SUB-PRIME ‘CAUSE’ MASKS STUPENDOUS FINANCIAL CRIMINALITY
Friday 10 August 2007 20:17
Recent Wantagate reports to which special attention is drawn:
Press Achive button for immediate access to these and other relevant reports:
• 09 Aug: Mandamus Court Summonses + Returns of Service
• 06 Aug: Wantagate: Forensic Analysis of ‘Wisconsingate’
• 01 Aug: Wantagate, Queengate and the CIA’s John Bolton
• 30 Jul: Bank of New York Mellon Steals Wanta’s funds
• 27 Jul: Global ‘Train Wreck’ erupts on cue, as predicted
• 18 Jul: Touch and Go: Wanta Settlement or World Crash
• 05 Jul: Wanta’s Petition for a Writ of Mandamus
SUNDAY UPDATE: LONDON, 12 AUGUST 2007:
RELATIONS BETWEEN LONDON AND WASHINGTON WORSENING
As predicted in these reports, relations between Britain and the United States are sliding sharply downwards – although Gordon Brown, the Prime Minister, who appears to operate dialectically, seems to be facing both ways, having controversially authorised the United States to install new ‘Star Wars’ facilities in northern England.
But the real state of affairs is hinted at in today’s Sunday Telegraph, which states on page 4:
‘Tensions are understood to have deepened between London and Washington after Mr Brown’s recent visit to the United States, amid fears that the Prime Minister is distancing himself from the Bush regime and its military objectives. Military chiefs in the United States have been “dismayed” by the threat of a unilateral pull-out from southern Iraq by British forces’.
We did point out recently that the meeting between Mr Brown and Bush at Camp David went very badly, since Mr Bush was being told what he didn’t like hearing, including being treated by proxy to a piece of Her Majesty The Queen’s mind over (a) the stealing, with White House connivance, of The Queen’s gold, and (b) Bush Jr.’s hijacking, via his Treasury Secretary, of the Wanta Settlement which Her Majesty had told the G-8 meeting in June needed to be transferred ‘for the sake of the whole of humanity’. That statement, by the way, revealed in what exceptional esteem Ambassador Wanta is held by Her Majesty – an opinion shared by the Chinese parties who have been further enraged by the continuation of Paulson’s criminal deceptions and ruses designed to hang on to and exploit the $4.5 trillion originally paid to the Ambassador by the People’s Republic of China in 2006, in accordance with the highest standards of integrity.
AMERICANS WANT TO HAVE THEIR CAKE AND EAT IT
Having stabbed the British (for whom they harbour contempt) in the back, the US military is said to be ‘dismayed’ over the threat of a unilateral removal of British troops from Iraq? Why should that be so surprising? With Blair having vanished, along with his grin, like the Cheshire cat (one Op-Ed writer on The Times yesterday referred to the fact that Blair’s absolute erasure from the screen had left a feint ‘pong’, a sentiment with which no-one is inclined, evidently, to disagree), senior British military officers are speaking their mind about the Iraqi bank raid as never before.
Specifically, one of them is reported this morning as saying: ‘In terms of intervention operations, the military can never deliver success if the policy is wrong – and in terms of Iraq the policy of intervention was wholly wrong from start to finish’. He did not add that mounting a military invasion in order to raid a country’s central bank, and deliberately procuring that the special US cadres deployed for this purpose would all be killed so that no-one would survive to report what had happened, is wrong in principle, too.
A separate report in the same Sunday newspaper, cites British military assessments that foresee Iraq splitting into Kurd, Shi’a and Sunni segments, months of ethnic cleansing, with Turkey, Syria, Iran and Saudi Arabia variously sucked into the maelstrom, creeping humiliation of the US military, rocketing oil prices, soaring inflation (given the fuel for a hyperinflation long since laid in the United States itself), escalating interest rates, mass redundancies, the collapse of the housing market in the United Kingdom with home owners who have borrowed up to five times their salaries to purchase over-priced properties being forced to sell at huge losses, and the skewed British economy plunged into a depression.
These UK military sources further foresee a renewed invasion of Iraq, in which the invaders are forced to fight every inch of the way from Kuwait to Baghdad. In other words, this US President has successfully unleashed an endless cycle of Middle East violence destined to outlast his disastrous rule and which, given his childhood pastime of blowing up frogs with firecrackers, must be giving him immense satisfaction.
JEWISH FRENCH PRESIDENT AIMING TO DISPLACE THE BRITISH
Given the alienation of the British from the United States due to this Presidency’s incompetence, ineptitude and obtuse certainty of its own depraved ‘rectitude’, the new French President, Nicolas Sarkozy, of Jewish Hungarian extraction, has been falling over backwards to ingratiate himself with the La Famille Bush. Having been invited to Kennebunkport while he was ‘vacationing’ in nearby New Hampshire, the French President suddenly found his presence required back in France to attend the funeral of the (Jewish) Archbishop of Paris, Cardinal Jean-Marie Lustiger. Next day, he flew straight back to America, to attend what has been described as a ‘casual lunch’, with Bush I and II. A photograph of the two Bushes with Sarkozy during a boat ride, has been widely publicised.
What has not been reported at all is the fact that on one occasion when photographers appeared to be getting too close to the new French President while out boating with separate hosts on a New Hampshire lake, he flew into what appeared to be a rage, jumped into a boat that was full of media photographers, and gave them a severe tongue-lashing for getting too close to him.
Now why would this be so? One explanation, put to us by an experienced hand, is that if a ‘great personage’ is liable to need the services of ‘a double’, excessively close photographic detail must be avoided at all times. This may not be the explanation, but it’s interesting.
As interesting, in fact, as a photograph in Le Libre Journal of 16th April 2007 [Issue Number 405, page 6] in which Sarkozy is shown standing with both hands clasping a minora which he is holding against his chest, and flanked to his right by two orthodox Jews, complete with black hats, beards and black suiting, and to his left by two secular Jewish gentlemen. The article, and the photograph in which it appears, were sent to the Editor by a correspondent in Paris a few days ago.
‘A JEW’S GREATEST ENEMY IS ANOTHER JEW’
The French ‘Friend’ in question, who bought a copy of the Editor’s book, ‘The New Underworld Order’, has taken note of the Editor’s anecdote to the effect that when he was employed in the late 1950s as a lowly clerk with the merchant bank S. Japhet & Co. in the City (a job for which the Editor, being the only Goy on the staff, was totally unsuited), he was befriended by a kindly middle-aged lady who took pity on him and was wont to join him for lunch in the canteen. It was the time of the Eichmann trial in Israel. To the Editor’s naïve question: ‘Why are the Jews trying this man, who is a Jew?’, the kindly lady replied: ‘Didn’t you know that a Jew’s greatest enemy is another Jew?’
It’s sad, but true.
Shortly prior to the unexpected death on 6th August 2007 of Baron Elie de Rothschild, who was believed to have been the Rothschild ‘Godfather’, at his hunting lodge in the Austrian Alps, assets controlled by the Baron were transferred into the hands of a Rothschild in London. Leaving aside any other considerations, an observer of the financial world is entitled to ask: why would this be necessary, assuming that family antagonisms and rivalries are not the whole explanation?
FEAR THAT THE EURO MAY COLLAPSE AFTER THE DOLLAR?
One very obvious possibility that springs to mind is that the Rothschilds prefer to be on the northern side of the English Channel because they may have realised that the Euro may fail. This will certainly occur should the corrosion of the US dollar continue unabated – the US dollar itself being backed by NOTHING (as is authoritatively asserted by the Congressional Budget Office in an article to be republished in the forthcoming Wantagate issue of International Currency Review) – given ongoing exposure of the high-level criminality surrounding Wantagate and the predicted financial market chaos for which the hijacking of the Ambassador’s funds is solely responsible.
City of London sources have now been quoted as saying that Goldman Sachs, Lehman Brothers and Merrill Lynch, the prime brokerage arms of which act as lenders to hedge funds, demanded last week that the funds must settle a greater proportion of their debts at the end of the day than had previously been the case. Other banks followed, and one banker said: ‘Everyone has hiked margin calls and anyone who says they haven’t is lying’. Another London banker has been quoted in this morning’s UK press as saying:
‘This is a one-in-a-hundred-year event in which there are extremely unusual correlations that no-one prepared for’ – because of course these people chose not to follow the Wantagate crisis when they should have been doing nothing else.
‘We are in a situation where everyone is very scared’, the banker added.
To which the only thing to be added right now is: YOU WERE WARNED.
ORCHESTRATED CONFUSION OF SYMPTOM WITH CAUSE
Irrespective of what may or may not become known about the Wanta Settlement in the near future, the Editor considers it necessary to correct a now universally disseminated ‘explanation’ for the global financial and economic crisis that we predicted on 2nd September 2006 in these Wantagate reports. We refer, of course, to the ‘pat’ assumption taken up by financial journalists, that the crisis has been ‘caused’ by the problems in the sub-prime housing sector in the United States.
This assumption is incomplete, and therefore inaccurate. The sub-prime difficulties represent a symptom (also predicted in these analyses, on the basis of the expert input provided by Michael C. Cottrell) of the crisis, not its cause. It has, to put it mildly, been ‘convenient’ for the perpetrators of the corrupt financial manipulations that we have been reporting for over 14 months, that financial journalists have been ‘successfully’ diverted away from following and understanding Wantagate, not least by a focus on the sub-prime crisis which, we suspect, may have been officially inspired.
FAILURE OF MEDIA TO TAKE WANTAGATE INTO CONSIDERATION
In addition, it is known that in the United States, the so-called ‘mainstream’ media were instructed, on the basis of an edict ‘handed down’ by Karl Rove, not to cover Wantagate. Credible anecdotal evidence also has it that the ‘mainstream’ media know all about Wantagate but because certain news organisations are themselves financed by ‘fiat’ monopoly money, they have had a vested interest in maintaining and contributing to the fog of incomprehension by ignoring it – a state of affairs that we can all now expect to be exacerbated, given that the biggest newspaper mogul of them all, the globalist oligarch Rupert Murdoch, has taken control of The Wall Street Journal.
Fears that this will enable his agents to fiddle the financial market numbers published in the pages of his latest acquisition, far from being unreasonable, may be on the mark. Such behaviour would be consistent with the desperation of the mentality of those who have been caught ‘in flagrante’ and are bringing the international financial economy to its knees. It is also known that one of the largest broadcast news media accepted an enormous ‘bribe’, not unadjacent to $2.0 billion, to ‘shut up’ about Wantagate.
RESULT: LACK OF COMPREHENSION ALL ROUND
How pathetic these many attempts to stave off the inevitable now appear, in the light of what has happened in the financial markets in recent days! Late on Monday evening, after the Editor had asked the Principals whether it was likely that the Wanta Settlement funds had been tapped to prop up the stock market, which had risen that day by around 300 points, the view during a conference call was that this may have been the case. On the following day we learned of considerable official concern that the Editor of this service might be thinking along these lines.
But notwithstanding what we have had to expose in these reports, it has always been this Editor’s concern to avoid speculative analysis which might affect market prices; so we did not pursue the option of elaborating on that score. But now that it has become universally accepted that the ‘sub-prime mortgage crisis’ is somehow the ‘cause’ of the spreading contagion across the world, it is necessary to comment at least on this illusion – even though we have little doubt that, given the failure of financial journalists to grasp the overriding importance of Wantagate, the disinformation surrounding the ‘sub-prime crisis’ as the cause of the disorderly markets, will persist.
PHENOMENA ASSOCIATED WITH THE FINANCIAL MANIPULATIONS
The underlying cause of the disorderly markets is uniquely and exclusively that the illegal financial manipulations recorded here since June 2006 have been exposed, giving rise to the following disparate activities and consequences:
• The unattractive spectacle of the leading central banks most specifically associated with and responsible for the illegal transactions in question, the Federal Reserve and the Bank of England, mouthing platitudes for public consumption, when it has been their very own operations using the unaccountable Federal Interbank Settlement Fund for illegal financial transactions and for private gain, that have materially contributed over time to the wholesale destabilisation of the international financial system generally. Now they are having to pump newly created liquidity into the system ‘on-balance sheet’, to prevent the collapse of the ‘on-the-books’ sector that their corrupt, hidden ‘off-balance sheet’ financial transactions have systematically undermined.
• A scramble to bring ‘off-balance sheet’ ‘assets’ onto the balance sheet, which has involved inter alia the targeting of vulnerable ‘real economy’ assets as cover for the intended money-laundering, which is achieved by raising huge ‘on-balance sheet’ sums from banks to finance the acquisition of these ‘real asset’ projects as cover, with the loans serviced from the ‘fiat money’ offshore, untaxed assets – and the bankers in question turning a blind eye to their ‘source of funds’. This category of carousel has been undertaken especially by ‘hedge funds’ or ‘private equity’ financing operations set up specifically in order to ‘collectivise’ panicking off-balance sheet, untaxed ‘fiat’ money assets generated inter alia from the leveraging of Ambassador Wanta’s diverted funds; and the overall consequence has been to ‘hollow out’ the availability of on-the-books credit, triggering a vicious circle affecting other ‘hedge funds’ and undermining trust in such financial vehicles and, very soon if we are not careful, other collective fund vehicles as well.
• The breakdown of trust between large banks, consequent inter alia upon the ‘very bad blood’ generated by the latest ‘carousel’ operation misusing Ambassador Wanta’s $4.5 trillion Settlement as base, which has now reportedly reached the stage of banks being reluctant to lend to each other. This is of course an extremely grave development which, if allowed by default to continue, will most certainly trigger huge banking collapses, absent open-ended Lender-of-Last Resort assistance by central banks (mass printing of bail-out money). Such institutional collapses will materialise anyway, according to our impeccable sources. For some banks, it is now too late.
• Continuation of the obtuse and panicky determination of a small clique of super-greedy criminal financial operatives holding high office, and elsewhere in the American structures, to exploit the ‘opportunity’ provided by the payment of $4.5 trillion to Ambassador Leo Wanta for personal self-enrichment and to generate funds to facilitate payments to the aggrieved parties who have been scammed as a consequence of the DUPLICATION operation originally presided over by Godfather George H. W. Bush Sr. to cover the seizure, diversion and exploitation for leveraging purposes of the original $27.5 trillion of assets of which Leo Wanta will have remained the sole Principal up to his delayed Settlement. A very large number of ‘players’ were duped by Bush Sr.’s associates into believing that their participation in financial transactions, and the promises associated therewith, represented bona fide operations based upon underlying ‘clean’ assets – whereas, in reality, $27.5 trillion of the underlying assets were subject to a claim of ownership which suddenly ‘became a reality’ after the CIA’s lie that Leo Wanta was dead, was exposed in 2005, as previously explained.
• The failure of these operatives and cadres to understand the prospective consequences of their misbehaviour, despite the pertinent fact that we specifically pointed out what would happen if they continued their aberrant and illegal operations. At various times, we were told that ‘they don’t take you seriously’. Well, now they need to – as do the readers of 980,000 websites around the world reported by a major G-8 intelligence service to have links to, or which elaborate upon, the reports posted on this website and published in our financial intelligence publications.
• A ‘privileged’, deeply corrupt, uncontrolled prospectively inflationary behind-the-scenes ‘free-for-all’ fiat money-creation bonanza using high-yield investment programme techniques exploiting the fiat money system to generate proceeds credited untaxed to offshore bank accounts, resulting in the accumulation of immense hoards of off-balance sheet ‘monopoly money’ which, given its off-balance sheet, off-the-books, untaxed status, could only really ‘circulate’ in the offshore sector – resulting in the sprouting of whole new modern cities in out-of-the-way places like Dubai, Abu Dhabi and Qatar. To a considerable extent, these new modern skylines have been constructed through illegal exploitation of the $27.5 trillion diverted from the accounts of which Leo Wanta is sole Principal, that were ransacked after his illegal ‘takedown’ on 7th July 1993.
• The perverse perception among the financial operatives, investors and official cadres locked into this untaxed, off-balance sheet fiat money-generation activity, that their bonanza, and the carousel, would continue indefinitely, especially since it was condoned and matched by parallel exotic, unaudited and unaccountable financing operations using the Fed’s instrument specially created for the purpose – the Federal Interbank Settlement Fund.
• The breakdown of trust that this permissive criminalist behaviour has generated throughout the international financial system, consequent not least upon the rivalry, ruthlessness and corrosive enmity of internationally and internally competing intelligence finance operations and ‘projects’ pursued for the sole purpose of generating vast accruals of off-the-books, untaxed funds stashed offshore, rather than for the purposes associated with the ‘real economy’ project typically selected to provide cover for such activities. By this we mean that a ‘real economy’ corporation is targeted for takeover, with the specific intention that the corporation should provide obfuscation cover for the intended money-laundering transfer of off-balance sheet assets ‘onto the books’.
• The intermingling (and intermeddling) of criminal intelligence finance operations with the banks, resulting in the compromising of financial institutions so that they wind up dancing to the corrupt tunes piped to them by the competing criminal intelligence cadres.
• This has been achieved by innumerable means, notably the mixing of genuine with ‘false-beard’ operations, calling the underlying integrity and bona fides of both categories into question and thereby materially jeopardising the banks’ asset and reserves base.
• The well-known phenomenon that criminal financial activity spawns increased criminal activity, as more and more parties are drawn into these criminal operations, not least because ‘everyone is doing it and getting away with it’, so that criminal finance and governance becomes the norm – and orderly behaviour, abnormal. Hence inter alia the pathetic intermittent (greatly diminished of late) verbal assaults on the Editor of this service by paid intelligence-linked disinformation specialists and hacks, as well as by self-important media men with gigantic egos and minds full of platitudes and devoid of understanding, who can be manipulated to spout what the criminalists require, to magnify their obfuscation objectives. Such operations designed to smother what we have had to expose, have gone nowhere.
TARGET: THE BASLE BASIS OF BANKING INTEGRITY
These generic assertions mask the deeper intention of the criminalists to destroy the Basle basis for the integrity of banks, which they find most inconvenient – given the massive duplication and obfuscation operations that have been perpetrated for over three decades and more behind the scenes. Further specifics on this will be published on this website soon, when the model used for these deeper purposes will be exposed, and the names of the parties involved will be revealed.
SCAMMING OPERATIONS IN THE U.S. HOUSING SECTOR
But dealing briefly with the sub-prime ‘symptomatic’ analysis that financial journalists have latched on to, we need to begin by recalling the DUPLICATION explanation elaborated here in late July, in which the obfuscation purpose of the ‘false beard’ $27.5 trillion raised from the 200+ international banks under Godfather Bush as cover for the ransacking of the Ambassador’s $27.5 trillion, was outlined. As also explained, DUPLICATION is the (Leninist) technique used by the criminal cadres to facilitate and to provide cover for their multiple scamming operations.
Through duplication, the actual bona fides (or ‘source of funds’) of an asset can be called into question. If that happens, the asset suddenly loses up to 100% of its value. This is what these scamsters have perpetrated in the US housing market.
Some mortgages are ‘real’, others are false, or compromised.
Their modus operandi has typically been exploitation of the ‘triple top copy’ technique alluded to earlier. Under this scamming technique, when the purchaser of a property using a mortgage signs the necessary documentation, his complicit lawyer or financial adviser causes the purchaser to sign THREE TOP COPIES of the relevant papers. The ‘necessity’ for the three sets of TOP COPIES is ‘explained’ by dogmatic assertions to the effect that one copy is for the mortgage company, a second for the insurance company, and the third for the ‘owner’.
When the time comes around for the property to change hands, or more usually upon the death of the ‘owner’ – at which stage a raid on the entire estate may be contemplated, given the notorious propensity of certain US insurance companies, especially those clustered in the Indianapolis area, to ‘steal widows’ estates’ (1) – it may ‘come to pass’ that, all of a sudden, the mortgage company or the insurance corporation, or some other second and/or third party holding a ‘TOP COPY’, will suddenly appear to challenge ownership of the property, which consequently ‘loses its value’ and can then be stolen by whichever scamming participant has the upper hand at the time.
The ‘triple top copy’ scam is based on the same criminal DUPLICATION principle as the ‘false beard’ $27.5 trillion raised in 1992 from the 200+ international banks to provide cover for the ransacking, illegal leveraging of the assets belonging to Wanta, of which he is the sole Principal.
UNWINDING OF SCAMMING OPERATIONS THREATENS THE BANKS
And the outcome is generically identical. For, just as the DUPLICATION of the $27.5 trillion creates deliberately-intended and orchestrated uncertainty as to the bona fides of a derivative ‘asset’ given that the pedigree of ‘source of funds’ can be called into question on demand (the highly adverse consequences of which have yet to be ‘tasted’), so does the ‘triplication’ of the top copies in the housing mortgage context create a class of ‘assets’ (such as Collateralised Debt Obligations, or CDOs, Collateralised Loan Obligations (CLOs) and sub-primes) mixed in with bona fide mortgage assets resulting in the value of the ‘assets’ being called into question.
If there is no ‘real asset’, the banks themselves wind up with a questionable asset and reserve base, since uncertainty has been generated over what is real (equivalent to being ‘on the books’) and what is unreal (equivalent to being ‘off the books’).
And if the bona fides of the reserve base of a bank is called into question, then the viability of that bank operating in the fractional reserve environment will likewise be in prospective jeopardy. If we extend this analysis even deeper, we will see that the Basle criteria of the Bank for International Settlements (BIS) used to buttress the ‘bona fides’ of the international banking system, may itself be intended to be open to question – whereupon we will surely discover that this may even be the actual objective. We may further discover that the BIS is itself a party to this state of affairs.
DELAYING THE WANTA SETTLEMENT WAS FATAL
That is probably enough generalised forensics for the moment; but what has been illustrated here is the truth of the statement that the ‘sub-prime’ mortgage crisis is not the cause, but rather the symptom of the global financial crisis that we predicted would come about as a consequence of the open-ended continuation of criminal financial activity in the Wantagate context.
One reason that this in turn is true is that, with the Wanta Settlement and its beneficial ‘refinancing’ consequences for the United States – which will be associated with a ‘new’, generalised ‘on-the-books’ regime – such illicit financing operations will become much more problematical for the criminalised financiers to perpetuate.
The Wanta Plan should have been kick-started back in June 2006, in accordance with the May accord and the Ambassador’s undertakings. If that had occurred, no-one would have been the wiser, the finances of the US Treasury would long since have been very well on the mend, the United States’ deficit-financing orgy would have been put into reverse, the US dollar would have strengthened, the ‘Full Faith and Credit’ of the United States would not have been destroyed, and the world would have gone on to enjoy a period of orderly financing and growth in the disciplined environment that the criminalists have contrived to abort – because their agenda goes beyond self-enrichment: it is the unbelievable one of seeking to steer the wealth of the world into their hands alone, at the expense of everyone else.
ON THE PLUS SIDE, WANTAGATE HAS DESTABILISED THEIR PLANS
Wantagate, which always threatened this criminal objective, has turned out to destabilise their accelerated plans for the achievement of global financial hegemony, shifting the balance of global power in favour of the exploited Ambassador whose expertise is now so desperately needed that everyone aware of these matters who is not mentally delinquent knows that stability cannot be achieved without finalisation of the hijacked Settlement.
As for the reputations of the criminal operatives holding the highest offices, they have been shredded along with the reputation of the United States for financial probity.
The criminalists’ DUPLICATION techniques are interchangeable with ‘off-balance sheet’, ‘off-the-books transactions’, which cannot ‘thrive’ in the disciplined, ‘on-the-books’ environment that will be associated with the installation of The Wanta Plan. What has impeded the emergence of this vitally necessary environment is the venal criminality of the financial cadres and their conniving financial institutions, some of which are on the verge of paying the appropriate price for their collaboration with these financial scamsters – whose operations so many lesser fry have attempted to cover up, either because they themselves have been lied to, or else because they have been direct or indirect parties to criminal financial activities themselves.
EVENTS IN THE MARKETS ON 9TH AUGUST 2007
It was interesting that the complicit Bank of England was reported on 10th August to have ‘refused to comment’ on whether it had been providing liquidity to the market on the preceding day, when the European Central Bank reportedly pumped 94.8 billion Euros into the system (having offered to provide unlimited funds at 4%), thus suddenly acting as Lender of Last Resort – contrary to earlier perceptions which held that this could only be done by the national central banks belonging to the European System of Central Banks.
The European Central bank acted after an announcement by BNP Paribas in Paris, that it was freezing 1.6 billion Euros of funds held by three so-called ‘asset-backed’ hedge funds. As this had in turn followed the sudden closure of two Bear Stearns hedge funds incorporated in the Cayman Islands and which had traded billions of dollars’ ‘worth’ of ‘mortgage-backed securities’ out of New York, the financial markets’ response to the liquidity injections was universally negative.
The Federal Reserve provided $24 billion for its daily money market operations, compared with only $5 billion on the preceding Thursday. The Bank of Canada stated that it was ready to provide funds to markets and was working ‘in concert’ with other central banks. And in the face of the beginning of the real destruction of values that we predicted, President George W. Bush, who has all along himself presided over endless illegal, secret orchestrated financial manipulations as exposed in these reports, attempted to calm the nerves that his own actions had frayed, by interjecting:
‘The fundamentals of our economy are strong’, which is not true; and adding: ‘I’m told there is enough liquidity in the system to enable markets to correct’, which was also untrue.
EVENTS AND OBSERVATIONS ON THE MARKETS OF 10TH AUGUST 2007
On Friday 10th August, the hollowness of the President’s observations were confirmed of course when the US Federal Reserve pumped even more liquidity into the system; while the situation in Europe, where problems were now reported at Commerzbank, was even more acute, as central bank money was provided almost on an open-ended basis. All this could have been avoided if the Wanta Settlement had not been hijacked by the mobsters identified in these reports.
A number of exceptionally significant developments and assessments are recorded:
• The UK Financial Services Authority (FSA) was said to be talking to banks about the markets to make sure that the FSA is made aware of any worrying exposures to ‘sub-prime’ and leveraged markets. Quite why this job is not being done by the Bank of England has been omitted from current reports. The Bank of England supervises banks: so what is going on? Could it be, by any remote chance, that the FSA is being pro-active because of the tainted image of the Bank of England, which, as we have pointed out, has been extensively involved in financing operations which have exacerbated the crisis, accommodating the off-balance sheet abuses described?
• In a statement, an FSA spokesman commented: ‘The relatively benign economic conditions [sic!] of recent times have left the major financial institutions we supervise well capitalised, but we are in constant dialogue with them to ensure that they are vigilant with regard to the risks inherent in tighter and more volatile markets’. Clearly, there would have been no need for such platitudes to have been mouthed, had circumstances been normal. But of course they are not. It is in such circumstances that officials tend to state the obvious, when otherwise it is taken for granted.
• Shares in London lost an estimated £75 billion of aggregate value, with the FTSE 100 Index down by 5.6% on 9-10 August, and the FTSE 250 Index down by 5.0%. The FTSE 100 suffered its steepest fall in four and a half years, tumbling 232.9 points, to close at 6038.3, lower than its level at the start of 2007. The chief index strategist at City Index, Tom Hougaard, commented: ‘This is absolutely unprecedented. In the last 15 minutes of trading we dropped 50 points. That’s serious’. The rate of interest at which banks borrow money from each other soared by 310 basis points, to 6.475%, against the Base Rate of 5.75%, having risen by over 11% during the two days of turmoil.
• A stockbroker at Dawntrader.co.uk, Tony Craze, said: ‘We’ve got blind panic that’s occurring now, and obviously a complete lack of confidence’. The likelihood is that trading in the United Kingdom is far more leveraged than in mainland Europe, implying that traders and investors were sitting on bigger losses than in the European context.
• The European Central Bank nevertheless added a further 61 billion Euros via a three-day tender offer, stating that it would be keeping a close eye on market conditions.
• The Bank of Japan pumped about $8.4 billion into the financial system, as the Nikkei fell by 2.4%. In Hong Kong, the Hang Seng Index dropped by 2.9%, the main index in South Korea fell by 4.2% and the Australian stock market lost about 3.2%. Prior to 10th August, the Asian bourses had been relatively resilient and unaffected by the upheavals arising from the exposure of Western financial criminality. Over 36 hours, central banks around the world pumped some £326 billion ($780 billion) into interbank money markets. Managers of quantitative funds may face redemptions and possible margin calls, with forced selling perhaps triggering a self-fulfilling downward spiral.
• Of special interest was talk of ‘dead mortgages’ floating to the surface. This phrase was used by Dr Kevin Logan, senior market economist with Dresdner Kleinwort based in New York. These ‘dead mortgages’, he remarked, ‘are all out there at the bottom of the ocean and what we are seeing in the market now is that they are all floating up to the surface. It’s going to be some time before the market can work out the impact of those dead mortgages’. What was especially interesting about this comment was the fact that if ‘dead mortgages’ existed on 10th August 2007, they clearly existed months and years earlier. So, then, the Western financial community KNEW all about these ‘dead mortgages’? We ask this rhetorical question of course because what this revealing observation shows rather clearly is that financiers have been well aware of the fact that false mortgages have coexisted side by side with ‘regular’ (bona fide) mortgages, all along. Excuse us?
• Observers seemed apt to contradict themselves. For instance, on the one hand, Professor Peter Spencer, an economic adviser to the Ernst and Young Item Club (UK), correctly pointed out that the British economy was excessively dependent on the City of London, so that Britain was therefore liable to be more severely affected than other financial countries. ‘We have become far too dependent on this kind of growth’, he said. ‘We are going to see a pretty big correction: but it’s a correction, not a crash. The age of City bonuses is coming to an end. London’s housing market boom is now effectively over’. But having made these pronouncements, Professor Spencer told a London newspaper that the crisis is in many respects comparable to the Wall Street Crash. ‘When historians look back, I would imagine they will compare this credit market slump with the events of 1929’. So it isn’t a crash, it is a crash. This kind of muddle reflects the fact that such academics have failed, as have financial journalists, to factor Wantagate into the equation. Even more seriously:
• Academics who have been studying and writing all about the ‘fiat money’ post-Bretton Woods financial environment, have completely failed, in their theses, academic books and articles, to take account of the ONE FACTOR OF THE GREATEST IMPORTANCE OF ALL, namely the possibility that the international financial system might one day be held hostage, or taken over, by organised crime. Because, for these people, living in comfortable, polite and civilised surroundings at universities or else in plush City offices, the organised crime factor has always been remote from their refined consciousness. This omission has left many academics stranded, has now called into question the validity of their complex theorising about the international monetary and banking systems, and so has accordingly misled financial journalists, who are all reporting WHAT HAS HAPPENED, but have so far failed to diagnose the underlying causation of the crisis (two sets of books). Because of this failure, these people have still to wake up to the most significant development of all: THAT THIS EMBEDDED CRIMINALITY HAS BEEN, AND IS BEING, EXPOSED. Hence the crisis.
• There have been hints in the press coverage of the events of 9th and 10th August that certain City of London parties are aware that there may be ample cause for continuing concern. To begin with, after BNP Paribas and IKB (Germany) admitted ‘sub-prime’ exposure and froze their funds, not a single bank anywhere in Europe let it be known that it was not affected by such exposures. In an environment like this, one would have expected the banks to have been falling over themselves to emphasise to the world that their own exposures to the sector were all but non-existent, in order to bolster confidence in their operations. But such assurances have not been forthcoming. One City source therefore commented: ‘It’s like there’s some sort of black box in the middle, some sort of nervousness that the banks have yet to come clean on what the problems are. To be honest, no-one is quite sure who’s lost what’. HOW PERCEPTIVE!
‘ON-THE-BOOKS’ LIQUIDITY SUCKED OUT OF THE SYSTEM
There is no liquidity other than forced central bank liquidity in the system, and neither is there any credit, because the criminal financiers have continued employing ‘real financial economy’ credit to finance exotic, off-the-books operations behind the scenes way past midnight. After ‘suspending’ three hedge funds with ‘assets’ worth around 1.5 billion Euros, the Chief Executive of BNP Paribas, Baudoin Prot, who had earlier claimed minimal exposure to the US ‘sub-prime’ sector, explained the bank’s action by commenting that ‘the complete evaporation of liquidity in certain market segments of the US securitisation market has made it impossible to value certain assets fairly regardless of their quality’ (meaning of course that they lack any ‘quality’).
In fact the clock is now approaching three a.m. in the morning. And everyone who is an honest observer of these matters, whether on Wall Street or in Antarctica, knows that the failure of the criminalists to remit the $4.5 trillion Settlement paid to Ambassador Wanta and to play around with his funds illegally instead, has taken the system not just to the edge of the cliff, but half-way down en route to the void beneath.
Absent the Settlement, it was always the case that once this predicted downward spiral started, it would feed on itself and would snatch ‘control’ of the situation out of the criminalists’ filthy hands. At various stages of the descent, the weight of the international financial system would be liable to alight on a ledge part of the way down the cliff, before slipping off again and tumbling further into the abyss. This is a mug’s game, for all except those behind the scenes who ‘profit’ from calamity.
LAMP POSTS, GIBBETS AND THE HYPERINFLATION THREAT
Will there be enough gibbets or lamp posts to ‘service’ the urgent requirements of the infuriated populace and ‘owners’ of homes on which mortgage payments have gone through the roof and which cannot be sold – as the identities of the perpetrators of this calamity become known beyond the 980,000 websites worldwide that now monitor these reports, and the 50,000 visitors to these websites estimated to access them every time a new analysis is posted? We doubt it.
If the pressures of the predicted wealth destruction trigger emergency reductions of administered interest rates, after all, a hyperinflation may become inevitable. Since the main perpetrators of the financial manipulations leading to this crisis are known, those concerned must be contemplating what life will be like for them when they leave, or are thrown out of, office – with some trepidation.
And that may be an understatement.
(1.1) Matthew, Chapter 23, verse 14: ‘Woe unto you, scribes and Pharisees, hypocrites! For ye devour widows’ houses…’;
(1.2) Mark, Chapter 12, verses 38-40: ‘And he said unto them in his doctrine, Beware of the scribes, which love to go in long clothing, and love salutations in the marketplaces. And the chief priests in the synagogues, and the uppermost rooms at feasts; Which devour widows’ houses, and for a pretence make long prayers: these shall receive greater damnation’;
(1.3) Luke, Chapter 20, verses 45-47: ‘Then in the audience of all the people he said unto his disciples, Beware of the scribes, which desire to walk in long robes, and love greetings in the markets, and the highest seats in the synagogues, and the chief rooms at feasts; Which devour widows’ houses, and for a show make long prayers: the same shall receive greater damnation’.
‘Devour widows’ houses’ = scam the estates of helpless old ladies. This is what Jesus Christ was referring to, and it is a tradition, imported from the land of Israel, that is alive and well today, just as was the case two millennia ago (and probably much earlier than that).
LAWS BREACHED BY CRIMINAL OPERATIVES WHO HAVE HIJACKED AMBASSADOR SIR LEO WANTA’S TAGGED $4.5 TRILLION SETTLEMENT AGREED AT HIGHEST U.S. LEVELS IN BAD FAITH [REFLECTING DOUBLE-MINDEDNESS, AS EXPLAINED IN OUR LATE JULY 2007 REPORTS] IN MAY 2006, AND HAVE CONTINUED THEIR SERIAL CRIMES EVER SINCE:
• Annunzio-Wylie Anti-Money Laundering Act
• Anti-Drug Abuse Act
• Applicable international money laundering restrictions
• Bank Secrecy Act
• Conspiracy to commit and cover up murder.
• Crimes, General Provisions, Accessory After the Fact [Title 18, USC]
• Currency and Foreign Transactions Reporting Act
• Economic Espionage Act
• Hobbs Act
• Imparting or Conveying False Information [Title 18, USC]
• Maloney Act
• Misprision of Felony [Title 18, USC] (1)
• Money-Laundering Control Act
• Money-Laundering Suppression Act
• Organized Crime Control Act of 1970
• Perpetration of repeated egregious felonies by State and Federal public employees and their Departments and agencies, which are co-responsible with the said employees for ONGOING illegal and criminal actions, to sustain fraudulent operations and crimes in order to cover up criminal activities and High Crimes and Misdemeanours by present and former holders of high office under the United States
• Provisions pertaining to private business transactions being protected under both private and criminal penalties [H.R. 3723]
• Provisions prohibiting the bribing of foreign officials [F.I.S.A.]
• Racketeer Influenced and Corrupt Organizations Act [R.I.C.O.]
• Securities Act 1933
• Securities Act 1934
• Terrorism Prevention Act
• Treason legislation, especially in time of war
This list shows to what extent the Bush II Administration condones one Rule of Law for the Rest of Us, and absolute contempt for domestic and international law for the officials and bankers who are illegally diverting and exploiting Sir Leo Wanta’s funds.
The Directors and others listed in Part 1 of the Wantagate Listing of Institution Directors and others posted on 11th June may likewise be Accessories to the Fact of, and/or co-conspirators in, wittingly or unwittingly, the egregious violation of the laws itemised above.
U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4: MISPRISION OF FELONY:
‘Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some Judge or other person in civil or military authority under the United States, shall be fined under this title or imprisoned not more than three years, or both’.
NEW WANTAGATE ISSUE OF INTERNATIONAL CURRENCY REVIEW
An announcement about the new Wantagate issue of International Currency Review, (544 pages) and its 48-page Supplement showing the Wanta-related documents released by the Ronald Reagan Library by consent of the National Security Agency, will be posted in the near future, on the second (Subs/Books) panel, Home Page.
The Ronald Reagan Library documents prove of course that Leo Emil Wanta advised and served President Reagan personally.
In the massive forthcoming Wantagate ICR, the Editor has assembled all the Presidential Pardons dished out by President Clinton, to demonstrate that the vast majority of those pardoned by that particular criminal US President were drug dealers, money-launderers, financial criminalists, murderers-for-hire, and perpetrators of abominations familiar to students of organised crime. It was with particular interest that the Editor noticed that some of those pardoned had been imprisoned for ‘Misprision of felony’ [*see above]. This section, called ‘Pardongate’ will be found in the front part of the forthcoming issue. (One poor fellow was imprisoned for stealing four pounds of butter, which adds to our perception that, on the same penal tariff, the perpetrators of the endless financial crimes that we have had to expose, face several lifetimes in the cockroach-infested US GULAG each).
Ambassador Leo Emil Wanta: Diplomatic Passport Numbers 04362 & 12535 a.k.a. Frank B. Ingram [FBI] (Sector V) SA32NV; and a.k.a. Rick Reynolds, SA233MS. AmeriTrust Groupe, Inc: Federal EIN Number 20-3866855; Virginia State Corporation Identification Number: 0617454-4; Virginia State Department of Taxation Identification Number: 30203866855F001
• Please be advised that the Editor of International Currency Review [ISSN 0020-6490] cannot enter into email correspondence or elaborations related to this or to any of the earlier Wantagate reports, unless so specified (as above).
We are a private intelligence publishing house and have no connections to any outside parties including intelligence agencies. The word ‘intelligence’ on this website and in all our marketing material is used for marketing/sales purposes only and has no other connotations whatsoever: see ‘About Us’ on the red panels under the Notes on the Editor, Christopher Story FRSA, who has been exclusively engaged as an investigative journalist, Editor, Author and private financial and current affairs Publisher since 1963 and is not and never has been an agent for a foreign power, malevolent suggestions to the contrary being actionable for libel in the English Court.