to the Pierce County Sheriff’s Department.
JAN. 28: Gabriel Magee, 39, a vice president with JPMorgan’s corporate and investment bank technology arm in the UK, jumped to his death from the roof of the bank’s 33-story Canary Wharf tower in London.
JAN. 26: William Broeksmit, 58, a former senior risk manager at Deutsche Bank, was found hanged in a house in South Kensington, according to London police.
Exposing what lies beneath the bodies of dead bankers and what lies ahead for us
Death Derivatives Emerge From Pension Risks of Living Too Long
I feel that this is one of the most important investigations I’ve ever done. If my findings are correct, each of us might soon experience a severe, if not crippling blow to our personal finances, the confiscation of any wealth some of us have been able to accumulate over our lifetimes, and the end of the financial world as we once knew it.* The evidence to support my findings exists in the trail of dead bodies of financial executives across the globe and a missing*Wall Street Journal*Reporter who was working at the Dow Jones news room at the time of his disappearance.
By Oliver Suess, Carolyn Bandel and Kevin Crowley*May 16, 2011 7:01 PM EDT
Goldman Sachs Group Inc. (GS),*Deutsche Bank AG (DBK)and*JPMorgan Chase & Co. (JPM), which bundled and sold billions of dollars ofmortgage loans, now want to help investors bet on people’s deaths.Pension funds sitting on more than $23 trillion of assets are buying insurance against the risk their members live longer than expected. Banks are looking to earn fees from packaging that risk into bonds and other securities to sell to investors. The hard part: Finding buyers willing to take the other side of bets that may take 20 years or more to play out.
“Banks are increasingly looking to offer derivative solutions,” said Nardeep Sangha, 43, chief executive officer of Abbey Life Assurance Co., a London-based Deutsche Bank unit that helps pension funds manage the risk of retirees living longer than expected. “Making the long maturity of the risks palatable for investors, including sovereign wealth funds, private-equity firms and specialist funds, is the challenge.”
As insurers reach the limit of how much pension-fund liability they’re willing to shoulder, companies such as JPMorgan and*Prudential Plc (PRU)*last year set up a*trade group*aimed at establishing and standardizing a secondary market for so- called longevity risks. They’re also developing indexes that measure mortality rates and securities to let pension funds pay fixed premiums to investors in return for coverage against major deviations from projections.
Swiss Reinsurance Co., the second-biggest reinsurer, sold the world’s first longevity bond in December in what it called a “test case” to sell risk to the capital markets.‘Run Dry’Goldman Sachs, based in*New York, and Deutsche Bank in Frankfurt have set up insurance companies that promise to pay pensions if retirees live beyond a certain age. They typically receive a portion of the pension plan’s assets in return. The banks, along with*Morgan Stanley (MS),*Credit Suisse Group AG (CSGN)*and*UBS AG (UBSN), are looking for ways to offer this risk to investors.
“Ultimately, reinsurance capacity for longevity risks will run dry, and that’s why it’s imperative that as the market grows and develops it is able to bring in new types of risk-takers,” Sangha said. “The obvious channel is the capital markets.”
Medical advances and healthier lifestyles have made predicting life spans more difficult for pension funds. Life expectancy in the U.K. is increasing by one to three months every year, according to Dutch insurer*Aegon NV. (AGN)*Every year of additional life expectancy typically adds as much as 4 percent to future pension requirements, Aegon said in a*report*in March.Aegon reported last week that first-quarter profit fell 12 percent as the company set aside money to cover the risk of policyholders in the Netherlands living longer than expected.
Pension funds can hedge against life-expectancy risk by transferring assets to an insurer or other counterparty that promises to pay some or all of the future liabilities. Last year,*GlaxoSmithKline Plc (GSK), the U.K.’s biggest drugmaker, became the 10th FTSE 100 firm to buy insurance on about 900 million pounds ($1.5 billion), or 15 percent, of its U.K. obligations.That means Prudential, the U.K.’s largest insurer, rather than the pension fund, will pay some GlaxoSmithKline pensioners should they live longer than expected. Most longevity risk transferred from pension funds is held by insurers.Regulators are just beginning to focus on the new products.“We’re seeing more and more sophisticated mechanisms being offered,” said Bill Galvin, CEO of the*U.K.’s Pensions Regulator. “From a regulatory perspective, we are concerned to ensure that trustees understand the extent to which longevity risk has been passed from their scheme and the precise shape of any residual risk.”
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Buried Gold Likely Not From Heist, Says US Mint Rep
AND HE'S NOT THE ONLY ONE TO POOH-POOH THE THEORY
By Kate Seamons, *Newser StaffPosted Mar 5, 2014 7:12 AM CST*|*Updated Mar 5, 2014 8:00 AM CST