ENDEMIC CORRUPTION IN BRUSSELS AND HALLIBURTON

chrisstory

WHAT HAVE THEY GOT IN COMMON? BOTH ARE INSTITUTIONALLY PUTRID AND BEYOND REDEMPTION: NEW UNDERWORLD DISORDER DENS OF INIQUITY

Sunday 2 May 2010 00:01

• The Add-ons and Updates posted at the top of this report have now been migrated to the foot of the report. That does not mean they are less relevant than they were [see below].

• THE EUROPEAN COMMISSION IS A CRIMINAL ENTERPRISE

• GOVERNMENT TRANSFERS OF VAT RECEIPTS TO BRUSSELS ARE ILLEGAL

• ‘CLEAN UP YOUR ACCOUNTS TO OUR COMPLETE
SATISFACTION WITHIN ONE YEAR, OR WE KEEP THE LOT’

• OBSCENE TO PAY MONEY ILLEGALLY TO BRUSSELS WHEN BRITAIN IS BUST

THE GULF OF MEXICO OIL PLATFORM EXPLOSION:
CEMENT CASING THAT BLEW WAS INSTALLED BY HALLIBURTON :
MORE U.S./DVD SABOTAGE AGAINST THE BRITISH? YES… SEE UPDATE

EXPOSURE OF HALLIBURTON’S SCAMMING OPERATIONS: 26 MAY 2008

• THE HALLIBURTON DRUG THUG AND THE STOLEN FEDERAL SALARIES SCAM

• WHAT THE FBI FOUND IN THE CIA-HALLIBURTON DRUG THUG’S APARTMENT

• MULTIPLE SALARIES PAID INTO SWISS BANK ACCOUNTS

• HALLIBURTON’S THIEVES INSIDE THE CIA AND THE INEVITABLE CONSEQEUENCES

• TENET AND CHENEY REFUSED TO ADDRESS THESE ISSUES

• CHENEY WAS INFORMED IN A RECORDED PHONE CALL

• COUNTERINTELLIGENCE OPERATION AGAINST TENET AND CHENEY BACKFIRES

• OVER 50% OF HALLIBURTON SALES BREACHED NATIONAL SECURITY

• THEFTS OF CIA COMPUTERS LEADING TO AN UNIMAGINABLE CATASTROPHE

• HALLIBURTON CROOK BRAGGED ABOUT LUCRATIVE SALE TO THE RUSSIANS

• THE CATASTROPHE, COURTESY OF THE CORRUPTION OF TENET, CHENEY AND BUSH

• DEATHS DUE TO THE STEALING OF A CIA COMPUTER

• ENTER THE ‘DARK LORDS’: DIRECTLY CONNECTED TO BUSH
‘CHENEY & BUSH TOOK THE MONEY FOR THE COMPUTERS USED FOR THE MURDERS’

• BUSH AND CHENEY RESPONSIBLE FOR 168 CIA DEATHS, COVERED UP (HITHERTO)

• HALLIBURTON LINKED TO THESE MURDERS OF CIA PERSONNEL

• CIA INVESTIGATOR TOLD TO ‘BACK OFF, OR ELSE’

• BIO-FEEDBACK EQUIPMENT STOLEN BY HALLIBURTON FOR THE RUSSIANS

• CHENEY THREATENS TO KILL THE VETERAN CIA OPERATIVE PERSONALLY

MISPRISION OF FELONY: U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4:
‘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’.

‘Seeing what’s at the end of one’s nose requires constant effort’. George Orwell.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

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• By Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and ‘politically incorrect’ [i.e., correct] intelligence books online from this website.

• CMKM/CMKX CASE DOCUMENTS:
Press Archive for this report [29th January 2010]
Case Number CV10-00031 JVS (MLGx):
SERVICE OF CMKM.CMKX $3.87 TRILLION SUIT VS. S.E.C.
You can also access the CMKM/CMKX text at: http://viewer.zoho.com/docs/paKdda
The biggest lawsuit in world legal history: The phantom share giga-scandal.

• AS PREVIOUSLY ANNOUNCED, OUR LANDLINES REMAIN CLOSED BECAUSE OF UNLAWFUL HARASSMENT. WE CAN BE CONTACTED VIA EMAIL OR THE WEBSITE ‘CONTACT US’ FACILITY.

NEW REPORT STARTS HERE:
NEW: LETTER FROM VIENNA [5TH MAY] ADDED AT FOOT OF THIS SEGMENT.

VIDEOS OF THE EDITOR’S SPEECH IN LONDON ON 31ST OCTOBER 2009
We append below the links to the videos of the Editor’s speech. The Editor had no idea that his speech was being filmed, and neither was he aware that it was rebroadcast on BBC-5 on the 14th November 2009. We didn’t post this earlier because the Editor isn’t in the business of emulating Peacock Obama. But a malicious distorted image of the Editor is repeatedly shown on a notorious US controlled ‘Black’ intel Brit-hating disinformation website, which scandalously pumps out dirty, clumsy and fabricated anti-British ‘Black’ propaganda and lies worse than anything experienced from the Soviets at the height of the Cold War: so by showing this speech (in which the Editor had something very important to say: see below) you will see that the Editor’s face doesn’t consist of a squashed nose, forty blemishes, ten bunions, horns and a forked tongue.

http://www.youtube.com/watch?v=Jug-W-DKcms
http://www.youtube.com/watch?v=lB18PIYbSYw&;feature=related
http://www.youtube.com/watch?v=jJyUKbmBeJs&;feature=related

THE EUROPEAN COMMISSION IS A CRIMINAL ENTERPRISE
The subject-matter of the speech was that since the European Commission’s accounts have not been APPROVED by the European Union Collective’s own Court of Auditors based in Luxembourg for 14 years, the European Commission is a criminal enterprise. This was specifically reconfirmed for us by an official at the Court of Auditors named Novaks, in person.

A senior official named Craig with the UK Serious Fraud Office confirmed separately that it is a criminal offence for taxpayers’ funds to be remitted into the hands of a criminal enterprise.

GOVERNMENT TRANSFERS OF VAT RECEIPTS TO BRUSSELS ARE ILLEGAL
This being the case, the British and other EU ‘Member States” satrap Governments are knowingly engaged in the criminal act of illegally transferring UK taxpayers’ funds to a criminal enterprise, which in turn implies that VAT taxpayers can sue their Governments for the recovery of their funds which have been remitted contrary to the law into foreign criminal accounts.

The Editor recommends that (in the UK context: other EU satrap ‘Member States’ can do as they please), an IMMEDIATE STOP MUST BE ORDERED TO THIS OFFICIAL CRIMINAL PRACTICE and that 100% of UK VAT accruals be diverted FORTHWITH into a special Treasury account sine die.

‘CLEAN UP YOUR ACCOUNTS TO OUR COMPLETE
SATISFACTION WITHIN ONE YEAR, OR WE KEEP THE LOT’
The European Commission should be told that the British authorities expect a total rehabilitation and clean-up of ALL EC accounts for the past 14 years to be implemented, accompanied by the necessary overdue criminal investigations and prosecutions, with the outcomes to be approved not only by the Court of Auditors but also to the complete satisfaction of the authorities in London; and that if this is not done within one calendar year of the Brussels Commission being so advised, all accumulated and future VAT receipts will be annexed to offset the colossal indebtedness of the British Government incurred under Gordon Brown’s incompetent tenure.

The advantage of this approach is that this will be a unilateral measure by the British Government, overriding all the convoluted Talmudic claptrap and diversionary self-serving, deliberately opaque verbiage routinely spewed out by the Eurocrats in order to erect a bureaucratic smokescreen to separate the Commission from meaningful scrutiny of its institutionalised criminality.

OBSCENE TO PAY MONEY ILLEGALLY TO BRUSSELS WHEN BRITAIN IS BUST
More to the point, it is OBSCENE for the British authorities to be engaged in this criminal practice of transferring VAT receipts to Brussels when the Government’s finances are in TOTAL DISARRAY.

The fact that this CRIMINAL OFFICIAL BEHAVIOUR has continued notwithstanding Britain’s Brown-generated fiscal crisis is a scandal of monumental proportions, indicating that the UK bureaucratic and political establishments have taken leave of their senses, placing crass EUdolatry ahead of national economic and financial survival. THIS IS A TRULY MONSTROUS STATE OF AFFAIRS.

NEW: LETTER FROM VIENNA: 5TH MAY 2010: PAN-GERMANS IN THE BUNDESTAG LAMENT THE IMMINENT COLLAPSE OF THE LATEST VERSION OF THEIR CORRUPT PAN-EUROPA:

Our Vienna correspondent, Wolfgang Perthen, writes [with a few interpolations by the Editor]:

Dear Mr. Story,

I’m right now watching on German TV, a live broadcast from the floor of the German Bundestag.

In a formal “Regierungserklärung” in the face of the “Greek” and therefore all-European currency problem (and ahead of this Friday’s parliamentary vote on German financial support for Greece), Chancellor Angela Merkel (who is otherwise not too famous for clear statements) emphasised her willingness to solve the current crisis and to proceed on the path to further European integration as envisioned since the days of Adenauer (!!!).

EVEN AS THE E.U. ROOF IS CAVING IN, THE FORMER SECRETARY OF THE AGITATION AND PROPAGANDA DEPARTMENT OF THE YOUNG COMMUNISTS AT MARX-LENIN UNIVERSITY, IS RECOMMENDING NEW CONSTRUCTION! [Ed]. Merkel stated also that a European Union without its most powerful economy, Germany, would be unthinkable.

Opposition leader, Frank-Walter Steinmeier (SPD), even expressed the view that “Europe” is now going through the most severe crisis since the Treaties of Rome.

Yet, the only logical way out of the current dilemma (everywhere recommended by experienced economists anyway: see International Currency Review throughout the 1990s: Ed.), namely allowing Greece (and possibly Portugal, Spain, Ireland, and, who knows, Italy) out of the currency union so they can re-introduce their own currencies and thus be able to devalue (and accordingly prevent further contagion throughout the region) is precluded.The Euro is indeed a sacred cow.

As it represents (and all I’m able to grasp in this realm I attribute to the literature of Golitsyn and Story!) a key political symbol of anti-national political union, NO MATTER HOW DEEP THE CRISIS, they won’t allow a single country out of the failing currency system, as this would send “the wrong signal”…. Accordingly, the entire spectrum of the peoples of Europe is now belatedly awakening to the reality that the EU is indeed (as you, Mr Story, have so extensively described) a POLITICAL COLLECTIVE: Together we stand, together we fall. ‘We’ve got to stick together, or we all go down: WHICH IS THE REVERSE OF THE TRUTH. GREECE, PORTUGAL, IRELAND, SPAIN NEED TO GET OUT OF THE COLLECTIVE CURRENCY, AS OUR JOURNAL REPEATEDLY PREDICTED: Ed..

As for Germany, the driving force of the Euro project, they now – quite predictably – prove to be the same old “Dummkopfs” (in proper German: Dummköpfe) as has always been the case. There seems to be an unrootable characteristic in the German national “psyche”, that believes it can MANAGE and CARRY (and, of course, dominate) everything. The Germans – however capable, ambitious, and perfectionist – seem to be the No. 1 nation consisting of “genetic” totalitarians in the world.

And they lack – as you frequently indicate – this snakish quality of a “higher intelligence”, call it Soviet-Russian, Mongol, or Jewish, that makes the DECISIVE difference in geopolitics. In that sense, the Germans, with all their self-esteem and claims of “responsible leadership”, in the end always lose. They tried, yet again, by stealth this time, to take over the whole of Europe: now the collective currency that they have forced upon almost everybody, is falling back on their heads.

Their role as a self-declared politico-economic locomotive, their arrogant load of “responsibility”, now turns out to be a curse for them (as in WW II). Strangely, if one listens to the speeches in the German Bundestag, they seem to be not so much worried about Germany (as every other country, naturally, is now concerned, first and foremost, about its own survival), BUT RATHER ABOUT THE PROSPECT THAT THEIR SACRED PAN-GERMAN HEGEMONY OVER EUROPE IS FALLING APART.

At the same time, while Germany’s nice and orderly Europe starts collapsing and social unrest and revolutionary pressure threatens to accumulate (certainly fuelled by the Moscow-controlled Fifth Column), the Soviets see their moment in history approaching.

Please do watch this coming Sunday’s (May 9) military parade on Red Square: they have prepared an even more impressive display of their military power than last year!

All the best to you, Sir,
Sincerely,
Wolfgang Perthen, Vienna

THE GULF OF MEXICO OIL PLATFORM EXPLOSION:
CEMENT CASING THAT BLEW WAS INSTALLED BY HALLIBURTON :
MORE U.S./DVD SABOTAGE AGAINST THE BRITISH? YES…
Just as our suspicions from the outset over the Polish air catastrophe at Smolensk proved to be justified, so do we and many others smell a giant rat concerning the explosion and fire at the BP oil platform in the Gulf of Mexico. And the face of the rat bears an uncanny resemblance to the ugly physiognomy of George Bush Sr.

• UPDATE, 3RD MAY 2010: Anecdotal evidence is indeed emerging pointing to sabotage. The lack of the usual press-frenzy interviews with survivors is also suspicious. But the main reason that we suspect sabotage is that this operation has coincided with key developments behind the scenes involving the British which has severely inconvenienced the evil American criminal kleptocracy. Seen in that light, this is a blatant sabotage operation tantamount to an act of war against the UK perpetrated as a revenge attack for the basest of motives. Unfortunately at this juncture we can’t elaborate on what has been going on behind the scenes, but you can draw your own conclusions.

Further indications that this is a deliberate, malicious revenge operation against British interests (a very dangerous departure, if true, as there is such a phenomenon as ‘tit for tat’) are evident in the harsh, mafioso-style language emerging from the throats of US officials.

For instance, Mr Kenneth Salazar, US Interior Secretary (i.e., the ‘Minister of the Interior’) is reported as having stated on 2nd May: ‘Our job basically is to keep the boot on the neck of [BP] to carry out the responsibilities they have both under the law and contractually to move forward and stop this spill’, even though it was almost certrainly a consequence of a revenge sabotage and provocation operation perpetrated by disaffected rogue revolutionary cadres within the US structures working to the CIA/DVD agenda.

For starters, the cement casing that blew up was installed by the corrupt Cheney-CIA operation called Halliburton. Apparently this is the second time in a year that a Halliburton casing has failed catastrophically on an oil rig.

It may be recalled from our earlier coverage that Halliburton operates a huge parasitical buying and ordering department within the Central Intelligence Agency and a parallel parasitical department inside the Pentagon, and that both these entities scam the opposite host on a routine basis, at the expense of the US taxpayer. Whether this unbelievable duplicated CIA scandal was investigated and wound up after we and others exposed it [see report dated 26th May 2008, excerpted below: ARCHIVE], we don’t know. What we do recall is it became the subject of a Grand Jury investigation.

Horror stories associated with this colossal corruption op. included the faulty Halliburton gun manufactured in Saudi Arabia that routinely exploded and killed the gunner, which Halliburton continued selling long after the accidents in question (plus the despicably amoral cover-up of the reason for the gun operators’ deaths); and the notorious delivery of 1,000 toasters which could be bought for $19.99 at any hardware store, but which Halliburton invoiced to the Pentagon for $1,891 a piece, on the spurious pretext that they were manufactured from a special metal.

Now the oil rig that exploded in the Gulf of Mexico at 10:pm CST on 20th April 2010, was ‘Deepwater Horizon’ owned by Transocean Limited, based in Zug, Switzerland, with its principal office located in HOUSTON, Texas, and other offices in Zug and Vernier, Switzerland, and in George Town, Cayman Islands. Zug is where Marc Rich, real name HANS BRAND, the long-range Deutsche Verteidigungs Dienst (DVD) operative and East-West intermediary, is based.

The explosion occurred on the very same day that Transocean shares started trading in Europe, as is confirmed by the following Press Release dated 20th April 2010:

http://www.deepwater.com/fw/main/News-748.html?c=113031&;p=irol-news&nyo=0

‘ZUG, SWITZERLAND, Apr 20, 2010 (MARKETWIRE via COMTEX) — Transocean Ltd. (NYSE: RIG) (SIX: RIGN), the world’s largest offshore drilling contractor, announced that its shares will begin trading on SIX Swiss Exchange (“SIX”) today under the symbol (RIGN). Transocean’s shares also trade on the New York Stock Exchange under the symbol (RIG)’.

Following this sabotage, Barack Obama reversed course on offshore drilling, BARELY THREE WEEKS after he had publicly announced a revised domestic energy policy lifting the longstanding moratorium on certain offshore drilling. Specifically, on 30th April 2010, the controlled US ‘State News Agency’ Associated Press reported:

‘A top adviser to President Barack Obama said Friday that no new oil drilling would be authorized until authorities learn what caused the explosion of the rig Deepwater Horizon. David Axelrod told ABC’s ‘Good Morning America’ that ‘no additional drilling has been authorized and none will until we find out what has happened here’. Obama recently lifted a drilling moratorium for many offshore areas, including the Atlantic and Gulf areas’.

‘The oil slick could become the nation’s worst environmental disaster in decades, threatening even the Exxon Valdez in scope’.

According to Reuters [25th April 2010]:

‘Swiss-based Transocean Ltd.’s Deepwater Horizon sank on Thursday, two days after it exploded and caught fire while finishing a well for BP Plc., 42 miles off the Louisiana coast.

Eleven workers from the rig are missing and presumed dead in what is the worst oil rig disaster in almost a decade. The Coast Guard on Friday suspended a search for the workers.

London-based BP, which is financially responsible for the cleanup, has deployed an armada of ships and aircraft to contain the oil slick.

The explosion came almost three weeks after President Barack Obama unveiled plans for a limited expansion of US offshore oil and gas drilling…. The explosion occurred as the rig was capping a discovery well pending production, company officials said. Some 115 of the 126 workers on board at the time of the explosion were rescued’.

• HOWEVER:

• The ‘Deepwater Horizon’ operation received a safety award in 2009.

• Has British Petroleum at last realised that it is just as hazardous to do business adjacent to US waters as it is to do business in the Soviet Union?

If BP had had the wit to subscribe to Soviet Analyst years ago, we could have informed them that a primary purpose, from the Soviet perspective, of enticing foreign oil corporations into the ‘former’ USSR was to procure the necessary transfer of technology into Soviet hands, before the GRU-KGB-controlled ‘oligarchs’ would squeeze the Western operators out.

• The Americans similarly use sabotage to destabilise the foreign competition.

• As you can see, there is more than a passing indication that this sabotage may be a desperate Bush Crime Syndicate-related (i.e., DVD) operation, with the non-coincidental ‘happy’ outcome that British Petroleum, sabotaged again, bleeds financially.

• In other words, yet another typically hardnosed US kick in the teeth for the Brits, not unassociated, we suspect, with concurrent forceful financial developments in the background.

EXPOSURE OF HALLIBURTON’S SCAMMING OPERATIONS: 26 MAY 2008
The following description of the pit of corrupt degradation known as Halliburton is excerpted from our report dated 28th May 2008 [ARCHIVE]. It reflects the detailed inside knowledge of a fearless and serious-minded whistleblower. [Note: The narrative as partially reproduced here starts ‘out of context’. However you can pick up such context as is necessary to be in a position to comprehend the cess-pit of degradation that is being exposed, as you read into the excerpt]:

THE HALLIBURTON DRUG THUG AND THE STOLEN FEDERAL SALARIES SCAM
A former top CIA aide to Tenet and 30-year CIA veteran now reveals the criminal background of ‘HallCIA’, the thug who yanked the officer’s phone from the wall, ransacked the CIA operative’s office, had the officer incarcerated in Halliburton’s own cell in the basement of CIA headquarters and on a separate occasion punched holes in the officer’s office wall, displayed episodes of extreme violence and was observed by many to be high on drugs. He was also a murderer….

This was the criminal whom Cheney asserted to be a friend who could never be arrested. This description leads into a summary of another scam, whereby multiple salaries are paid into corrupt Halliburton employees’ secret Swiss bank accounts:

‘HallCIA’ and the Head Programmer were moved back to Halliburton’s main office, just like the priests sexually abusing children are moved to a different parish.

They were never prosecuted…

[Dressed in FBI uniform provided by Halliburton, the operative is engaged in an FBI action to arrest this Halliburton thug], He was arrested for FIRST DEGREE MURDER OF AN FBI OFFICER. I had proof that the FBI officer that he had murdered was a bona fide one with proper papers and vetting in the FBI’s personnel archives. The FBI had fingerprint and DNA evidence to prove that the Halliburton programmer was the murderer.

They even had a trial and a conviction of the man for that murder.

He had feigned a fainting episode right before the reading of the sentence and been taken to a hospital. He then assaulted the hospital guard inside his room and left him unconscious in his bed. Then he impersonated the guard using his uniform. He later went to a lawyer who put in a motion to declare the trial a mistrial on the grounds of a technicality: the defendant had not been present at the reading of the sentence. The fact that the criminal had committed a second nearly deadly assault the same day in apparent good health, was omitted from that motion.

The FBI-clandestine CIA raid that I organized was on the private flat of ‘HallCIA’. It was not at his house where he lived with a prostitute whom he pimped, according to a CIA file. He did not keep his contraband items there as there were too many unsavory people coming through his house.

WHAT THE FBI FOUND IN THE CIA-HALLIBURTON DRUG THUG’S APARTMENT
At the flat the FBI confiscated drugs in pusher quantities and also illegal weapons, including some unregistered machine guns, explosives and hand-held artillery that could blow big holes through a wall for illegal entry. He had one bedroom devoted just to weapons, with shelves devoted to about half-kilo packages of drugs. It was equipped with a padlock. CIA top secret documents were strewn all over the bed, dresser and floor of the master bedroom.

It looked like a hurricane had hit the bedroom even before we arrived. The padlock was broken on the door to the weapons and drug room and the door was open when we arrived. But all the drugs were still neatly on the shelves. The flat may have been raided by Russian intelligence before we arrived, leaving the CIA documents behind as cover-up after copying them.

The FBI collected fingerprints and I collected the CIA documents. After the raid I returned to the FBI station and filled in the appropriate forms to write a FBI report up on the raid. As I was doing so, the two FBI officers who I had spoken with two days before walked by the desk I was using. They did a double take seeing me in the FBI uniform…. I told them that I had just tested FBI vetting and security procedures for a report I was writing for the CIA. I also explained to them that I had just successfully impersonated an FBI official to the extent of going on a raid with them, and not one had yet asked for my name or run it through a background check. I showed them the CIA top-secret documents the raid had netted and they laughed at the ruse I had played on the FBI.

They were not laughing, however, when I explained how I had gotten that FBI uniform and signed the papers. They checked on their computers; I was not yet registered on the records of the FBI.

I asked them to arrest all of the appropriate Halliburton people involved in that scam. They called the Director of the FBI and I also spoke to him. He refused to authorize the arrests.

He told me: ‘Write up your report and let me read it first’. I offered to drive over immediately with the evidence. He refused to make any time to see me. I immediately faxed him a short report and enough evidence to warrant the arrests. Nothing happened.

MULTIPLE SALARIES PAID INTO SWISS BANK ACCOUNTS
But the next day when the local FBI checked my name again, they called me to let me know that I was officially part of the FBI now per their computer. I promptly sent in a full report to the FBI, the CIA, and the Pentagon on this scam to sign up Halliburton employees as their officers and have the US taxpayer pay their salaries. Just like Halliburton over-billed, some Halliburton employees were
collecting THREE US Government salaries; one from the Pentagon, one from the FBI, and one from the CIA. I wrote in my report that I had signed up in all three places via Halliburton’s scam to see how long it would be before those scams were stopped.

I put on the three forms, separate Swiss bank accounts. The point was to use the accounts as evidence of Halliburton corruption when those cases came to trial; I have not touched a cent of that money. The Directors of the FBI, the CIA, and the Chief of the JCS that I sent those reports to did not implement my list of recommendations; one of them was to shut down all of those public salaries going to Halliburton employees. At least, they had not been implemented as of about Summer 2004 when I last checked those accounts.

Another recommendation was to make sure that everyone in those agencies is properly vetted and drug tested as per that agency’s usual security measures. Because I was concerned that my clear recommendations would not be acted upon, I despatched copies of those letters, the forms that I had signed, and the numbers of the Swiss bank accounts to the GAO. In my covering letter to the GAO I told them that I had given them the authority to check the balances in those accounts by written authorization to the Swiss bank.

I had hoped that seeing US taxpayer’s money streaming into those accounts would give them an incentive to prosecute those cases promptly. Since the banks were not in the United States, I doubt that coercion applied to the bankers will erase those accounts, but I could be wrong. Since I had long been a covert CIA person, those communications with officials and the banks were under aliases. The GAO however has all of the proper information to check those accounts again and to prosecute these cases. I myself no longer remember any of the aliases and account numbers, so I
couldn’t access that money even if I wanted to. I never intended to use that money at all, so I did not record those aliases and numbers into my personal effects.

In 2004 when I checked the accounts, I did so from within the CIA by pulling up the report that I had written to the DCI. I have no way to check those accounts now so I do not know whether that scam, as evidenced by a single person’s accounts, has been stopped. When I checked in 2004, two years had already passed. The US taxpayer had paid [as follows]: via the CIA, about $80,000.00 each year, for a total of about $160,000.00; via the FBI, about $50,000.00 each year, for a total of $100,000.00; and via the Pentagon, about $80,000.00 each year for a total of about $160,000.00, or roughly $420,000.00 total into those three Swiss accounts…

I also checked on whether Halliburton continued paying those employees if it signed them up for a Federal salary. The answer was no, except for rare exceptions. ‘HallCIA’ had continued receiving a Halliburton salary while getting one at the CIA, but the Head Programmer had not.

When I checked in 2004 the number of Halliburton employees getting a CIA salary was over 200, the number receiving an FBI salary was over 400, and the number of Halliburton employees receiving a Pentagon salary, was over 300. Suppose that the total for that is about 1,000 salaries each at, say, $50,000 a year. That would mean that the US taxpayer was being bilked (by Cheney) of $50 million a year of fraudulent salaries. Over the eight years that this Cheney has been in the Vice President’s office, that could easily add up to $400 million in savings for Halliburton in not having had to to pay salaries. No wonder it was so easy to get that FBI uniform and salary sent out to me by talking to a Halliburton VP. Other Halliburton programmers had complained to me that they took a ‘cut in pay’ to work at the CIA location. They said that ‘the takings are good’, and ‘Halliburton fences the items for us in a 50-50 split’.

HALLIBURTON’S THIEVES INSIDE THE CIA AND THE INEVITABLE CONSEQEUENCES
When I heard that Halliburton’s people were stealing from inside the halls of the CIA, loud alarm
bells went off inside my head. The items inside the CIA which were easiest to carry out were of course its documents.

And any computer that one stole inside the CIA was likely to have top-secret information on it, in spades. It was a counterintelligence person’s nightmare, and now it was mine. The fact that the Head of the Halliburton section offices at the CIA had just sold the CIA’s communication satellite encryption security codes to Moscow burned in my mind.

The Russians had paid him $20,000 for that betrayal.

He had no clue as to their black market value. It made me worry that the Russians and the Chinese could buy every secret inside the CIA for a price that they could afford. More than one Halliburton person inside the CIA had admitted to me that they were stealing to make up for their cut in pay. Halliburton had switched them to Federal salaries, making the CIA pick up the tab [see above].

One Halliburton person at the CIA had told me that they were all stealing enough to make up for that cut in pay. [They were ONLY in it for the money: taking their cue from Cheney and Bush: Ed].

Therefore, the first thing I did was to find out what those 40-odd people used to earn at Halliburton. I had the CIA’s accounting office print out for me what the CIA was now paying them. My mouth then dropped open in shock. Each one of them would have to steal over $10,000 worth of CIA secrets or goods a year to break even. In some cases the cut in pay was much higher. One man took a $50,000 a year cut in pay when he switched to the Federal salary. At the average $23,000 cut in pay, the 40 workers together had sustained a $920,000 cut in pay. I had been told that Halliburton was fencing the goods in a 50%-50% split. So, about 2 million dollars’ worth of good at black market prices would be stolen from the CIA, if they actually made up their lost salaries stealing.

[There followed a summary of the notorious Aldrich Ames, Clyde Conrad, Larry Wu-Tai Chin, John Anthony Walker, and Robert Hanssen espionage cases, omitted here]

On February 22, 1994, Ames and his wife were formally charged by the United States Department of Justice with spying for the Soviet Union and Russia. Mr Ames could have faced the death penalty, since his betrayal had resulted in CIA ‘assets’ being killed. However, he received a sentence of life imprisonment, and his wife received only a five-year prison sentence for her conspiracy to commit espionage and tax evasion as part of a plea bargain by Ames.

TENET AND CHENEY REFUSED TO ADDRESS THESE ISSUES
I walked down to the office a very high-ranking CIA analyst, about third in the hierarchy in that department, a man I trusted. People advance inside the CIA by one of two means normally, being very good at what they do or being very good at lying to please those above them. The heads of each section were often in the latter category, as a general rule. I asked him how many secrets the Russians could buy for $2 million a year, if they had 40 moles able to walk the halls of the CIA. In the posing of the question I explained that the hypothetical moles would be assumed to be ‘efficient’ criminals without formal espionage training. I asked him what effect that would have on national security. He asked me if this was a conversational gambit or a request for a formal report to answer my question. I thought about it a moment and then said the latter.

That meant that I had to go get a signature on a form. By submitting to Mr Tenet new requests for 10 separate reports on a wide variety of important topics, I quickly brought the analyst the signed form that he needed. He whistled in surprise when he reviewed the assignment given to him there in black and white. Then he asked me ‘Is this about the Privatized Employees’ invasion of the CIA?’ I said yes. He said: ‘I have been urging Tenet to let us study that risk for months. No go. How did you get this when I couldn’t?’

I explained to him my method and also that the Head of the Halliburton group had just sold the CIA’s Communication Satellite Encryption Security Codes to the Russians.

He hadn’t heard that [because] Tenet had put a lid on it even within the CIA. I promised to show him the proof. I came back and gave him and a few of his top staff an hour long briefing on what I had learned. One man was actually in tears as I finished.

Another said: ‘This marks the end of US national security’. Another said, ‘No. US honor died already and no memo was sent announcing its funeral’.

I asked them what information they needed to make a proper assessment. They said that it would help them if I could find out how much the 40 people were actually making off their thefts inside the CIA, and a list of what they were stealing. I came back the next day with the list of how much each one had been paid by Halliburton in ‘bonuses’, which was the code word for fenced items, and what each ‘bonus’ was for. That list of what each bonus was for was like what the programmers really did in morphing an appliance rack into a bread slice rack. It was not a specifically accurate description but it related to the item in a fairly straightforward way.

CHENEY WAS INFORMED IN A RECORDED PHONE CALL
I showed the list to Tenet and tried to brief him on how dangerous it was.

He did not want to hear. Tenet had not followed my recommendations, which would have stopped the thefts. And he did not want further reasons why he should do so… I called Cheney and begged him to send a memo over to Halliburton setting up a program to [address these extremely serious issues]. I even faxed him a memo so that all he had to do was sign to get that to happen. He did not deny that Halliburton was selling items stolen from the CIA. He did not deny that he had the power to impose the necessary changes at Halliburton by sending the memo. He did not deny that he had the power to order Tenet to institute effective measures to stem the tide of the thefts.

As the phone recording of that call shows, I kept briefing him on the problem while he kept saying that he refused to discuss the matter with me.

I sent a copy of that call over to the GAO because it showed that I had in fact managed to inform Vice President Cheney of the seriousness of the thefts. In that call [to Cheney] I cited that the likely consequences were the shredding of US national security and the wholly unnecessary deaths of its covert personnel. I also set up a surveillance operation behind Cheney’s and Tenet’s back to actually inspect each item that Halliburton fenced from the CIA.

COUNTERINTELLIGENCE OPERATION AGAINST TENET AND CHENEY BACKFIRES
That is, I had an ex-CIA operative with counter-intelligence experience whom I trusted, apply to Halliburton. I instructed him to offer to ‘help them fence their CIA goods and get higher prices for them’. Call him Alan for short. A Halliburton VP, the same one who sent me the FBI uniform, sent me a ‘thank you’ letter for referring Alan to them. He no doubt believed that I was corrupt and making a kickback. It was to my advantage to foster that image of myself without it actually being true. In my position it was best if everything I did could be interpreted as corrupt at the same time that I was collecting the evidence for prosecution.

That operative, Alan, ended up terribly overworked in no time. The analysts and I had been off by a factor of THREE in the amount that was routinely being stolen by Halliburton from the CIA.

We did not find that out until the Halliburton people realized that they could get more money by making sure that Alan sold the goods for them. That meant Alan had to sell them at on average much higher than twice what they could get for them themselves, even by selling directly to the Russians. That was not as hard as it would have been with regular stolen goods; the Halliburton people did not know their true worth on the black market. Alan could make a better profit selling a document to a rich government such as France, which would have been very bad in the hands of the poorer Chinese or Russians. Before that, Halliburton had sold mainly to the Russians. [Editor: Further allegation that Halliburton has sold CIA secrets to the Russians].

The French were very helpful to us in keeping many things out of the hands of the Russians. They had wised up quickly as to our problem and how to assist us. The United Kingdom was less helpful because they could get that same information by merely filing a request for it.

The French were not as tight into the CIA, though they were still US allies. We needed top dollar for the stolen items because we had to make up for the fact that we were not selling off all of the items due to their national security risk. We were hiding the fact from Halliburton’s management that we were really sending the items back to the CIA.

OVER 50% OF HALLIBURTON SALES BREACHED NATIONAL SECURITY
We could not send computers back, as it was impossible to ensure that the Russians etc. had not altered them in the meantime. Those had to be scrubbed clean using a special erasing procedure. But it was possible to send back documents. We had initially thought that it would be only 10% of the items that had to be vetoed on national security grounds. But as we got a better understanding of what was being sold via Halliburton, that figure went up to a little over 50%

[Editor: More damning allegations against Halliburton as a continuing threat to US national security, for which Cheney should be impeached, along with Bush Jr., who authorised this corruption via his Executive Orders].

[The high-level operative and source for this information left the CIA for Canada in 2002].

Subsequently, operatives working inside the CIA to address this catastrophic situation] demanded that Tenet should lock the unvetted people out of the building.

In the process of showing how serious the security violations were, they revealed the oversight (or counterintelligence) operation against Tenet and Cheney themselves. That ended up revealing that they were recovering about 50% of the items and about 30% of their black market worth. Tenet informed Cheney of that fact, and Cheney ordered an end to the oversight.

I later sent copies of the relevant telephone calls revealing all this to the GAO. The Russians and Mossad had a complete set of White House calls, including of [calls concerning what was] for sale. The CIA also had a fairly complete set. When I was forced back into the CIA in October 2003 from Canada with threats and worse, I heard about the troubles that the oversight people had suffered over the intervening 16 months. They had been unable to perform oversight for four months.

During that time Halliburton had fired their Private Eyes, the ex-CIA operatives that they had there. Instead, Halliburton had hired its own experts on Black Market Intelligence Pricing and had sold all of the stolen items without regard to US national security. I then despatched over to the GAO about a dozen phone conversations by Halliburton’s high officials demonstrating their reckless disregard for national security and the lives of covert operatives. [Therefore, this information is all available for the Congressional Committee to access immediately: Editor].

But it now gets much, much worse….

THEFTS OF CIA COMPUTERS LEADING TO AN UNIMAGINABLE CATASTROPHE
The next part of the narrative briefing leads into a description of the most ghastly consequences, for which Vice President Richard B. Cheney is clearly indicated by the narrative to be responsible, given his Luciferian greed for ‘profit’ which of course is on its own an impeachable offence:

It was only after a [hitherto unreported: Ed.] colossal national security catastrophe that the [CIA operatives who had carried on trying to get results] managed to get Tenet to insist that Halliburton rehire their ex-CIA ‘Private Eyes’. The oversight people briefed me on [the catastrophe] as soon as I returned. The first day I came back to the CIA’s Headquarters, they kept me up all night telling me about it. I cried many times that night for my country and for the harm that had been done to her. I cried for the people who had died so brutally and unnecessarily.

Many, many more intelligence professionals lost their lives as a consequence of Cheney’s selling secrets than lost their lives because of the traitorous behaviour of Aldrich Ames. Ames is serving a life sentence for what he did. Cheney’s Halliburton people were still working at the CIA and were still stealing there because of Cheney’s protection of them. They were still walking inside the halls of the CIA every day and going into its offices to ‘have a chat’.

It was such an egregious violation of national security that some oversight members quit the CIA. Others said to me: ‘Why should we look like criminals who are enabling this theft’? ‘We are not making a cent off it… Yet we have been threatened by Tenet that we will be put in prison because we know of the thefts and hence must be guilty of them… We are being treated like criminals because we are trying to stop the most dangerous of these sales’.

[Editor: Gross abuse by Tenet of the Misprision of Felony Statute].

I later collected a memo from Cheney to Tenet which stated that the oversight of the sales by the CIA was cutting into profits and had to be stopped. It recommended imprisoning all of those in the CIA suspected of being a bottleneck in [the raking in of] US corporate profits. Tenet prohibited the oversight within a week of receiving that memo. The GAO has a copy of the memo and also of the memo that Tenet sent out threatening imprisonment if anyone was discovered to have decreased US corporate profits. They also have the later memorandum that Mr Tenet sent, which threatened imprisonment if anyone knew about stolen goods and did not report it to the designated official.

Those who had reported thefts to that official had been fired soon afterwards.

Thieves do not report stolen goods; people with integrity do, until it is clear that it is pointless and dangerous to do so. I also sent the GAO the document suggesting this ruse of a new designated official as a way to stop the oversight. That designated official never prosecuted a case of theft against a Halliburton person. He came from Halliburton! He had in fact been recommended for the job by ‘HallCIA’ to Cheney, who then recommended him for the job. I sent over to the GAO a tape of the phone conversation between ‘HallCIA’ and Cheney. On it. ‘HallCIA’ says that the man that he is recommending will stop the losses of revenues ‘from our CIA sales’.

HALLIBURTON CROOK BRAGGED ABOUT LUCRATIVE SALE TO THE RUSSIANS
Later he bragged about one of his sales to Russia of ‘one of our CIA products’, and says, ‘too bad we can’t make more of them’. It was clear that he was referring to the stolen goods that Halliburton stole from the CIA, not products that Halliburton made and sold to the CIA. The designated official was not vetted by the CIA. He was stealing from the CIA while working out of the Halliburton offices. I sent to the GAO a signed statement from a CIA security guard who caught him carrying a computer of the CIA’s out of the front door. That man could have employed the back door out of their offices manned only by Halliburton’s guards. He was so used to stealing from the CIA and getting away with it that he forgot, and used the front door.

That is what he told the guard: ‘I forgot… Give me a hand and we’ll take it out the back door’. The Halliburton guards did just that. They helped the Halliburton thieves load CIA computers into their private cars. I sent the GAO several CIA security camera clips of that happening.

The CIA had massive amounts of security camera data showing that [activity]. The CIA security people were afraid to report the thefts that they saw, because they did not want to lose their jobs without it even cleaning up the problem. By the time I returned to the CIA, 16 people had lost their jobs due to reporting thefts to the designated official that Tenet’s memo had directed them to use. No one at the CIA knew about the item sold during the blackout that caused the national security catastrophe, until after the catastrophe happened. [Details of this national security catastrophe, unfortunately containing graphic and disturbing language, now follow].

THE CATASTROPHE, COURTESY OF THE CORRUPTION OF TENET, CHENEY AND BUSH
The first sign of that Catastrophe [with a capital C: Ed] was a dead body lying on a sidewalk in a foreign city. The body had been the teenage daughter of a CIA officer. The body was no longer recognizable, even by her father. The body was identified definitively by dental records. Her face had been peeled off in small strips. The forensic evidence revealed that she was still able to bleed and struggle during most of the time that was done to her.

The next sign of the Catastrophe was another unrecognizable body. This time, of a 6-year-old boy of a US diplomat. The injuries were the same. The CIA concluded that the murderer was the same man. The next sign was an 11-year-old child of a US school teacher in Africa. She was divorced and her husband had once worked for the US State Department. Perhaps he had been CIA under diplomatic cover, but the CIA refused to comment.

I saw the photographs of the dead bodies. They were too horrible for words. Could it be that I was recalled to the CIA against my will in order to get my special operational skills to track down the villain? The day I got back to the CIA, the first thing Tenet did was hand me these pictures and ask me to find The Killer. He had given me the pictures of 23 victims who had all died the same way. All
of them were children of people who could have been in the CIA. About 22 of them did have a
known parent or guardian in the CIA.

DEATHS DUE TO THE STEALING OF A CIA COMPUTER
What he failed to tell me, or give me the photos for, for was the over 100 adults that had been killed using the exact same modus operandi. One of them was in the CIA’s morgue at that moment [Editor: did you know that the CIA has its own morgue? I didn’t]. ..The item that was stolen from the CIA that was responsible for those deaths was a computer. That computer had not gone through the hands of one of the ex-CIA operatives. Its contents not been thoroughly erased.

It took work and time to do that; the disc had to be erased and written over 50 times. Halliburton’s bosses did not care about national security or the risk to the CIA’s covert operatives, if they were exposed… I was able to prove that it was the same computer. It still had the CIA’s personnel files on it and many of the victims had been selectively deleted from where they should have been in that list. When I then compared that file to the CIA’s current personnel file, the comparison program marked those deletions in red. The selective deletions showed that the owner of the computer was getting tipped off by someone high up in the investigation of the deaths inside the CIA.

The US Administration managed to suppress the news of these murders almost completely, after its ties to the computer started showing up in the CIA’s internal investigations. No-one in the media had connected the isolated cases across the globe [another gross failure by the incompetent and controlled Fourth Estate, which has intelligence cadres sitting in its press rooms: Ed.].

The motivation of the deletions was obviously to try to cover-up the guilt of the owner’s role in those murders. There were about 86 deletions in a file of thousands of names. Each deletion was a victim, as already known by the CIA up to a certain date about two weeks earlier.

ENTER THE ‘DARK LORDS’: DIRECTLY CONNECTED TO BUSH
No victim that the CIA had on its investigation list by that point had failed to be deleted on that stolen computer. The odds of that happening by chance alone was practically speaking, exactly zero. In addition, I later obtained evidence that firmly tied the secondary ownership of that same computer to those who committed the actual tortures and murders. There was many more than one murderer. What they had in common was membership in a kind of paramilitary, quasi-religious cult. The members of that paramilitary cult had a group commitment to kill a person once a month. The Mafia usually only requires its members to kill once to get into it. This satanic group required their members to kill once a month in order to remain in good standing in it.

[Note: The Editor of this service received, between February and mid-May 2008, a large number of evil, unsolicited phone calls from a contrived, deep demonic ‘voice’ referencing ‘the Great Dark Lords’. This harassment [referenced in our report dated 27th April 2010, as the stupid harassment resumed: we have identified the operative concerned as Wanta] continued until shortly after we reported the matter to the head of the US Anti-Terrorism Task Force and also, separately, to law enforcement personnel in contact with the Editor’s own contacts, whereupon they ceased. We have voice recordings of almost all these calls.

Considered in the context of what follows, it would appear that these calls represented threats: one of these was quite specific, along the lines of ‘we have the means of dealing with you’. Given the appearance of the ‘Dark Lords’ in this ‘Cheney’ context, it is likely that the Unterreichsführer’s apparat will indeed, as we suspected, have been responsible for these multiple telephone threats and harassment calls.

It comes as NO SURPRISE whatsoever to the Editor that the veteran CIA investigator came across this ‘Black’ dimension. The harassment calls to the Editor were also interspersed with threatening emails. The content of one of these, containing a very grave threat, was conveyed immediately as referenced above, with the consequence that (at the date of this posting) the harassment ceased].

A Manual on ‘How to Please the Lords of Darkness’ had been published by a member of that cult. It recommended that the best way to do it was to torture people to death using the modus operandi that I have indicated above. That Manual had been distributed by the owner of the aforementioned computer with that CIA Personnel file suggested as the targets. The man who bought the computer was indeed a paramilitary type, with a large collection of weapons, many of them unregistered… He was identified as a fundraiser for Bush.

The literature of the group showed upside-down crosses as an emblem [satanic symbolism: Ed.]. The reason that others in the CIA had not tracked him down and had failed to pin the instigating of the murders on him, was political. Like ‘HallCIA’, and the Head Programmer from our earlier cases, he was well protected. It was not that CIA investigators had not suspected him. It was that they did not know what to do with their suspicions and even their evidence after they got it.

I was the booby prize winner: the fool at the CIA who had before been willing to buck the silence at great risk to myself. There was precedence for giving me a job like this. At one point, a CIA officer had sold a list of MI6 officers to the KGB during the Cold War. The KBG had started killing them off. I was given the job to stop them from continuing. And they had stopped: whether or not it was due to my efforts, was a matter of hot debate within the CIA. But some people credited me with having had some influence in the matter.

The individual who bought that computer was apparently a friend of Cheney and Bush; they had invited him to the White House. They had been present when he picked it out among a number of other CIA stolen computers, paying cash, which Cheney had put in his pocket.

‘CHENEY & BUSH TOOK THE MONEY FOR THE COMPUTERS USED FOR THE MURDERS’
I found the White House Security camera footage of that event. The GAO has a copy of it. The payment is shown on the video. The man took hundred dollar bill(s) out of his pocket and handed that to Bush. Bush hesitated and then handed the money to Cheney. The footage of that computer being carried out of the room by a guard follows about 20 minutes later. The room had about 20 computers from the CIA in it, to start with. [They were all neatly laid out, as at a corporate sales demonstration, for buyers to examine, test, select, and pay for: only cash was accepted: Ed.].

The security camera tape shows Bush Jr. and Mr Cheney repeatedly coming into the room with a prospective buyer and taking cash in varying amounts. That continued until all the computers were gone. Some prospective buyers remained in the room for over an hour exploring the contents of the stolen CIA computers, before deciding on a purchase. I checked with the CIA and found that no CIA vetting of those buyers had occurred. Most did not have security clearances. Some of them had prior felony convictions and had been allowed into the White House ‘on orders from above’. The sale was ‘by invitation only’, with Bush and Cheney controlling the invitation list.

The earlier tape shows Cheney directing Halliburton employees in where to set the computers up. Much care and time was taken to plug them in and connect them to monitors, mice, keyboards, and to arrange the room nicely with a mouse pad under each mouse. The GAO has a copy of that tape too. The manual on how to torture people (in the manner described) and the file of CIA Personnel was sent overseas and domestically through the mail whenever a buyer purchased a snuff film from that man. His poorly kept records showed that he had mailed out at least 2,000 such CDs with the Manual on ‘How to please the Lords of Darkness’.

His records omitted the addresses that he sent them to in about 50% of the cases where he marked payment received and product and ‘How-to’ sent. Thirty of the murders had been solved already by local foreign authorities by the time I was given the case. Of those, the ‘How-to’ CD was found in 28 of them. Presumably it had been overlooked in the other two, or the wrong party may have been charged, or the ‘How-to’ thrown out by the ‘Black’ criminal operative.

Unfortunately, the murders had continued after those arrests.

BUSH AND CHENEY RESPONSIBLE FOR 168 CIA DEATHS, COVERED UP (HITHERTO)
At least 168 CIA officers and their family members were brutally tortured to death as a direct result of this cynical corruption run by Bush and Cheney. The CIA [systematically] covered it all up and pretended that it never happened on Tenet’s orders. The notorious traitor Aldrich Ames had not
sent out instructions to torture and kill anyone. He had sold ONE copy of a list of CIA operatives
in one country to one buyer. He is languishing in prison for life.

[The perpetrator identified here] sent out over 2,000 copies of all the names and addresses of the CIA officers and their families in every country. He had sent them out with hate propaganda and incited others to kill them. He had sent this [Nazi filth] to people who were known murderers who had a commitment to kill again. And he had sent it out as a challenge: are you man enough to kill a CIA person? His group offered ‘Advanced Membership Privileges’ to anyone who succeeded.

It was very curious that someone close and high up in the investigations at the CIA was tipping him off, since he was targeting CIA officers. I was able to supply the GAO with the evidence as to who was doing it. This person was getting calls and faxes directly from Cheney and Tenet. Tenet’s faxes included the names of the victims to date. He was being assisted in his cover-up at a very high US level. I investigated whether the Russians or another foreign group had put him up to this, as his methods seemed too effective to be that of an individual’ alone.

HALLIBURTON LINKED TO THESE MURDERS OF CIA PERSONNEL
I found no such evidence of a foreign government or its operatives being behind it [but] I found many ties to US underworld organizations. Most of the ties, however, were directly to Halliburton. According to Halliburton’s records which I sent the GAO, [the perpetrator of these incitements to murder CIA personnel] had headed one of their subsidiaries before it went bankrupt.

CIA INVESTIGATOR TOLD TO ‘BACK OFF, OR ELSE’
When I looked up that old corporation I did not find a building on the aerial to correspond to the address. That subsidiary had been selling intelligence and paramilitary gear. It had specialized in recruiting mercenaries worldwide. It made me wonder if those killing the CIA had done so, as a kind of recruitment test; those getting away with it and being able to prove it, getting the job. I started looking into whether he was on Halliburton’s books as CEO of a new subsidiary. Just as soon as I started that investigation, Cheney called and told me to ‘back off or else’.

I asked him what the ‘else’ referred to, because it certainly sounded like a death threat to me. He hung up on me. Then he called me back about 10 minutes later and offered to set up a face-to-face meeting with that computer owner. I agreed and asked at once for a time and a place. He hung up: apparently his offer was just to threaten me that he would [impose] that man on me. I sent copies of those calls to the GAO also. They should still have them. The Halliburton mercenary recruiter [who incited the murders] was never prosecuted. Cheney and Bush would not allow it.

BIO-FEEDBACK EQUIPMENT STOLEN BY HALLIBURTON FOR THE RUSSIANS
In about May 2002, a Halliburton person at the CIA had stolen an expensive piece of equipment.
It was an ultra-sophisticated CIA bio-feedback machine that was worth over $5 million.

It had required hundreds of millions of dollars of R & D money for the CIA to develop it. It was custom-made only for the CIA. Its only purpose was to train operatives how to pass a lie detector test. It was only used when they were to be sent on extremely dangerous missions to places like Russia. And it was only used in very critical missions.

There was a high risk that Russian intelligence would figure out how to overcome that training, if they interrogated about five operatives who had used it. That is, if they realised that those 5 had been trained in that fashion. Thus it was TOP SECRET and its manual was also top secret at the time. Loss of that machine and its Manual was the same as potentially losing every secret a given CIA official had in his or her mind when they were in Russia. The head of the CIA station in Russia had been trained on that machine for obvious reasons.

The effect of the training was to give the user control over their automatic nervous system. That meant that they could stop their fear, their sweating, their heart rate increase etc. in response to an interrogation. In addition to those obvious advantages in an interrogation situation, it had a big psychological benefit. It gave those who had used it confidence that they could pass a lie detector test. Thus, they were as if ‘bullet proofed’ against threats and lie detector tests.

Although the signal-to-noise ratio relating to information obtained under torture is so low as to be unusable, that is not true in a ‘friendly’ interrogation. The British had admirably demonstrated the effectiveness of ‘friendly interrogations’ in WWII. An operative who had fear or fear of a lie detector test was more likely to ‘tell all’ in a ‘friendly interrogation’ because of underlying anxiety. I did not find out about that theft until the next day. I then learned from a Halliburton person that it had been stolen and was en route to the Russian Embassy to be sold to them. I was absolutely horrified by the national security implications of that. I rushed up to Tenet’s office to tell him. He already knew.

Cheney had called him and asked him what it was and what it was worth to the Russians. This was after I had set up the system for things to go through Alan so that the oversight committee could intervene to stop the worst violations of national security.

But the thief was a personal friend of Cheney’s and had taken the item straight to the White House to ask him if he wanted to buy it. Cheney had paid him $50,000 for it, he informed me. The copy of the telephone call that I sent to the GAO between Tenet and Cheney showed that Mr Cheney had considered keeping it, so that he could pass lie detector tests.

CHENEY THREATENS TO KILL THE VETERAN CIA OPERATIVE PERSONALLY
They had discussed it and Tenet had promised to find out more about it, how it worked, and how much it was ‘worth outside of the CIA’. He had called him back and told him a figure of $1.2 million. Cheney asked him to find out what was his risk of needing the machine himself. Tenet called him back and said that CIA analysts judged his risk to be about 4%. In front of Tenet with his phone on
speaker, I called Cheney and demanded its return.

He laughed and said, ‘What’s the big deal? It can only be used 5 times total and it has already been used once. We should sell it while it still has value before those 5 times are up’. He had absolutely no understanding of intelligence matters. It was not 5 uses of the machine: it was 5 times a CIA person trained using that machine was interrogated by the Russians. It could be 20 years’ worth of use to prevent the loss of security codes, national secrets, and how a CIA station was operating.

I explained it all quite carefully as Cheney is not a technically minded person. I even asked him questions to make certain that he had understood what I said correctly [Editor: This interesting comment suggests that Cheney is actually not that bright, which may also be judged to be the case, given his behaviour over the Settlements and his repeated thefts of gigantic sums of money. It may be that he progressed to these much larger thefts after getting away with multiple lesser thefts of which examples have been given in this narrative]. Cheney then said: ‘Well, what difference does it make since there are remote viewers like you in Russia who can steal the secrets anyway?’

I then explained that remote viewers were not 100% accurate and that intelligence agencies always had to verify what they said using hard data. Lie detector tests are not 100% accurate either, but they add some signal-to-noise benefit. Mr Cheney replied that torture was generally worthless in getting information [Editor: Amazing! Was not Cheney reported to be adamant that torture MUST be used to extract intelligence from terrorists and from prisoners in US hell holes like Gantanamo and Abu Ghraib?]. That was true. But it was still wrong to sell the Russians the CIA’s very best and most advanced equipment to deter loss of information under interrogation. ‘Friendly interrogations’ do yield valid intelligence.

When I pointed that out, Cheney said that the machine had already been sold to the Russians and that I was too late. I told him that I would figure out some way of prosecuting him, if he ever did that again. He laughed and said, ‘You haven’t got a chance’. I told him that I would try.

Cheney then said: ‘I will kill you myself, if you ever get close to succeeding’.

As we have said before, Cheney is what Malachi Martin would have called ‘perfectly possessed’.

RUSSIA TREATED AS ‘THE ENEMY’ THROUGHOUT: RAPPROCHEMENT IS THEREFORE FALSE
You will have noticed that during the timeframe of this narrative [2002-2005-ish], Russia is considered in this dialogue to be an enemy, just as was the case during the overt Cold War.

This reflects the fact that the dialectical breach created by Lenin’s Revolution and its aftermath has not, in fact, been healed or discarded: exactly as the Soviet defector Anatoliy Golitsyn advised the disinterested CIA: see The Perestroika Deception by Anatoliy Golitsyn, edited by Christopher Story, available from the books [Edward Harle Limited] segment of this website.

ADD-ONS AND UPDATES ORIGINALLY APPENDED AT THE TOP OF THIS REPORT:

• NEW: LETTER FROM VIENNA: BULLSEYE PERSPECTIVES ON THE GERMAN CRISIS: SPEECHES IN THE BUNDESTAG LAMENT THE IMMINENT FAILURE OF THE PAN-GERMAN PROJECT TO CONTROL EUROPE: THEY COULDN’T CARE LESS ABOUT THE PLIGHT OF THE FAILING SATRAP E.U. STATES. ALL THEY CARE ABOUT IS THE FACT THAT THEIR PROJECT IS COLLAPSING, NOCH EINMAL: LIKE EVERY PREVIOUS ATTEMPT THEY HAVE MADE TO TAKE OVER AND CONTROL EUROPE. THE PAN-GERMANS (DVD) ARE A MENACE TO EUROPEAN AND GLOBAL STABILITY. SEE THIS ADD-0N TO THE EUROPEAN COMMISSION CORRUPTION SECTION, WHICH FOLLOWS THE UPDATES IMMEDIATELY BELOW.

• BEFORE WE START: YOUNGEST SON OF LAWYER JOHN HEMENWAY, WHO BROUGHT A QUO WARRANTO ACTION AGAINST OBAMA, WAS SHOT DEAD IN BEDFORD, VIRGINIA ON 30TH APRIL. THE U.S. CRIMINAL GOVERNMENT’S CONTROLLING INTELLIGENCE POWER IS PREPARED EVEN TO LIE ITS WAY OUT OF THIS ASSASSINATION. MEMORIAL DETAILS ARE GIVEN BELOW.

The first information that we published about this shooting was as follows [3rd May 2010]:

The Editor has just received the following flash information from an impeccable US source whom he has known personally for the best part of two decades:

‘I just heard that John Hemenway’s younger son, also named John, was shot to death outside Bedford, Virginia. John Hemenway is the attorney who filed the Quo Warranto lawsuit against Obama. I just got off the phone and there’s an autopsy going on…’.

The Editor writes: We were originally advised that the Memorial is on 5th May, but this information has been updated: it’s on the 4th. We are in touch with parties quite close to the family and as the matter is so extremely sensitive, we are holding back on further details until we can obtain the go-ahead, if that is granted. In the meantime, here’s the Memorial announcement:

HEMENWAY JOHN MARTIN HEMENWAY (Age 47) On April 30, 2010 of Bedford, VA. Beloved husband of 7 years to Stephanie; loving father of Andrew Branham Hemenway; devoted son of John and Betty Hemenway; beloved brother of Catherine and Edward Siewick, Jane and John Sullivan, David and Margaret Hemenway and Fielding Williams. Pre-deceased by his beloved sister Mary Joyce Hemenway Williams. Also survived by many loving nieces, nephews, relatives and friends.

Memorial Service on Tuesday, May 4, at 4:30 p.m. at Otterville United Methodist Church, Bedford, VA. In lieu of flowers memorials may be made to the John M. Hemenway Camp CHILD Scholarship for special needs children c/o Bedford Primary School, 807 College Street, Bedford, VA 24523.

• NOTE: Late on Monday 3rd May 2010, the link count for our report ‘ALL UK LEGISLATION PASSED SINCE 2000 IS NULL AND VOID’ reached 33,700, after being frozen at 27,500 for days.

• UPDATE:
WAXMAN’S HOUSE COMMITTEE ON ENERGY AND COMMERCE PUTS HALLIBURTON IN THE FIRING LINE WITH RESPECT TO (OUR) SUSPICIONS CONCERNING THE FAULTY CEMENTING PROCESS. SEE BELOW FOR THE TEXT OF MR HENRY A. WAXMAN’S LETTER TO MR DAVID J. LESAR, C.E.O. OF HALLIBURTON CO., DATED 30TH APRIL 2010, DEMANDING ALL DOCUMENTS.

• UPDATE: HALLIBURTON HAD ONLY JUST FINISHED A CEMENTING JOB ON THE OIL RIG:
READ THIS AND THEN READ WHAT WE SAID BELOW BEFORE THIS DATA BECAME AVAILABLE:
Although no cause has been determined, oil services contractor Halliburton Inc. says it finished a cementing operation 20 hours before a Gulf of Mexico rig went up in flames.

Halliburton is named as a defendant in most of the more than two dozen lawsuits filed by Gulf Coast people and businesses claiming the huge oil spill could ruin them financially. In one lawsuit, two Louisiana shrimpers claim cementing contributed to the explosion.

Halliburton said Friday [30th April 2010] it had four workers stationed on the rig, performing several tasks, including cementing, a process of applying cement and water to a pipe used to prevent the wall of the hole from caving in during drilling.

According to a 2007 study by Minerals Management Service, cementing was a factor in 18 of 39 rig blowouts in the Gulf between 1992 and 2006. San Francisco Chronicle:

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/04/30/financi…

See also The Wall Street Journal:

http://online.wsj.com/article/SB10001424052748703572504575214593564769072.html

* PLUS: Halliburton buys Oil Fire Fighting company on April 12th for $240 Million

In 1978, Edward “Coots” Matthews and Asger “Boots” Hansen founded Boots & Coots (WEL). Both were veteran oil-well firefighters. But the days of independence have come to an end for Boots & Coots as the company has agreed to sell out to Halliburton (HAL) for $240.4 million. Shareholders will get $1.73 in cash and $1.27 in Halliburton stock for every share of Boots & Coots.

• SO, IT WASN’T PREMEDITATED SABOTAGE TO SPITE THE BRITS, GIVEN WHAT’S BEEN GOING ON FINANCIALLY BEHIND THE SCENES AS THE CRIMINALS ARE BEING FACED DOWN? ASK CHENEY…. And read all about Halliburton’s scamming of the CIA and the Pentagon, and the national security breaches committed by Halliburton in the process, under Cheney’s watch, below.

• WAXMAN’S HOUSE COMMITTEE ON ENERGY AND COMMERCE PUTS HALLIBURTON IN THE FIRING LINE WITH RESPECT TO (OUR) SUSPICIONS CONCERNING THE FAULTY CEMENTING PROCESS. SEE BELOW FOR THE TEXT OF MR HENRY A. WAXMAN’S LETTER TO MR DAVID J. LESAR, C.E.O. OF HALLIBURTON CO., DATED 30TH APRIL 2010, DEMANDING ALL DOCUMENTS.

HENRY A. WAXMAN, CALIFORNIA, CHAIRMAN
JOE BARTON, TEXAS, RANKING MEMBER
COMMITTEE ON ENERGY AND COMMERCE
Congress of the United States
House of Representatives
2125 Rayburn House Office Building
Washington, DC 20515-6115

Majority: (202) 225 2927
Minority: (202) 225 3641

April 30, 2010-05-04

Mr David J. Lesar
Halliburton Co.
US Corporate Headquarters
3000 North Sam Houston Parkway East
Houston, Texas 77032

Dear Mr Lesar

According to a report in The Wall Street Journal today, one possible cause of the explosion that destroyed the Deepwater Horizon drilling rig and led to the oil spill in the Gulf of Mexico could be a problem with the cementing that was supposed to seal the well. In this procedure, cement is used to plug the well and to fill gaps between the well pipe and the hole drilled into the ocean floor in order to prevent combustible oil and gas from escaping. Problems with the cementing process have frequently been identified as causes of oil well blowouts. The article quoted one independent expert who said: “The initial likely cause of gas coming to the surface had something to do with the cement” (1). Halliburton Co. provided cementing services for the Deepwater Horizon rig.

As part of the Committee’s investigation into the cause of the oil spill, we ask that you take three steps. First, we request that you arrange a briefing on May 5, 2010, for Committee staff with Halliburton officials knowledgeable about Halliburton’s cementing activities at the Deepwater Horizon rig.

Second, we ask you to provide the Committee with all documents in Halliburton’s possession relating to (1) the explosion at the Deepwater Horizon rig; (2) the possibility or risk of an explosion or blowout at the Deepwater Horizon rig; and (3) the status, adequacy, quality, monitoring, and inspection of the cementing work relating to the Deepwater Horizon rig. We request that you provide these documents on May 7, 2010. An attachment to this letter provides additional information on how to respond to Committee document requests.

Third, we ask that you preserve for potential future production to the Committee all documents relating to Halliburton’s operations at and involvement with the Deepwater Horizon rig.

We appreciate your assistance with the Committee’s investigation. We believe it is essential that the spill and its causes are thoroughly investigated. If you have any questions regarding this request, please contact Meredith Fuchs of the Committee staff at (202) 226-2424.

Sincerely,

[Signed]
Henry A. Waxman, Chairman

[Signed]
Bart Stupak
Chairman, Subcommittee on Oversight and Investigations

Enclosure.

cc. The Honorable Joe Barton, Ranking Member
The Honorable Michael Burgess, Ranking Member,
Subcommittee on Oversight and Investigations.

(1) Drilling Process Attracts Scrutiny in Rig Explosion, The Wall Street Journal, April 30, 2010.

• Note: The oil rig issue and Halliburton’s scamming operations follow our exposure of parallel institutionalised corruption at the European Commission, subject of the Editor’s speech.

NOTICES:
Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

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This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

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The familiar US proprietary Internet Security programs are by-products of US counterintelligence, and are intended NOT to solve your Internet security problems, but to spy on you and to report what you write about, to centralised US electronic facilities set up for the purpose. You can now BREAK FREE from this syndrome while at the same time helping us to MAINTAIN THE VERY HEAVY PRESSURE UPON THE CRIMINALISTS WE HAVE BEEN EXPOSING, by ordering this highest quality FOREIGN (i.e., non-US) INTERNET SECURITY SOLUTION that we have started advertising on this website. This offer has been developed in response to attacks we have suffered from the NSA nerds who appear to have a collective mental age of about five years, judging by their output.

• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. The program has an invaluable ‘Preview before downloading’ feature.

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S.E.C. PHANTOM SHARES FRAUD: NEW INTELLIGENCE

cropped-chrisstory

LATEST DEVELOPMENTS FOLLOWING THE BLOWING OF THE CAULDRON LID

Tuesday 2 March 2010 01:00

• REPORTS UPDATE: We have a very extensive report containing inter alia the promised detailed information demonstrating/proving that ALL securitisation is ILLEGAL under US and Common Law (applicable in the UK, Canada, Australia, New Zealand etc). This report is nearly ready to be posted.

However on 9th March we became aware of a MONUMENTAL FRAUD, so blatant and careless, that we are likely to need to present details of this fraud, which has been set up for the explicit purpose of stealing and diverting the monies directed to be payable to Mr Michael C. Cottrell’s Pennsylvania Investments, Inc. When we became aware of this US fraud, its extreme crudity and crass stupidity caused consternation beyond anything experienced to date. We are currently awaiting receipt of further details, but we already have enough official documentary information to hand to enable us to conclude that the racketeers that we have cornered have now gone completely mad.

There was no way that this fraud could not have been detected. Because it HAS been detected, all hell has broken loose today [9th March 2010], especially as ALL CONCERNED, via their cadres who are paid to listen-in to our phone calls, are aware that WE have the data on this fraud and WILL, as always, ensure that YOU are fully appraised of the lengths these serpents will go to STEAL MONEY.

• THE SECURITIES AND EXCHANGE COMMISSION PHANTOM SHARES FRAUD: UPDATE

• THE SITUATION REGARDING THE TAX TAKEN ON 31ST DECEMBER 2009:

• IT APPEARS TO HAVE BEEN MISAPPROPRIATED: THIS IS A COLOSSAL ‘INSIDE’ CRIME:
INVESTIGATION BY NEW YORK STATE ATTORNEY GENERAL’S OFFICE HAS BEEN DEMANDED

• LETTER TO THIS EDITOR FROM THE LAWYERS FOR THE CMKM VICTIMS

• LETTER WAS LEAKED, AND HAS BEEN CIRCULATING BELOW THE RADAR

• PARALLEL LETTER TO THE OFFICE OF THE ATTORNEY GENERAL
OF THE STATE OF NEW YORK FROM THE LAWYERS FOR THE CMKM VICTIMS

• RELEVANT TEXT FROM OUR REPORT DATED 12TH FEBRUARY 2010

• THE JAILING OF THE FORMER GOVERNOR OF THE BANK OF ENGLAND

• Quote of the year:

Christopher Story is a problem for them, but they believe they can handle it provided what he publishes is not taken up by the mainstream media’.

Statement to the Editor on 26th February 2010 by Mr A. Clifton Hodges, Lawyer for the CMKM/CMKX SEC scam victims, 26th February 2010

• Quote of the century:

‘It doesn’t matter that it’s not true. All that matters is that it’s out there’.

Statement to the Editor by journalist Gordon Thomas, December 2004, in Bath, Somerset, after Mr Thomas had informed the Editor that MI-6 had borne false witness against the Editor of this service by conveying the false report to the gullible mainstream press that Mr Story had been associated with Sir Mark Thatcher et al in connection with the notorious aborted Equatorial Guinea fiasco, notwithstanding that this Editor has done nothing at all since 1963 but run his own publishing businesses 24/7, 365 days a year, so much so that he never even went on holidays with our four daughters when they were growing up.

When the Editor asked Mr Thomas why such blatant lies would be disseminated to the press, especially given that the Editor used to have huge op-ed articles published regularly on the main page of The Daily Telegraph in the 1970s and early 1980s, Gordon Thomas replied:

‘They think you may be dangerous, because you control your own publications and you have the documents. They have told the press this stuff so that when you publish what they don’t want disseminated, the press won’t believe you and will pay no attention’.

Naturally, the Editor, realising that if ‘they’ thought he was dangerous, they must have something HUGE to hide, took the hint and has been pursuing these investigations intensively ever since. You need to understand that these intelligence personnel, in addition to being nasty pathological liars and deceivers, are also often extremely STUPID.

• MORE ABOUT GORDON THOMAS AND HIS GAMES AT THE FOOT OF THIS REPORT.

• Quote of the millennium:

‘The reason why 9/11 is not mentioned on Usama Bin Laden’s Most Wanted page is because the FBI has no hard evidence connecting Bin Laden to 9/11’.

At the FBI’s website, http://www.fbi.gov/wanted/terrorists/terbinladen.htm, you will see that Osama bin Laden is wanted for a couple of crimes (flimsy evidence) but not the 9/11 attacks. When asked why there is no mention of 9/11 on Bin Laden’s Most Wanted web page (30), Rex Tomb, Chief of Investigative Publicity for the FBI made the classic statement cited above, which of course makes a complete mockery of the lies spewed out by the Bush Administration and the CIA concerning 9/11 and ‘The War on Terror’. If you go to the FBI’s website, note that the background is BLACK.

• FACT: ALL websites with a BLACK background, have a BLACK background for a reason: The background is BLACK because the organisations in question belong to the BLACK FORCES of Lucifer that we are confronting. There is absolutely NO NEED to have a BLACK background. It sends the intended signal, and the intended signal is BLACK. This is just an add-on observation.

MISPRISION OF FELONY: U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4:
‘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’.

‘Seeing what’s at the end of one’s nose requires constant effort’. George Orwell.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

• ADVERTISEMENT: Details of the INTERNET SECURITY SOLUTION software offered by this service in conjunction with a donation can be accessed immediately: See the Home Page World Reports Limited serials catalogue by clicking World Reports Limited and scrolling to foot of page. Scroll to the foot of THIS page to read our extended Ad. for the INTERNET SECURITY SOLUTION.

Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and ‘politically incorrect’ [i.e., correct] intelligence books online from this website.

• CMKM/CMKX CASE DOCUMENTS:
Press Archive for this report [29th January 2010]
Case Number CV10-00031 JVS (MLGx):
SERVICE OF CMKM.CMKX $3.87 TRILLION SUIT VS. S.E.C.
You can also access the CMKM/CMKX text at: http://viewer.zoho.com/docs/paKdda
The biggest lawsuit in world legal history: The phantom share giga-scandal.

• See also: Legal moves to sue those blocking the Settlements: 7th February report [Archive].

• The promised report showing that ALL SECURITISATION IS ILLEGAL UNDER U.S. LAW (and indeed in ALL Common Law countries) has been superceded by this report, but will be presented as soon as practicable. Financial platform fraudsters have had it both ways so far: NO LONGER.

NEW REPORT STARTS HERE:

THE SITUATION REGARDING THE TAX TAKEN ON 31ST DECEMBER 2009
On 12th February 2010, we advised that TAX having been deducted on 31st December 2009 from the Settlements funds, it was incumbent under US law for those concerned to pay out the funds from which the tax had been deducted within 45 days (viz.: 30 days plus the statutorily available extension of 15 days).

On the basis of premium information, and our own best information and belief, the funds from which the tax was taken on 31st December 2009 remain undisbursed. This being the case, those who are responsible are liable to extremely serious criminal penalties.

Many parties around the world have asked the Editor to provide ‘the answer’ to the matter which appeared to have been left up in the air following our report dated 12th February. On a matter such as this, we cannot possibly be expected to comment, let alone in knee-jerk fashion, until we have the necessary information to hand.

So, since the tax was taken on 31st December, and the payouts did not take place within the 45 days, and there is no related information to the effect that the tax taken out of the capital sum was restored to the capital sum within the 45-day period as should have occurred (at a minimum), what happened to the tax accruals (of $4.0 trillion to $4.2 trillion)? Was it placed out under contract in Brazil, for example? As we understand the situation, confidence in ‘paper’ is crashing everywhere, so the money may be ‘just sitting there’. $100 billion was peeled off and remitted to a false religious outfit, the identity of which is known to us, as we also reported on 12th February 2010.

LETTER TO THIS EDITOR FROM THE LAWYERS FOR THE CMKM VICTIMS
On 1st March 2010, the Editor received the letter displayed below, by Fedex, from Mr A. Clifton Hodges, the Attorney for the 50,000+ CMKM/CMKX victims [see reports dated 9th January, 29th January, 7th February and 12th February 2010: press ARCHIVE] who, following our introduction, is also fully cognisant of the matter of the stealing of the Deutsche Bank contract for $500 billion and electronic signature belonging to Mr Michael C. Cottrell, B.A., M.S. which was illegally exploited as described in our report dated 7th February 2010, with the successive trading proceeds credited with Deutsche AG (formerly Barrington Investment Group), St Gallen, Switzerland. [See Appendix below for further detail from our report dated 7th February 2010).

The partners in Deutsche AG include Mikhail Gorbachev, former President of the Soviet Union, George H. W. Bush, former President of the United States, Dr Helmut Kohl, former Chancellor of Germany, and Dr Joseph Ackermann, CEO of Deutsche Bank AG..

Kohl, by the way, became the biggest holder of Young and Dawes Gold Certificates and of railroad certificates, and was notorious for his capacity to get hold of such certificates held by others and to procure their invalidation. The collection of Gold Certificates acquired by Kohl were never written off and never negated.

The letter from Mr A. Clifton Hodges to the Editor of this service reads as follows:

HODGES AND ASSOCIATES
A Professional Law Corporation
4 East Holly Street
Suite 202
Pasadena, CA 91103
Telephone: (626) 564-9797
Facsimile: (626) 564-9111

A. Clifton Hodges
James S. Kostas
Donald W. Ricketts*
* Of Counsel

February 26, 2010

Mr Christopher Story FRSA
Editor and Publisher
108 Horseferry Road
Westminster
London SW1P 2EF, UK

Re: US Domestic Settlement Funds Treasury Default

Dear Mr Story:

As we all labor to accomplish what we each hope will assist the financial world to return to a more constitutionally acceptable state, I write to enlist your assistance. I am informed and believe, as you have previously reported, that some $4.2 trillion was transferred to the US Treasury on December 31, 2009, as an initial payment of US taxes for the Domestic Settlement Funds.

New York State Law, United States Law and International Law all provide for criminal sanctions for failure to disburse Trust assets within an absolute maximum of 45 days after such a tax payment. That time period of 45 days expired at midnight on February 14, 2010. My further understanding is that the Trust assets remain undisbursed; accordingly, very serious criminal penalties have been incurred by those responsible for the continued failure to make these payments.

My clients and I are requesting your assistance in submitting this matter to Her Majesty The Queen, in hopes that she will direct her agents now present in this country to file a complaint that Interpol can act upon, and to have the MI-6 people take charge of getting this program finished.

My information is that the US Treasury still possesses these tax revenues [meaning of course that they have not been returned to the taxpayer] which in turn suggests that the US Government is in serious and substantial default.

You should be aware that I have also requested Mr William Bonney, whom I have been advised is a member of MI-9, to make a similar inquiry of The Queen.

I believe that, although you may not be directly in contact, you have sources and communication channels available to make this information and request known to Her Majesty. I know you to be a man of great integrity and of the highest moral standards; accordingly I am pleased and confident to leave this matter in your hands.

Thank you in advance and on behalf of my 50,000+ shareholders/clients.

Sincerely,
HODGES AND ASSOCIATES
[Signed]
A. Clifton Hodges

LETTER WAS LEAKED, AND HAS BEEN CIRCULATING BELOW THE RADAR
This letter to the Editor was leaked and has been in circulation since a faxed advance copy was made available to the Editor at the end of last week. Since it is known that Mr Hodges’ computers were compromised, it is possible that the letter was extracted by that means. Another possibility, suggested by Mr Hodges himself, is that one or more of his clients, who are reported to us to be beside themselves with fury at the scandal of 2.25 trillion CMKM/CMKX stock being floated via a platform from within the Securities and Exchange Commission itself under the George W. Bush Administration (between June 2004 and October 2005), leaked the letter, the top copy of which, as noted, arrived in London, at the Editor’s request, on 1st March 2010. The Editor asked for the top signed copy so that it could be forwarded as requested by Mr Hodges, which has now been done.

PARALLEL LETTER TO THE OFFICE OF THE ATTORNEY GENERAL
OF THE STATE OF NEW YORK FROM THE LAWYERS FOR THE CMKM VICTIMS
Also on 26th February 2010, Mr A. Clifton Hodges, lawyer for the CMKM/CMKX plaintiffs, wrote to the Office of the Attorney General of the State of New York, as follows [Hodges and Associates’ coordinates as above]:

[Office of] The Attorney General of the State of New York
120 Broadway, 23rd Floor
New York, NY 10001

Dear Ms. Brown:

Thank you for speaking with me earlier today and explaining that Mr. Markowitz was out for the rest of the day. We discussed briefly the nature of my request and you suggested that I forward the appropriate information to your attention via e-mail for Mr. Markowitz’s review on his return Monday, March 1, 2010. The information is as follows:

• I am a California trial attorney with some 40 years’ experience in State and Federal Court, as well as other jurisdictions.

• In January of this year I filed a Bivens Class Action against the five sitting SEC Commissions and five past SEC Commissioners seeking some 3.87 Trillion Dollars in damages for the taking of property by unconstitutionally withholding consent to distribute such sums as had previously been collected for the benefit of 50,000 + shareholders of CMKM Diamonds, Inc.; a conformed copy of the complaint is attached.

• The SEC Office of General Counsel has agreed to accept service on behalf of the sitting Commissioners; the other commissioners are currently being served.

• The weight of opinion is that this litigation will not be allowed to proceed into the discovery stages and/or to trial; there is mounting evidence that a distribution of funds to the shareholders is on the near horizon.

• I am advised that a portion of trust funds previously earmarked for distribution to support the U.S. Domestic Settlement Fund Program currently in process were distributed to the United States Treasury facility in New York City on December 31, 2009 through and with the assistance of the New York Federal Reserve Bank in New York City.

• I am advised that these trust funds totaled 4.2 Trillion Dollars and were paid into the U.S. Treasury as and for taxes due to be paid from the trust(s) upon distribution of the trust assets.

• I am further advised that pursuant to Federal Banking Regulations, New York State Banking Regulations, and the Martin Act, inter alia, the transferred funds could be held without return for a maximum period of time under any circumstances for 45 days or until midnight February 14, 2010.

• I am further advised that the U.S. Treasury has not remitted these funds, is still possessed of these funds and more importantly the trust(s) assets have not been distributed.

• The above circumstances, upon proof, demonstrate serious criminal violations of the statutes referred to above.

• I represent, at least as the Class Counsel, a number of New York residents who are beneficiaries of these trust(s) and are among the 50,000 + shareholders.

• I know many of these people on a personal basis in addition to being their counsel of record and can attest to their severe and continuing damage suffered and being suffered as a result of the non-distribution and non-receipt of the aforementioned trust assets; some of them are also anxious to visit you in person and describe their continuing outrage.

Demand is hereby made that your office initiate, at the earliest possible time, an investigation into the criminal activities of those persons within your jurisdiction who have contributed to and have otherwise facilitated these criminal acts. I would be happy to discuss these facts with you at your early convenience. Please feel free to contact me directly at: (626) 564-9797. Thank you in advance for your prompt attention to this matter.

A. Clifton Hodges (CSBN 046803)
HODGES AND ASSOCIATES
4 East Holly Street, Suite 202
Pasadena, CA 91103-3900

RELEVANT TEXT FROM OUR REPORT DATED 12TH FEBRUARY 2010
For the convenience of all concerned, the relevant portions of our report dated 12th February 2010 are now appended immediately below. With one exception, no editorial changes have been made by the Editor to the text as originally posted. It will now be appreciated that we could not elaborate on our report dated 12th February until this time:

As we reported earlier, the TAX was deducted from the Settlements monies effective from 31st December 2009. If we assume for current purposes that the Settlement monies aggregate about $14.0 trillion, then tax at 30% yields $4.2 trillion. In our report dated 28th December, we flagged the reported intent to divert $4.0 trillion of public funds [see Archive].

THE TWO SETS OF BOOKS
In order for diversion of funds to be ‘successful’, the source of the funds targeted for diversion must be obfuscated. These professional criminal financiers normally do this by creating two sets of books, which may entail two actual batches of cash, as in this case.

In the report dated 28th December 2009, we identified the second amount of about $4.0 trillion needed for this corrupt purpose. Specifically, it would consist of:

• The difference between the Debt Subject to Statutory Limit of $9,959,850 million for Fiscal Year 2008, which was raised in December 2009, to $12.4 trillion. The difference is $2.4 trillion. The 2010 Federal Budget documentation estimated that the 2010 Debt Subject to Statutory Limit would be raised to $12,843,344 million, representing an increase from the previous cap of $2,884 billion: so there’s another $400 billion in the wings.

• The debt cap of $400 billion previously applicable to the former GSEs (Government-Sponsored Enterprises), Fannie Mae and Freddie Mac, was removed. Therefore, another $400 billion or so of official background debt based on Collateralised Debt Obligations and Collateralised Mortgage Obligations ‘can be’ floated, as the old cap has been discontinued.

• Obama’s 2,000+ page social engineering healthcare legislation will not only create brand new permanent cash pipelines, ripe for diversion by the kleptocracy into Fraudulent Finance trading operations, but will also be financed by an initial $1.0 trillion of ‘seed money’.

THERE’S THE DUPLICATED $4.2+ TRILLION
$2.9 trillion (taking the Statutory Debt Ceiling total estimated for FY 2010) plus $0.4 trillion from the removal of the cap applicable to the former GSEs plus the $1.0 trillion playmoney to be released with the Leninist healthcare legislation, yields $4.3 trillion = the counterpart to the diverted tax monies of approximately $4.2 trillion identified above.

TAX IS PAYABLE WITHIN 45 DAYS MAXIMUM OF PAYMENT
Now although the tax WAS taken from the Settlements monies effective 31st December – so that, as we pointed out, the taxes would be technically applicable to the 2009 calendar year – the hijacked Settlements payments had not been made by the time this report was posted.

Which may explain Clinton’s heart attack [see ‘mainstream’ reports], because:

• Taxes must be remitted within 30 days, plus an extension of 15 days, i.e. 45 days. Now 45 days after 31st December is Sunday 14th February 2010.

• The tax accruals that were taken out on 31st December have not been reflected in the US Treasury’s ledgers because these funds ‘appeared out of nowhere’. If the tax accruals from this source were to have been credited to the Treasury’s accounts, all the fancy creative accounting perpetrated by the Office of Management and Budget would be toast – as would all concerned, because the Treasury Secretary and everyone beneath him would be asked in unison:

‘What is the source of these funds?’

THE TREASURY SECRETARY CANNOT ANSWER THAT QUESTION
Neither the Treasury Secretary nor anyone else in authority can answer that question without lying; and they are not about to come clean and say: ‘The money on which the tax was based represents restitution monies to recompense victims for what officials and office-holders inside successive US Governments stole from them from 1984 onwards’.

THEY DIVERTED THE TAX MONEY, THEN PUT IT OUT
So the criminal financiers in the Treasury did what criminal financiers do: they diverted the money first, and then worked out what to do with it afterwards (in a manner of speaking). When they had decided what to do with the money, they:

• Bunged $100 billion of it to a well-known false-religion outside collaborating party, we’re told.

• Placed the bulk of it into contract: indeed we told you where they would be bunging it: into trading operations involving China Trust Bank (run by the ‘bad’ Chinese), Deutsche Bank, and Barclays Bank. As we know, Deutsche Bank AG is controlled by Dr Joseph Ackermann, who’s a partner in Deutsche AG (aka Barrington Investment Group) with Godfather George H. W. D. V. D. Bush Sr., Mikhail Gorbachëv (Orbach or Korbach), the former Soviet President who maintains a large office inside the Kremlin to this day, and Dr Helmut Kohl, former Chancellor of Germany.

• These are the three leading Illuminated Ones who created the scamming free-for-all stealing-fest with the take-down of the Soviet Union – the precursor to the second leg of the same intelligence operation: the take-down of the United States.

As we have also proved, these gentlemen (Financial Terrorists, rather) handle stolen funds, from which they benefit inter alia through their partnerships in Deutsche AG, St Gallen, Schweitz.

DIVERTED $4.2+ TRILLION WILL BECOME EMBEZZLED $4.3+ TRILLION
The problem here is that the Settlements MUST be paid out by midnight this Saturday, or else:

• The tax monies of approximately $4.2 trillion which have so far been diverted, will become EMBEZZLED FUNDS OVERNIGHT by Sunday morning 14th February 2010, which is to say:

• The criminal financiers holding highest offices will stand accused of having STOLEN $4.2+ trillion (approximately) from the US taxpayer – since these funds should be credited to the US Treasury’s books, and those who have been stealing and fiddling the books should face the consequences (the rest of their lives in jail, or execution at dawn for embezzlement in time of war).

• Alternatively, the diverted tax monies will need to have been recredited to the bank accounts holding the hijacked Settlements funds on 14th February at the very latest.

EMBEZZLEMENT OF $4.2+ TRILLION OF TAXPAYERS’ FUNDS
So, in the prevailing context, if we ask the straightforward question: ‘What are they covering up?’, we wind up with the following answers:

(1): An intent to embezzle $4.3 trillion of tax accruals belonging to the US taxpayer.

(2): If they don’t pay out the Settlements funds by midnight on 13th February 2010, a TECHNICAL DEFAULT BY THE U.S. TREASURY, as well; with the $4.3 trillion of tax monies belonging to the US taxpayer, ‘missing’: a US Government ‘insider’ scandal even bigger than CMKM/CMKX.

APPENDIX:
Former President Mikhail S. Gorbachev, working with former US President George H. W. Bush Sr., former German Chancellor Helmut Kohl and Dr Joseph Ackermann, all partners in Deutsche AG (formerly called Barrington Investment Group), Switzerland, stole a contract using the electronic tag to the securities account owned by Michael C. Cottrell’s Pennsylvania Investments, Inc., with Benchmark Securities, In., New Jersey, at a table-top meeting in Geneva on 7th October 2002 by the means described below, which included the electronic ‘forging’ of Mr Cottrell’s signature.

This theft was preceded by seven related thefts from Mr Cottrell’s firm’s securities account.

This means that former President Mikhail Gorbachev and former German Chancellor Helmut Kohl are financial criminals like George H. B. Bush Sr. and should be treated accordingly. Mr Gorbachev and Helmut Kohl have, as partners in Deutsche AG, by definition been profiting from the theft of Mr Cottrell’s contract and property, and also, as further revealed below, from proceeds from the theft of The Queen’s gold, which, we were informed at 1.15 am on 4th February 2010, have likewise been channelled through Deutsche AG, Switzerland. As of 2nd February 2010 [and as of 2nd March 2010: Editor], The Queen’s gold had not been restored.

• The proceeds of innumerable corrupt transactions involving these characters have been run through the DVD’s main institutions, Deutsche Bank and Dresdner Bank. So what is being exposed is that George H. W. Bush Sr. (CIA/DVD) and Mikhail Gorbachev (Soviet Military Intelligence (GRU) and KGB/FSB) have been ransacking American and non-American victims alike, and running this colossal open-ended racketeering through Germany, with the assistance of the former STASI of East Germany (who are GESTAPO in relabelled clothing). Hence the presence on the scene of STASI operatives such as Eva Teleki, a Swedish opera singer, and other operatives suspected of being continuing STASI agents, such as Chancellor Angela Merkel (the former Secretary of the Agitation and Propaganda Department of the Young Communists at Marx Lenin University, in East Berlin). This explains why Merkel was earlier fingered by this service as guardian in Germany of George Bush Sr.’s stolen and exploited racketeering assets with German institutions.

THE JAILING OF THE FORMER GOVERNOR OF THE BANK OF ENGLAND
In the summer of 2007, we reported that the former Governor of the Bank of England, Lord ‘Eddie’ George, had been arrested and briefly jailed. We further reported that the former Chairman of the Federal Reserve Board, Dr Alan Greenspan, had been arrested and jailed in June 2007 for a limited period of time (it is believed he has in fact been arrested several times). Greenspan served as the financial technician and engineer for George Bush Senior’s financial scamming and stealing ops.

We did not receive a letter from the late Lord George’s solicitors. We published this information in International Currency Review in 2007. Lord George died aged 70 in April 2009.

At 1.45pm on 2nd February 2010, the Editor made renewed enquiries in the course of a telephone call to the United States concerning the scandal of the stealing of The Queen’s gold, which took place during an unnanounced UK banking sector ‘blackout’ on Friday and Saturday 29th and 30th March 2007. In late January 2010, the Editor had re-established from ‘inside’ sources that the gold had NOT been restored. In answer to the Editor’s question on 2nd February, our US party stated:

‘They stole The Queen’s gold in London, not in the United States. Her Majesty can therefore prosecute the perpetrators in Britain and Europe’.

Even as this statement was being made, the transatlantic telephone line was JAMMED, JUST LIKE WHAT USED TO HAPPEN DURING THE COLD WAR. On restoring contact via another phone call, the Editor reiterated to his party what we have had occasion to state many times before: namely, that each time these people interfere with our communications blatantly like this, they simply confirm the accuracy and the direct and immediate relevance of what was being discussed.

The Editor was later informed by the same impeccable source that ‘the former Governor of the Bank of England, collaborating with the US criminals at the highest levels [the Bush/CIA/DVD Crime Syndicate via Greenspan], quote ‘exchanged The Queen’s gold for derivative pieces of paper, which are worthless’. Which explains why we did not receive a letter from Lord George’s solicitors.

It also explains the considerable alarm which arose after the Editor had to sever contact with a US operative on 15th May 2007 who, having been informed by the Editor that ‘the US Government has stolen The Queen’s gold’, arrogantly retorted: I find that hard to believe’.

• GORDON THOMAS: AGENT OF INFLUENCE AND AGENT OF DUPLICITY?
As indicated at the top of this report, Gordon Thomas is the author of the classically duplicitous statement (in the context explained by the Editor above): ‘It doesn’t matter that it’s not true. All that matters is that it’s out there’. Mr Thomas was very happy to convey this information to the Editor, having explained that MI-6 were bearing false witness against the Editor, to ‘make you sit up’.

The Editor duly ‘sat up’ in a manner not anticipated by the rather stupid operatives involved, in that this episode had the effect, as explained, of galvanising the Editor of this service to redouble his efforts to expose the rampant financial criminality that is destroying civilisation worldwide.

But here’s another little trick that Gordon Thomas played on the Editor of this service. Some years ago, the Editor made the mistake of writing an article for American Free Press, not knowing (at the time) that is outfit was the revamped SPOTLIGHT, a notoriously anti-semitic CIA ‘pod’, having the remit of running the anti-semitic compartment of the dialectic. The CIA maintains ‘Black’ cadres targeted at every key element; for instance, the LaRouche operation specialises in attacking the British and blaming Britain for everything. SPOTLIGHT blamed the Jews for everything.

Naturally, these shifty people didn’t pay the Editor the money he was owed for writing the article in question when they should have done; so the Editor appeared physically at their offices to collect a cheque, by prior arrangement. While he was in the office of the controller of this CIA operation, the phone rang. It was some journalist on The Daily Telegraph. This was a set-up: organised by Gordon Thomas on behalf of MI-6. The journalist had nothing much to say, said he would call this Editor the next day and of course never did.

The purpose of this operation was to ‘inform’ The Daily Telegraph staff that Mr Story works with a rabidly anti-semitic organ (untrue), without of course informing the Telegraph journalists that the publication in question is a ‘pod’ of the CIA. And the deeper rationale was to make absolutely sure that the results of this Editor’s truly devastating (for the criminalised intelligence cadres) findings would never receive any coverage in The Daily Telegraph. NASTY.

• Gordon Thomas ‘fixed’ this deception for MI-6

The other day, Gordon Thomas filled a whole page of The Daily Telegraph with an article on the Israeli operation using stolen or fabricated British passports. Since the Editor of this service has personal experience of the duplicitous behaviour of Gordon Thomas, all concerned are advised that any article by this person needs to be considered in the context of his duplicitous behaviour towards the Editor of this service. A journalist who deceives in real life, or acts as an agent for an intelligence service engaged in a deliberate deception operation against a loyal taxpaying patriot, may be liable to deceive in his articles. Since this Editor used to have large op-ed articles in The Daily Telegraph himself in the 1970s and early 1980s, these rather basic toxic facts have a certain resonance that may even penetrate the dark corridors in Vauxhall and Buckingham Palace Road.

The ultimate losers in this particular context will be The Daily Telegraph. This newspaper has failed to cover the biggest criminal finance investigation in history, and is thus in blatant dereliction of its duty as Fourth Estate to hold authorities firmly to account for their systematic flouting of the Rule of Law. We for our part will continue to do just that: official parties that haven’t got the message, in both London and Beijing, cannot expect to be spared the necessary exposures. They won’t be.

LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Hauppauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

• “ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

• “FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

• “Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957
• 97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

• Annunzio-Wylie Anti-Money Laundering Act
• Anti-Drug Abuse Act
• Applicable international money laundering restrictions
• Bank Secrecy Act
• 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 criminalist 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.

• BEWARE OF MALICIOUS IMITATIONS: It has come to our notice that certain websites have been in the habit of copying reports from this site, attributing the reports to the Editor of this service, but at the same time AMENDING AND INSERTING TEXT NOT WRITTEN BY THE EDITOR.

• This is a very old, malevolent US counterintelligence DIRTY TRICK.

Therefore, you should be advised that the GENUINE ORIGINAL REPORT is, by obvious definition, accessible ONLY FROM THIS WEBSITE. If you come across an article elsewhere that is attributed to the Editor of this service, you should refer to the ORIGINAL ARTICLE HERE and you should bear in mind that the illegally duplicated article may contain text that was NOT written by the Editor of this service, but which was inserted for malicious purposes by counterintelligence.

Likewise, although we haven’t yet had time to elaborate this issue, we have taken drastic steps around the world to close off the malicious piracy of our books. One technique used by several disreputable sites (in the United States, the Netherlands and Switzerland) is to copy our title(s) and (a) to display an image of the front cover WITHOUT THE ISBN DATA at the top of the cover; and (b) to DELETE THE COPYRIGHT PAGE. In so doing, the criminal pirates proclaimed that they knew perfectly well that they were/are engaged in theft and can be prosecuted for stealing copyright.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

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NON-U.S. INTERNET SECURITY SOLUTION CD AVAILABLE: FAR BETTER THAN NORTON ETC
It has now been established that the National Security Agency (NSA) works with/controls Microsoft, Norton, McAfee, and others, in pursuit of the Pentagon’s vast BIG BROTHER objective, directed from the ‘highest’ levels (not the levels usually referred to) which seek to have every computer in the world talk direct to the Pentagon or to NSA’s master computers.

This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

We use a proprietary FOREIGN Internet Security program which devours every PC Trojan, worm, scam, porn attack and virus that the National Security Agency (NSA) throws at us. We are offering this program (CD) to our clients and friends, at a premium. The program comes with our very strong recommendation, but at the same time, if you buy from us, you will be helping us finance ongoing exposures of the DVD’s World Revolution and the financial corruption that has been financing it.

The familiar US proprietary Internet Security programs are by-products of US counterintelligence, and are intended NOT to solve your Internet security problems, but to spy on you and to report what you write about, to centralised US electronic facilities set up for the purpose. You can now BREAK FREE from this syndrome while at the same time helping us to MAINTAIN THE VERY HEAVY PRESSURE UPON THE CRIMINALISTS WE HAVE BEEN EXPOSING, by ordering this highest quality FOREIGN (i.e., non-US) INTERNET SECURITY SOLUTION that we have started advertising on this website. This offer has been developed in response to attacks we have suffered from the NSA nerds who appear to have a collective mental age of about five years, judging by their output.

• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. The program has an invaluable ‘Preview before downloading’ feature.

• It is suitable for PC’s but not Mac computers. As with all such programs, the License is renewable at a modest fee annually. This is done on-line in the usual way [with the supplier direct].

LEGAL MOVES TO SUE THOSE BLOCKING THE SETTLEMENTS

cropped-chrisstory

U.S. PRESS IS IGNORING THE WORLD’S BIGGEST-EVER FRAUD CASE

Sunday 7 February 2010 01:15

• WALL STREET JOURNAL, WASHINGTON POST SILENT ON $3.87 TRILLION LAWSUIT

• U.S. NEWSPAPERS IN CONSPIRACY OF SILENCE RE GIGA-SUIT AGAINST THE S.E.C.

• BLOOMBERG, FORBES, HAVEN’T TOUCHED IT SO FAR, EITHER [UPDATE, 8TH FEBRUARY]

• S.E.C. GENERAL COUNSEL ACKNOWLEDGES CMKX/CMKM $3.87 TRILLION COMPLAINT

• LEGAL MOVES AGAINST THOSE BLOCKING THE RELEASES

• MORE WANTA FRAUD: THIS TIME HITCHED TO RAIL FUNDING

• APPARENT ATTEMPT TO EXTRACT RAIL FUNDS FROM TARP

• GORBACHEV, BUSH SR., KOHL AND ACKERMANN HANDLING STOLEN FUNDS

• NEW: http://viewer.zoho.com/docs/paKdda TO THE CMKM/CMKX COMPLAINT IS OK AGAIN

• NEW: SUDDEN RESIGNATION SYNDROME: THE RUSH FOR THE EXIT: SEE BELOW

• NEW: REP. JOHN MURTHA WHO DIED YESTERDAY, WAS ‘ON THE PAYROLL’: SEE BELOW

• NEW: The senior Federal Reserve official whom we mentioned had been arrested in London some days ago was, we now understand, arrested inside the Bank of England. We also understand that bankers arrested in London into the weekend of 6/7 February were inter alia ‘Hillary’s people’, and had their passports confiscated. Sources said that these arrested bankers were then ‘moved’.

• NEW: There is breaking news about developments in the DC area but we need further details and corroboration before reporting. The snow alibi (rationale for non-performance) breaks down if the pending information turns out to be confirmed. We may know more later today…

WORLD COURT IMMUNITY FOR THE FOUR CRIMINAL PRESIDENTS:
RECALL that in our report dated 23rd August 2009, we reported that President Obama, acting with George H. W. Bush Sr. (41), William Jefferson Rockefeller-Clinton (42) and George W. Bush Jr. (43), as a collective, DEMANDED IMMUNITY FROM PROSECUTION from the World Court.

Repeat: Mr Obama DEMANDED immunity for the collective of Presidents. This was disgracefully granted: whether it was conditional on the releases taking place, with no further sabotage, as we indicated at the time, remains unclear because the blocking tactics employed by these Presidents and their lackeys has continued as though no immunity from prosecution had been granted: which of course is standard procedure. No agreement with a serpent is meaningful or binding.

Self-evidently, and as we pointed out at the time, in seeking immunity from prosecution from the World Court, these four Presidents automatically self-condemned themselves as guilty criminals. Someone who has committed no crime needs no immunity. It would appear, therefore, that the World Court thought nothing of the facts, for instance, that George Bush Sr. has been profiting from the stealing of HM The Queen’s gold, and that the illegal diversion of the sovereign LOAN fund worth $6.2 trillion was a mere bagatelle. Likewise, the wrongs committed by these criminal Presidents against the Chinese parties will have been given the brush-off in the context that the Four Criminal Presidents were granted (conditional?) immunity.

At all events, that episode has meant that the war of attrition against the banking and intelligence sector associates of these Four Criminal Presidents has been unnecessarily prolonged, with heavy arrests reportedly taking place in London and elsewhere in recent days [CONFIRMED]. The World Court needs to take on board that so far as the Rest of the World is concerned, criminality by the holders of high office is no different to criminality perpetrated by the despised hoi polloi, and that this kind of perverse discrimination will not be tolerated. Which is why it has to be exposed.

MISPRISION OF FELONY: U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4:
‘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’.

‘Seeing what’s at the end of one’s nose requires constant effort’. George Orwell.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

• ADVERTISEMENT: Details of the INTERNET SECURITY SOLUTION software offered by this service in conjunction with a donation can be accessed immediately: See the Home Page World Reports Limited serials catalogue by clicking World Reports Limited and scrolling to foot of page. Scroll to the foot of THIS page to read our extended Ad. for the INTERNET SECURITY SOLUTION.

Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and ‘politically incorrect’ [i.e., correct] intelligence books online from this website.

• CMKM/CMKX CASE DOCUMENTS:
Press Archive for this report [29th January 2010]
Case Number CV10-00031 JVS (MLGx):
SERVICE OF CMKM.CMKX $3.87 TRILLION SUIT VS. S.E.C.
The biggest lawsuit in world legal history: The phantom share giga-scandal.

Note: If the current report [7th February 2010] is displayed, access the Archive for immediate display of our CMKM/CMKX report dated 29th January. All preceding reports, at least back to December, are also relevant to the current state of tension brought about by these gangsters.

• Tim Barello in New York has just advised the Editor [see below] that you can also access the CMKM/CMKX text at the following link: http://viewer.zoho.com/docs/paKdda

• HOWEVER OVERNIGHT THE EDITOR RECEIVED SEVERAL EMAILS ASSERTING THAT THE TEXT OF THE CMKM/CMKX CASE HAS BEEN REMOVED FROM THAT SITE: SEE BELOW. AND INDEED, THIS PROVED TO BE THE CASE.

• AT 2.15PM UK TIME ON 9TH FEBRUARY, NOT LONG AFTER WE RIDICULED THIS APPARENT SABOTAGE, HEY PRESTOSVILLE! THE LINK WAS WORKING AGAIN. TRULY MIRACULOUS!

NEW REPORT STARTS HERE:

WALL STREET JOURNAL, WASHINGTON POST SILENT ON $3.87 TRILLION SUIT
On or approximately 11th January 2010, Mr A. Clifton Hodges, of Hodges and Associates, Pasadena, California, lawyers for the CMKM/CMKX Plaintiffs in their suit against the Securities and Exchange Commission [SEC] [Case Number: CV10-00031 JVS (MLGx)] filed in the United States District Court, Central District of California, sent copies of the Complaint seeking monetary payment of $3.87 trillion in the biggest financial fraud case in world history, to the following two US newspapers:

• The Wall Street Journal.

• The Washington Post.

Mr Hodges informed the Editor of this fact by telephone from California in the early evening UK time on Saturday 6th February 2010.

By the date of this report, neither of these so-called ‘mainstream’ newspapers, had mentioned or covered this filing – notwithstanding that this is the biggest fraud case taken to court in history.

We hereby PROVE to you that the so-called ‘mainstream’ press and media in the United States are in fact, as we have repeatedly pointed out, FAILING in their Fourth Estate duty to hold authority to account. Or, to put the matter more succinctly:

• The Wall Street Journal and The Washington Post are disgracefully failing to inform the American and international publics about the biggest fraud case in world history, in which about 2.25 trillion of Phantom Shares were floated from within the very body body that is supposed to REGULATE the securities markets – the Securities and Exchange Commission itself.

U.S. NEWSPAPERS IN CONSPIRACY OF SILENCE RE GIGA-SUIT AGAINST THE S.E.C.
Whatever the reason for the dereliction of their duty to inform the American people and the world of this 2.25 trillion Phantom Shares case, failure to perform on the part of these components of the Fourth Estate confirms, beyond all doubt, that these big US newspapers are not doing their job properly. The papers have been in possession of $3.87 trillion complaint for three weeks already.

However, YOU have this information because WE have done a successful end-run around the so-called US ‘mainstream’ media. For the complete text of the CMKM/CMLX Complaint, requesting payment of $3.87 trillion, please refer to our posting of 29th January 2010. The Complaint will also be published in the forthcoming issue of International Currency Review [Volume 35, Numbers 1 & 2, pages F-47 to F-76] in facsimile format, for the record when this dimension of the immense financial corruption crisis needs to be reviewed by central banks, commercial banks, leading international institutions, banks, government agencies and governments worldwide now and in the future.

• UPDATE, 8TH FEBRUARY:
BLOOMBERG, FORBES, SO FAR SILENT ON WORLD’S BIGGEST-EVER OFFICIAL FRAUD CASE
A knowledgeable correspondent, emailing the Editor from the United States on 8th February 2010 [received at 22:03pm UK], reports: ‘I sent several financial reporters with Bloomberg, Forbes, and others a link to the original CMKM/CMKX post and detail of the case. I never received a reply from those emailed’. Unless Bloomberg and Forbes come through with a report on the biggest fraud case in world history soon, we will be able to deduce that these two outlets may be conspiring to try to cover up this colossal Securities and Exchange Commission scandal.

Naturally, so far, the comatose British financial and general press have paid no attention either. It’s not our policy to spoon-feed the media. Either they are on the ball or they aren’t. If they ignore this case, you can take it that you are being fed what they want you to read: which is self-evident, given their comprehensive failure to cover the reality that this is a FINANCIAL CRIMINALITY CRISIS, first and foremost, not a ‘technical hitch’ which can be fixed by technical means. It can’t be fixed until the criminal culture has been extirpated: and THAT’s what these so-called ‘mainstream’ outlets refuse to contemplate. One can readily speculate as to why this is the case.

• The Editor has also just heard from Tim Barello [8th February, 10:08 pm UK time, as follows:

Chris,
Not sure if you knew about this already, but I just wanted to send a quick note along about the availability of the actual CMKM lawsuit at http://viewer.zoho.com/docs/paKdda There have already been over 6800 views; the PDF can also be downloaded (which I have done) just in case this happens to conveniently disappear soon.

The link may provide a benefit to you, namely in silencing any scoundrels that maintain all of this is not really happening because The Wall Street Journal isn’t reporting it. Floyd Norris at The New York Times has written about CMKM before, but he won’t touch this? This state-of-affairs in US media is unacceptable and cannot continue much longer.

All the best to you, Tim

Tim Barello
Manhattan Headlines Examiner
http://www.examiner.com/x-9341-Manhattan-Headlines-Examiner

• As is indicated above, we received several indications by email overnight that the link to the CMKM/CMKX Complaint text at http://viewer.zoho.com/docs/paKdda was inoperative. But at 2:15pm UK time the link was operative again. No doubt it was realised that suppressing this text would be counterproductive. It seems we can even turn stuff off and on: shortly after we publicised the link, access to the Complaint text via http://viewer.zoho.com/docs/paKdda became inaccessible. Then, not long after we had ridiculed this idiocy, all of a sudden the link became accessible again.

S.E.C. GENERAL COUNSEL ACKNOWLEDGES CMKX/CMKM $3.87 TRILLION COMPLAINT
On 4th February, Kathleen Cody, Securities and Exchange Commission, Office of the General Counsel, Securities and Exchange Commission, wrote via Facsimile and Federal Express to Mr A. Clifton Hodges, lawyers for the CMKM/CMKX Plaintiffs, as indicated below.

In his telephone call on 6th February to the Editor of this service, Mr Hodges gave the Editor his permission to publish this letter:

United States
Securities and Exchange Commission
Washington, D.C. 20549
Office of the General Counsel

February 4, 2010

VIA FACSIMILE AND FEDERAL EXPRESS

Clifton Hodges, Esq.
Hodges and Associates
4 East Holly Street
Suite 202
Pasadena, California 91103
Fax No: (626) 564-9111

Re: David Anderson, et al. V. Christopher Cox, et al.,
No: 8:10-cv-31 (C.D. Cal.) (Santa Ana Division)

Dear Mr Hodges

I received your January 27, 2010 letter addressed to SEC General Counsel David Becker regarding service of the above-captioned civil complaint. Please be advised that the defendants are in the process of obtaining representation. When they retain counsel, their attorney(s) will contact you regarding service of the complaint to the extent that it makes claims against the defendants in their individual capacities.

To the extent that the complaint seeks declaratory relief against the current Chairman and Commissioners in their official capacities, I am authorized to accept service of the complaint for the official capacity claims only on behalf of the following defendants: Chairman Mary L Schapiro and Commissioners Kathleen L. Casey, Elisse Walter, Luis Aguilar, and Troy A. Paredes.

Sincerely,

Kathleen Cody, Esq.
Securities and Exchange Commission
Office of the General Counsel
100 F Street, N.E.
Washington, D.C. 20549-9612
Tel: (202) 551-5126
Fax: (202) 772-9263

LEGAL MOVES AGAINST THOSE BLOCKING THE RELEASES
On the 3rd February 2010, the Directors of Pennsylvania Investments, Inc., adopted the Corporate Resolution detailed below, and Michael C. Cottrell, B.A., M.S., made this Resolution available to the Editor of this service in the afternoon (UK time) of Saturday 6th February 2010:

Pennsylvania Investments, Inc.
1157 West 7th Street
Erie, PA 16502

Phone: (814) 455-9218
Fax: (814) 453-4453
Email: pii-mcc@msn.com
Pii3mcc@gmail.com

3 February 2010

CERTIFICATE OF ADOPTION OF CORPORATE RESOLUTION
I hereby certify that at a meeting of the Board of Directors of Pennsylvania Investments, Inc., a corporation organized and existing under and by virtue of the laws of the Commonwealth of Pennsylvania, held on the 3rd day of February, 2010 at which said meeting a quorum was present and acting throughout, the following resolutions were adopted and ever since have been and are now in full force and effect:

RESOLVED:
That Michael C. Cottrell, B.A., M.S., as President and Secretary hereby grants authority, from this corporation, to A. Clifton Hodges, Esq., Hodges and Associates, PLC, located at 4 East Holly Street, Suite 202, Pasadena, California, 91103 (TEL: 626 564-9797/Fax: 626 564-9111), to take the submitted bound documents – [being] Affidavits of Michael C. Cottrell, B.A., M.S. (dated 29th December 2008, 5th September 2008, and 3rd March 2009), and the “DUE DILIGENCE DOCUMENTATION: Part 1 regarding AmeriTrust Groupe, Inc., (copy #5)”, – and use said documents in a “John Doe” lawsuit against named and unnamed person(s) that are blocking the release of the “Settlement Funds”, including but not limited to Fifteen Billion US Dollars payment to this corporation, and the Six Point Two Trillion US Dollar loan from Her Majesty, The Queen of England [Sovereign of The United Kingdom of Great Britain and Northern Ireland: – Ed: insertion by authorisation].

IN WITNESS WHEREOF, I have hereunto set my signature for said corporation this 3rd day of February, 2010.

[Signed and dated]
Michael C. Cottrell, B.A., M.S.
President and Secretary

[Signed and dated]
Diane R. Cottrell, B.A., M.A.
Shareholder.

This Certificate of Adoption of Corporate Resolution was despatched by Fedex under US Airbill Number 8617 5518 0308 on 4th February 2010. Hodges and Associates received the package on 5th February 2010. As indicated above, Mr Hodges telephoned the Editor of this service to the above effect on Saturday 6th February 2010.

MORE WANTA FRAUD: THIS TIME HITCHED TO RAIL FUNDING
At 3.00pm UK time on Saturday 6th February 2010, the Editor received a telephone call from a trusted US contact with inside information and sources, to the following effect:

• Within the past month or so, the US Department of Transportation contacted the felon Leo/Lee E. Wanta in Chippewa Falls WI, and informed him point blank that they [DOT] will NOT deal with him in connection with US rail facilities developments. Mr Wanta was also advised by the Department of Transportation that the relevant trade unions will not deal with him either.

On 5th February 2010, Mr Wanta promulgated through the disinformation agent Thomas Heneghan, the following misleading and fraudulent statement:

On Tue, 12/8/09, US Department of Transportation Reference Service…… wrote:

From: US Department of Transportation reference Service
Subject: US District Court Approval for Lawful Repatriation of Amb Wanta’s US Dollars 4.5 trillion Cash Fund [Incident: 091208-000032]
To; somam@prodigy.net
Date: Tuesday, December 8, 2009, 3:27 PM

Dear DOT Customer
Thank you for contacting the US Department of Transportation Reference Service. This initial response is to acknowledge that we received your question. Your question reference number is listed below. We strive to answer each question we receive by referring you to the appropriate web-page, publication or subject-matter expert. We try to respond to all questions within 4 business days. Sincerely,

Reference Service
National Transportation Library
Bureau of Transportation Statistics
Research and Innovative Technology Administration
US Department of Transportation
Question Reference: #091208-000032
Summary of Answers:
US District Court Approval for Lawful Repatriation of Amb Wanta’s
US Dollars 4.5 trillion Cash Funds
Date Created: 12/08/2009 03: 27 PM
Status: Unresolved

Discussion Thread
Customer (Ambassador Lee Emil Wanta)
Date: Tuesday, December 8, 2009, 2:19 PM

For your valued consideration, as to: – L’ambassadeur Wanta to fully CASH fund and build the proffered AmeriRail High Speed Railroad [HSR] Transportation programmes, authorizing an immediate One Million [1,000,000] New Career Opportunities forthwith through 2015, or longer… plus the permanent career job opportunities for AmeriRail [HSR] Railroad of Fifty Thousand [50,000], minimum without any US Government funding and/or grants, with fully paid HealthCare benefits, inter alia. Thank you.

The Principality of Snake Hill
Attn: Snake Hill Central Bank
Chairman, Ambassador Lee E. Wanta
Postal Box 488, Baulkham Hills
NSW 2153 [Australia].
USA DC Embassy Telefon [sic]: 202- 379 2904 ext 001

The following facts are pertinent:

(1): As indicated, and probably in response to the foregoing communication, the US Department of Transportation has made it clear to Mr Wanta that they will NOT be prepared to deal with him under any circumstances.

(2): The rail unions have likewise conveyed the same message, through the Department of Transportation to Mr Wanta.

(3): The foregoing communication purports to represent that a matter as stated is before the US District Court. To the best of our knowledge and belief this is not the case, and we were so advised in the course of the transatlantic telephone call received at 3:00pm on Saturday 6th February 2010.

(4): As confirmed by our reports [Archive] dated 20th September 2009, 22nd October 2009 and 17th November 2009, and also in our report dated 26th Janbuary 2010, there is no such entity as The Principality of Snake Hill in Australia. For the further elimination of doubt [except in Mr Wanta’s evidently deluded mind], here is the proof of that statement:

That there is no such thing as The Principality of Snake Hill was CONCLUSIVELY PROVED in our reports dated 20th September, 22nd October and 17th November 2009 [see ARCHIVE], following our initiative in obtaining succinct and direct confirmation from the Australian Embassy in Dublin that of course there are no Principalities in Australia:

Specifically, Ms. Brenda Farrell, of the Australian Embassy in Dublin, confirmed on 23rd September 2009 to one of the Editor’s private associates, Richard Sharpe, from Ireland, the self-evident fact that there is no Principality in Australia:

“Austremb Dublin” <Austremb.Dublin@dfat.gov.au> wrote:

Dear Mr Sharpe,

Thank you for your email.

There is no principality in Australia.

Kind regards

Australian Embassy
Dublin
Tel: +353 (0) 1 664 5300
Fax: +353 (0) 1 678 5185

(5): It follows that the communication to the US Department of Transportation referenced above, like Wanta’s faxed communications to President Obama on Christmas Day and his further faxed communication to President Obama dated 18th January 2010, being sent under the false pretence of coming from The Principality of Snake Hill, represent fraudulent communications.

(6): Mr Wanta is not an Ambassador, so that designating himself as such, is fraudulent. His current false Ambassadorship hinges on the pretence that he is the Ambassador to the United States for the Principality of Snake Hill. But as no such Principality exists, that representation is fraudulent, although the disinformation agent Thomas Heneghan perpetuates this deception on his behalf (and is therefore a continuing party to this deception).

(7): The response cited above from the US Department of Transportation is merely an automated email response and has no relevance whatsoever. It merely indicates that Mr Wanta contacted the US Department of Transportation.

APPARENT ATTEMPT TO EXTRACT RAIL FUNDS FROM TARP
During the week ending on 5th February 2010, and in the preceding week, various Obama Administration officials promulgated announcements concerning alleged funding for US High-Speed Rail projects. Mr Obama mentioned a figure of $8.0 billion in this connection.

The way all this can be construed is as follows:

• This is an operation to attempt to attach, and then extract, big funds via putative High Speed Rail projects – but NOT FOR High Speed Rail. The network that America needs will probably cost at least $300 billion. That consideration alone reveals that this little campaign is suspect.

• Moreover the Obama Administration officials and Obama himself, who have suddenly started spouting in unison about this, appeared to be operating at cross-purposes to the Department of Transportation itself, which informed Mr Wanta in no uncertain terms, as noted, that they will NOT deal with him, and neither will the rail unions.

• Therefore, this operation represents a pathetic attempt on Wanta’s part to claw credibility out of a rail project notwithstanding that the DOT won’t deal with him, and an even more pathetic – and quite disgraceful – operation by Obama and officials to extract prospective funding from TARP (of about $30 billion, we understand) ostensibly for High Speed Rail, but in reality not necessarily for the project itself. One can imagine what would happen to the money if it were to be forthcoming.

(8): In addition to being a felon who therefore cannot own a bank account in his own right, Mr Wanta is a thief who has stolen funds of others, including the Editor’s $35,000 loan plus interest, as it has unfortunately been necessary for us to reiterate.

• That explains why the Department of Transportation won’t deal with him.

• Stealing other people’s money is ‘what these people do’. That’s all they know:

GORBACHEV, BUSH SR., KOHL AND ACKERMANN HANDLING STOLEN FUNDS
May we further remind you of the intelligence published at the top of our report [Archive] of 4th February, which revealed that Mikhail Gorbachëv former President of the Soviet Union, George H. W. Bush Sr., former President of the United States, Chancellor Helmut Kohl, former Chancellor of Germany, and Dr Joseph Ackermann, CEO of Deutsche Bank AG, all as partners in Deutsche AG, Switzerland (formerly Barrington Investment Group) have been proven by this service to handle and benefit from stolen funds. All four king-pins are therefore Financial Terrorists, engaged in massive racketeering operations and should be investigated, arrested and indicted under anti-terrorism legislation, which includes Financial Fraud and money-laundering.

The relevant text is repeated here for your convenience:

WITH DEUTSCHE AG PARTNERS HELMUT KOHL, BUSH SR., AND ACKERMANN, GORBACHEV ALSO BENEFITED FROM THEFT OF THE QUEEN’S GOLD AS A PARTNER IN DEUTSCHE AG

RACKETEERING THROUGH GERMANY BY GORBACHEV, KOHL, AND THE U.S. GANGSTERS
In the following analysis, everything starts coming decisively together. We now prove that former President Mikhail S. Gorbachev, working with former US President George H. W. Bush Sr., former German Chancellor Helmut Kohl and Dr Joseph Ackermann, all partners in Deutsche AG (formerly called Barrington Investment Group), Switzerland, stole a contract using the electronic tag to the securities account owned by Michael C. Cottrell’s Pennsylvania Investments, Inc., with Benchmark Securities, In., New Jersey, at a table-top meeting in Geneva on 7th October 2002 by the means described below, which included the electronic ‘forging’ of Mr Cottrell’s signature. This theft was preceded by seven related thefts from Mr Cottrell’s firm’s securities account, itemised below.

This means that former President Mikhail Gorbachev and former German Chancellor Helmut Kohl are financial criminals like George H. B. Bush Sr. and should be treated accordingly. Mr Gorbachev and Helmut Kohl have, as partners in Deutsche AG, by definition been profiting from the theft of Mr Cottrell’s contract and property, and also, as further revealed below, from proceeds from the theft of The Queen’s gold, which, we were informed at 1.15 am on 4th February 2010, have likewise been channelled through Deutsche AG, Switzerland. As of 2nd February 2010, The Queen’s gold had not been restored. [In view of what we allude to but cannot divulge below, this grim situation may have changed on 3rd February, but we don’t know whether this is the case, yet].

• The proceeds of innumerable corrupt transactions involving these characters have been run through the DVD’s main institutions, Deutsche Bank and Dresdner Bank. So what is being exposed is that George H. W. Bush Sr. (CIA/DVD) and Mikhail Gorbachev (Soviet Military Intelligence (GRU) and KGB/FSB) have been ransacking American and non-American victims alike, and running this colossal open-ended racketeering through Germany, with the assistance of the former STASI of East Germany (who are GESTAPO in relabelled clothing). Hence the presence on the scene of STASI operatives such as Eva Teleki, a Swedish opera singer, and other operatives suspected of being continuing STASI agents, such as Chancellor Angela Merkel (the former Secretary of the Agitation and Propaganda Department of the Young Communists at Marx Lenin University, in East Berlin). This explains why Merkel was earlier fingered by this service as guardian in Germany of George Bush Sr.’s stolen and exploited racketeering assets with German institutions.

• Vladimir Vladimirovich Putin, who is a senior Soviet GRU operative, was based in East Germany before he migrated to Leningrad, and is believed to have been responsible for orchestrating, at least from the Soviet side, the clockwork ‘collapsible communism’ operations in Eastern Europe. Gorbachev has been reported to us to operate from a large wing of the Kremlin, as though he never left the place. Which he didn’t. He’s been at the centre of this criminality THROUGHOUT.

• Leo Wanta, who answers the phone in German, was the courier between George H. W. Bush Sr. and Mikhail Gorbachev. Although he says he’s Polish, we think this felon and fraudster (who has stolen this Editor’s loan plus interest) may be a DVD operative/double agent, possibly STASI.

• Note: It is standard CIA ‘tradecraft’ practice to usurp the expertise of outside professional talent if it is not available in-house or by some other means. In this context, the CIA perpetrators needed a US securities expert with impeccable credentials and a securities account. What the CIA does is apply its standard Bush-style ‘bait and switch’ technique, exploiting and maximising the potential of the usurped professional expertise, before rejecting it and stealing the assets associated with it.

That’s what happened to Michael C. Cottrell, B.A., M.S. This procedure also explains Wanta’s ‘use’ of Mr Cottrell for his failed AmeriTrust Groupe, Inc. operation, because Mr Michael C. Cottrell has the requisite securities market expertise and account facilities, which were applied for the benefit of Mr Wanta. Note also that Steven Goodwin, the Wanta Attorney in Richmond, VA, who accepted this Editor’s $35,000, which Wanta stole, was born, as stated previously, in Dusseldorf.

NEW: ADDED 9TH FEBRUARY: SUDDEN RESIGNATION SYNDROME
All of a sudden, Chairmen, Chief Executive Officers, Chief Financial Officers etc., are rushing for the exit. In the space of a sample two-week period in late January and early February, the following incomplete list of SUDDEN RESIGNATIONS was monitored. In most cases, the resignation took place on the day, or the day following, the resignation announcement. In some cases, a resignation date in the near future was announced. What lies behind this rush for the exit?

Generically, the likely explanation is as follows. Accountants are extremely vulnerable to being sued for negligence by Boards of Directors, more so than ever before. Therefore, on spotting dodgy transactions, they are not hesitating to inform the Boards of their clients, who in turn are acquainting themselves of the transactions in question and reacting in scapegoat mode by firing their Chairman, CEO or CFO in short order. This list is far from complete, and should be viewed in the context of continuing reports of arrests of bankers (such as the reportedly heavy arrests of bankers serving the interests of the Bush Crime Syndicate et al known to have taken place inter alia in London into the weekend of 6-7 February 2010). The sudden resignations of CEOs etc. are another front where the wall of resistance to the clean-up is collapsing. Here’s the list:

SELECTED TOP RESIGNATIONS MONITORED DURING
TWO WEEKS, LATE JANUARY-EARLY FEBRUARY 2010

Abercrombie & Fitch Co., top resignation reported
Aerospatiale, 01 March, CEO resigned
AGResearch, CEO announced 04 February he’ll resign effective 30 June
Alfa, a Mexican holding group, 06 February, CEO resigned
Arbitron, top resignation reported
Argentine Central Bank, top resignation reported
Bank Leumi Le Israel, Chairman resigned, 24 January
Bartow Regional Medical Center, top resignation reported
Bergen Group, CEO Rosenberg resigned
Borders Books, top resignation reported
CLICO, top resignation reported
Commerce Resources, top resignation reported
Connaught Plc, Mark Davies, CEO, 29 January, will resign at end of financial year
Cook Islands Trourism, 20 January, CEO John Dean resigned
Empire Aero, top resignation reported
Endo Pharma, top resignation reported
Ethan Allen institute, 03 February, President Rick Bornemann resigned
Fahrney-Keedy Home & Village, 28 January, CEO Jay Shell resigned
France Telecom, 02 February, CEO resigned
Gasco, CEO Mark Erickson, 01 February, resigned
Golden Harp, top resignation reported
GrainCorp, Mark Irwin, 28 January, resigned
Hong Kong Exchanges & Clearing, Chief Financial Officer resigned
Ingersoll-Rand, CEO, 10 February, resigned
Lenovo, CEO, 05 February, resigned
Lihir Gold Ltd, top resignation reported
Medical Developments International Ltd, 03 February, CEO Chris Rossidis resigned
Meredith Corporation, top resignation reported
Mirada, Chairman resigned
Motion Picture Television Fund, Dr David Tilman, CEO, 03 February, resigned
NB Power, top resignation reported
Netplay TV, Finance Director Halverson, 29 January, resigned
Norzucker, 29 January, CEO of German sugar refiner resigned
Nuplex, CEO top resignation reported
NV Energy, Chief Financial Officer resigned
Parlux Fragrances, Inc., 29 January, Chairman and CEO Neil J. Katz, resigned
Phumelala, top resignation reported
Red Bull, top resignation reported
Remedial Offshore, top resignation reported
Royal Bank of Scotland, 1,000 bankers, 06 December 2009, resigned
San Francisco AIDS Foundation, top resignation reported
SAP, 07 February, CEO Leo Apotheker resigned
Shanda Interactive, top resignation reported
Sun Microsystems, J Schwartz, CEO, 28 January, resigned
Syntel, 02 February, CEO resigned
TransWorld Entertainment, 16 February, President and CEO Jim Litwak resigned
Uranium International Corporation, 29 January, CEO Marek J. Kreczmer resigned
Wellpoint, 01 March, Chairman resigned
Western Australia Business News, top resignation reported
YTB International, top resignation reported
Zain Telecom, Kuwait, 03 February, CEO Saad al-Barrak submitted resignation.

REP. JOHN MURTHA WHO DIED YESTERDAY, WAS ‘ON THE PAYROLL’
Intelligence obtained by this service on 9th February confirms that Representative John Murtha, Democratic, Central Pennsylvania, was ‘on the payroll’, i.e. at the receiving end of dirty money. He died suddenly, aged 77, from ‘complications following a gall bladder operation’.

The following report on Murtha has been disseminated by ABC News:

EXCLUSIVE: FBI Raided Lobbying Firm Connected to Murtha
Feds Narrowing In On Companies With Ties To Congressman

By EMMA SCHWARTZ and JUSTIN ROOD
February 9, 2009

The FBI raided the offices of a defense lobbying firm with close ties to Democratic Rep. John Murtha (Penn.), sources tell ABC News.

The FBI searched the VIRGINIA headquarters of the PMA Group in November 2009, according to the sources, who spoke on the condition of anonymity. PMA was founded by former congressional aide Paul Magliochetti and specializes in winning earmarked taxpayer funds for its clients.

Good government groups have long criticized John Murtha’s cozy relationship with a handful of lobbyists and defense firms, ties that see millions of dollars in government spending go out from Murtha’s office, and hundreds of thousands in campaign donations come in. Murtha has said his earmarking has helped revive his economically depressed district.

PMA is the second company with close ties to Murtha to be raided by Federal agents recently. In January, agents from the FBI, the IRS and the Defense Criminal Investigative Service searched the office of Kuchera Industries and Kuchera Defense Systems, as well as the homes of the firms’ founders. The companies reportedly have received over $100 million in earmarks, thanks to John Murtha’s efforts…. [link to abcnews.go.com]. ENDS.

LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Hauppauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

• “ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

• “FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

• “Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957
• 97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

• Annunzio-Wylie Anti-Money Laundering Act
• Anti-Drug Abuse Act
• Applicable international money laundering restrictions
• Bank Secrecy Act
• 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 criminalist 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.

• BEWARE OF MALICIOUS IMITATIONS: It has come to our notice that certain websites have been in the habit of copying reports from this site, attributing the reports to the Editor of this service, but at the same time AMENDING AND INSERTING TEXT NOT WRITTEN BY THE EDITOR.

• This is a very old, malevolent US counterintelligence DIRTY TRICK.

Therefore, you should be advised that the GENUINE ORIGINAL REPORT is, by obvious definition, accessible ONLY FROM THIS WEBSITE. If you come across an article elsewhere that is attributed to the Editor of this service, you should refer to the ORIGINAL ARTICLE HERE and you should bear in mind that the illegally duplicated article may contain text that was NOT written by the Editor of this service, but which was inserted for malicious purposes by counterintelligence.

Likewise, although we haven’t yet had time to elaborate this issue, we have taken drastic steps around the world to close off the malicious piracy of our books. One technique used by several disreputable sites (in the United States, the Netherlands and Switzerland) is to copy our title(s) and (a) to display an image of the front cover WITHOUT THE ISBN DATA at the top of the cover; and (b) to DELETE THE COPYRIGHT PAGE. In so doing, the criminal pirates proclaimed that they knew perfectly well that they were/are engaged in theft and can be prosecuted for stealing copyright.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

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• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

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*VISTA: Virtual Instant Surveillance Tactical Application.

OFFICIAL: MONEY SABOTEURS = ECONOMIC TERRORISTS

cropped-chrisstory

U.S. JUSTICE DEPARTMENT TO INVESTIGATE AND PROSECUTE ALL OFFENDERS

Monday 28 December 2009 03:30

NOTE: The Editor’s late Christmas and New Year essay on Temptation can be accessed at the ARCHIVE. An extended new report on the current situation with massive exposures is pending.

PURGE WILL EMBROIL PAST AND PRESENT ELECTED, APPOINTED AND CAREER OFFICIALS, INCLUDING INTELLIGENCE OPERATIVES, AS WELL AS NON-GOVERNMENT SABOTEURS

ON CONVICTION, THE PENALTY FOR TREASON IN TIME OF WAR IS SUMMARY EXECUTION

CHANGE OF POLICY IMPOSED BY INTERNATIONAL ENFORCEMENT: ATTORNEYS GENERAL MUST IMPLEMENT THE NEW JUSTICE POLICY, OR THEY THEMSELVES WILL BE ARRESTED BY INTERPOL AND MAY FACE, UNDER U.S. LAW, SUMMARY EXECUTION FOR TREASON

28th December: A trusted source informs us that Kurt Haskell, a lawyer from Michigan, is the source of the following UNCONFIRMED information: The Nigerian involved in the suspected false-flag attempt on the aircraft flying from Schiphol, Amsterdam, to Detroit, was accompanied by a well-dressed Western male who accosted security staff at the Dutch airport and ordered them to allow the Nigerian to pass through security without a passport check and a proper security search. The security staff stated that they would have to consult superiors, which they did. The Nigerian was then allowed through controls without any impediment. Looks like a US Homeland Security set-up.

THE SEQUEL TO THE ABOVE SCANDAL HAS BEEN MOVED TO THE FOOT OF THIS REPORT:
Successive updates have been added on 30th December 2009, New Year’s Day and on 2nd January 2010: SEE FOOT OF THIS REPORT: THIS CACK-HANDED DECEPTION IS COLLAPSING IN REAL-TIME. IT REPRESENTS A COLOSSAL DEVELOPING CRISIS FOR THE INTELLIGENCE POWER.

UPDATE, 30TH DECEMBER 2009: Far-reaching developments have been reported to us from Paris, London and Dallas, which will be incorporated into the next report, after the prevailing situation has ‘crystallised’. It was reported to us that some 12-14 banking employees were arrested in the City of London yesterday. The Editor sought guidance as to whether the hanging of a British-Asian jailed in China in 2007 for importing cocaine into the country had any implications in the ongoing context of the joint Lien Holders’ activities, backed by INTERPOL and the international community, and has been informed by intelligence sources that our initial impression of a split is unfounded.

NEW YEAR’S DAY, 2010: The current state of affairs will be updated when it is appropriate and helpful for us to do so. It would be nice to do so now, but we can’t responsibly do it!

HAPPY New Year. It will be much better than advertised.

MISPRISION OF FELONY: U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4:
‘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’.

FOR SEVERAL YEARS WE HAVE CARRIED THIS RUBRIC AT THE FOOT OF EACH REPORT:

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Globalist hegemony ideology and practice are comprehensively debunked in the Editor’s study entitled The New Underworld Order, which can be ordered via the books section of this website. If you want to see what may well happen if the angle of decline steepens much further, you could do worse than also order a copy of The Red Terror in Russia, by the contemporary Russian eyewitness Sergei Melgounov, another Edward Harle Limited book available direct from this website. Also, the Editor’s study entitled The European Union Collective, which proves that the EU is a long-range strategic entrapment operation to reduce European countries to satrap status within a German empire using economic strategy for relentless economic warfare purposes, can be bought here.

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By Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and our ‘politically incorrect’ intelligence books online from this website.

NEW REPORT STARTS HERE:

POLICY CHANGE AT THE U.S. DEPARTMENT OF JUSTICE:
ALL U.S. FINANCIAL SUBVERSIVES NOW TREATED AS ECONOMIC TERRORISTS

OPERATIONS TO PERPETUATE FRAUDULENT FINANCE IN JEOPARDY ACROSS THE BOARD

GROSS ABUSE OF FINANCIAL AND POLITICAL POWER

OBTUSE REFUSAL TO ACCEPT THE REALITY OF THE DISCONTINUITY

CONTINUED RECKLESSLY CRIMINAL FINANCE INTENTIONS

‘THESE PEOPLE SHOULD BE ROUNDED UP AND SHOT’

REPORTED INTENT TO DIVERT $4.0 TRILLION OF PUBLIC FUNDS

NEW SCAM INVOLVING CHINA TRUST BANK, DEUTSCHE BANK, BARCLAYS BANK

TAX DUE ON SETTLEMENTS MUST CRYSTALLISE IN 2009.

MASSIVE $ FINANCIAL SQUEEZE IN PROSPECT OTHERWISE

BROKEN ‘CHRISTMAS PROMISES’ AND THEIR CONSEQUENCES

STORE SHELVES HALF BARE IN SOME U.S. CITIES

WE IDENTIFY TWO KEY SABOTEURS OF THE SETTLEMENTS

THE 9/11 MASTERMINDS AND WHY THEY MURDERED 12,000 PEOPLE

SILVERSTEIN PROPERTIES AND CONGRESS FACED HUGE ASBESTOS EXPENDITURE

WHAT THE 9/11 ABOMINATIONS ACHIEVED FOR THE CROOKS

AN IMMENSE COVER-UP BY COMPROMISED U.S. OFFICIALS

ANOTHER POINTLESS ATTEMPT TO ‘SHUT US UP’

WHY THE COPENHAGEN LIE-FEST COLLAPSED

BUILDERS OF ‘THE NEW UNDERWORLD ORDER’ COVERED IN THEIR OWN ORDURE

CRUDE DECEPTION AND LIES ENTRAP THE PERPETRATORS

A PARTIAL ANATOMY OF THE GLOBALIST ‘COPENHAGEN DECEPTION’

‘GLOBAL WARMING’ HAD TO BE SWITCHED TO ‘CLIMATE CHANGE’

CHILDISH ‘CLIMATE CHANGE’ TRASH PROPAGANDA IN THE ‘MAINSTREAM’ MEDIA

THE FAILED OBJECTIVE: A ‘BIBLICALLY UNCHALLENGEABLE’ COVER
FOR HALF A CENTURY OF FRAUDULENT FINANCE TRADES

‘CLIMATE CHANGE’ AGREEMENT: COVER FOR MOVING MONEY AND FRAUDULENT FINANCE

WESTERN LEADERS CAUGHT BEHAVING LIKE IDIOTS BEFORE THE WORLD’S PRESS

LEADERS PURSUE INTERNATIONALIST AGENDAS
WHILE SKIMPING THEIR DOMESTIC RESPONSIBILITIES

RELATED SPLIT AT THE HIGHEST LEVEL OF THE BRITISH GOVERNMENT

PUBLIC CONSUMPTION EXPLANATIONS HIDE TRUTH BEHIND THE DOWNING STREET SPLIT

OTHER RECENT DEVELOPMENTS: BACK IN WASHINGTON, D.C.

‘BRUTAL HORIZONTALISATIONS’ REPORTED FROM EUROPE AND THE UNITED STATES

‘FOREIGN SUITS’ CONDUCTING AUDITS INSIDE THE FED

UNREPORTED INTERPOL SHOWDOWN AT REAGAN NATIONAL AIRPORT

FAILURE OF THE ‘MAINSTREAM’ TO REPORT, AND WHY THIS DOESN’T MATTER NOW

THE ENTIRELY NEW SITUATION FACING THE SABOTEURS

POLICY CHANGE AT THE U.S. DEPARTMENT OF JUSTICE:
ALL U.S. FINANCIAL SUBVERSIVES NOW TREATED AS ECONOMIC TERRORISTS
We can now reveal, on the basis of impeccable authority divulged to us on 26th December 2009 from ‘inside the US structures’, that the US Department of Justice within the Executive Branch has implemented a fundamental POLICY CHANGE and has determined, within the past three weeks or less, and against the background of the calamity surrounding the Lien in the immense sum of $47 trillion activated on about 6th December and imposed by the sovereign Lien Holders – the Chinese parties and the British Monarchical Power – as follows:

ALL individuals and entities within the United States’ jurisdiction that have participated in the stealing, diversion and conversion of funds belonging to others, INCLUDING past and present officials. both elected and appointed, within the US Government and its structures, WILL BE INVESTIGATED AND PROSECUTED FOR ECONOMIC TERRORISM perpetrated against the United States and the American people (and the Rest of the World). Specifically:

ANYONE, whether officials in, or formerly in Government, whether CEOs of financial institutions or lower-ranking bankers, partners in ‘involved’ US law firms, intermediaries and US intelligence operatives and others who have been engaged in obstructing the Settlements process by ANY MEANS WHATSOEVER AND AT ANY TIME IN THE PAST, and who have, by their actions or by their inactions, contributed to the DELAY, are now being treated as ECONOMIC TERRORISTS.

This policy applies to the holders of the highest officers as well as to their subordinates, both past and present. It will inevitably lead to exposure of the 9/11 abominations [see below].

Perpetrating ECONOMIC TERRORISM will be, and is to be, treated as TREASON by virtue of the fact that it entails DECLARING ECONOMIC WARFARE AGAINST THE UNITED STATES OF AMERICA AND ITS PEOPLE, AND AIDING AND ABETTING THE ENEMIES OF THE UNITED STATES.

The penalty for TREASON IN TIME OF WAR is summary execution.

This decision PRECISELY REFLECTS what we have been proclaiming via this column for the past three years. We are informed that the US Justice Department has at long last understood what we have been saying, and has been galvanised by the horrendous implications of the $47 trillion Lien on the US Treasury and its decisive ramifications, into adopting the foregoing as CONFIRMED OFFICIAL POLICY from which no deviation will be permitted.

It follows that the US Attorney General and all the State Attorneys General are now obliged to act vigorously on the basis of the mentioned POLICY CHANGE, or they themselves can be arrested for obstruction of justice by INTERPOL personnel and then extradited to a relevant jurisdiction such as the British jurisdiction for defying obligations imposed upon them by International Law, OR ELSE SUBJECTED TO THE FULL RIGOURS OF AMERICAN LAW, WHICH PRESCRIBES SUMMARY EXECUTION FOR TREASON IN TIME OF WAR. ECONOMIC TERRORISM IS TREASON.

It should NOT be assumed that this POLICY CHANGE arises because of a change of heart at the US Department of Justice (resulting for instance from reading our reports). On the contrary:

This POLICY CHANGE is a direct consequence of the situation arising from the implementation of the Lien and the drastic enforcement measures being taken inside the United States by the massed international cadres and ‘men in suits’ referenced in recent reports and below.

President Obama’s Executive Order Amending Executive Order 12425 dated 16th December and publicised by the Office of the Press Secretary, at the White House, on 17th December, to ‘extend the appropriate privileges, exemptions, and immunities to the International Criminal Police Organization (INTERPOL)’ is associated with this POLICY CHANGE at the Justice Department.

Finally, since this is, as reiterated, an officially determined POLICY CHANGE, its implementation is NOT dependent upon finalisation of the Settlements. This reality should quickly lodge itself inside the brains of the official and financial sector criminal financiers, who all now face investigation and prosecution ANYWAY. Obviously, if they still persist with their obstruction, thefts and diversionary operations, they will merely be increasing their chances of being summarily executed for treason.

OPERATIONS TO PERPETUATE FRAUDULENT FINANCE IN JEOPARDY ACROSS THE BOARD
This places an entirely new slant on what follows in this report, all of which (except remarks at the end) was written BEFORE the above information was made available to us. It indicates that shifty operations such as the examples cited below are in severe trouble and it probably spells the end of all such attempts to steal and divert funds from the Settlements or in any other context.

The entire focus of the gangsters holding high office in the United States, and their collaborators at the top and within the co-conspiring criminal financial enterprises (Citibank, Bank of America, Bank of New York Mellon, Morgan Stanley, JP MorganChase, Wachovia, Deutsche Bank, Dresdner Bank, Barclays Bank et al), has all along, since the discontinuity of 10th-12th September 2008, been to reconstitute the Fraudulent Finance carousel as though there had been no discontinuity.

GROSS ABUSE OF FINANCIAL AND POLITICAL POWER
This focus has nothing whatsoever, obviously, to do with good governance, with high officials privileged to serve the people meeting their responsibilities and top bankers carrying out their fiduciary obligations in accordance with the Rule of Law, but everything to do with perpetrating economic and financial terrorism against the American people and the Rest of the World.

So far, the Obama Administration has achieved precisely nothing, and if matters are not rectified forthwith (and we mean forthwith) his first two years in office, if he survives at the White House, will have been two years of criminal operations and zero legitimate achievements.

Even his dubious 2,000-page pork-barrel health care legislation, approved by the Legislative Branch on Christmas Eve, like the convoluted and prescriptive Copenhagen Climate Change umbrella deception [see below], was intended to free up open-ended funds so that they can be surreptitiously diverted for illicit fiat trading purposes. THIS CAN HARDLY BE ATTEMPTED NOW.

OBTUSE REFUSAL TO ACCEPT THE REALITY OF THE DISCONTINUITY
Just as the $4.5 trillion ‘released’ in May 2006 by the People’s Bank of China ostensibly to ‘pay’ the since wholly discredited operative Leo/Lee Wanta, was actually an operation the purpose of which was for the $4.5 trillion to be stolen inter alia to refinance Bush operations out of Australia (under the ‘protection’ provided by that criminal operative Henry M Paulson, currently held in Bermuda to account as we have reported, for the stealing of the sovereign $6.2 trillion LOAN, according to our sources) using the ‘Wanta payment’ as cover – a clumsy operation which led to the exposure of the criminality by this service – so have the same, unreformed criminal financiers remained intent on ignoring the immense international pressures that have been brought to bear on them, including horizontalisations of prominent participants, in order to try to ‘reconstitute’ the Fraudulent Finance environment which enables them to rape, pillage and ransack Americans and humanity generally with impunity. The primary factor underlying this corrupt mentality – which may finally be cauterized by the announcement given above – is that Fraudulent Financing operates today across national borders, encouraging the (false) assumption is that no enforcement jurisdiction can eliminate these decadent abuses. Globalisation is both a cover and a pretext for Fraudulent Finance.

CONTINUED RECKLESSLY CRIMINAL FINANCE INTENTIONS
Hence, the criminal engineers behind this scandalous state of affairs have been frenetically trying to cobble together various alternative money trading mechanisms, together with their ‘necessary’ associated covers which are intended to provide false legitimacy – in the expectation that at least one of these will ‘come good’ and won’t be aborted and/or ‘shot down’ by nasty observers such as ourselves who are on the lookout for the next wave of financial corruption.

The reality of these successive ongoing attempts to construct clandestine transnational trading operations behind variegated covers is evidence of the continuing criminal intentions of those concerned, and of the fact that US Law Enforcement has hitherto disgracefully and weakly allowed these organised criminal financial scams to proliferate, discrediting itself in the process.

In this connection, the representatives of foreign creditor countries and their specialist staffers, intelligence personnel, bankers, IT specialists and enforcement personnel, assisted by the eighth planeload of heavily armed INTERPOL officers, are concerned explicitly with requiring performance under the terms of the Writ of Enforcement and the Lien held by the Chinese parties and the British Monarchical Power in the sum of $47 trillion, exercised against the US Treasury and de facto the Federal Reserve on or about 6th December 2009.

‘THESE PEOPLE SHOULD BE ROUNDED UP AND SHOT’
These powers now ‘own’ the United States, so that the continued intent of holders of high office and their banking co-conspirators to try to forge parallel illicit trading mechanisms behind the radar itself represents a family of subversive criminal insults and offences against the American people and the international community for which, in time of war, those concerned should, we are being repeatedly advised in recorded and monitored calls from the United States, be rounded up in front of TV cameras, and shot at dawn.

This is the first time that we have had to be explicit about this: the statement reflects repeated assertions along these precise lines by responsible parties in the United States to us on open transatlantic telephone lines, all of which have been recorded. In the light of the Judicial Power’s POLICY CHANGE announced at the top of this report, it is no longer at all fanciful to anticipate that summary execution is indeed a prospect that these people may face on conviction.

REPORTED INTENT TO DIVERT $4.0 TRILLION OF PUBLIC FUNDS
According to the US press, the Debt Subject to Statutory Limit, set at $9,959,850 million for fiscal 2008, has just been raised to $12.4 trillion. The FY2010 Federal Budget documentation estimated that the 2010 Debt Subject to Statutory Limit would be raised to $12,843,344 million, an historically unprecedented increment of about $2,884 billion (1).

Therefore we naturally searched for the reason why the latest increase in the Statutory Debt Limit appears not to have embraced the maximum as estimated by the Office of Management and Budget (OMB). When something like this happens, there is always a reason.

And indeed, the reason stares us in the face. In parallel with the above, the debt cap of $400 billion previously applicable to the former Government-Sponsored Enterprises, Fannie Mae and Freddie Mac, was removed. Therefore, another $400 billion or so of debt based on fraudulent Collateralised Debt Obligations and Collateralised Mortgage Obligations ‘can be’ floated, as the old cap has been discontinued. Thus, while it ‘looks’ as though the Congress is being prudently ‘conservative’ within the permissive arithmetic cited by not raising the Statutory Debt Limit by the full amount estimated by the OMB, in reality this, of course, is not the case. On the contrary, it looks as though the entire US Congress is conniving in ‘authorising’ cover for the intended $4.0 trillion financial scamming operation previously referenced – which means that Congressmen who voted in favour of these adjustments may be co-conspirators in organised criminal finance operations.

Because on top of this $2.4++ trillion (or $2.8++ trillion) of ‘real’ on-the-books funds that can now be diverted for illicit transnational trading purposes [see below], is [or |WAS] the convenient cover to be provided by President Barack Obama’s 2,000-page instrumental social engineering healthcare legislation, which would generate open-ended pipelines of clandestinely accessible contribution money, as well as being financed by an initial $1.0 trillion of ‘seed money’.

And since the Fannie Mae/Freddie Mac cap has been removed, THERE is the $4.0 trillion which appears to have been ever so carefully and surreptitiously ‘made available’ for the intended illicit reconstitution of ‘winked-at’ leveraged hypothecation operations across national boundaries, for the enrichment of the crooked participants and no-one else (except that in the prevailing climate, the proceeds will have to be hidden offshore, mainly in the bowels of corrupt institutions such as the DVD’s Deutsche Bank – care of the arch-financial criminal operative Dr Joseph Ackermann, the long-term partner of George H. W. Bush Sr., Mikhail Gorbachëv, Chancellor Helmut Kohl, and other world class criminal operatives in Deutsche AG (previously Barrington Investment Group).

NEW SCAM INVOLVING CHINA TRUST BANK, DEUTSCHE BANK, BARCLAYS BANK
In the preceding interim report, we alluded to a split within the Chinese constituency. We can now pinpoint China Trust Bank as the Chinese end of this intended Fraudulent Finance operation, with Dr Ackermann’s Deutsche Bank to serve as the book runner, and the British institution Barclays Bank as the entry point, handling sales of trading contracts through China Trust Bank.

This is a classic Bush-Clinton Crime Family/CIA/DVD, possibly Metabridge (= Mossad, CIA, DVD, MI-6) operation, and its intent is to bypass ongoing operations by the international financial community to impose order upon the chaos deliberately fomented by all these revolutionary forces, and which is now intended to be escalated to create a situation beyond recall.

More generally, these successive planned abominations represent elements of a gigantic, crumbling, doomed master plan to impose revolutionary Communism upon the whole world, facilitating the monopolisation of global real and financial resources, of which The Perestroika Deception presided over by George Bush Sr.’s colleague and Deutsche AG partner, Mikhail Gorbachëv, was just the first stage.

TAX DUE ON SETTLEMENTS MUST CRYSTALLISE IN 2009
Meanwhile the following extraordinary equation also applies. Release of the hijacked Settlement funds by the end of THIS calendar year in the context of the necessary restitution of the $47 trillion of stolen funds/assets owed by the US Treasury to the external sovereign Lien Holders, will trigger substantial immediate taxation obligations which will be realisable on the books for US Federal tax purposes in 2009. These tax accruals will therefore become payable to the US authorities by 15th April 2010 – covering a sizeable proportion of the Obama Administration’s creative accounting operations to the ‘satisfaction’ of all concerned.

More to the point, the availability of these exceptional tax accruals over the year-end will PREVENT A HEADLONG TREASURY DEFAULT beyond the DEFAULT ON THE LIEN already in existence.

But what the criminal financiers and their corrupt political associates may intend is to frustrate Settlement into 2010, so that these immense tax accruals do not crystallise within calendar 2009.

MASSIVE $ FINANCIAL SQUEEZE IN PROSPECT OTHERWISE
This would ‘give’ the criminal financiers until 15th April 2011 to play destructive derivative trading games, as they see it (assuming settlement were to occur in 2010). However the likely outcome of such an immediate act of financial terrorism will be to guarantee a probably catastrophic squeeze – with numerous US States being bankrupted as a consequence, and the level of on-the-books dollar liquidity dropping below the tipping-point at which hundreds of thousands of businesses would be liable to go to the wall, and millions will be thrown out of work.

Now, perhaps, our repeated references to the fact that these criminals are committing financial terrorism against the American people and the Rest of the World – NOW ACKNOWLEDGED BY THE US DEPARTMENT OF JUSTICE TO BE CORRECT AND JUSTIFIED – may start to be understood.

On Christmas Day, the Editor was informed from the United States that the perpetrators are actually now being referred to as TERRORISTS within uncorrupted elements of the US Intelligence Power (who do exist, although you’d never know it). [Note: This intimation preceded the firm confirmation summarised at the top of this report].

BROKEN ‘CHRISTMAS PROMISES’ AND THEIR CONSEQUENCES
During the run-up to Christmas, key relevant parties with whom we are in contact were repeatedly assured that the Settlements payouts would be completed ‘by Christmas’.

Such undertakings of course are devoid of meaning, seeing that this crisis has escalated behind the dialectical screen of pavlovian promises and aborted undertakings, since at least 1992.

The only difference between then and now is that the international community has got off its hind legs and has taken strenuously decisive steps to bring these matters to a head, and hopefully to a conclusion – in conformity with Her Majesty The Queen’s message to the Group of Seven Financial powers in June 2006 that the crisis needed to be addressed and resolved urgently ‘for the sake of the whole of humanity’. We know from that reported message that The Queen’s advisers (not to be confused with MI-6) have had a keen understanding of the immense proportions of this crisis, and of its implications, for many years.

STORE SHELVES HALF BARE IN SOME U.S. CITIES
Although, as one would expect given that New York is always in the public eye, the Editor noticed no signs of goods scarcities in stores in New York City on his recent visit in December, first-hand anecdotal evidence of bare supermarket shelves in certain US ‘provincial’ cities indicates that not only has demand for many lines slumped, but stores are conserving liquidity in the face of rapidly deteriorating trading conditions.

Agitation and propaganda to the effect that the US economy has been growing cannot be trusted, as it all emanates from controlled and prospectively doctored official spin-sources – just like the diversionary claptrap pumped out non-stop via controlled websites, the purpose of which, as we have repeatedly stated, is to maximise the potential for the fog of confusion so that observers are diverted from perceiving the grotesque proportions of the thefts, pillaging, mortgage fraud and other financial abominations that have been and continue to underlie the organised Ponzi-style Fraudulent Finance activities referenced inter alia in these reports.

WE IDENTIFY TWO KEY SABOTEURS OF THE SETTLEMENTS
Meanwhile, we can now identify BY NAME two more prominent criminalist financiers operating behind the scenes in the ‘service’ of the Bush Crime Family and its associates, who have been engaged in sabotaging the Settlements process, certainly for as long as we have been attempting to monitor this crisis, namely:

Paul W. Siegé, of Wyndham, CT, who’s often been referred to as ‘the Connecticut Trustee’, or ‘CT’ for short. ‘Working for’ George H. W. Bush Sr., this fellow’s activities embrace the stolen Delmarva Trust assets, via Loca France-U.S. Corporation and C.T. Corporation Systems, Miami, identified as Bush Sr. Fraudulent Finance operations.

Peter Silverstein, operating out of Fort Pearce, Florida and Kenilworth, New Jersey.

Silverstein ‘just happens’ to be the name of Silverstein Properties, holders of the leases on the Twin Towers, which were demolished precisely 30 years to the day from the date that construction work on them began on 11th September 1971 after Silverstein had taken out a special catastrophe insurance policy. As we have recently reported, the number of people who were murdered when the Twin Towers were demolished is put at around 12,000 by legal sources serving the interests of the bereaved families – which accounted for the pungent stench of rotting flesh that the Editor noted in Midtown Manhattan in late October 2001 and again in February 2002.

The two operatives mentioned above have of course been engaged all along in CIA fraud, under cover of ‘working for’ the Bush Crime Family, which is integrated with the Intelligence Power – the Langley base of which is named the George Bush Center for Intelligence [= TERRORISM].

THE 9/11 MASTERMINDS AND WHY THEY MURDERED 12,000 PEOPLE
Bush Sr. and associates, including the Silverstein connection, mentored by his loathsome German Jewish Zionazi associate and DVD ‘handler’, (the late?) Dr Henry Kissinger and others, including of course ex-Vice President Richard B. Cheney, the ‘former’ MK-Ultra chief, masterminded the 9/11 atrocities, which were executed by detonation, employing the services of complicit elements of the US official structures. New York firefighters who found immediate evidence of the means used to procure the detonations of the stricken buildings and who were carrying the necessary physical evidence out of them as they were collapsing, were immediately eliminated (shot dead on sight) (2) .

George Bush Sr.’s primary motive was to avoid having to pay out on the bonds held in custody by the money brokerage firm Cantor Fitzgerald on behalf inter alia of the William J. Casey/Bush Trust (Barbara Bush) operated out of Seattle and Vancouver, issued to finance the First Rogue Gulf War and which fell due for settlement on 12th September 2001, the day after 9/11.

SILVERSTEIN PROPERTIES AND CONGRESS FACED HUGE ASBESTOS EXPENDITURE
In this endeavour, the Bush-linked criminal financiers and mass murderers shared a community of vested interest with Silverstein Properties and others, and the US Congress, who then faced the immensely expensive problem – which would have been passed on to Congress: see below – that the Twin Towers, constructed in the 1970s, needed to have all the asbestos built into the buildings removed: an operation that was liable to cost a COLOSSAL sum of money.

Demolition of the buildings in order to avoid claims being placed before Congress for the financing of such immense financial outlays was therefore disguised as an ‘Act of War’, for which no liability applies. Murdering 12,000 people to achieve this was a crime of monumental proportions for which George Bush Sr., Kissinger and associates, should long since have been executed under US law. That certain US Legislators were complicit in this mass murder is also implied by what follows.

WHAT THE 9/11 ABOMINATIONS ACHIEVED FOR THE CROOKS
Asbestos removal is a deliberately unresolved issue that has been endlessly debated by the US Congress and was being debated before 9/11. To obtain compensation for asbestos removal costs entails a Congressional claims process.

The 9/11 abomination and mass murders therefore achieved at least three identifiable criminal objectives simultaneously:

First, by disguising the abominations as an ‘Act of War’, the immense cost of removing and replacing the asbestos in the Twin Towers buildings was avoided.

Secondly, the ten-year bonds floated in 1991 (in order inter alia to finance Bush’s First Gulf War, mounted against Bush’s ex-trading partner Saddam Hussein), which fell due for settlement on 12th September 2001, were not paid out (as there was never any intention that they should be), given that the contract originals were destroyed with Cantor Fitzgerald staff in the Twin Towers complex.

And thirdly, massive evidence of financial corruption and Fraudulent Finance was also destroyed (along with the 600+ employees of Cantor Fitzgerald, to begin with). The families of the victims were later informed, under an elaborate CIA-controlled obfuscation operation, that as the buildings had been destroyed by an ‘Act of War’, no compensation was payable: but ‘out of the goodness of our hearts, and given your suffering, here, take this compensation payment, and be grateful’.

FACT: The current ‘Pay Czar’ for the banks under the TARP arrangements is the same individual who negotiated the (controlled) victims’ compensation payments.

We also know that Condoleeza Rice made telephone calls to Jeb Bush and to several other people advising them not to fly on 9/11. Many other instances of pre-warnings have been reliably recorded by conscientious researchers, procuring outcomes such as that some of the Morgan Stanley staff were absent from the Twin Towers on the day of the atrocities*. There is no need for us to reiterate these well-attested findings here, as we have pressing matters still to expose.

* As an immediate consequence of this posting, we are happy to elaborate with the following information received on 28th December from a trusted correspondent. He corrects the Editor’s earlier information that the whole of the Morgan Stanley staff were not in the buildings on the morning of 9/11 with the following contribution, for which the Editor is most grateful:

‘My cousin who was working there [in the Twin Towers with Morgan Stanley] at the time, was at work that day. She worked as a Secretary/Liaison for their big brokers, all of whom were there. I believe she was on the 75th Floor of the second tower that was hit. I would not be at all surprised, though, if the higher-ups of Morgan (CEOs, VPs etc) were absent that day… I was in New York City on 9/11 and thought I had lost my cousin. The stench was obscene’.

AN IMMENSE COVER-UP BY COMPROMISED U.S. OFFICIALS
Anyway, what we have all been living through is nothing less than a massive cover-up by the complicit criminalised elements within the US structures – especially the Intelligence and Military Powers – who understand only too well that when 9/11 ‘blows’, THEY, too, may well be arrested or horizontalised along with the main revolutionary perpetrators such as (possibly) Kissinger [see at foot of this report] and George Bush Sr. and all his criminal associates.

This consideration, then, throws a glaring light on the underlying REASON why US law enforcement has hitherto failed to do its job of bringing the financial criminals to justice. For crucial elements within US law enforcement are either co-conspirators in the murder of 12,000 people in the Twin Towers alone on 9/11, or else are tainted by association with that crime.

Because of these hideous linkages with the 9/11 atrocities planned by Bush Sr., Kissinger, Cheney and the others, the law enforcement elements within the US official structures have been de facto BLACKMAILED either directly or by association, and thus rendered effectively impotent in the face of the ongoing financial outrages that the DVD infiltration Fifth Column headed by George Bush Sr. and Kissinger (as was?), with the 24/7 assistance of criminal lackeys such as Greenspan, Paulson and Geithner, have been able to leverage and perpetuate.

But as stated at the top of this report, all this is belatedly changing, now that the US judicial authorities have determined – three years AFTER we started promulgating the truth that these people have been engaged in systematic FINANCIAL TERRORISM – that every single one of their number, INCLUDING elected, appointed and career officials, will be investigated and prosecuted.

ANOTHER POINTLESS ATTEMPT TO ‘SHUT US UP’
Before Christmas, it was suggested that we should ‘be quiet’ as everything was under control. As on several previous occasions when this ruse was attempted, and promises turned out as always to be worthless, advantage was taken of our silence (and the Editor’s travel and work schedule) to develop the mechanism for trading $4.0 trillion under the radar, outlined above, and probably other parallel mechanisms which remain undetected.

When the ‘Christmas promises’ were broken, certain parties were informed that the exposures of this criminality will now be ratcheted upwards by several further notches – a message which was greeted with considerable annoyance. You can draw your own conclusions.

On the other hand, the fact that nothing that any of these people ever say can be relied upon (as experience demonstrates) also works to the ‘advantage’ of the DELAY merchants and their criminal finance operatives. For so far as they are concerned, it has been neither here nor there whether the dialectical pavlovian ‘on again, off again’ charade is still operative, or whether it is generally perceived that nothing from official (let alone controlled website) sources can be relied upon.

Indeed, an environment in which lies and a total lack of official credibility is the established norm, is just as helpful as ‘ying-yang’ from the criminalised cadres’ perspective – except that it makes them doubly careless. And believe us, these demented people are extremely careless, as well as being fundamentally STUPID. By definition, ALL LIARS ARE STUPID, as all lies decay, like plutonium.

Hence Story’s Third Law: ‘Sooner or later, all covers and operations are blown’.

WHY THE COPENHAGEN LIE-FEST COLLAPSED
An indication of their endemic carelessness and stupidity, on a global scale, was afforded by the ignominious collapse of the Copenhagen ‘process’ – another, and even more ominous, global cover for intended Fraudulent Finance operations of gargantuan proportions.

That ‘collapse’ can be linked DIRECTLY to the obtuse determination of criminal operatives ‘working for’ the US Secretary of State, Mrs Hillary Clinton (Queen Melusina), a senior CIA operative with a notorious background and reputation.

Specifically, we learned on 18th December that four of Mrs Clinton’s senior personal aides had been arrested on 17th December and were accused of wire fraud, a felony which, on conviction, entitles the recipient to 20 years in jail. These operatives had been surreptitiously moving money, on the direct instructions of Mrs Clinton who, as Secretary of State, is in charge of ‘international economic development’. (Whether Jezebel has received the ‘Geithner treatment’ is not yet known).

Whereupon the Copenhagen conference effectively collapsed.

Reports from the colossal army of media reporters in Copenhagen painted a picture of total chaos, anger, disaffection, strife and confusion – precisely what is to be expected with every dimension of the World Revolution, a.k.a. The New Underworld Order, which is built on a foundation of deception and lies. Since Satan is the author of confusion and lies, all these endeavours are destined to fail in various ways, usually collapsing from within.

BUILDERS OF ‘THE NEW UNDERWORLD ORDER’ COVERED IN THEIR OWN ORDURE
There is no need to waste time and space elaborating the nexus of deceit and lies underlying this colossal failed initiative (although it is not dead yet). But in passing, we can take note of the many graphic descriptions of the shambles which predictably overwhelmed this shambolic globalist One World deception operation. The fact that such a massive [see below] UN globalist revolutionary operation collapsed in chaotic ignominy, somewhat like the shambles at Brown’s G-20 meeting in London last April, is not the main point we intend to make here: but we must cite, for the record, the representative impressions of a Financial Times journalist of that pathetic, doomed event:

‘For an event billed by some as the most important international summit since the Second World War, it was an uninspiring location. The Bella Centre, a cavernous convention hall set amid the windswept wastelands on the outskirts of Copenhagen, is typically used for trade fairs rather than high-stakes diplomacy’.

‘Among the events scheduled for the next two months: an interior design show and conventions dedicated to golf, camping and Lego. The charm-free venue helped feed the fractious atmosphere as delegates were trapped for hours on end in windowless rooms’.

‘Tight security added to the tension, with road blocks surrounding the site, and airport-style screening before entering the building’.

‘The roads leading to the Bella center were illuminated with red flashing lights on lampposts to illustrate the level to which sea water might well rise if nothing is done to tackle climate change’ – notwithstanding, of course, that the climate in this world always changes, while it has been getting progressively colder since average temperatures peaked some years ago. ‘It was tempting to think that, in this austere corner of Copenhagen, it would not be such a loss’.

‘It did not help that the Danish hosts had accredited 45,000 people for the conference, when the Bella Centre has a capacity for just a third of that number. The result was agonisingly long queues for registration on peak arrival days, with thousands of people forced to wait outside for hours in freezing temperatures’.

‘Once inside, delegates were faced with overcrowded corridors and more queues for food and drink, with catering staff as frazzled as the negotiators. The periodic demonstrations and “street theatre” by activists from the many non-governmental groups allowed into the building tended to grate rather than inspire’.

‘In the media room, thousands of journalists sat in front of laptops at desks covering a space the size of a football pitch. Never can so many from many countries have gathered in one place…’.

‘With no access to the negotiating rooms, only the best-connected journalists had a clear sense of what was going on. The rest had to make do with occasional gloomy press conferences held by key countries to blame others for the lack of progress’.

‘In the corridors, people rushed around purposefully talking into mobile phones, the atmosphere becoming more intense and harried with each passing day’.

‘Only a fraction, however, were real players in negotiations. The rest were hangers-on, such as business leaders burnishing their green credentials, the NGO lobbyists and an army of spin doctors helping to feed the information-starved press’(3).

CRUDE DECEPTION AND LIES ENTRAP THE PERPETRATORS
This is quite enough of a word picture to illustrate the following laws:

All initiatives of the World Revolution globalists represent
attempts to achieve deliberately unachievable objectives.

All such initiatives are mobilised in pursuit of agendas that are
hidden from the public, and therefore represent deception operations.

The foolish journalists, the second-rate businessmen and industrialists idiotically burnishing their ‘green credentials’, the paid spin doctors spieling lies, acronyms and gobbldegook newspeak to gullible journalists, the amoral and cynical lobbyists, the organised street demonstrators and the brainwashed ‘street theatre’ agitators, and the frazzled officials trying to sustain the non-existent credibility of the lies and frauds that they had been called upon to institutionalise, were in fact all engaged in one gigantic fraud and deception.

This was arguably the most cynically ambitious operation of the World Revolution since the criminal operative Mikhail Gorbachëv, who had sat on his backside for three weeks to observe the public relations fallout from the deliberate sabotaging in 1986 of the Soviet Chernobyl nuclear reactor over which he presided in order to inject the revolutionary ‘green agenda’ with ‘irrefutable global significance’, subsequently pronounced that environmentalism had gained the World Revolution more traction in just a few years, than 72 years of revolutionary (overt) Communism.

So what was the underlying purpose of this massive cooperative intelligence operation?

A PARTIAL ANATOMY OF THE GLOBALIST ‘COPENHAGEN DECEPTION’
To understand its underlying purpose we must first recall that Western populations have been under massive Psychological Operations (Psy-Ops) assault from the orchestrated and controlled World Revolution environmentalist lobby for over two decades.

In response to this mass brainwashing, people have been hoodwinked into taking ‘personal’ measures to ‘save the planet’, such as driving hybrid cars, buying products carrying labels promulgating some dimension or other of the fraudulent environmentalist propaganda, and generally behaving as though ‘the planet’ (a key-word) is doomed – which is absolute tosh.

Biblically, we were told to worship the Lord and multiply ‘as the sand that is on the sea shore’.

Just as the human population, numbered in the millions, of two thousand years ago, breathed air, so do Earth’s seven billion people today. If there was a problem, this would hardly be the case. The fact that seven billion people, rather than a hundred or so million, are breathing, serves as proxy for indicating that the Earth’s resources, in the aggregate, are indeed limitless – and that Earth was designed specifically to host a population of multiple billions.

There is no overall objective truth to any of the subversive and cynically oriented environmentalist ‘green’ propaganda inculcated into gullible brains for the past 2+ decades.

‘GLOBAL WARMING’ HAD TO BE SWITCHED TO ‘CLIMATE CHANGE’
For instance, temperature measurements made from weather balloons and satellites since the late 1950s show no atmospheric warming since 1958.

Averaged ground-based thermometers have recorded warming of about 0.40C over the same period – an effect thought to be biased by the Urban Heat Island effect and other artefacts. No unambiguous human global warming signal has been identified, even though some $50.0 million has been spent since 1990 looking for it. Without the greenhouse effect, Earth would be so far below deep freezing that no life could survive. On both annual and geological (viz., up to 100,000 year) timescales, changes in atmospheric temperature precede changes in CO2. Carbon dioxide is a minor greenhouse gas, so it cannot be a primary forcing agent for temperature increase.

The United Nations Intergovernmental Panel on Climate Change (IPCC), the main revolutionary scaremonger driving this fraudulent operation, is a political (World Revolution), not a scientific body. Some open information about the immense corruption with which this revolutionary entity is associated, and the damage it is inflicting on Western infrastructure thanks to the extreme mind-controlled stupidity of brainwashed, self-interested elements within the international financial and industrial communities, is appended as Note 4 below (4) .

The retired Director of Research at the Royal Netherlands Meteorological Institute, Dr Hendrik Tennekes, has stated that ‘the IPCC review process is fatally flawed’. The Russian Academy of Sciences has stated that the Kyoto Protocol has no scientific basis. Indeed, ironically, Mr Andre Illarianov, a prominent Kremlin adviser, has stated that ‘Kyoto-ism’ is ‘one of the most aggressive, intrusive, and destructive ideologies since the collapse of Communism and Fascism’ (even though Gorbachëv presided over its launch in the 1980s).

Finally, for our purposes here, climate change is a non-linear (that is, a chaotic) process, some elements of which are not understood at all. Therefore no deterministic computer model can ever make accurate predictions of climate a century or more into the future (5) . We could get much more technical, as others have done: but the point is adequately made.

CHILDISH ‘CLIMATE CHANGE’ TRASH PROPAGANDA IN THE ‘MAINSTREAM’ MEDIA
It is reinforced by the laughable drivel that has been written supporting this colossal false revolutionary propaganda and mass mind-control operation. As another source has helpfully pointed out, crass articles devoid of reliable intellectual content, designed to scare gullible people with scant or zero knowledge of Scripture into fearing that life on earth is doomed ‘unless we do something’, have included the following:

Climate change pushes poor women to prostitution.

Eating kangaroos could help fight against global warming: scientist.

UN says eat less meat to curb global warming.

EU to ban inefficient fridges and TVs in global warming battle.

UN Chief: Global warming caused Darfur genocide.

Schwarzenegger set to ban ‘energy-guzzling’ big screen TVs.

Global warming is as dangerous as war.

Ted Turner: Global warming could lead to cannibalism.

Enhanced ‘greenhouse effect’ causes global warming.

Climate changes causes birds to lay eggs early.

‘Contraception cheapest way to combat climate change’.

Limit families to two children ‘to combat climate change’.

Global warming pushes polar bears to cannibalism.

Gore calls Myanmar cyclone a ‘consequence’ of global warming.

John Kerry: We can’t ignore the security threat from climate change.

Global warming to fuel rise in asthma, malaria.

Now the Pentagon tells Bush climate change will destroy us.

Fat people cause global warming.

Scientists: Humans ‘very likely’ cause global warming.

Global warming could increase terrorism, official says.

ABC website tells kids when they should die.

Climate change causes health concerns.

Global warming causes 300,000 deaths a year, says Kofi Annan thinktank.

Climate change causes 315,000 deaths a year: report.

Climate change ‘causes conflict’.

Global warming causes extinction.

Global warming skeptics are like Holocaust deniers.

Al Gore: Climate change more dire than terrorism.

Bill Clinton: Global warming bigger threat than terrorism (6) .

With one of the world’s leading financial terrorists and murderers, William Jefferson Rockefeller Clinton, telling us that global warming is a bigger threat than he is, one can be certain that Clinton, like his ‘CIA wife’, has had a vested interest in the outcome of the colossal revolutionary Climate Change agitation and propaganda operation. And indeed, this is precisely the case: he is involved in a lucrative related project on the Indo-Pakistan border, among other ‘Climate Change’ schemes.

THE FAILED OBJECTIVE: A ‘BIBLICALLY UNCHALLENGEABLE’ COVER
FOR HALF A CENTURY OF FRAUDULENT FINANCE TRADES
Given that this operation took over two decades to ‘build’ – until the point had been reached at which the revolutionary reorganisers of the world thought that ‘public opinion’ (according to their controlled opinion polling operations) could be relied upon to ‘insist upon’ and to ‘lock down’ a global ‘Climate Change’ agreement – it was manifestly regarded as a top priority operation by the manipulators. Finally, so confident were they of achieving their objectives, entailing a ‘Great Leap Forward’ that they took the immense risk of attempting to dragoon 192 squabbling countries into reaching a ‘common position’ which could be formalised into a GLOBAL ACCORD – ANY accord.

And that’s the point.

As far as the World Revolution was concerned, it would be neither here nor there what accord Copenhagen produced, as long as a global agreement was delivered. Why did they ‘need’ a global agreement, ANY AGREEMENT, signed off by the whole world?

Because what was recklessly sought here was a document signed by 192 countries, backed by manipulated and brainwashed ‘global public opinion’ which, the planners gauged, would thereafter be embued with an aura of infallibility and sanctity.

The object of the exercise was nothing less than to procure a ‘Climate Change’ accord to which the representatives of 192 nations had appended their signatures – A GLOBAL AGREEMENT which no-one could thereafter dispute, so that anyone who remained so foolish as to QUESTION the wisdom of the representatives of 192 countries, could be discredited as mentally defective.

After all if the whole world had signed up to the accord, how could it POSSIBLY be suspect?

Furthermore, the new, infallible, monumental global accord would be of such stature that it would ‘serve humanity’ for the next half century. It would be billed as having ‘saved’ us all, too.

‘CLIMATE CHANGE’ AGREEMENT: COVER FOR MOVING MONEY AND FRAUDULENT FINANCE
WHY the ‘need’ for such an agreement – ANY agreement, so long as it was truly GLOBAL? Because the Climate Change agenda is a cynical cover ‘line’, an elaborate ruse designed to hoodwink the gullible ‘mainstream’ media and the masses.

Behind this cover smokescreen, sanctified by the WHOLE OF HUMANITY, the organised criminal financiers had intended to maximise the potential for wholly Fraudulent Finance operations (e.g. trading ‘carbon credits’, later ‘carbon dollars’), for their own enrichment and in further pursuit of their mad and failing, but ongoing, revolutionary agenda to generate funds with which to acquire and redeploy the real assets of the whole world.

When it was discovered that global warming was not in fact ‘happening’, and the science didn’t support the underlying deception, the master slogan had been hurriedly switched to ‘Climate Change’ – an idiotic public relations error, as the climate always changes.

This slip by itself illustrates the fraudulent nature of this discredited World Revolution initiative, which has almost (but not quite) collapsed in total disarray.

And the reason it all but collapsed was that four personal aides working for Mrs Clinton were arrested for wire fraud, in a perfectly timed operation – as they were engaged in switching funds from the Settlements in order to finance the Copenhagen ‘infrastructure’.

All of a sudden, the stolen or diverted funds upon which the intended infrastructure would depend, were not forthcoming; while the four aides were arrested for wire fraud.

The conference collapsed IMMEDIATELY. The arrests for wire fraud CUT OFF THE FUNDING that was to have been diverted and stolen. In other words, the ‘first’ transactions that were to have been covered by the lusted-after accord, were INTERCEPTED.

So the whole charade just imploded.

WESTERN LEADERS CAUGHT BEHAVING LIKE IDIOTS BEFORE THE WORLD’S PRESS
The consequence was that Führerin Merkel – the former Secretary of the Agitation and Propaganda Department of the Communist Yugend organisation at Karl-Marx University in East Berlin – plus Mr Gordon Brown, President Sarkozy, President Barack Obama, Sr. José Manuel Barroso, the Swedish Prime Minister, and lesser mortals, were pictured in the papers sitting round like grizzled students in a huddle in a pub, arguing with each other – with Merkel doing most of the talking, it seemed, as she struggled to prevent the collapse of Ackermann’s derivatives-crammed Deutsche Bank.

With the intended protection money racket based on fear that ‘the planet’ will overheat, having collapsed in the presence of the whole world’s ‘mainstream’ media round their cloth-ears – and camouflaged scope for surreptitious money-movement operations stretching out for half a century ahead having consequently disintegrated before their greedy eyes – the stupid participants in this criminal gathering were left arguing pointlessly amongst themselves and in front of the media, over the latest mess and gross public relations disaster that they had precipitated, in conformity with their endless propensity to engage in subterfuge for ulterior internationalist motives hidden from the general public, instead of getting on with the jobs that they were elected to perform.

LEADERS PURSUE INTERNATIONALIST AGENDAS
WHILE SKIMPING THEIR DOMESTIC RESPONSIBILITIES
For, rather than attending to the requirements and priorities of their electorates, these World Revolutionary so-called leaders – each of whom dances to the internationalist agenda rather than to the demands of the people who placed them in power – are all negligently fiddling around with discredited, collapsing, disintegrating globalist operations, which are in various stages of terminal decay and decline – the European Union Collective being no exception.

And because these disreputable characters are integrated with these operations, they can’t even see that that they are falling apart before their clouded eyes. One must never underestimate the propensity for such cynical false ideologues to deceive themselves, even as they practice double-mindedness and deception of others, as a matter of course.

RELATED SPLIT AT THE HIGHEST LEVEL OF THE BRITISH GOVERNMENT
On 23rd December 2009, it was suddenly reported (7) that Lord Mandelson, the Rothschild agent, has again fallen out with Gordon Brown.

This was predictable, as Mandelson is an unstable homosexual, like both Blair and Brown, with both of whom he is reported to have been involved. So tense were relations at times between Blair and Mandelson, that Mandelson was forced out of his Cabinet post. Thereafter he was banished to Brussels, where he became the European Commissioner for Trade, only to be hauled peremptorily back into the Cabinet when Gordon Brown put a 14-year rift with Mandelson behind him in June 2008 by abruptly recalling him at a point in Brown’s political fortunes. A few months ago, Mandelson was reported to have been chosen to mastermind the Labour Party’s General Election strategy.

But The Daily Telegraph now suddenly reported, on its front page, that ‘a rift between Gordon Brown and Peter Mandelson is threatening to derail Labour’s plans for a New Year fightback…. A series of disagreements has strained the close political relationship between Mr Brown and Lord Mandelson that helped the Prime Minister retain his leadership earlier this year’ (in June 2009).

The newspaper reported that Mandelson ‘has grown increasingly disenchanted with Mr Brown and in recent weeks the relationship has deteriorated further’.

‘Last night, a close friend of Lord Mandelson told The Daily Telegraph: ‘Peter thinks that Gordon has used him to stay in place and has now just disposed of him. He clearly thinks he has served his purpose and Peter is upset about that’.

‘Disputes over policy have stretched the relationship to breaking point. A source claims that Lord Mandelson feels he has been “ganged up on” over various issues’.

‘This month’s pre-Budget report, which attacked the bankers and failed to offer a more credible route for reducing the deficit, infuriated the Business Secretary [Mandelson]. He made it clear that he did not agree with “banker-bashing” but he was overruled by Mr Brown’.

‘He also felt slighted when Mr Brown did not push him for the European Union foreign affairs post when it was within his gift last month’.

As a result, the previously close working relationship between these two rogues is falling apart. ‘Those working in Number 10 have reported that while he still has some control over the Downing Street “war room”, Lord Mandelson seems unprepared to use it. One ally of the Prime Minister said: “He has become disengaged”’.

PUBLIC CONSUMPTION EXPLANATIONS HIDE TRUTH BEHIND THE DOWNING STREET SPLIT
As usual, the explanations leaked into the public domain to date, do not reveal what lies beneath. This report surfaced a few days after the ‘Copenhagen collapse’, which left Mr Brown without the payoff that the four aides of Mrs Clinton, who were arrested for wire fraud and diverting/stealing Settlements money to the chief Copenhagen payola participants, may have anticipated.

To add to this incendiary mixture, Lord Mandelson, as a Rothschild agent, is required to do as his master dictates: and, given the incredible level of tension behind the scenes arising from the continued intransigence of the US official criminalists in the face of the $47 trillion Lien on the US Treasury and the Federal Reserve, Rothschild’s primary objective, we may speculate, is SURVIVAL and the prevention of a global collapse.

But Gordon Brown, a notoriously duplicitous and compromised intelligence officer, was engaged (in the Copenhagen context), in an operation, which has been aborted by the enforcement cadres and INTERPOL in the United States, to participate in diverted funding contrary to the requirements of the international community represented by the Swiss and Chinese controlling parties, and the representatives of the British Monarchical Power (which is entirely separate in this context from the British Government). It will be recalled that we caught Brown in Belfast with George Bush Jr. in the summer of 2008, engaged in banking activity which was hardly, to put it mildly, consistent with his responsibilities, including those towards Her Majesty the Queen.

Mandelson has therefore discovered what of course he already knew – but had chosen for the sake of his own self-aggrandisement, to forget – that Gordon Brown is a particularly slippery snake with whom NO AGREEMENT can ever be reliably reached. After all, Gordon Brown is a revolutionary (Leninist) internationalist. While Lord Rothschild consorts with certain known unsavoury Soviet characters, he has his own priorities to consider; and in respect of this dimension, his priorities complement, but are separate from and unrelated to, those of the British Monarchical Power.

Therefore, we believe that the arrest of the four Clinton aides for wire fraud has had much wider-reaching consequences than were immediately evident.

For starters, the already shattered British financial and economic environment is now yet further threatened by a manifestly brittle political state of affairs in London, which could have ‘unintended consequences’ – especially since a huge number of MPs will be leaving the House of Commons at the election, either in disgrace or in order to get away from the nasty expenses witch-hunt, while the so-called ‘Conservative’ Government-in-waiting has hardly any experience and is led by a man who attended the ‘right school’, but whose mind is nonetheless stuffed full of spurious ‘green’ garbage resulting from the mass environmentalist brainwashing reference above.

David Cameron looks to all observers like a prospective pushover, a piece of putty in the hands of the usual unscrupulous geo-manipulators.

OTHER RECENT DEVELOPMENTS: BACK IN WASHINGTON, D.C.
Back in Washington, President Obama’s widely cited Executive Order Amending Executive Order 12425 which extended ‘the appropriate privileges, exemptions and immunities to the International Criminal Police Organization (INTERPOL)’ promulgated on 17th December 2009, revealed the stark reality that the Chinese and British Monarchical Power Lien Holders were continuing to force the pace – in collaboration here with President Obama who has at times appeared to be out of his depth and has shown some evidence of flip-flopping between the international community, and the harsh pressures placed on him by the arrogant appointees who have continued to defy the Lien Holders (and the President), such as Leon Panetta, the Director of Central Intelligence.

However that phase is now almost certainly at an end, given not least the very open promulgation of this Executive Order by the White House Press Office.

Promulgation of this Executive Order triggered the predictable knee-jerk responses from those who have not understood what is going on, and who have failed to take on board that the Lien Holders and their servants take precedence over the highest office-holders in the United States, including the President, all of whom, with their predecessors, have been, and remain engaged in criminal conduct which the World Court has condemned. The perception that this represents a setback for the United States is nonsense in the prevailing circumstances – which entail the greatest crisis that the Republic has ever faced, despite it being successfully hidden from the people with the assistance of the co-conspiring so-called ‘mainstream’ press.

‘BRUTAL HORIZONTALISATIONS’ REPORTED FROM EUROPE AND THE UNITED STATES
Various anecdotal reports were received after we posted on 17th December, indicating that heavy operations to procure the necessary resolution were continuing. On 21st December 2009, we had established that an unspecified number of people (whether bankers, trustees, intermediaries or operatives, was not stated) had been ‘taken out’ over the weekend of 19th-20th December on both sides of the Atlantic and, in the words of informants, ‘brutally horizontalised’.

‘FOREIGN SUITS’ CONDUCTING AUDITS INSIDE THE FED
On 18th December it was reported to us that a female accountant based in Dallas who had been working as a consultant for the Federal Reserve Board conducting internal audits, was called back from Texas to Washington, DC, where she was bluntly informed that there was no longer any need for her services, and that no funds were available any longer to pay her for consultancy work.

By way of explanation, Federal Reserve officials told her that there were ‘suits in town’ who were ‘doing the books’ (8).

This was a reference to the audit that has been going on since the massive force of international enforcement, audit and related personnel descended on Washington aboard the seven aircraft on 2nd December. The consultant was also openly informed by Federal Reserve officials, to her face, that ‘Geithner is history’ – which is consistent with the fact that Geithner, as we have reported, is under a form of house arrest and has had a monitor attached to him given his resistance to his obligations under the World Court Writ of Enforcement and the requirements of the Lien Holders.

UNREPORTED INTERPOL SHOWDOWN AT REAGAN NATIONAL AIRPORT
On 22nd December, given the snowstorm, Reagan National Airport serving Washington DC, was widely described as ‘a mess’. But in the late afternoon of 21st December, a certain woman walked to catch a flight that had been rescheduled – only to discover that, along with hundreds of others, she was prevented from proceeding through security.

On the contrary, FBI personnel, Homeland Security operatives and ‘top cops in suits who looked foreign’, with dogs, had stopped the lines going through security for several hours. This situation continued from about 4:30 pm to 7:00pm.

The lady reporting this situation noticed that it was the ‘top cops in suits who were operationally in charge’, and that they were looking for someone. The person concerned eventually made her long delayed flight back home for Christmas, but has repeatedly queried why these events were not being reported, and have still not been reported (9) .

FAILURE OF THE ‘MAINSTREAM’ TO REPORT, AND WHY THIS DOESN’T MATTER NOW
The short answer to that question is that an official lid is being held tightly down on all dimensions of this crisis, with ‘mainstream’ media being kept deliberately in the dark, and exposures confined mainly to this service. The original cynical presumption appears to have been that as long as the exposures could be contained and confined, the ‘mainstream’ could be distracted for as long as the crisis continued. There is also the problem that the colossal sums of money that the embedded financial terrorists in Washington have diverted and stolen belong to sensitive parties, which also have an interest, to some extent, in minimal publicity.

But the reality is that THIS STORY IS SO HUGE that this service, by default, has done an end-run around the ‘mainstream’ media, which started calling the Editor while he was in New York City. If these people want to catch up at this late stage, they need to appoint someone to read our reports, which will take them weeks or months. As we have said in the past, it has been a relief not to have had to deal with ‘mainstream’ journalists, with their preconceived notions, pat responses and their tendency to twist and distort what has been explained to them. As reports of the crisis have been mainly confined to this service (by default), we have been left free to develop the story without interference and having to spend time correcting deliberate misconceptions and distortions.

As a former freelance Op-Ed writer on The Daily Telegraph, the Editor knows whereof he speaks.

However before Christmas we were informed that Chinese officials had made it clear that if matters were not resolved by the holidays, they would, inter alia, reserve the right to release details of the corruption at the highest levels in the United States into the public domain. This threat has been blunted by our knowledge that China Trust Bank has since been readied to participate in renewed corrupt Fraudulent Finance operations, as indicated at the top of this report.

But THAT development, in turn, is itself compromised by the POLICY CHANGE publicised at the top of the report, which will probably mean that the US participants back out of the deal.

THE ENTIRELY NEW SITUATION FACING THE SABOTEURS
As indicated, the chief saboteur identified to us most recently is Mr Leon Panetta, the Director of Central Intelligence. It is not yet known whether Mrs Clinton has experienced ‘blowback’ from the reported arrest for wire fraud of her four personal aides.

We continue to suspect that Dr Henry (‘Heinz’) Kissinger is ‘no longer with us’, as all enquiries on this subject are routinely met with: ‘Nobody wants to talk about Kissinger’ – for the fairly obvious prospective reason that he’s either in jail or has been horizontalised. For the time being, however, we can only reiterate that this DVD triple agent is missing.

However the game is now up for ALL OF THESE PEOPLE – including Panetta, Geithner, the Clintons, the Bushes, Bernanke, and every single one of their associates including corrupt US Legislators currently and formerly within the US Government structures, as well as the CEO’s of the complicit criminal financial institutions and their co-conspiring associates, and their corrupt firms of lawyers, who have been engaged in blocking the Settlements, and moving money illegally – as they face investigation and prosecution by the US Department of Justice, which has finally been compelled to LISTEN TO WHAT WE HAVE BEEN SAYING ALL ALONG.

But the fact that the US Department of Justice had to be browbeaten into doing its job by the Lien Holders and the international community shows just how decadent the entire pariah US system of governance had become. It is a shameful disgrace that it has had to come to this.

Notes and References:

(1):Office of Management and Budget, The Budget for Fiscal Year 2010, Historical Tables, page 129.

(2):Intelligence special to this service.

(3): ‘Copenhagen Climate Change Summit Review’, Financial Times Supplement, 23rd December 2009, ‘Fractious and Freezing: Delegates gathered in an overcrowded, charm-free convention hall’, Andrew Ward, page 9.

(4): The world’s so-called ‘top climate official’ is an extremely sinister-looking bearded Indian guru dressed from head to toe in black called Dr Rajendra Pachauri, who is accustomed to appearing on public ‘Climate Change’ platforms with Al Gore – one of the primary operatives behind this massive scam, along with Mikhail Gorbachëv, who is confirmed to be the ‘partner’ of George H. W. Bush Sr., Helmut Kohl, Dr Joseph Ackermann et al., in Deutsche AG, a.k.a. Barrington Investment Group.

Since 2002, Dr Pachauri has been Chairman of the United Nations’ Intergovernmental Panel on Climate Change (the phrase ‘Global Warming’ having been officially discarded when the underlying science failed to authenticate the lie that the planet is heating up with prospectively disastrous consequences for humanity).

This self-serving Indian guru is also Director-General of The Energy and Resources Institute (TERI), New Delhi, the influential ‘private’ body in India involved in ‘Climate Change’ issues as well as in renewable energy projects and ancillary ‘consultancy’ services.

Dr Pachauri also holds more than a score of positions at banks, universities and other institutions that are besotted with, and benefit from, the now massive worldwide industry based on measures to ‘halt Climate Change’ (even though the climate changes all the time and is a non-linear (chaotic) phenomenon). In this connection, it is important to remember at all times that certain fundamental revolutionary platforms entail objectives deliberately selected so that they can never be achieved, and issues that can never be resolved: after all, if resolution were ever on the cards, the entire edifice constructed on the base of manipulated lies would collapse.

Among financial institutions with which Dr Pachauri is linked are Crédit Suisse, one of the most relentlessly dubious institutions in the world, Deutsche Bank (ditto), and Chicago Climate Change – the world’s largest dealer in the buying and selling of the ‘right’ to emit CO2 – which, as stated in the main text, is a minor gas that is necessary for the greenhouse effect that allows life to flourish on earth, and without which the temperature on Earth would average – 180 degrees Centigrade.

Pachauri lives in immense luxury in an exclusive residential enclave and in one of the most expensive homes in New Delhi.

Writing in The Sunday Telegraph on 27th December 2009, the investigative columnist Christopher Booker gave several examples of how this immense revolutionary operation is indeed inducing the transfer of assets and infrastructure from the developed world, to emerging economies:

‘Next month, TATA [the huge Indian conglomerate with which Dr Pachauri is also associated – Ed.] is to close down its Corus [formerly British Steel] steelworks at Redcar [Tessside, UK], so as to make a potential £600 million in ‘credits’ by building a plant of similar capacity in Orissa [India]. It will thus make a potential gain of £1.2 billion, at the expense of 1,700 [British steel] jobs on Teesside, for no overall reduction in the amount of CO2 emitted into the atmosphere’.

Trading in the entirely fake ‘virtual’ carbon markets has grown to £75.0 billion since the so-called EU Emissions Trading System (ETS) [cover for yet more Fraudulent Finance and off-balance sheet operations – Ed.] was launched in 2005, with London having since emerged as the leading centre for ‘investing’ in carbon credits. So-called EUAs, or rights to emit a tonne of carbon dioxide, are traded on the European Union Collective’s Emissions Trading System.

The price of EUAs for December 2010 delivery ended at 12.45 Euros per tonne on 18th December, some two Euros lower than the price two weeks earlier.

Under this mischievous ETS scheme, the plan had been to raise CO2 emission reduction targets from 20% to 30%, reducing the number of permits issuable under future phases of the carbon-trading arrangements, thereby raising the price of EUAs – which, in turn, would be supposed to create an incentive for industry to reduce emissions.

But this convoluted and comprehensively ersatz scheme is in fact, like everything else the EU Collective fiddles with, going badly wrong (in terms of the original underlying objectives, based on false science): according to Société Générale, European industrial firms, which are fully signed up to this nonsense, may already be holding as much as 100 million tonnes of these carbon ‘credits’ or allowances. On top of all this, the recession has left energy-intensive companies with more EUAs than they need in order to meet their 2009 ‘CO2 emission targets’. Unused allowances can be rolled over into the following year, so a glut of these entirely fabricated ‘credits’ will drive prices of EUAs down even further. In other words, the mentally deranged idiots behind this convoluted control mechanism have shot themselves, as usual, collectively in the foot.

(5): Derived inter alia from published work by Professor Robert M. Carter at James Cook University, Queensland, Australia and the University of Adelaide, South Australia. Carter is a palaeontologist, stratigrapher, marine geologist and environmental scientist with more than 30 years’ experience.

(6): Communication received by the Editor from an observer on 16th December 2009 at 08:21:38. It contained this incomplete list of fearmongering agitprop articles and ‘mainstream’ drivel pieces that have appeared in the press to scare the world’s bemused population into accepting the farrago of ‘Climate Change’ lies as gospel.

(7): ‘Mandelson in feud with Brown’, The Daily Telegraph, 23rd December 2009, pages 1 and 2: article by Andrew Porter, Political Editor.

(8): Personal communication from a source inside the Beltway to the Editor, received on 18th December 2009 at 10:14:56 UK time.

(9): Personal communication from a source in the Washington, DC area, to the Editor received on 22nd December 2009 at 17:12 UK time.

Addendum: SEE ALSO FURTHER DEVELOPMENT AT THE FOOT OF THIS ADDENDUM…

ATTEMPTED AIRCRAFT SABOTAGE UPDATE + INDONESIAN CONNECTION

DUTCH-INDONESIAN LINK WITH ATTEMPTED AIRCRAFT ‘BOMBING’

On 28th December, we appended the following at the top of this current report [see above]:

A trusted source informs us that Kurt Haskell, a lawyer from Michigan, is the source of the following UNCONFIRMED information:

The Nigerian involved in the suspected false-flag attempt on the aircraft flying from Schiphol, Amsterdam, to Detroit, was accompanied by a well-dressed Western male who accosted security staff at the Dutch airport and ordered them to allow the Nigerian to pass through security without a passport check and a proper security search. The security staff stated that they would have to consult superiors, which they did. The Nigerian was then allowed through controls without any impediment. Looks like a US Homeland Security set-up.

A further (new) trusted source in St Louis, MO, has just drawn our attention to the following links, from which you will observe that Kurt Haskell was on Northwest Airlines Flight 253 from Schiphol Airport, Amsterdam, to Detroit on Christmas Day. The links contain a photograph of Mr Haskell’s Boarding Pass, CONFIRMING that he was on the flight, as well as a photograph of Mr Haskell and his wife, who were returning to Detroit via Amsterdam from a safari trip in Africa.

The report is therefore CONFIRMED. A suggestion that Mr Haskell was the Nigerian’s handler is almost certainly a piece of far-fetched disinformation disseminated for diversionary purposes. Some of Mr Haskell’s comments appear naive, but that does not prove he was the handler.

The source for these two reports, Sheena Harrison, serving Metro Detroit Local News, quotes Mr Haskell verbatim. The US lawyer thought that the man looked Indian. But our new trusted source very accurately and cleverly points out:

‘Mr Haskell describes the man [the well-dressed accomplice] as “Indian”, but this could have been INDONESIAN’. She elaborates that Indonesians are now routinely found at all levels of society and Government in The Netherlands.

This is accurate, as the Editor knows first-hand, having in the past purchased printing services from The Netherlands, which entailed flying from Gatwick to Rotterdam for meetings.

Given President Obama’s INDONESIAN BACKGROUND, this insight is prospectively of IMMENSE GLOBAL IMPORTANCE, and also throws new light onto the crass terrorism dimension of the World Revolution, while at the same time revealing, yet again, how careless, clumsy, stupid, cack-handed, amateurish and demented are the controllers of this satanic revolutionary activity, as they seek to hide behind deniability at all times for their planned abominations.

Recall that as Satan is the author of lies and confusion, everything that these infested maniacs do, winds up in total confusion, and goes badly wrong, so that they lose control of everything.

What then happens is that their criminalised intelligence associates are lumbered with the task of developing elaborate cover-up operations to hide the truth of this revolutionary activity from the Rest of Us. But as these people ‘mess up’ all the time, we wind up knowing about it, anyway.

If there is indeed a revolutionary counterintelligence-linked Indonesian dimension, this would be no surprise whatsoever, as the Japanese buried gold stolen from their ransacking of 12 East Asian countries during the years of their Far Eastern Empire (1895-1945) in Indonesia (Dutch East Indies) as well as in the Philippines.

CHECK OUT THE LINKS AND SEE MR HASKELL’S BOARDING PASS
The texts that can be checked out from the links given here, are appended here below the links. The Editor thanks our new correspondent for this information and the Indonesian linkage insight, which is a brilliant piece of lateral thinking:

http://www.mlive.com/news/detroit/index.ssf/2009/12/commenter_says_he_was_aboard_n.html

http://www.mlive.com/news/detroit/index.ssf/2009/12/flight_253_passenger_says_at_l.html

The first report by Sheena Harrison is timed and dated 6:49am Detroit Time, 26th December 2009. It cites Mr Haskell as having reported as follows:

‘I was on this flight today and am thankful to be alive. My wife and I were returning from an African safari and had this connecting flight through Amsterdam. I sat in row 27, which was 7 rows behind the terrorist. I got to see the whole thing take place and it was very scary. Thanks to a few quick acting people I am still alive today’.

‘For those of you talking about airline security, I was next to the terrorist when he checked in at the Amsterdam airport early on Christmas. My wife and I were playing cards directly in front of the check-in counter. This is what I saw (and I relayed this to the FBI when we were held in Customs):

An Indian man in a nicely dressed suit around age 50 approached the check-in counter with the terrorist and said: “This man needs to get on this flight and he has no passport”. The two of them were an odd pair as the terrorist is a short, black man that looked like he was very poor and looks around age 17. (Although I think he is 23 he doesn’t look it). It did not cross my mind that they were terrorists, only that the two looked weird together. The ticket-taker said “you can’t board without a passport”. The Indian man then replied: “He is from Sudan, we do this all the time”.

I can only take from this to mean that it is difficult to get passports from Sudan and this was some sort of sympathy ploy. The ticket-taker then said “You will have to talk to my manager”, and sent the two down a hallway. I never saw the Indian man again as he wasn’t on the flight. It was also weird that the terrorist never said a word in this exchange. Anyway, somehow, the terrorist made it onto the plane. I am not sure if it was a bribe or just sympathy from the security manager.

FBI also arrested a different Indian man while we were held in Customs after a bomb-sniffing dog detected a bomb in his carry-on bag and he was searched after we landed. This was later confirmed while we were in Customs when an FBI agent said to us: “You are all being moved to another area because this area is not safe. Read between the lines. Some of you saw what just happened”. (The arrest of the other Indian man). I am not sure why this hasn’t made it into any news story, but I stood about 15-20 feet away from the other Indian man when he was cuffed and arrested after his search.

What also didn’t make the news is that we were held on the plane for 20 minutes AFTER IT LANDED! A bomb could have gone off then. This wasn’t too smart of security to not let us off the plane…’.

The second report by Sheena Harrison is timed and dated 2:22pm Detroit Time, 26th December:

The caption to the photo of Mr Haskell’s passport reads:
Kurt Haskell’s boarding pass for NWA Flight 253.

Update: Dutch police investigating report of accomplice in Northwest Flight 235 terror plot:

A Michigan man who was aboard Northwest Airlines Flight 253 says he witnessed Umar Farouk Abdul Mutallab trying to board the plane in Amsterdam without a passport.

Kurt Haskell of Newport, Mich., who posted an earlier comment about his experience, talked exclusively with MLive.com and confirmed he was on the flight by sending a picture of his boarding pass. He and his wife, Lori, were returning from a safari in Uganda when they boarded the NWA flight on Friday.

Haskell said he and his wife were sitting on the ground near their boarding gate in Amsterdam, which is when they saw Mutallab approach the gate with an unidentified man.

Kurt and Lori Haskell are attorneys with Haskell Law Firm in Taylor. Their expertise includes bankruptcy, family law and estate planning.

While Mutallab was poorly dressed, his friend was dressed in an expensive suit, Haskell said. He says the suited man asked ticket agents whether Mutallab could board without a passport. “The guy said: ‘He’s from Sudan and we do this all the time’”.

Mutallab is Nigerian. Haskell believes the man may have been trying to garner sympathy for Mutallab’s lack of documents by portraying him as a Sudanese refugee.

The ticket agent referred Mutallab and his companion to her manager down the hall, and Haskell didn’t see Mutallab again until after he allegedly tried to detonate an explosive on the plane.

Haskell said the flight was mostly unremarkable. That was until he heard a flight attendant say she smelled smoke, just after the pilot announced the plane would land in Detroit in 10 minutes. Haskell got out of his seat to view the brewing commotion.

“I stood up and walked a couple feet ahead to get a closer look, and that’s when I saw the flames”, said Haskell, who sat about seven rows behind Mutallab. “It started to spread pretty quickly. It went up the wall, all the way to ceiling”.

Haskell, who described Mutallab as a diminutive man who looks like a teenager, said about 30 seconds passed between the first mention of smoke and when Mutallab was subdued by fellow passengers. “He didn’t fight back at all. This wasn’t a big skirmish”, Haskell said. “A couple guys jumped on him and hauled him away”.

The ordeal has left Haskell and his wife a little shaken. Flight attendants were screaming during the fire and the pilot sounded notably nervous when bringing the plane in for a landing, he said.

“Immediately, the pilot came on and said two words: emergency landing”, Haskell said. “And that was it. The plane sped up instead of slowing down. You could tell he floored it”.

As Mutallab was being led out of the plane in handcuffs, Haskell said he realized that was the same man he saw trying to board the plane in Amsterdam.

Passengers had to wait about 20 minutes before they were allowed to exit the plane. Haskell said he and other passengers waited about six hours to be interviewed by the FBI.

About an hour after landing, Haskell said he saw another man being taken into custody. But a spokeswoman from the FBI in Detroit said Mutallab was the only person taken into custody’.

FURTHER DEVELOPMENT APPENDED 10:45PM UK TIME 30TH DECEMBER 2009:

Mr Haskell disseminated the following update at about 9:30pm UK time, so 3:30pm CST:

‘Just to give everyone an update. I had a visit from the FBI yesterday. They brought in several photos including one I casually identified to them as “The man they won’t admit exists that they detained in customs”. Amazingly, they changed their story and admitted that this 2nd Indian [sic: Ed.] man was still being held in Customs on “immigration issues” (i.e. no passport) last night. So, their first story that only one man had been detained was apparently untruthful’.

‘I got a several minute close up look at the terrorist in Amsterdam and he has quite a different look about him [sic: Ed.]. Further, there were very few black persons on our flight or at the airport and he was rather easy for me to identify later. Hope this helps. Thanks Mlive and those that continue to be supportive. KH’.

Note: The Dutch security service is reported in the British press to have DENIED that the Nigerian passed through airport checks without a passport. Specifically, a spokesman for the Netherlands Counter-Terrorism Office said on 29th December 2009:

‘He had a passport and a valid visa for the United States and KLM had clearance on the passenger list to carry him to the US’. So someone is lying. The procedure when these World Revolutionary operations are botched (whether deliberately so or not) is for conflicting information to be piled systematically upon conflicting information, creating a picture of total confusion that they hope cannot be unravelled. The following link contains a further report from the same source cited above. We haven’t extracted the text, as it can easily be accessed from this link:

<http://www.mlive.com/news/detroit/index.ssf/2009/12/flight_253_passenger_tells_msn.html>;

FURTHER UPDATE APPENDED ON NEW YEAR’S DAY, 2010:
Kurt Haskell is engaged in a head-to-head fight with the US official liars, and is doing extremely well. We won’t reproduce what he says here, as you can read his latest update at:

http://www.mlive. com/news/ detroit/index. ssf/2009/ 12/flight_ 253_passenger_ kurt_hask. html

However we comment as follows: This macabre fiasco is developing into a DIRGE accompanying the ongoing discrediting and implosion of the ‘Black’ Forces that inhabit the Intelligence Power. The FBI (GESTAPO) is effectively a SUBSIDIARY OF THE CIA and it is now being comprehensively discredited along with the CIA and its ancillary criminalised so-called ‘intelligence’ agencies itself. The FBI has forfeited its credibility over the years due to its insistence on promulgating lies and diversionary ‘lines’ to hide the abominations committed by compartmentalised intelligence cadres.

Now it has come face to face with a very determined and respected lawyer who WON’T PUT UP WITH THIS REPROBATE BEHAVIOUR. After all, Kurt Haskell and his wife Lori survived a horrific incident clearly orchestrated by ‘intelligence’ operatives (ALL terrorists are agents or else are connected to the criminalised intelligence structures).

Once again, THEY NEVER THOUGHT THERE WOULD BE ANY OPPOSITION. But the worm has turned, and these STUPID PEOPLE are all going to have to wake up to the NEW PARADIGM which became reality just before the turn of the year and decade. THE BELL TOLLS FOR THESE FILTHY CRIMINALS, but as we have seen, THEY NEVER GET THE MESSAGE.

In 2010, they will, they will.

FURTHER UPDATE APPENDED ON 2ND JANUARY, 2010:
Further analysis has revealed that the Nigerian terrorist agent’s father, Dr Umaru Mutallab, is one of the richest people in the world, the former Chairman of the First Bank of Nigeria, former Cabinet Minister, head of the national armaments industry, friend of the US Ambassador, and is well known in ‘Black’ circles around the globe. Nigeria’s intelligence agencies are tied to and trained by Israel.

Passengers flying to the United States from Amsterdam’s Schiphol Airport are routinely grilled, according to Wayne Madsen, by security personnel linked to an Israeli firm. The same investigator points out that ‘the security company that allowed the shoe-bomber, Reid, to board the American Airlines Flight 63 at Charles de Gaulle Airport in Paris several years ago was ICTS (International Consultants on Targeted Security) International, the senior management of which are all Israeli officials’, many of whom worked for El Al security which is intimately intertwined with Mossad.

Detainees released from Guantanamo are reported to be operating in leadership roles in Yemen under direction, training and guidance by Israeli and CIA operatives. Interim analysis published by the respected website Veterans Today points to an operation directed by the discredited but still hyperactive ‘Black’ CIA operative boss and former US Vice President Richard B. Cheney, of Jewish extraction, and the disaffected Bush Crime Family as being complicit in what is rapidly escalating, as we have predicted, into a colossal crisis for the Langley Botch Factory and its mental defectives elsewhere inside the Intelligence Power, notably the Federal Bureau of Investigation (GESTAPO).

One of the two Veterans Today reports referenced by the links below headlines the following: ‘WHY THE STORY HAS TO GRIND TO A STOP OR… ‘THE WHOLE DIRTY MESS WILL COLLAPSE’. Yes INDEED. That’s exactly what is happening. THE BELL TOLLS FOR THE DEMONS INSIDE THE U.S. INTELLIGENCE POWER AND THEIR EVIL FOREIGN ASSOCIATES who have yet to grasp that the ground has shifted violently from beneath their dirty feet, as will become increasingly apparent to all when recent developments can be divulged and the new paradigm put in closer perspective.

Again, we won’t duplicate the work of others at this stage. See detailed reports at:

http://www.veteranstoday.com/modules.php?name=News&;file=article&sid=9972

http://www.veteranstoday.com/modules.php?name=News&;file=article&sid=9951&mode=thread&order=0&thold=0

END OF AIRCRAFT BOMBING UPDATED UPDATED UPDATED UPDATE.

LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

“ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

“THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

“FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

“The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

“FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

“Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

NASD Rule 3120, et al.
NASD Rule 2330, et al
NASD Conduct Rules 2110 and 3040
NASD Conduct Rules 2110 and IM-2110-1
NASD Conduct Rules 2110 and SEC Rule 15c3-1
NASD Conduct Rules 2110 and 3110
SEC Rules 17a-3 and 17a-4
NASD Conduct Rules 2110 and Procedural Rule 8210
NASD Conduct Rules 2110 and 2330 and IM-2330
NASD Conduct Rules 2110 and IM-2110-5
NASD Systems and Programme Rules 6950 through 6957
97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

Annunzio-Wylie Anti-Money Laundering Act
Anti-Drug Abuse Act
Applicable international money laundering restrictions
Bank Secrecy Act
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 criminalist 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.

Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

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It has now been established that the National Security Agency (NSA) works with/controls Microsoft, Norton, McAfee, and others, in pursuit of the Pentagon’s vast BIG BROTHER objective, directed from the ‘highest’ levels (not the levels usually referred to) which seek to have every computer in the world talk direct to the Pentagon or to NSA’s master computers.

This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

We use a proprietary FOREIGN Internet Security program which devours every PC Trojan, worm, scam, porn attack and virus that the National Security Agency (NSA) throws at us. We are offering this program (CD) to our clients and friends, at a premium. The program comes with our very strong recommendation, but at the same time, if you buy from us, you will be helping us finance ongoing exposures of the DVD’s World Revolution and the financial corruption that has been financing it.

The familiar US proprietary Internet Security programs are by-products of US counterintelligence, and are intended NOT to solve your Internet security problems, but to spy on you and to report what you write about, to centralised US electronic facilities set up for the purpose. You can now BREAK FREE from this syndrome while at the same time helping us to MAINTAIN THE VERY HEAVY PRESSURE UPON THE CRIMINALISTS WE HAVE BEEN EXPOSING, by ordering this highest quality FOREIGN (i.e., non-US) INTERNET SECURITY SOLUTION that we have started advertising on this website. This offer has been developed in response to attacks we have suffered from the NSA nerds who appear to have a collective mental age of about five years, judging by their output.

To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. The program has an invaluable ‘Preview before downloading’ feature.

It is suitable for PC’s but not Mac computers. As with all such programs, the License is renewable at a modest fee annually. This is done on-line in the usual way [with the supplier direct].

*VISTA: Virtual Instant Surveillance Tactical Application.

BRITAIN & AMERICA: DECADENT, DELUDED, DESTITUTE

SENSE OF CHAOS ON BOTH SIDES OF THE ATLANTIC

Sunday 21 June 2009 00:01

• THIS REPORT HAS BEEN UPDATED AND EXPANDED. AN APPENDIX HAS BEEN ADDED.

• FURTHER UPDATE: 23rd June 2009:
A very senior academic who was present in our London office yesterday, who deals with Central Government officials in London, volunteered that the Brown ‘Black’ Government appears to be immobilised. He told the Editor that the officials he deals with at a certain Department of State had indicated that it was now impossible to get any decisions out of Government, and that they had had three Ministers at his Department in the space of six months. We believe that this state of affairs is proxy for the situation throughout Whitehall: the Government appears to be paralysed.

• YAMASHITA’S GOLD: 24th June 2009:
Since we first referenced Yamashita’s gold recently, much angst has been reported to us from behind the scenes concerning the possibility that we have acquired chapter and verse on how the CIA, working with the mafia, stole the gold buried in The Philippines and Indonesia by the Japanese after their World War II Far Eastern Empire came under attack.

As a direct consequence of this anxiety, ‘spins’ on the gold-based source of the prevailing crisis have suddenly started to emerge. One purpose may be to encapsulate disinformation so that any exposure of this fundamental dimension will contain diversionary information. But the key point to bear in mind at this stage, is this: if what is now being leaked is true, WHY has it only started to surface AFTER we have referenced Yamashita’s gold? The documents and information we have obtained on this crucial background dimension ARE in the public domain: but we are led to believe that ‘they’ thought the whole thing had been successfully brushed under the carpet, suggesting that published information on this subject itself contains disinformation. So the question remains: WHY do we need to be told all this NOW, when we could have been informed about it immediately after 9/11, for instance? Irrespective of the answer, International Currency Review Volume 35, #1 will contain comprehensive coverage of the Yamashita’s Gold dimension, prepared from original documents that we have obtained, not from published ‘takes’ that may contain disinformation.

MISPRISION OF FELONY: U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4:
‘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’.

CALLING EVIL GOOD, AND GOOD EVIL
‘Woe unto them that call evil good, and good evil; that put darkness for light, and light for darkness; that put bitter for sweet, and sweet for bitter!’

‘Woe unto them that are wise in their own eyes, and prudent in their own sight!’
Isaiah, Chapter 5, verses 20-21.

• WORLD COURT CASE NUMBERS: When we have obtained the relevant World Court Case Numbers covering the thefts, diversions, refusals to pay and Contempts of the Court by the US perpetrators of unspeakable financial crimes, we hope to be able to publish them on this website.

• SUPERFICIAL ‘PROGRESS’ BY THE FORCES OF DARKNESS

• CORRUPT PAYMENTS MARKED UP BY GWENDOLYN WAYMARK

• WHY BUSH SR. ORDERED WILLIAM COLBY’S ‘HORIZONTALISATION’

• PUTE’S CYNICAL MESSAGE OF GOOD WISHES TO THE GODFATHER

• SCARLETT’S GOING AT LAST, BUT WILL THE NEW ‘C’ BE ANY BETTER?

• DECADENT BRITISH FOREIGN OFFICE PROMOTES HOMOSEXUALITY

• UK INLAND REVENUE PROMOTES HOMOSEXUAL DEVIANCY, TOO

• WORLD-CLASS CROOK BLAIR GIVEN GREEN LIGHT FOR E.U. PRESIDENCY

• BARROSO WANTS ANOTHER TERM, FEARS PRIVATE LIFE WITH GOOD REASON

• WESTMINSTER PARLIAMENT AS CORRUPT AS THE U.S. CONGRESS

• REDACTED OFFICIAL VERSION OF ALREADY EXPOSED CLAIMS

• A GOVERNMENT AND PARLIAMENT OF THE LIVING DEAD

• EXPLOITATION OF THE CRISIS TO ENHANCE E.U. POWERS

• CONTINENTAL JEALOUSY OF THE CITY OF LONDON

• BANK OF ENGLAND GOVERNOR CRITICISES THE CHANCELLOR

• UNNECESSARY OFFICIAL BORROWING WILL FORCE INTEREST RATES UP

• ‘GREEN SHOOTS’ GROWING OUT OF PUTRID MANURE

• OUTBREAK OF ‘BLANKFEINISM’ BY GEORGE SOROS

• COULDN’T BRING HIMSELF TO USE THE WORD ‘CRIMINAL’

• MASSIVE THEFTS OF MONEY CONTINUE (FOR BRIBERY)

• STANFORD, MADOFF CAN BE TAKEN DOWN. BUSH ‘CAN’T’.

• HOW TO BRING THE U.S. INTELLIGENCE POWER UNDER CONTROL

• ‘STATE WITHIN THE STATE’ IS FUNDED BY FRAUDULENT FINANCE

• USURPER CIA’S ARROGANCE BURDENS FUTURE U.S. TAXPAYERS

• THE FORMULA THAT WOULD SOLVE ALL PROBLEMS WITHOUT DEBT

• PREDICTABLY FAILING OPERATION TO REVALIDATE DERIVATIVES

• GEITHNER WASTED 6 MONTHS. WE ALREADY DID HIS WORK FOR HIM.

• OUR BLUEPRINT WON’T FINANCE THE ‘STATE WITHIN THE STATE’

• HEGEMONY OF THE C.I.A. AT ALL COSTS: AND TO HELL WITH THE PEOPLE

• P.S.: THE JAPANESE BOND SMUGGLERS ARE MISSING

• P.P.S.: GORDON BROWN ‘DIDN’T KNOW MUCH ABOUT DERIVATIVES’

• APPENDIX:
AN ANSWER (OF SORTS) TO OUR QUESTION:
‘WHAT ARE WE DOING IN AFGHANISTAN?

• The Subs/Books Update Panel on the Home Page was updated at 8:00pm UK time on 22nd May 2009 to provide comprehensive details of all issues of our intelligence services published during the first five months of 2009, including the latest issue of our Global Analyst (Volume 3, #2). Soviet Analyst, Volume 31, #1 is ‘on machine’ at our print works and will be delivered soon. It will contain proof that the Soviet Union remains in existence, or certainly did as late as March 2001, a decade after it was said to have vanished into the trashcan of history. No surprise, but nice to prove it.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

• Globalist hegemony ideology and practice are comprehensively debunked in the Editor’s study entitled The New Underworld Order, which can be ordered via the books section of this website. If you want to see what may well happen if the angle of decline steepens much further, you could do worse than also order a copy of The Red Terror in Russia, by the contemporary Russian eyewitness Sergei Melgounov, another Edward Harle Limited book available direct from this website. Also, the Editor’s study entitled The European Union Collective, which proves that the EU is a long-range strategic entrapment operation to reduce European countries to satrap status within a German empire using economic strategy for relentless economic warfare purposes, can be bought here.

• Please Make a Donation, if you feel able to do so, to help finance Christopher Story‘s ongoing global financial corruption investigations. Your assistance will be very sincerely appreciated and will make a real difference, hastening the OVERDUE resolution of the worst financial corruption and linked financial fallout in world history. Just press Make a Donation, which is live, and it takes you straight to our ultra-safe ordering system, which accepts Visa and MasterCard.

• The Editor’s $35,000 Wanta bail-out money has been stolen.

• See the second white panel for details of our latest distributed intelligence publications.

• ADVERTISEMENT: Details of the Internet Security Solution software offered by this service in conjunction with a donation are appended at the very foot of this report, below the legal data. See also the catalogue by clicking on World Reports Limited and scrolling down to the bottom.

• COPYRIGHT NOTICE: The Editor and his companies have taken measures to obtain protection and recompense for the gross breaches of copyright material, books and works owned by this service, our companies, the Editor and Author, and the Authors whose interests we must protect. In the first place, a pirate platform service in the United States has received a demand for a very large sum of money to compensate us for the wanton stealing of three of our books, the consequence of which barbaric acts has been effectively to destroy our book publishing business. Secondly, the agents for the Google Settlement have been specifically informed by registered mail that we have written, also by registered mail, to the four universities and one public library who have entered into an agreement with Google under the so-called ‘Google Settlement’.

The universities in question are: Oxford, Stanford, Harvard and Michigan; and the public library is the New York Public Library. Our three companies have opted out of the Google Settlement, which is anyway now in some disarray.

These and related parties have been advised that if ANY of our works, published by all three of our companies, not just the intelligence books company which has already been severely ransacked, are assaulted by copyright pirates, we will take all legal measures open to us to enforce our rights and those of our authors. The rationale underlying this scourge is the false and spurious one that the intellectual property of the whole of humanity is the property of the ‘global commons’: a dirty, revolutionary piece of hypocrisy and subversion, the underlying purpose of which is to destroy small publishers so that there will be no dissenting voices to The New Underworld Order.

When time permits, we will be providing ‘further and better particulars’ concerning this outrageous revolutionary development. In the meantime, those amoral persons and parties who have so far downloaded our works are hereby warned that every single download will be traced, and that they risk being pursued for very large damages for gross and insolent breaches of our copyright.

Anyone wishing to reproduce the important anti-World Revolution article posted here must contact the Editor for written permission, on the understanding that a precise form of words that we will specify must accompany any reposting and that the entire article, with credits, must be displayed. Any deviation will be treated as a breach of copyright and dealt with accordingly [see above].

• ROGUE’S GALLERY OF DECEIVERS: Given the deceit and abuse that has been meted out to the Editor of this service since we began these investigations in 2002, the Editor plans to expose, by name, each of the primary perpetrators of deception against us, including a UK-based deceiver recently unmasked who sought to extort money for delivering sensitive packages that he never delivered. This character has been reported to the Police, and a Major Crime Book Number will be sought with a request for an investigation. The relevant documents have been sent by registered and signed-for mail, to the Special Branch officer concerned. Those who have deceived us will be made to endure the consequences of their serial duplicity, starting with Leo Wanta, to whom the Editor lent $35,000 to pay for his release from irregular probation, which should have been paid back on 11th June 2007 but concerning which nothing has been heard. All other collaborators and operatives who tried to decieve us at various stages will also be exposed for their deception.

By Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and our ‘politically incorrect’ intelligence books online from this website.

THE SOLUTION TO THE CRISIS THAT HAS BEEN AVAILABLE ALL ALONG:
Operating the $ Refunding from London without US Government participation delivers:

(1) Massive ongoing windfall tax accruals to the BRITISH Treasury given that all funds resident in the United Kingdom jurisdiction for 24 hours are taxable by the Inland Revenue. This makes the UK Refunding proposal of extreme interest to Her Majesty’s Government and the UK Treasury.

((2) Massive ongoing windfall benefits to the UNITED STATES Treasury given that it will also receive a cascade of tax accruals from this independent private sector Refunding Program.

(3) The necessary refinancing of the UK and US banking systems ON THE BOOKS with no input from either Government and NO CORRESPONDING DEBT CREATED IN THE BACKGROUND.

(4) GOOD (i.e., on-balance sheet, taxed) money which will CHASE OUT THE BAD MONEY that the crass US Fraudulent Finance concoction will generate.

NEW REPORT STARTS HERE:

SUPERFICIAL ‘PROGRESS’ BY THE FORCES OF DARKNESS
On the face of it, the Forces of Darkness appear to have taken several leaps forward in recent days, judging by the ‘in-your-face’ arrogance that has been on display, and the absolute contempt with which they have been treating the European and American general public, which of course they thoroughly despise. However the objective reality facing these criminals on both sides of the Atlantic is that, due to the exposures, their timeframes have been thrown into disarray, so that they have been scrambling ever since to regain the upper hand. Whether Obama will be arrested for treason, as the Editor has been informed, remains to be seen.

It should be remembered that these revolutionary Workers of Darkness are ‘going nowhere’. They have been exposed, and even though US ‘enforcement’ has hitherto most disgracefully let us all down, the exposures have sealed the fate of these people.

Their evil genie cannot be stuffed back into its bottle.

Even so, the dark spectacle of the Bush Crime Family gathered together at Kennebunkport to celebrate the 85th birthday of the most ruthlessly evil man currently alive today was certainly enough on its own to induce attacks of nausea among those of us with some knowledge of the criminal mayhem, lies and thefts perpetrated by these fiends and the criminal enterprise, known collectively as the Central Intelligence Agency (and its ‘subsidiaries’), to which they are bound.

Never let it be forgotten that, to commemorate this linkage, the Langley HQ of the CIA is formally known as ‘The George Bush Center for Intelligence’ (which should read ‘for Financial Terrorism’).

This fact alone makes it clear that the US Intelligence Power, the ‘Black’ ‘State within the State’ which controls the Executive and Legislative Branches of the US Government and is the primary author of the crisis, cannot be reformed. It must be dismantled and crushed under foot: and until this necessary smash-up has been accomplished, the world will continue to suffer the damaging consequences of its rampaging serial criminal operations.

CORRUPT PAYMENTS MARKED UP BY GWENDOLYN WAYMARK
Almost at the outset of our investigations into the corruption, we tripped over Federal Reserve print-outs annotated by the Bush Sr. operative Gwendolyn Waymark (not her real name) showing corrupt payments to George Bush Sr. while he was still President of the United States.

The earliest interview conducted on this subject by the Editor with a dissident US intelligence source pinpointed Bush Sr. as the most dangerous operative alive, and the source of much of the world’s aggravated problems.

It may be recalled that it was Gwendolyn Waymark, a Bush-linked operative, who saw fit to leave a voicemail on the Editor’s New York answerphone on his return from Niagara Falls, Canada, after interviewing fugitive Office of Naval Intelligence (ONI) operative Lt. Delmart Mark Vreeland in May 2003, in which she notoriously threatened:

‘None of this must ever come out, you understand’.

When an investigative journalist is given such a crude ‘warning’, his natural response is of course to redouble his efforts to discover what ‘they’ want to remain covered up: which is what we have been doing. Threats are counterproductive, you understand.

All the research we have conducted since 2002 has reinforced the accuracy of our original findings, as has our separate documented research on the Pan-German ‘Black’ Nazi long-range strategic deception successor of the Abwehr, Deutsche Verteidigungs Dienst (DVD), Dachau.

Served by the German Jewish agent Dr Henry Kissinger, who is so despised by his fellow Jews that he was expelled from the community in 1974 as we reported on 12th June, and by the patriarch of the German Jewish Bush Crime Family, Dachau is where the Jewish and German Nazis coordinate their criminal operations to the detriment of the whole world. That is the ‘big secret’.

WHY BUSH SR. ORDERED WILLIAM COLBY’S ‘HORIZONTALISATION’
It was not coincidental that Bush Sr. ordered his predecessor as Director of Central Intelligence, William Colby, to be ‘horizontalised’ because Colby, near the end of his life, was suffering pangs of conscience and was seeking to vent, via multiple cutouts, detailed intelligence about contrived and imposed multiple personality disorder techniques derived from Heinrich Himmler’s experiments and continued by Nazi personnel based in the Soviet gulags and in Prisoner of War camps where live American POWs were held. Himmlerian experiments along these lines were later expanded within the secret POW return program also known as the ‘Reidentity Program’ which is notoriously associated with the deep underground military facility at Dulce, New Mexico.

In the mid-1980s, the G. H. W. Bush Nazi-style criminal intelligence network established a secret vault structure, known unofficially and informally as the ‘Hotel California’, at the HQ of the Defense Intelligence Agency (DIA), which is in reality driven by the CIA. Material and operations within the secret vault serve the ‘needs’ of the deep underground facility at Dulce, where the unspeakable Himmlerian experiments continue to this day. Another such facility is located in Pueblo, Colorado; and the Canadian authorities are stupidly engaged in a parallel, related operation along these lines.

William Colby was seeking to expose such basic intelligence about the hideous evil of the ‘Black’ Bush Criminal Nexus, as was Herr Heinrich Rupp, Colby’s personal pilot. Two Congressmen have separately confirmed the existence of the secret vaults to our sources, as have members of the old fifth column intelligence group. The vaults clearly hold high-value data and evidence that these US Nazis will try to conceal at all costs.

PUTE’S CYNICAL MESSAGE OF GOOD WISHES TO THE GODFATHER
When one considers such background information in the context of the recent ‘in-your-face’ display of arrogance at Kennebunkport, it is natural to conclude that these people must assume that they are untouchable because they are ‘protected’ by the criminal Intelligence Power, which runs the deeply Leninist US Government, just as the KGB-GRU controls every dimension of its covert Soviet dialectical ‘opposite’.

At the highest intelligence levels, a cynical game of ‘Happy Families’ is cynically played for public consumption, as we were reminded when the controlled US Government ‘news’ agency, Associated Press, dutifully reported from Moscow on 15th June that the Russian GRU-Prime Minister, Vladimir Vladimirovich Putin, had thoughtfully sent a telegram (which, by the way, we didn’t know was still possible, suggesting that there was something WRONG with this story) to the most evil operative alive today to wish him a happy 85th birthday, adding that Bush Sr. deserved to be considered among the ‘most authoritative’ world leaders.

Russia’s State ‘news’ agency, RIA Novosti, carried the text of the ‘telegram’, dated 12th June, in which Pute informed Pappy Bushcrook how much he valued the time they had spent together at Kennestenchport in 2007. Plus, the Russian GRU-Prime Minister thanked the continuing US Nazi Gauleiter for ‘his sincere interest in Russia, its history and culture’. Pute ended by wishing the head of the snake ‘good health and happiness’ for his ‘large and friendly family’.

No doubt, given this gratuitous display of pointed cynicism by the Russian ‘Prime Minister’, these sentiments gratified said ‘extended family’, as they watched Senior make another parachute jump without mishap, as he had done on his 75th and 80th birthdays, the subtext being: ‘See, no-one interfered with my parachute, do you hear me? It’s cuz I’m protected, geddit?’

SCARLETT’S GOING AT LAST, BUT WILL THE NEW ‘C’ BE ANY BETTER?
With the US intelligence community in thrall to the Nazis as described, we were slightly hoping that the exit of Sir John Scarlett as head of the British Secret Intelligence Service (MI6) in November 2009 (somewhat later than we anticipated), might just alleviate the similar grip which the DVD has exercised in recent years through Scarlett on elements of MI6.

The new ‘C’ (as the head of 6 is called) will be Sir John Sawers, aged 53, the British Permanent Representative to the United Nations in New York.

Feeble attempts were made, when this information surfaced on 16th June, to persuade the British media that Sawers is not a ‘spook’, despite the fact that he began his career with MI6 back in 1977, serving in Yemen and Syria. He was then ‘switched’ to the Diplomatic Service in the 1980s, and was appointed Political Director at the Foreign and Commonwealth Office in 2003.

The Downing Street statement issued on 16th June confirmed Sawers’ MI6 background with the observation that the new appointee was ‘transferring from the FCO and rejoining SIS’. This of course simply ‘reconfirmed’ that the British Diplomatic Service harbours spooks, which everyone knows; but for Downing Street to acknowledge this fact, seemed gauche.

Since Sawers has been operating from the bowels of the Foreign and Commonwealth Office, which was the first Great British Department of State to be infiltrated (in the 1920s) and has consistently betrayed British interests ever since, it would be rash to hold out any hope that the departure of Scarlett, the notorious EUdolater, will be followed by a tendency to place British interests ahead of those of Germany. On the contrary, the effect of Britain’s catastrophic membership of the European Union Collective has been to deprive us of national interests since, by definition, all UK national interests have been collectivised.

DECADENT BRITISH FOREIGN OFFICE PROMOTES HOMOSEXUALITY
This explains why the Foreign and Commonwealth Office (FCO) now wastes UK taxpayers’ money promoting ‘politically correct’ delusions, and proclaiming that good is evil and evil is good, as is evidenced by reports that British Ambassadors have been provocatively supporting displays of homosexuality. Specifically, the British Ambassador to Sofia, Bulgaria, saw fit to send a message of support for a ‘gay pride’ Rainbow Friendship Rally in the Bulgarian capital on 14th June. This fool took it upon himself to elaborate: ‘Celebrating diversity is not about promoting a lifestyle. It is about promoting respect for fundamental human rights’.

Unbelievably, some stupid little creep called Mr Ric Todd, the British Ambassador to Poland, had earlier antagonised Poles by supporting a similar ‘gay pride’ rally in Warsaw. Questioned about this sterile and perverse serial idiocy, a Foreign Office spokesman told The Daily Telegraph (18th June 2009) that it regarded the said messages as ‘a key plank of its human rights policies’.

UK INLAND REVENUE PROMOTES HOMOSEXUAL DEVIANCY, TOO
On top of which HM Revenue and Customs was reported on 19th June 2009 to have published, at British taxpayers’ expense of course, a 20-page booklet aimed at ‘our lesbian, gay, bisexual and transgender customers’, which provides gratuitous advice to people in ‘civil partnerships’ about their tax allowances and inheritance tax thresholds, no doubt reflecting the taxman’s anxiety that since many of these people, due to their perverse exertions, are liable to die young, many could regrettably escape the grasp of tax inspectors when they prematurely leave this mortal coil.

This ‘politically correct’ and fatuous booklet also reportedly advises transgender people about whether they can claim pensions under their new or old gender.

On the basis of this sordid information, we now expect the British tax authorities, whose officials appear to have had their minds bent at Deutsche Bank-financed Common Purpose personality and mind manipulation courses, to publish a range of booklets aimed at witches, wizards, necrophiliacs, troglodytes, transvestites, prostitutes, call girl operators, people-smuggling Godfathers, mafiosi, contract hitmen, and other categories of prospective taxpayer that the Brown ‘Black’ Government, which has squandered and destroyed Britain’s finances, perceives the need to ‘capture’ for tax purposes in its desperate endeavours to grab as much as it can in dirty tax in order to cover the gargantuan financial hole that it has dug to the disadvantage of future taxpaying generations.

As for the Foreign and Commonwealth Office, what these crude outbreaks of pointlessly reprobate behaviour (calling good evil and evil good), by Her Majesty’s Representatives indicate is that the British Diplomatic Service does not serve British national interests (which have long since been collectivised), but has rather been co-opted as an instrument of the World Revolution, the main purpose of which is to turn everything upside down, to call good evil and evil good, and to foster collective multiple personality disorder for the sheer HELL of it.

WORLD-CLASS CROOK BLAIR GIVEN GREEN LIGHT FOR E.U. PRESIDENCY
Which brings us to a parallel British ‘in-your-face’ aberration inflicted upon us all since we last reported. On 17th June 2009, the sycophantic UK ‘mainstream’ press announced with some fanfare that the discredited former British Prime Minister, Tony Blair, will be given a ‘free run’ if he seeks the Presidency of the European Union once the manipulators have destroyed the last vestiges of European national statehood with the ramming through, against the wishes of all the European populations, of the Lisbon Treaty, following an intended ‘re-run’ of the Irish Referendum when the Irish electorate will be insulted with a demand that it reverse its ‘No’ decision so that the criminal manipulators directed by DVD and their French agents can complete the takeover of Europe in deference to the long-range Pan-German strategic deception operation originally promulgated via the 1942 Nazi Strategic Compendium ‘Europaische Wirtschafsgemeinschaft’ (‘European Economic Community’), the Chapter headings of which were almost identical to those later adopted for the Maastricht Treaty of 1992.

According to the reports, David Cameron, the mind-controlled so-called ‘Conservative’ Party leader (who campaigned for the recent European elections on a ‘platform’ of ‘change’ without defining his terms, namely, ‘change’ from WHAT, to WHAT, which of course has nothing to do with ‘conserving’ anything) has ‘let it be known’ to senior colleagues that they should do nothing to oppose a Blair candidacy, should the Lisbon Treaty be ratified when Irish voters are browbeaten to ‘change their minds’ later this year. Once the Lisbon Treaty has been ‘ratified’, it becomes part of the ‘acquis communautaire’, which is to say that the entire content of the Treaty will have been ‘annexed’ by the European Union Collective so that it cannot be unpicked.

But the main point here is that Blair, a war criminal, a serial financial crook who ‘rolled over’ on his associates as we reported last year, who billed the British taxpayer £260 for shredding services as he wound up his parliamentary affairs and destroyed evidence of his criminality while also claiming £6,990 for repairing the roof of his constituency home two days before leaving Number 10 Downing Street, and a man whose integrity is questioned with good reason all over the world, is of course the IDEAL CANDIDATE to serve as President of the European Union, a New World Order construct so corrupt that the fraudulent accounts of its European Commission have been qualified for 14 years running. And because in a collective no-one is of course responsible, NOBODY CARES.

BARROSO WANTS ANOTHER TERM, FEARS PRIVATE LIFE WITH GOOD REASON
The EC’s accounts could not be approved by the EU’s own Court of Auditors for 14 years for the straightforward reason that any member of the Court who signed off on those accounts could be indicted for conspiracy to defraud EU taxpayers and as an Accessory to the Fact of rampant fraud which successive Commissions have covered up. Unbelievably, the currently outgoing and much despised President of the European Commission, Jose Manuel Barroso, is reported to be seeking reappointment to the top slot on this gravy train, in yet another display of the shameless arrogance in which these reprobates specialise. Perhaps he fears that without the cover provided by the EC Presidency, his repulsive penchant for little girls might land him in a spot of bother.

Needless to say, there is minimal support in Great Britain for the wretched and sterile EUdolatry espoused by the defanged, treacherous, arrogant and increasingly pathetic British Foreign and Commonwealth Office, the head of which under the International Socialist Gordon Brown is a little fellow of Polish Jewish extraction called Milliband, who is derided behind his back by foreigners as ‘Millipede’. Given the smelly, disreputable reputation of the British political class internationally following the filthy expenses scandal, it is no surprise that no-one pays much attention to this little chap, not least because he is a member of what The Spectator, a British weekly, has accurately termed ‘a Cabinet of the Living Dead’.

WESTMINSTER PARLIAMENT AS CORRUPT AS THE U.S. CONGRESS
The reshuffled Brown Government suffered a further ‘blow’ (not that they ever have any effect) when a junior Treasury Minister, Kitty Ussher, resigned on 17th June after details of her avoidance of Capital Gains Tax (CGT) by ‘flipping’ the designation of her ‘second home’ for one month while the property was being sold, were publicised. The Financial Times reported that ‘her resignation relates to the sale of her home in Burnley in 2007. On the advice of an accountant, she switched the designation of the property a month before selling it’.

‘People selling a principal home do not have to pay CGT. The Prime Minister and Chancellor were first given details of the property transaction last night’. This woman had previously served as chief economist of Britain in Europe, a revolutionary agitprop organisation, now defunct, dedicated to the destruction of British national sovereignty.

Following the departure of the former Home Secretary, Jacqui Smith, who charged the taxpayer for two pornographic films watched by her husband, the flouncing out of the discredited Brown ‘Black’ Government by a couple of haughtily superfluous bimbos, the reappointment to ministerial office of a highly dubious character of Pakistani origin whose blatantly questionable expenses behaviour was almost immediately subjected to a renewed investigation, the resignation in disgrace of a Tony McNulty MP, the former Employment Minister, the £1,200 charged to the taxpayer by John Bercow MP for the cost of unblocking his lavatory, and confirmed expectations that the Metropolitan Police will now be investigating an unknown number of MPs for fraud including charging the Commons Fees Office for mortgage interest on mortgages already paid off, the belated fact that an obscure Treasury Minister was judged to have avoided Capital Gains Tax, came as no surprise to anyone.

The Treasury, of course, controls HM Revenue and Customs. An extremely competent Nigerian IT consultant, trained by Chevron, who has assisted us recently, has characterised the behaviour of these shameless British politicians as ‘worse than what we are used to in Nigeria’. The Chancellor of the Exchequer, Alistair Darling, submitted a claim to the Fees Office for 30 pence for a bus ticket and billed taxpayers for the cost (£693.25) of hiring an accountant to assist him to complete his Self-Assessment Tax return that he, as Chancellor, requires every taxpayer in the United Kingdom, from Dukes to char ladies, to complete, on pain of fines if the document is submitted late.

The Times reported on 19th June that the Darling Chancellor asked his accountant to ‘change the narrative’ of an invoice for this tax advice, before submitting it to the Fees Office for payment as an expense. The revised ‘narrative’ obfuscated the reality that the claim was for personal tax advice, which is not allowed under the rules supposedly governing MPs’ expenses. As for the Labour MPs David Chaytor and Elliot Morley, revelations that they had claimed thousands of pounds against mortgages that had already been paid off only emerged after the investigative journalists cross-checked addresses with Land Registry records.

• UPDATE: 21s June, 2:00pm UK time: The BBC is now reporting that some 50 MPs appear to have been involved in Council Tax Fraud, implying that the reprehensible ‘softly, softly’ approach of the Metropolitan Police towards launching investigations and prosecutions of these petty criminals will have to be revised, in the face of public anger that our legislators blatantly abuse the system that they self-rghteously prescribe for the Rest of Us.

REDACTED OFFICIAL VERSION OF ALREADY EXPOSED CLAIMS
But on 18th June, House of Commons officials made matters much worse by publishing their own version of MPs’ expenses claims, with vast swaths of the documents redacted, so that both The Times and The Daily Telegraph displayed huge areas of black on their front pages, illustrating that Gordon Brown’s earlier pledge of ‘transparency’ was a complete sham, and that if indeed The Daily Telegraph had not published its unexpurgated survey of the MPs’ fraudulent claims, the official redacted version would have covered up a colossal number of scams for which MPs have been forced to announce that they will be leaving Parliament, Ministers have left office or been forced out of power, and which in notorious cases are on the verge of being investigated under fraud legislation by the Metropolitan Police.

The effect of this latest episode has been to confirm in the minds of British electors that the scum of the earth inhabiting the Westminster gold fish bowl are bumbling incompetents, scamsters and filthy reprobates who have no idea how to behave, have mortgaged and squandered the country’s resources, pursue perverse policies contrary to the preferences of the people, and are worthy of our total contempt. The minority of ‘honourable members’ are being tarred with the dirty brush of the scum of the earth that they foolishly allowed to pollute their company, while the manipulators are over the moon because ‘democracy’ is considered to be an impediment to the realisation of their corrupt objectives. The rubber-stamp European Parliament, in which speeches are confined to one minute and where the podium cuts off the microphone when MEPs exceed their time limit, exists purely to provide the controllers of ‘General Powers’ (the European Commission directed by the Franco-German Alliance under the 1963 Treaty of the Elysee) with cosmetic, false legitimacy.

A GOVERNMENT AND PARLIAMENT OF THE LIVING DEAD
Hence, the World Revolution has taken a giant leap forward in respect of its known objective of discrediting democracy ‘where it matters’, namely at the Mother of Parliaments.

As a direct consequence of the morbid expenses fiasco and the further layer of farce associated with publication of the heavily redacted official version, we now have not only a Brown (‘Black’) Government of the Living Dead, but a Parliament of Dead Men and Women despised throughout the Kingdom: in short, a perfect environment from which the really professional revolutionary scoundrels, such as Lord Mandelson, the Rothschild agent placed at Gordon Brown’s side (no further comment at this stage being necessary, in order for decorum to be preserved), now feel free to ‘call for’ drastic false ‘solutions’ such as the scrapping of the pound in favour of the Euro, accompanied essentially by the comprehensive terminal submission of the fragmented United Kingdom to the jackboot of long-range pan-German strategic deception operations.

It was therefore with considerable glee that Britain’s ancient enemy, France, has of late taken much pleasure in putting its own boot into ‘les Anglais’.

Specifically, a senior French official was reported on 18th June 2009 as having pronounced that the discredited ‘Living Dead’ British Prime Minister was ‘almost powerless’ to prevent the creation of a new European regulatory bureaucracy at the Euro ‘Summit’ meeting held on that date, which would open the way for a transfer of control over the City of London to the corrupt European Commission in Brussels. Dropping diplomatic niceties, an aide to the dark French President Sarkozy proclaimed that ‘there will be a pincer movement on Britain’ in this connection.

Such is the true ‘Black’ meaning of the weasel word ‘cooperation’ in the European Union context. In translation, what collectivised ‘cooperation’ means is: ‘Do as we demand, or we’ll organise a pincer movement to get you to do what we want’. For ‘cooperation’, read: COLLECTIVISATION.

EXPLOITATION OF THE CRISIS TO ENHANCE E.U. POWERS
In this case, what is being proposed by the corrupt EU is that three new bodies, financed by the taxpayer, would be established to ‘oversee’ banking, insurance and the securities markets.

Each of these bureaucratic empires would rank as EU ‘authorities’ and would enjoy binding powers to dictate decisions over sweeping areas of regulation. Britain was reminded that it cannot veto any such key proposals because EU Single (i.e. Collectivised) Market ‘laws’ are ‘passed’ by Qualified Majority Voting (QMV). The British Chancellor of the Exchequer, Mr Darling, had earlier stated that Britain would not agree to any measures that erode ‘fiscal sovereignty’, an area of the eroded and diminutive ‘national interest’ that is still covered by the national veto power, i.e. it has not yet been incorporated into the ‘acquis communautaire’.

In the event, Gordon Brown told the EU meeting in Brussels on 18th June that ‘he would defend’ Britain’s powers as the sole supervisor of more than 600 British and foreign banks operating in London. Bloomberg news reported the text of a draft statement agreed at an ECOFIN (EU Finance Ministers’) meeting convened on 9th June in which it was confirmed that ‘EU regulators should not impinge in any way on the fiscal responsibilities of Member States’.

However whether Brown or a successor ‘defends’ this residual power or not, the fact is that it is under attack: the ultimate objective being, for instance, that in any repetition of the Fraudulent Finance calamity exposed by this service, British taxpayers could be ordered to pay for bank bailouts or recapitalisations demanded by a collectivised European central regulator.

In other words, British taxpayers would have to pay for propping up banks in Slovenia, Greece or Portugal: after all, that’s what ‘collectivism’ is all about, isn’t it? An interim compromise, focused on the creation of a ‘European Council for Systemic Risk’ was agreed upon, on this occasion.

CONTINENTAL JEALOUSY OF THE CITY OF LONDON
However that interim conclusion depended on which source was being referenced. The Daily Telegraph was probably nearer the mark with its report on 19th June that ‘Regulation of City [of London] may be handed to Brussels: PM welcomes Euro-regulators to protect sovereignty of fiscal budget’, indicating that in order to ‘retain control’ over fiscal policy and taxation, the Brown ‘Black’ Government has in fact caved in to pressure from the EU Collective in other respects, especially over regulation. Successive British Governments have a history of dirty trade-off compromises along these lines, ostensibly perpetrated in the name of ‘cooperation’, but in reality masking their fully-paid-up, treacherous subscription to the ongoing revolutionary ‘coup d’etat by instalments’ whereby the British nation state is being progressively decimated to be replaced by a corrupt, unaccountable supranational, pan-German dominated supragovernmental system within which Hitlerian ‘General Powers’ are delegated to appointed brainwashed Euro-apparatchiks.

That such an outcome was more than likely was signalled when the former STASI operative and agitprop specialist at Marx-Lenin University in East Berlin, Frau Angela Merkel, arrived with pomp and circumstance at the Bussels EU Summit (ending, more or less, the Czech Presidency which expires at the end of this month) and pronounced her support for ‘binding common European rules’ which she said would represent ‘a major step forward qualitatively’, contrary to the reality which is that ALL POWERS delegated to the unelected Euro-apparatchiks in Brussels are abused, with such abuses deliberately subject to no realistic sanctions.

BANK OF ENGLAND GOVERNOR CRITICISES THE CHANCELLOR
Earlier, at the annual Mansion House Banquet in the City, held just weeks after Standard & Poor’s stated that Britain’s credit rating might have to be downgraded if it did not bring its finances under control, the Governor of the Bank of England, the still unknighted plain Mr Mervyn King, delivered a broadside at the beleaguered Chancellor of the Exchequer, declaring that UK ‘fiscal policy… will have to change’. Mr King then argued that banks would either have to be split up into high street and investment banks, or else restrained by other means.

• However the Governor, like all these people, FAILED to make the central point that the REASON for banks needing to be ‘restrained’ was to stop them engaging in Fraudulent Finance.

And the REASON that the Governor of the Bank of England could not ‘go that far’ was that, as we have publicised, the Bank of England has itself been up to its neck in exotic Fraudulent Finance operations, especially out of its back office in Birmingham. Given the Bank’s long-term involvement in Fraudulent Finance, it is manifestly in no position at all to lecture the commercial and investment banks on how they should conduct their affairs. And indeed, on 18th June, voices in the City lost no time in publicly ‘disagreeing’ with the Governor over his strongly-worded proposals.

UNNECESSARY OFFICIAL BORROWING WILL FORCE INTEREST RATES UP
This year the discredited British Government is supposed to borrow £175 billion from the financial markets, a state of affairs which of course guarantees that the so-called ‘abolition of interest rates’ perpetrated by the authorities will be progressively reversed as will occur in the equally deluded and delinquent United States. Mr King also used his Mansion House speech to point out that in five years’ time the British national debt will be more than double its recent size of around 40% of Gross Domestic Product (GDP), elaborating that ‘it is also necessary to produce a clear plan to show how prospective deficits will be reduced in the next Parliament’. We have of course already given the Governor the formula for achieving this (through transparent, taxable, non-fraudulent on-the-books private sector trading operations: see above and below).

In May, the destitute Brown (‘Black’) Government borrowed £19.9 billion, a monthly record, against the background of out-of-control official spending and dwindling tax receipts. The like borrowing figure for May 2008 was £12.8 billion. With the recession/depression destroying the official finances further, lower tax receipts and higher benefits payments have already pushed net official debt up to 54.7% of GDP, a colossal increase from the already unacceptably high figure of 43.6% of only 12 months earlier. A few years ago, the amount borrowed in May 2009 would have represented half the total amount of official borrowing in an entire fiscal year. The expectation is that borrowing in the current year will actually reach £200 billion.

Standard & Poor’s expects Britain’s official debt to be close to 100% of GDP by 2013, compared with the disgraceful 79% predicted by the discredited Labour Chancellor of the Exchequer. The latest data show that income tax receipts fell by 11% in May, with corporation tax receipts down by 27% and Value Added Tax 19% lower, whereas official spending went through the roof.

Mr King did add one observation at the end of his Mansion House speech which is a classic. He stated that banks should not be allowed to become ‘too big to fail’: ‘It is not sensible to allow large banks to combine high street retail banking with risky investment banking [Mr King should have added ‘characterised by Fraudulent Finance’], and then provide an implicit state guarantee against failure’. If banks are ‘too big to fail, then they are too big’, he said.

‘GREEN SHOOTS’ GROWING OUT OF PUTRID MANURE
These developments coincided with louder ‘green shoots’ decibels, as various blinded parties, encouraged by the variable sunny weather, sought to disseminate the false message that the British economy is ‘on the mend’. In reality, those so-called ‘green shoots’ that are said to have been spotted, appear to have been sprouting out of manure.

Far from actually maturing into flowering plants, these rancid shoots have been characterised by sparseness to the point of near invisibility. Specifically, sales of clothing and footwear were 8.4% down in May compared to May 2008, while Britain’s pathetically small manufacturing sector has been experiencing very weak order levels. Rents in high streets and shopping centres, reflecting the constraints on family budgets and rising unemployment, are expected to fall by nearly a fifth over the next 18 months. In April and May, UK banks extended hardly any loans at all to real estate firms, while net bank lending to all non-financial corporations fell by £5.4 billion in April, the largest such decline since 2000.

In June, the UK Households Finance Index (HFI), produced by Markit in conjunction with YouGov, stood at 37.5, indicating severe constraints on families’ finances (any score above 50 indicates an improvement). British households are increasingly worried about job security, adding to fears that if any of the putrid manure-based green shoots do start flowering, such shoots will remain few and far between, with the economy remaining subdued by weak consumer spending.

Moreover British firms have stopped hiring, with nearly 890,000 people under the age of 25 who are unemployed, a total which will shortly exceed 1.0 million when the new class of 2009 graduates from schools, colleges and universities. The Office of National Statistics reported in mid-June that the UK construction sector, accounting for about 6% of national output, has experienced its sharpest contraction for 45 years, which economists say implies that this year’s overall GDP will contract in real terms by at least 2.0%. The Bank of England’s latest Quarterly Bulletin has confirmed that over 1 million households are in negative equity, with the total likely to rise sharply, as house prices are thought likely to decline by at least a further 15%.

The American economist, David Blanchflower, now a Professor at Dartmouth College in the United States and a former member of the Bank of England’s Monetary Policy Committee (MPC), summed up Britain’s economic position on 18th June as follows:

‘We are facing a toxic cocktail: sliding house prices, rising negative equity, inadequate levels of credit, soaring unemployment, a cessation of hiring and zero or even negative wage growth’.

This American observer therefore explicitly concurs that all this talk of ‘green shoots’ is wishful thinking. Come the gloomier autumn and winter months, when the sun is no longer shining, the full awfulness of the ‘Black’ Labour Government’s catastrophic incompetence and deceit will be plain to even the minority of observers who prefer to keep their heads in the sand or to use their brains as a cushion to sit upon.

But Blanchflower, a Professor at one of the primary false economics brainwashing centres in the United States (Dartmouth College) was in fact being disingenuous, because, as a member of the Bank of England’s Monetary Policy Committee, it was none other than Blanchflower who urged the Bank of England to reduce interest rates to close to zero, and who then boasted of how proud he was to have persuaded his colleagues to agree to this radical departure.

However reducing interest rates to close to zero in a stagflationary macroeconomic environment, is mentally defective. All developed economies are now, as a consequence of this gross schoolboy howler, suffering a lethal combination of stagnation and inflation, with falling output, declining tax receipts and constantly rising prices for both goods and services: and in countries such as Britain which have been able to devalue their currencies and which because of the World Revolution’s perverse focus on exporting industrial production and ‘just-in-time’ inventory management, are over-dependent on imports, inflationary pressures are exacerbated by the devaluation.

As for the Government sector, apart from creating debt, its only known response to this toxic macroeconomic environment is always to raise taxes, which response contributes further to the downwave by eating deeper into household budgets and thereby curbing consumer spending, which is already decimated by the assaults on households’ finances and by rising unemployment brought about by the mismanagement of the economy.

OUTBREAK OF ‘BLANKFEINISM’ BY GEORGE SOROS
As is well known, we have no time for US policymakers these days, and even less for American bankers and investment gurus, such as Mr George Soros. That operative has however been engaged of late in standing on his head, without of course venturing to admit that his own behaviour contributed to the crisis.

Specifically, scales have suddenly fallen from Soros’ hooded eyes, inducing him to pronounce at an Institute of International Finance [IIF] conference in Beijing on 12th June that Credit Default Swaps (CDOs) are ‘instruments of destruction’ which should be prohibited: a conclusion that any honest student should long since have drawn from reviewing the analysis of these and similar instruments by the US securities expert, Michael C. Cottrell, BA, MS, which we have publicised on this website and in International Currency Review [see below].

To be fair to the head of Goldman Sachs, Lloyd Blankfein, after whose behaviour we coined the phrase ‘Blankfeinism’ (to capture the peculiarly Jewish habit of refusing to acknowledge gross misdemeanours), Mr Blankfein has in fact also stood on his head, recently expressing regret at his institution’s quite disgraceful misbehaviour, only to smother what he had just said by stressing how hard everyone at Goldman Sachs works in the interests of the firm’s clients (unspoken: but mainly in their own interest, as evidenced by the obscene proportions of Blankfein’s pay packet).

Mr Soros has actually out-Blankfeined Mr Blankfein, because he didn’t waste time acknowledging his own errors, but concentrated instead on decrying inanimate CDOs as being ‘truly toxic’, liable to distort risk grossly and to encourage speculation, with the potential to bring total ruin on financial institutions and corporations (such as Lehman Brothers and General Motors). Citing GM’s recent bankruptcy, Mr Soros pointed out that some bondholders stood to gain more from bankruptcy than from reorganisation, given their CDO positions. ‘It’s like buying life insurance on someone else’s life and owning a license to kill him’, the intelligence guru pronounced. CDOs pay the buyer face value if a borrower defaults, in exchange for the underlying securities or the cash equivalent.

COULDN’T BRING HIMSELF TO USE THE WORD ‘CRIMINAL’
Naturally, Mr Soros refrained from using the word ‘criminal’ throughout his peroration, and neither did the word ‘fraud’ cross his thin, ageing lips. We can’t possibly go that far, can we, lest ‘what we say may be used in evidence against us’.

But what he did point out was that the practice of securitising bank assets had greatly added to systemic risk and must now come under tighter controls, including a requirement that banks must limit proprietary trading to their own assets.

This applies in the securities sector, which is precisely why Michael Cottrell’s solution requires transparent trading to take place under securities market disciplines, where the applicable rules and regulations are much stricter than in the US banking sector, and where depositors’ assets cannot be forfeit in the event of the securities institution failing.

MASSIVE THEFTS OF MONEY CONTINUE (FOR BRIBERY)
All of which would fine and dandy, were it not for the reality that criminal thefts of huge sums of money have continued in the US banking sector without let or hindrance, since we last reported.

To cite just two examples, we are advised that a large sum was irregularly debited from the CIA’s controlled Fraudulent Finance institution, Bank of America, during the week ending 12th June, and that a further sum (of crica $100 billion) ‘disappeared’ from the same criminal enterprise during the subsequent week, when the ‘Settlements process’ was again ‘stopped’ with no explanation. The corrupt technique used to pull these scams entails exploitation of the 24-hour answerback routine, during which span the funds are exploited to procure the maximum leverage possible.

More generally, a US Supreme Court order, issued under pressure from the World Court during the week ending 12th June, was reported to us (on 14th June 2009) to have been ignored; while it has further transpired that, contrary to our earlier conscientious belief, the US States have NOT been paid and are preparing either to go without paying their employees, or to close down operations and facilities, or all of the above, in the very near future.

On 19th June it emerged from several sources that at least $100 billion had been ‘removed’ from the aforementioned CIA criminalised enterprise in order to ‘pay certain parties off without settling’. Given the surfacing of this verified information, the logical corollary would be that the perpetrators of these bribery thefts were confronted and, if the feckless and probably extensively bribed US law enforcement cadres were doing their job, cuffed.

STANFORD, MADOFF CAN BE TAKEN DOWN. BUSH ‘CAN’T’.
But of course law enforcement and Gold Badges AREN’T doing their job. The Federal Bureau of Investigation, a subsidiary of the CIA, isn’t ‘allowed’ to investigate the Godfather and his criminal cronies: only the lesser fry, like Stanford, whose usefulness to the Octopus has expired.

Gold Badges and others, having been in bed with Bush Sr. for years (for which they cannot justly be blamed, since Senior was, after all, successively DCI, Vice President and President of the United States), are constrained by that association. But they should place the American people first and foremost at all times, and should have the courage of their convictions (dare we mention it, like the Editor of this service). Absent such evidence, they appear to us to be in gross dereliction of their duty to clean out the stinking manure from the stables.

In respect of Stanford, the latest ‘further and better particulars’ filed by the US Securities and Exchange Commission on the 19th June, contained interesting new detail. Besides alleging that Stanford stole a cool $1.6 billion from his business (i.e. his duped investors’ money) to fund his own ‘personal playground’, the new filing alleged that ‘electronic spreadsheets of fake figures’ invented to deceive investors with fictitious returns, used passwords distributed by text message to avoid leaving trails on e-mail servers, while paper records were exported to the Caribbean in bulk for destruction. The tip-off about the use of text messages for the purpose stated here, is a typical US intelligence community trick. The London Financial Times (of 20th June) described the ‘new claims’ as ‘startling’, suggesting to us that its writers have NOT been following, for instance, our website, wherein a great deal of intelligence vastly more ‘startling’ than what the SEC has only just revealed about Stanford’s Bush-linked Ponzi scamming operations, can readily be accessed at all times.

The likes of Madoff and Stanford are expendable. The rule is: ‘OK, you can piggy-back on our moneymaking operations, but if you mess up, you’re on your own’. Everything is permitted (other than stealing money that criminal associates have already stolen), provided you don’t get caught. If you do, don’t expect us to come to your rescue. We use YOU, you owe US: not the other way round.

Given the despicable, cowardly, lily-livered mentality which appears to have engulfed US and British law enforcement, the world-class crooks (Bushes, Clintons, Blair, Paulson, Cheney et al), though enveloped in a foul criminal stench of their own making, are still perceived by the ‘Great Brainwashed’ to be ‘smelling of roses’, which accounts for the insulting ‘in-your-face’ arrogance of these criminal operatives, despite the endless suffering for which they are responsible.

But what we CAN say, however, is that these people are pretty agitated concerning the home truths promulgated on this website, judging by the volume of obscene emails, attacks on our systems and interventions by a demonic amateur actor employed by the CIA’s blackest of ‘Black’ cadres calling himself ‘Cheney’, who leaves mentally retarded messages on our voicemails, evidently working on the unfounded assumption that these interventions might be liable to affect this Editor’s mental equilibrium. With no understanding that the Editor is protected, all that these interventions do is to confirm to us how profoundly agitated and disturbed these criminal fools appear to be by what we publish on this website. Given the sharp scriptural references aimed against them in the preceding posting, the volume of such manure poured out against us rose sharply since we last reported.

INFORMATION ‘LOOPS’ CLOSED DOWN BY THIS SERVICE
Given that, as publicised at the top of our report dated 12th June, we have terminated a number of ‘loops’ that we suspected were being exploited to disseminate unreliable information and to entrap us and to run loathesome provocations against us (THROUGH THIS WEBSITE), we hereby suggest that certain ‘anonymous’ US sources might try the same. By ceasing to be available to carry possibly contaminated ‘information’ (which even the most conscientious and careful analyst may be unable immediately to discern as contaminated), such sources might be pleasantly surprised to discover that the games these crooks have been playing using cutouts and bona fide third parties with the sole objective of maximising the potential for obfuscation, can no longer flourish, making it harder for them to maintain the false ‘on again, off again’ dialectical ploy which has facilitated their Ponzi operations and Fraudulent Finance thefts exploited for the purpose of financing the ‘Black Ops’ budget of the controlling US Intelligence Power which has usurped the US Federal Government.

HOW TO BRING THE U.S. INTELLIGENCE POWER UNDER CONTROL
By extension, it must be evident by now that the way for this brutalised Intelligence Power, which endangers the whole world, to be crushed, is precisely to procure the permanent frustration of its remaining capacity to raise ‘Black’ money: for instance, by stealing and leveraging the $4.5 trillion that was sent over by the People’s Bank of China in May 2006; by diverting, exploiting, misusing and duplicating the sovereign $14.2 billion LOAN money that was illegally taken off-balance sheet [see our reports]; by scamming 320,000 investors enticed into its hideous Ponzi scams; by seeking to borrow money interest-free from gullible investor subscribers, as exposed in the case of the CIA’s Newsmax operation; by stealing funds through exploitation of its technological superiority to shift electronic balances from targeted bank accounts; and by means of all the other exotic deception methods that this enormous and ruthless criminal enterprise, which collaborates so closely with mafiosi, has developed since it mounted operations to steal the gold which had been transferred from Europe to escape the clutches of Hitler, only to be stolen and then buried by the Japanese in the Philippines and Indonesia when the war in the Far East turned against them.

For make no mistake: the US Intelligence Power is a ruthless criminal enterprise which, though technically serving the Executive Branch, in fact controls it by placing its own personnel in the White House, and which collaborates extensively with the criminal underworld. This is of course well known: but in International Currency Review, Volume 35, #1, due later this year, we will PROVE with documents dealing with the US removal of some of the Japanese gold from The Philippines, that in the context of the flow of bullion, the CIA collaborated and continues to collaborate with the mafia, dividing ‘responsibilities’: so that the Agency and its clones control the co-opted banks and all depository arrangements with the assistance of Brinks, Lloyds of London, assorted deception agents, the mining firms and the mafia, which provides ‘international delivery protection’ services.

Depository banks used in these operations included/include Bank of America, HSBC, Hong Kong Commercial & Industrial Bank, Citibank, Chase Manhattan Bank, Central Banks in various countries, and the following recipients of unsmelted gold (which always needs to be resmelted in order for marks on the old bullion to be removed, to hide the thefts): First Federal Silver and Gold Smelting Plant, Miami, FL; Iron Mountain Depository, USA; the international gold depository at Kloten Airport (Zurich), Switzerland; and the Bank of England.

‘STATE WITHIN THE STATE’ IS FUNDED BY FRAUDULENT FINANCE
Through these underlying operations, the US Intelligence Power has been able to finance itself and its non-stop ‘Black Ops.’, becoming the most dangerous ‘State within the State’ in human history, usurping the levers and centres of power within the American Federal Government, dictating its endlessly evil will to other powers, and spreading its corruption around the world while ‘justifying’ its serial criminality behind the smokescreen of ‘national security’ provided by the 1947 National Security Act, et seq. The Editor has very often encountered the phrase ‘national security’ from US contacts when enquiring into US CRIMINAL FINANCE behaviour, which is NOT a matter of national security but a legitimate focus of INTERNATIONAL concern.

• He has been insulted by the routine brazenness of this deliberately promulgated confusion.

USURPER CIA’S ARROGANCE BURDENS FUTURE U.S. TAXPAYERS
Given that the Executive Branch of the US Government is controlled by this rampaging criminal intelligence enterprise, the grim headquarters of which is named after the representative in North America of the Pan-German long-range strategic deception successor of the Nazi Abwehr, which collaborates with the Jewish Money Power [see above], it should by now surprise no-one that the CIA-controlled Obama White House and the CIA-controlled US Treasury are jointly engaged in the perverse pursuit of THE WRONG POLICIES which will NOT ‘patch up’ the devastation inflicted by the decades of Fraudulent Finance in which the CIA has indulged with its co-conspiring criminalised financial enterprises and intermediaries, but which WILL burden all future generations of taxpaying Americans with a vast UNNECESSARY mountain of toxic official debt long after the perpetrators of this GIGANTIC PONZI SCAMMING OPERATION are dead and buried.

What is SO SCANDALOUS about what Obama, Geithner and Bernanke are doing today is that their shamelessness blinds them to the reality that they are wilfully making life HELL for all Americans in the future, in order to reignite the moribund, decadent and completely discredited derivatives-based Fraudulent Finance carousel SO AS TO PERPETUATE THE FLOW OF ‘BLACK MONEY’ into the hands of the corrupt Intelligence Power which has usurped the US Federal structures, i.e. has STOLEN the People’s Government.

THE FORMULA THAT WOULD SOLVE ALL PROBLEMS WITHOUT DEBT
And what is so UNFORGIVABLE about the behaviour of these scoundrels is that they, like their evil predecessors, are DELIBERATELY AVOIDING the simple formula which has the immediate potential to rectify the situation in a fully transparent manner, so that all of the United States’ financial and economic problems, and those of all American taxpayers today and tomorrow, will be addressed, diminished and substantively alleviated.

The formula, as you know, is the G-7-Approved Refunding programme which operates as follows:

• Financial trading (which is NOT illegal unless the proceeds are hidden from the tax authorities) takes place EXCLUSIVELY IN THE PRIVATE SECTOR, ON THE BOOKS, with no involvement of the Government sector AT ALL.

• The private sector generates taxable profits (or else losses: but not in this context) from its operations, and the profits are taxable. Government is by definition unable to generate profits: it can ONLY generate DEBT.

• The taxes levied on the profits from transparent, exclusively PRIVATE SECTOR trading pour into the US Treasury autonomously. The Government itself needs to do NOTHING except collect the tax accruals. The Government DOES NOT incur any debt, or indeed any costs AT ALL.

• With just two trades per day, four days a week, based on the LOAN funds, the US Treasury’s finances would be transformed within the space of less than 18 months and all talk of financial collapse would vanish. The proceeds would accrue transparently to the Treasury, not into the untaxed secret offshore bank accounts of criminal official and associated conspirators.

• Due to this transparent, on-the-books trading, financial institutions are reliquefied ON THE BOOKS. This applies EVEN to the corrupt US financial institutions, and to banks etc. that are not directly involved in the private sector trading, because the new on-the-books liquidity generated by the taxed private sector trading will quickly be spread around the financial system, so that the banks’ own financial problems across the board are progressively (very rapidly) also alleviated.

PREDICTABLY FAILING OPERATION TO REVALIDATE DERIVATIVES
INSTEAD OF WHICH the Obama Government is perversely attempting (with little success to date) to reignite the moribund toxic derivatives off-balance-sheet trading operations so that the corrupt Intelligence Power which controls it, can sustain its usurped status, funded by ‘Black’ money, as the ‘State within the State’, rather than remaining content with its proper status as an executive arm of an independent Presidency.

On 17th June, President Obama announced his latest ‘sweeping reform’ which awarded greatly enhanced prospective powers to the corrupt Federal Reserve, which owns few assets apart from its contract to print money for the Treasury, and which has all along been deeply involved in the conduct of Fraudulent Finance inter alia by allowing the Fed-controlled Inter Bank Settlement Fund, which is subject to NO CHECKS AND BALANCES, let alone to any public audit, to be exploited for concealing off-balance sheet trades by the co-conspiring criminalised financial institutions.

Obama’s ‘reforms’ also included the establishment of a Council of Regulators tasked to ‘identify’ gaps in the menu of existing regulations [i.e. it will be just a talking shop]; the development of a ‘Resolution Authority’ to take control of non-bank financial entities the collapse of which might present systemic risk; the creation of a new consumer protection bureaucracy; the development of ‘tighter’ regulations governing ‘risky products’ like derivatives and (falsely labelled) asset-backed securities (which are NOT asset-backed at all and which, in the United Kingdom, should have fallen foul all along of the Trades Descriptions Act); and a pledge to ‘work with’ international regulators to ‘develop’ a range of uniform standards (another ‘talking shop’ ‘measure’).

Unsurprisingly, these extremely feeble proposals were immediately condemned from all sides, but (as is typical of these people) FOR THE WRONG REASONS.

• For instance, one of the arguments advanced by legislators was that the proposals would ‘end the independence of the US central bank’!

Senator Christopher Dodd, Stalin’s grandson, who is Chairman of the Senate Banking, Housing and Urban Affairs Committee addressed by the US Treasury Secretary, Timothy Geithner, on 18th June, remonstrated that the suggestion was like rewarding a son ‘with a bigger, faster car, right after he crashed the family station wagon’. Senator Richard Shelby agreed with Senator Dodd, commenting that further empowerment of the Fed ‘represents a grossly inflated view of the Fed’s expertise’.

GEITHNER WASTED 6 MONTHS. WE ALREADY DID HIS WORK FOR HIM.
Mr Geithner is said to have spent SIX MONTHS drawing up these proposals. This is ludicrous. All he needed to do was to go to our website and call down the report dated 22nd July 2008 and then repeated on 18th September 2008.

Further, although his predecessor saw to it that the US Treasury’s subscription to International Currency Review, going back to 1970, was spitefully cancelled last December before that Paulson crook left office, the fact is that our journal IS available in the Treasury’s Library. Full details of what Geithner needed to do to impose a meaningful reform of the US regulatory system were published in Volume 34, Number 1 of the journal, on pages 243-272: with the associated ‘Useful Glossary’ that backed up the report posted on 22nd July and 18th September, and the printed version thereof, republished on pages 293-323 of Volume 34, #1. The ‘Useful Glossary’ was also republished in Volume 34, #2, the current issue, on pages 89-119.

• See also the report dated 18th May 2009 [Archive].

Therefore, we actually did Mr Geithner’s research and work for him. What on earth did he waste six months for, then? Pride? A refusal to face objective reality? Reluctance to take on board the fact that qualified experts actually exist beyond his own closed circle and beyond the Federal Reserve System that he served before his appointment as Treasury Secretary?

Because, if he walks to the Treasury Library he will find that the proposals worked out by Michael C. Cottrell, BA, MS, to which we have given appropriate prominence, and which are therefore in the possession of central banks, international financial institutions, international money center banks, government agencies, intelligence communities, Treasuries, the European Central Bank, you name it, ALL OVER THE WORLD, have been sitting there for his attention for SIX MONTHS (in the case of the printed version) and for almost a year since we first published the blueprint for US regulatory reform that he should have adopted. READ IT, MR GEITHNER.

OUR BLUEPRINT WON’T FINANCE THE ‘STATE WITHIN THE STATE’
Naturally, the proposals that we have promulgated do not cater for the financing requirements of the US ‘State within the State’ which Mr Geithner serves, whether he understands this basic reality or not. And nor do our proposals recommend the grotesque enhancement of the powers of the unaccountable and privately owned and criminally-minded Federal Reserve System, even though the regional Federal Reserve Banks have been reported to us as being at times at loggerheads with the Board and the New York Fed over the central issue of whether derivative ‘products’ have any intrinsic value (they don’t, which is what the Regional Feds correctly maintain).

But that is not the point. The key point is that the Secretary of the United States Treasury and the President of the United States ought, by definition, to be pursuing policies that accord with the fundamental interests of the people of the United States. Any policies that deny or deviate from those interests, and in this case, jeopardise them by inflicting colossal mountains of WHOLLY UNNECESSARY DEBT upon US taxpayers for generations to come, are THE WRONG POLICIES.

Furthermore, to persist with such FLAWED POLICIES when the intellectually CORRECT solution (generating taxable accruals from transparent, on-balance sheet trading operations) has been very conscientiously set out by one of the United States’ most respected securities experts, lends new meaning to the adjectives perverse, obtuse, second rate, and irresponsible. Of course, as we all know by now, the underlying rationale for this official perversity is worse: it’s criminal.

HEGEMONY OF THE C.I.A. AT ALL COSTS: AND TO HELL WITH THE PEOPLE
Because its purpose is to keep the ‘State within the State’, the financial terrorism organisation which has usurped the power of the Executive, in funds in perpetuity: whereas for the world to stand any chance of returning to stability, what is needed as a matter of urgency is for the arrogant, criminal, revolutionary, mafia-embracing US ‘State within the State’ to be thoroughly decimated, crushed underfoot, and deprived of its ability to function independently of Congress, thanks to its criminal financial operations. The only way this can be done is by cutting off its access to ‘Black’ finance and its endless capacity to perpetrate new Ponzi schemes.

It is no consolation to have to add that not only is the United States saddled with a truly criminal Government, but the same applies in London, as well. The rancid stench of political corruption in the British capital has now reached asphyxiating proportions, necessitating the wearing of a gas mask when walking down Whitehall.

Mind you, as a frequent visitor to Washington, the Editor of this service is used to the nasty smell that permeates everything within and beyond the Beltway. It’s nearly, but not quite, as nauseating as the smell of rotting, murdered human flesh that pervaded Midtown Manhattan when the Editor attended his office there in late October 2001, and again as late as February 2002.

P.S.: THE JAPANESE BOND SMUGGLERS ARE MISSING
As you know, two Japanese nationals were detained by Italian financial police in the first half of June, after attempting to enter Switzerland with $134.5 billion worth of undeclared US Treasury bonds including $10 billion of Kennedy bonds.

According to reports in Il Giornale and La Reppublica, two unidentified Japanese in their mid-50s concealed the bonds, including 249 US Treasury bonds worth $500 million, in a suitcase with a false bottom that was searched by Italian authorities on 3rd June in Chiasso, located at the border with Switzerland. Many observers correctly noticed that the total face value of the seized bonds ‘just happened’ to match precisely the value of TARP funds remaining to the Federal Reserve. On 17th June, it was separately reported that a Japanese newspaper sent a reporter to Como, Italy, who discovered that the men had been released and that their whereabouts were unknown. Please refer to the latest news about thefts, above.

P.P.S.: GORDON BROWN ‘DIDN’T KNOW MUCH ABOUT DERIVATIVES’
The front page of The Guardian, London, dated 20th June, carried a summary of an interview with British Prime Minister Gordon Brown, who, the paper said, ‘acknowledged that “he didn’t know a lot about” banks buying up sub-prime mortgages [sic!] during his period in office as Chancellor of the Exchequer’, but then argued that the global nature of modern banking meant that such behaviour would “continue to happen”. Which gives rise to the following observations:

• This International Socialist, who espouses globalism and the eradication of the nation state [see above] has just revealed, in essence, that this Fraudulent Ponzi Finance goes hand in hand with internationalist ideology and practice, and that there is nothing whatsoever that can be done about it. In other words, he AGREES with us that globalism provides blanket cover for Fraudulent Finance [see this service, passim]: which is another way of saying what we have been preaching, namely that the World Revolution is being KNOWINGLY financed by Fraudulent Ponzi Finance operations.

• As we have also reported, the UK Treasury has spent millions on fees shelled out to teams of bankers whose institutions have been unmasked as co-opted co-conspirators and Accessories to the Fact of open-ended Fraudulent Finance, as exposed by this service. The UK Treasury has hired these criminal bankers to advise it on how their Fraudulent Finance Ponzi schemes operate, as Mr Brown has admitted that it didn’t have a clue about what was going on.

• When he was Chancellor of the Exchequer, Gordon Brown professes to have been ignorant about the criminal fraud practices that were rampant in the financial sector over which he was presiding. Specifically, in this interview he referenced banks ‘buying up sub-prime mortgages’ which is quite obviously where his understanding of these matters ostensibly STOPS.

If we take Brown’s interview statement at face value, this means that, despite our extensive publicised work on this subject, the Prime Minister of Great Britain and Northern Ireland has NO CLUE about how these criminal institutions have been selling false assets with NO RECOURSE to any underlying stream of income. In other words, for the entire time that he was Chancellor of the Exchequer, Mr Brown ‘never realised’ that the institutions over which he presided were engaged in the massive, open-ended marketing of FRAUDULENT PAPER. And he then had the audacity to decree that vast sums must be deployed to prop up these criminal financial enterprises.

However the balance of probability suggests that Mr Brown may in fact have been lying to his interviewer, and that in actual fact he knew perfectly well what was going on, but that for public consumption purposes, now that the Black Cat is long since out of the bag, he needs to foster the perception that he didn’t have the necessary expertise to understand the deep intricacies of the situation. Brown may think he needs to make this excuse, in order not to be criticised for inaction. However, if we break the law, we cannot plead ignorance of the law, which is ‘no excuse’.

Therefore, if Brown is lying on this score, his lie doesn’t get him off the hook. If he was ignorant about this corruption, he is just as culpable, given the high office he held as Chancellor, as he would be if in fact he knew all about it and did nothing to stamp out these excesses.

Likewise, his successor, Alistair Darling, who has taken over Gordon Brown’s job as the Chief Tax Collector, employed an accountant to complete his Self-Assessment Tax form because he didn’t know how to fill it in himself.

• ‘And if the blind lead the blind, both shall fall into the ditch’. Matthew Chapter 15, verse 14.

• APPENDIX:
AN ANSWER (OF SORTS) TO OUR QUESTION: ‘WHAT ARE WE DOING IN AFGHANISTAN?
It may be recalled that the Editor wrote last year to the UK Ministry of Defence, as the eldest son of a long-serving British Army Officer who fought through BOTH World Wars, to ask what we are doing in Afghanistan. The emailed letter requested specific clarification of this important matter, in view of suspicions that British troops have been engaged and losing their lives there, in order to assist the Americans to grab permanent control over the heroin trade. (With the death of a Welsh Guards soldier in an explosion during the week ending on 20th June, 169 UK troops have been killed in Afghanistan since 2001). The Editor’s letter pointed out that in the likely event of us receiving no response, we would be obliged to conclude that these suspicions were well founded.

As we anticipated and openly predicted, the Ministry of Defence ignored the question, and as we also pointed out later, the probable reason for ignoring the letter was that they could not deny that our suspicions are correct, otherwise they would be lying.

So, rather than lie in writing, they chose (as we had indeed anticipated) to insult the Editor and his father’s memory by not responding at all. Since (see above) the Editor’s own father fought through BOTH World Wars, as the Ministry of Defence would know perfectly well, this clumsy failure even to acknowledge the emailed letter was taken to be a deliberate insult.

On Sunday 21st June 2009, an answer of sorts was received to the Editor’s letter.

It surfaced in the form of an article in The Sunday Telegraph entitled: ‘Our Afghanistan mission is a disaster, says major’. The prominent article asserted that, in writing in the British Army Review, an official publication of the Ministry of Defence (no less), Major S. N. Miller, a member of the Defence Intelligence Staff, had described British military operations in Helmand Province as ‘an unmitigated disaster’ fuelled by ‘lamentable’ Government spin and naïveté.

• ‘Let’s not kid ourselves’, Major Miller wrote: ‘Operation Herrick [the British code name for the ludicrous war in Afghanistan] has been a failure’.

So, we now have TWO military failures to contemplate: the first in Iraq; and now a huge failure in Afghanistan. Major Miller complains, AS A UK INTELLIGENCE OFFICER WRITING IN THIS OFFICIAL JOURNAL, that hundreds of millions of pounds of taxpayers’ funds had been wasted on the Afghan War, which had failed to deliver reconstruction, governance or security. Rather than ‘winning the hearts and minds’, Major Miller said that the British presence had had the opposite effect.

The military intelligence officer’s most severe attack, the newspaper elaborated, was reserved for British counter-narcotics policy: the illicit sale of drugs had been used by the Taliban to finance the insurgency. But that wasn’t his main point. ‘British policy’, Major S.N. Miller continued, towards the poppy crop has been ‘an unmitigated disaster. The chief ‘effect’ of the British presence in Helmand has been to transform Helmand into the opium centre of the world. This remarkable milestone was achieved just two years into the British intervention’.

Major Miller piled on other severe criticisms of British military strategy and tactics, but from our perspective he has of course made our central point for us. The end-result of this catastrophically misguided intervention has been precisely to assist the US ‘Black’ Intelligence Power and its co-opted American Military Establishment to grab control over the heroin poppy crop, which was, as we and others have suspected, the entire purpose of the intervention all along.

In which case, our complaint that British soldiers are dying in Afghanistan to support a criminal enterprise and the nefarious intentions of two criminal governments is indeed well-founded: and the Editor is personally entitled to reiterate that his distinguished military father would be appalled at this gross perversion of British military power.

The other dimension that needs to be stressed here is that the Afghanistan venture is proxy for the uniformly catastrophic consequences that have arisen across the board due to the wholesale global ‘collectivisation of external action’ underlying the reprobate policy, espoused publicly by Mr Brown, of ‘pro-active’ intervention abroad, which is consistent with the assault on the nation state.

By definition, since every nation state nowadays is vulnerable to being attacked if powerful foreign powers take exception to any dimensions of its behaviour, the sovereign integrity of the nation state is greatly undermined: which is the whole point.

And of course, the intervention in Afghanistan has nothing whatsoever to do with British national interests, not least given that these have been collectivised within the context of the European Union Collective, which exists to usurp and replace its constituent nation states in conformity with the logic of the World Revolution generally.

The net result is that British troops have been redirected away from serving Queen and Country to assist the ‘Black’ American imperial Intelligence Power so as to consolidate its evil control over the heroin trade, an operation ‘necessary’ to provide an open-ended pipeline for the financing of its continued status as the controlling ‘State within the State’, and (according to the head of UNODC in his interview with the Austrian journal ‘Profil’ in January), to provide interbank market liquidity.

LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

• “ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

• “FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

• “Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957
• 97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

• Annunzio-Wylie Anti-Money Laundering Act
• Anti-Drug Abuse Act
• Applicable international money laundering restrictions
• Bank Secrecy Act
• 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 criminalist 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.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

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NON-U.S. INTERNET SECURITY SOLUTION CD AVAILABLE: FAR BETTER THAN NORTON ETC
It has now been established that the National Security Agency (NSA) works with/controls Microsoft, Norton, McAfee, and others, in pursuit of the Pentagon’s vast BIG BROTHER objective, directed from the ‘highest’ levels (not the levels usually referred to) which seek to have every computer in the world talk direct to the Pentagon or to NSA’s master computers.

This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

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The familiar US proprietary Internet Security programs are by-products of US counterintelligence, and are intended NOT to solve your Internet security problems, but to spy on you and to report what you write about, to centralised US electronic facilities set up for the purpose. You can now BREAK FREE from this syndrome while at the same time helping us to MAINTAIN THE VERY HEAVY PRESSURE UPON THE CRIMINALISTS WE HAVE BEEN EXPOSING, by ordering this highest quality FOREIGN (i.e., non-US) INTERNET SECURITY SOLUTION that we have started advertising on this website. This offer has been developed in response to attacks we have suffered from the NSA nerds who appear to have a collective mental age of about five years, judging by their output.

• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. The program has an invaluable ‘Preview before downloading’ feature.

*VISTA: Virtual Instant Surveillance Tactical Application.

COTTRELL’S U.S. REGULATORY SHAKE-UP PROPOSALS

CONGRESS WILL WASTE TIME ‘DEBATING’ GEITHNER’S CONVOLUTED MISH-MASH

Monday 18 May 2009 13:00

• The Subs/Books Update Panel on the Home Page was updated at 8:00pm UK time on 22nd May 2009 to provide comprehensive details of all issues of our intelligence services published during the first five months of 2009, including the latest issue of our Global Analyst (Volume 3, #2). Soviet Analyst, Volume 31, #1 is ‘on machine’ at our print works and will be delivered soon. It will contain proof that the Soviet Union remains in existence, or certainly did as late as March 2001, a decade after it was said to have vanished into the trashcan of history. No surprise, but nice to prove it.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

• Globalist hegemony ideology and practice are comprehensively debunked in the Editor’s study entitled The New Underworld Order, which can be ordered via the books section of this website. If you want to see what may well happen if the angle of decline steepens much further, you could do worse than also order a copy of The Red Terror in Russia, by the contemporary Russian eyewitness Sergei Melgounov, another Edward Harle Limited book available direct from this website. Also, the Editor’s study entitled The European Union Collective, which proves that the EU is a long-range strategic entrapment operation to reduce European countries to satrap status within a German empire using economic strategy for relentless economic warfare purposes, can be bought here.

• Please Make a Donation, if you feel able to do so, to help finance Christopher Story‘s ongoing global financial corruption investigations. Your assistance will be very sincerely appreciated and will make a real difference, hastening the OVERDUE resolution of the worst financial corruption and linked financial fallout in world history. Just press Make a Donation, which is live, and it takes you straight to our ultra-safe ordering system, which accepts Visa and MasterCard.

• The Editor’s $35,000 Wanta bail-out money has been stolen.

• See the second white panel for details of our latest distributed intelligence publications.

• ADVERTISEMENT: Details of the Internet Security Solution software offered by this service in conjunction with a donation are appended at the very foot of this report, below the legal data. See also the catalogue by clicking on World Reports Limited and scrolling down to the bottom.

By Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and our ‘politically incorrect’ intelligence books online from this website.

THE SOLUTION TO THE CRISIS THAT HAS BEEN AVAILABLE ALL ALONG:
Operating the $ Refunding from London without US Government participation delivers:

(1) Massive ongoing windfall tax accruals to the BRITISH Treasury given that all funds resident in the United Kingdom jurisdiction for 24 hours are taxable by the Inland Revenue. This makes the UK Refunding proposal of extreme interest to Her Majesty’s Government and the UK Treasury.

((2) Massive ongoing windfall benefits to the UNITED STATES Treasury given that it will also receive a cascade of tax accruals from this independent private sector Refunding Program.

(3) The necessary refinancing of the UK and US banking systems ON THE BOOKS with no input from either Government and NO CORRESPONDING DEBT CREATED IN THE BACKGROUND.

(4) GOOD (i.e., on-balance sheet, taxed) money which will CHASE OUT THE BAD MONEY that the crass US Fraudulent Finance concoction will generate.

BARNEY FRANK’S COMMITTEE WILL BE WASTING ITS TIME
On 18th May 2009, The Financial Times reported that the US Congress will start the biggest regulatory overhaul of the US financial system in decades. The House of Representatives’ Financial Services Committee, chaired by Barney Frank, will hold hearings in early June into reforms outlined by Timothy Geithner, the US Treasury Secretary.

These proposals appear to lend new meaning to the word ‘convoluted’ and insofar as they reflect the duplicitous plans outlined by Geithner’s discredited predecessor, the corrupt Henry M. Paulson Jr., will be cumbersome and expensive: the precise opposite of the coherent proposals advanced by the US securities expert Michael C. Cottrell, B.A., M.S., which we published here last summer and on 18th September 2008 (as well as in International Currency Review).

HOUSE FINANCIAL SERVICES COMMITTEE SHOULD STUDY COTTRELL’S PROPOSALS INSTEAD
The American and British Legislatures have one thing in common. Faced with a choice between the correct course of action and its perverse and obtuse opposite, they invariably choose to select the perverse course. In this case, there is actually NO NEED for Barney Frank to hold hearings on the Geithner proposals. He should SCRAP these hearings and investigate Mr Cottrell’s straightforward outline plan instead. Then he wouldn’t waste his committee’s time, and taxpayers’ money, looking into Geithner’s convoluted and complex inventions, which, like everything else this US Treasury Secretary is playing at, won’t ‘fly’. (Nothing Geithner has come up with to date has ‘worked’).

And the reason for that is that they encapsulate the erroneous assumption that the defunct and fraudulent derivatives marketplace can be revalidated, as though there has never been a day of reckoning. It can’t: so far, roughly over $300 billion of deals have been recorded: at this rate, it will take Mr Geithner and his successors 210 years to revalidate the toxic (i.e. fraudulent) derivatives sector on the basis of the $683,341 billion of derivatives ‘assets’ outstanding at the end of June 2008. That was the notional value, as calculated by the Bank for International Settlements (BIS) and replicated by the International Monetary Fund in its April 2009 Global Financial Stability Report.

• FACT: The aggregated gross market value of outstanding contracts at the end of June 2008 according to the same sources was $20,353 billion.

Exactly how long it will take for the penny to drop in these confused official and legislative minds is anybody’s guess: but to assist Mr Frank in his investigations, we reproduce the Cottrell Plan that we last published here on 18th September 2008, below.

•FURTHER FACT: As anticipated in our report from the Spring Meetings of the IMF and the World Bank in April, the derivatives market shrank during the second half of 2008. This represented the first decline during the ten years since these data were first compiled.

The Bank for International Settlements (BIS) have just indicated that the notional amount of global over-the-counter derivatives contracts outstanding shrank from the estimated total cited above of $683,725 billion, as at the end of June 2008, to $592 trillion at the end of December 2008, just below the level of $595,341 billion reported by the BIS and the IMF for the end of December 2007.

REPORT OF 7TH MAY WILL BE UPDATED WHEN IT IS APPROPRIATE AND HELPFUL TO DO SO
There are various reasons why we aren’t YET updating the 7th May report. We will do so when it is considered helpful and appropriate. We will also, in due course, be able to answer a question that has been put to us: what is the ORIGIN of the financial resources that have been abused? This is now possible, following further research conducted by the Editor of this service.

THE EDITOR’S CORRUPTION FINDINGS IN THE MANHATTAN COURT: FORTHCOMING
In addition, the Editor spent some time during his recent stay in New York, extracting interesting documents from the United States District Court for the Southern District of New York, with special emphasis on WHICH huge banks are the most corrupt, judged by the number of cases involving them filed with the Court. It will be recalled that we have referred to certain institutions for some time by name as CRIMINAL ENTERPRISES, and that we have not been sued. This is because they cannot sue us as this statement is true. As you may imagine, these findings are ‘distressing’.

• Here is Michael C. Cottrell’s report as posted here on 18th September 2008, republished so as to assist Barney Frank and his Committee so they don’t waste their time and everyone else’s:

U.S. FINANCIAL MARKET REVAMP OF MARCH 2008 IS A FALSE PROSPECTUS BY THE TREASURY

ALTERNATIVE PLAN PRESENTED HEREWITH IS SIMPLER, TIMELY, CHEAPER AND EFFECTIVE

BUSH PRESIDENCY’S WORKING GROUP ‘REFORM PLAN’ EXPOSED AS A SELF-SERVING RUSE

BETTER PLAN BY MICHAEL C. COTTRELL, B.A., M.S. CAN BE UP AND RUNNING IN MONTHS

CONVOLUTED ‘PAULSON’ FABRICATION WOULD COST IMMENSE $ SUMS TO IMPLEMENT

TREASURY’S PROPOSALS REQUIRE SEVEN NEW AGENCIES, MR COTTRELL’S JUST ONE

THREE-STAGE ‘PAULSON’ PROPOSALS CALCULATED TO UNDERMINE MARKET PSYCHOLOGY

ALTERNATIVE PLAN SUPPLEMENTED BY A COMPREHENSIVE SECURITIES MARKET GLOSSARY

SIMPLE RULES-BASED MARKET STABILISATION PLAN BY MICHAEL C. COTTRELL, B.A., M.S.
In the first quarter of 2008, Michael C. Cottrell, B.A., M.S., President of Pennsylvania Investments , Inc., contacted the Editor of this service to brief him in detail on the dubious stratagems behind the disparate proposals that were finally unveiled at the end of last March by the President’s Working Group on Financial Markets, a.k.a. the ‘Paulson proposals’.

As a result of several conversations, Mr Cottrell, one of the foremost securities markets experts in the United States, prepared a critique of the US Treasury’s extraordinary ‘Plan’, which he was easily able to demonstrate is highly destablising, not least since its plainly confused recommendations undermine financial market confidence while demonstrably serving the interests of the criminalist kleptocracy at the expense of the genuine investment community. This analysis is presented here.

In short, the Working Group’s ‘blueprint’ is shown herewith to be a false prospectus.

Having discredited the Working Group’s proposals, which would call for the creation of no less than SEVEN expensive and mischievously overlapping new US regulatory bureaucracies and for the abolition of the essential rules-based securities market environment, which would be phased out over an imprecise but prolonged timeframe, Michael Cottrell presents his own effective and simple solution to the chaos brought about by years of officially condoned fraudulent finance.

This will require just ONE new US regulator, will call for the revalidation by Congress of the Glass-Steagall Act and for the decisive re-establishment of the essential rules-based system which the Securities and Exchange Commission (SEC) has neglected to enforce in recent years, and can be implemented in full within the space of just a few months, at most. Additionally, Mr Cottrell’s simple Plan will be infinitely cheaper to implement than the top-heavy Working Group proposals.

The Editor has incorporated Mr Cottrell’s proposal into this analysis; and the extensive Glossary, built around Michael C. Cottrell’s original framework, has been expanded so that all concerned can readily understand what has to be done. Michael C. Cottrell, B.A., M.S., can be contacted direct on: 814-455 9218 (voicemail), and at: pii-mcc@msn.com.

Mr Cottrell’s reform framework has been elaborated by the Editor to incorporate ideas for which he alone is responsible but which Mr Cottrell has graciously approved.

• Important Note: We can only report US law as it stands. We cannot make exceptions and neither can we speculate as to the prospective actions of authorities given, for instance, the admission by UBS that it broke the law, and the consequences of that admission for some US investors who may consider that they are eligible for Settlement payouts. Nor can we enter into ANY correspondence concerning that matter. The only issues that we will discuss arising from this post are Mr Cottrell’s practical and straightforward recommendations: and these issues should be raised with him direct.

EXECUTIVE SUMMARY
This paper describes, exposes and then systematically demolishes the credibility and relevance of the so-called ‘Paulson’ proposals, a.k.a. the mish-mash of convoluted notions brought forth by the President’s Working Group on Financial Markets at the end of March 2008.

In passing, it questions the basis upon which expectations of repayment by some US participants in ‘humanitarian’, Omega and other often unregistered, and therefore usually (in the United States) illegal, Ponzi schemes are predicated, shows why these schemes are illegal by comparing them to what the US securities and other relevant US legislation requires, and presents inexpensive and constructive proposals to replace ‘Paulson’s’ dog’s dinner – which, incidentally, would call for the establishment of no less than SEVEN expensive new US bureaucratic agencies, whereas the Plan, devised by the securities expert Michael C. Cottrell, M.S., which is advanced here, would require just ONE new agency instead. Further, Mr Cottrell’s scheme could be up and running within a few months, whereas the ‘Paulson’ dog’s dinner is phased over an indeterminate timeframe.

OFFICIAL PROPOSALS ARE MISCHIEVOUS
On investigating this matter, we were quite surprised at the ease with which the Working Group’s spurious obfuscation operation could be shown to be a glaringly false prospectus that has been jumbled together in order to disguise what can only be described as its underlying mischievous intent. For these proposals dishonestly seek to convey an impression of regulatory reform (in response to the chaos in the financial markets which has been brought about exclusively by the serial criminality of holders of high office) – whereas their actual purpose is to mask the objective of precluding meaningful reform in favour of cosmetic adjustments consistent with an even more permissive and crime-friendly environment than exists today.

Indeed a pattern of nefarious US official behaviour has become clear since the deregulation of the Savings and Loan Associations in 1982. It can be summarised as follows. Far from entertaining any clear intention of curbing excesses and seeking to contain financial sector crises and instability brought about by organised financial fraud condoned at the highest levels of American power, the participating US authorities typically allow the prevailing crisis of confidence and its real economic consequences to escalate until, as happened at the end of the 1980s with the messy ‘responses’ developed by Congress to the ‘hollowing out’ (enronisation) of the thrifts, the problems become so huge that radical departures are agreed upon ‘under duress’ which, in turn, provide the intended basis for a proliferation of fraudulent financial operations ‘by other means’.

FOLDING THE CRIMINALISTS’ CRISIS INTO A ‘UNIVERSAL SOLUTION’
This is exactly what these cynical ‘Paulson’ proposals are predicated to achieve. The underlying motive here is to ‘fold’ the contemporary financial and economic crisis into a ‘ universal solution’ which will, if this Treasury has its way, give the arch-planners of fraudulent finance practices, carte blanche to proliferate their scams and aberrations for many years to come.

Accordingly, the fraudulent prospectus disgorged by the President’s Working Group on Financial Markets needs to be consigned forthwith to the trash can. This report will help to achieve that.

As indicated, we present a simple, straightforward, constructive, inexpensive and quickly and easily implemented alternative Plan to replace it. Its author, Michael C. Cottrell, M.S., one of the United States’ foremost securities markets experts, argues that no further attention should be paid to the dishonest and discredited ‘Paulson’ proposals, which have in any case more or less run into the sand; and that the straightforward measures advocated below should be adopted, instead.

They would immediately inject the necessary discipline into the marketplace, precluding scope for securities scamming models to which the notorious American kleptocracy has become accustomed.

This paper is supplemented by an extensive Glossary of securities environment terms, for the benefit of the lay reader. The Editor has incorporated several appropriate new terms in the list.

SELF-SERVING PLAN TO ‘CLEAN UP’ MESS THE CRIMINALISTS THEMSELVES CREATED
Among the most distasteful characteristics of the world-class financial criminals exposed through our reports is their habit of advising the Rest of Us how the distasteful consequences of their own glaring criminality are to be overcome. The flip-side of the accomplished US financial criminalist is typically an unimpressive ‘angel of light’, who preaches the virtues of sound finance, in order to mask the fact of his endless reprobate financial misbehaviour.

Thus, having presided over and orchestrated the stealing of colossal sums of other people’s money, the US intelligence operative calling himself Henry M. Paulson Jr. [but see Memorandum below], as advertised, promulgated, in March 2008, a set of goofy and confused proposals for the ostensible ‘reorganisation’ of the way the US financial markets are regulated, which amounts to a pre-planned ‘new regulatory order’ – but the purpose of which, on investigation, turns out NOT to be improved financial sector discipline, but rather the cynical and surreptitious institutionalisation of market conditions that will facilitate replication of the abuses and fraudulent finance that have so far been exposed, but on a far broader scale, in the years to come.

A prerequisite for understanding what follows, and the prevailing financial days of reckoning and their origination generally, is to recognise the subversive reality of the ‘angels of light’ deception model. The financial sector traditionally clothes itself in a mantle of assumed righteousness, which is reinforced by generational layers of perception yielding a belief that financial institutions are, generally speaking, models of rectitude which cannot deviate from the strict codes of conduct that are presumed to surround them, and therefore from the Rule of Law.

BELATED, GRUDGING REALISATION THAT WHAT HAS BEEN REPORTED IS ACCURATE
Because this general lazy presumption is rarely, even today, called into question, it took, to our certain knowledge, certain British and American circles over two years to reach the staggered conclusion that what we have been reporting was accurate, both in general terms and more often than not, in terms of specifics as well.

By the same token, the underlying assumption that the exotic Treasury proposals developed by the President’s Working Group on Financial Markets, which will be demolished here, are of beneficial and enlightened intent, has no basis in reality, as will now be examined. On the contrary, as might have been expected, they represent ANOTHER pathetic scam, a deception, a diversion, a PLOY.

We will begin with a ‘straight’ summary of the ‘Paulson’ proposals, which will then be exposed as representing a false and deceitful prospectus.

THE FALSE PROSPECTUS AS ANNOUNCED
Following our exposures of financial fraud between June 2006 and the same month a year later, tensions rose to such a pitch behind the financial sector scenes that the US authorities felt the sudden need to be seen to be ‘doing something’ – an urge that resulted in the establishment of the President’s Working Group on Financial Markets.

But by ‘doing something’, the criminalists actually meant leveraging the financial crisis which has developed as a direct consequence of their criminality through the advocating of false ‘reforms’ under cover of which they intended to institutionalise a permissive US environment which would guarantee that their addiction to manufacturing liquidity out of thin air through untaxed high yield investment programs (out of bounds to ordinary mortals because outside the officially protected corruption zone, they are lethally risk Ponzi scams: see below), would be OK’d without recourse.

The phrase ‘Working Group’ is a designation used by Israeli intelligence to describe an operation inside the Israeli Government structures (viz., intelligence), with a focus on developing a modus operandi to achieve an instructed objective, according to Robert Littell [‘Vicious Circle’, Overlook Press, Peter Mayer Publishers, New York, 2006].

After ‘labouring’ for eight months, the Working Group brought forth a convoluted, fragmented and opaque ‘THREE-STAGE plan’ to ‘reform’ US regulation of the very financial institutions with which the now disgraced ruling kleptocracy has been collaborating to scam ordinary American citizens, mortgage ‘holders’, the US Government itself, and foreigners who fail to do their ‘due diligence’.

The overall effect of the regulatory fragmentation plan put forward in bad faith (as we demonstrate below) by the Working Group would be to place the control of all financial markets wholly under the power of the President of the United States – which, given the criminality of the present and recent incumbents, would be a recipe for the institutionalisation of fraudulent finance, the elimination of all remaining checks and balances, and consequently for a corrosive financial market environment leading to a financial meltdown in a few years’ time which would make the present crisis look like a pleasant afternoon by the seaside.

Before we go any further, we must summarise the Working Group’s proposals without commenting in any detail immediately on their implications:

STAGE ONE, AS PROMULGATED BY THE PRESIDENT’S WORKING GROUP:

• The President’s Working Group on Financial Markets would be expanded to add banking sector regulators not hitherto participating in its deliberations, in order to broaden the Working Group‘s supposed focus to incorporate the whole of the US financial sector, rather than just the financial markets as such (begging the question: what was the problem? Why the delay?).

• Lending by the Federal Reserve: Because non-bank financial institutions have, since December 2007 (thanks to the chaos brought about by fraudulent finance operations over which this ‘Paulson’ himself presided) had access to the US Federal Reserve, the Fed would be able to conduct on-site examinations of such borrowers and impose conditions on their operations.

• Establish a Mortgage Origination Commission to consist of six Board Members, taken mainly from Federal structures. The new entity would proceed to establish minimum licensing standards and testing criteria, and would gauge and grade the adequacy of each State’s mortgage control system. This would be accompanied by clarification of which Federal body is to enforce mortgage lending legislation (which, for some reason, the Working Group could not manage to do).

STAGE TWO, AS PROMULGATED BY THE PRESIDENT’S WORKING GROUP:

• Federal Oversight of State-Chartered Banks: It was reported that the US Treasury recommended a study to determine whether the Federal Reserve or the Federal Deposit Insurance Corporation (FDIC) should have oversight of State-chartered banks.

(Great! So we need a ‘study’. Why didn’t the Group perform that study, then? Why the ‘need’ for further delay while the ‘study’ is carried out?).

• Thrift Charter to be eliminated: The following banking sector regulator was categorised as ‘past its sell-by date’: The Office of Thrift Supervision. This entity, which oversees US Savings and Loan Associations (so-called ‘Thrift Institutions’) should be closed down and folded into the Office of the Comptroller of the Currency, which has oversight of National Banks. (No reason given).

• A new (optional) Federal Insurance Charter: The US Treasury proposed the creation of a Federal regulator to cover the insurance sector, which is extremely corrupt in the United States. The first step would be to ask Congress to create an Office of Insurance Oversight within the US Treasury, to focus on international issues and to advise the Treasury on insurance sector affairs. This would be the first step towards the creation of step two, namely the creation of a new Federal Insurance Charter. (Notice that everything is ‘spaced out’, laid-back, confused and overlapping).

• Revised payments and settlement arrangements: Under the eccentric proposals brought forward by ‘Paulson’, it was suggested that the Federal Reserve Board should be given oversight and rule-making authority over the payment and settlement systems for the processing of payments and the transfer of securities between financial institutions and their clients. (Hence, de facto regulation of the securities markets would devolve into the hands of the untrustworthy Fed).

• Futures and Securities markets: The US Treasury used this report to call for the merger of the Commodity Futures Trading Commission (the CFTC) and the Securities and Exchange Commission (the SEC), neither of which has been doing its job properly, given the sheer scale of the bribery and corruption behind the scenes, plus reports that the SEC has itself been engaged in trading on own account (see below).

In particular, the Treasury proposed that the Securities and Exchange Commission, which operates (or should operate) on the basis of precise rules and regulations backed by rigorous enforcement, should ‘preserve’ the modus operandi of the US Commodity Futures Trading Commission, which is that business should instead be conducted in accordance with stated ‘principles’.

In other words, the Treasury wanted to scrap the rules-based system (required under the 1933 and 1934 Securities Acts) and to replace it by a vague ‘principles- based’ system’, which would mean that enforcement would be almost impossible – because a régime of relativism would prevail and key terms would remain undefined.

Securities professionals are taught and intensively trained to operate exclusively on the basis of the SEC’s ‘rules-based’ system, which precludes any deviation whatsoever from the established rules (provided the regulations are enforced, which has not been the case for years because of corruption within the Securities and Exchange Commission itself).

STAGE THREE, AS PROMULGATED BY THE PRESIDENT’S WORKING GROUP:

A new US regulatory structure would be imposed over the longer term, under which US financial institutions would be asked to choose between one of three Federal Charters:

• Federally Insured Depository Institution:
This would be applicable to all lenders with Federal deposit insurance.

• Federal Insurance Institution:
Applicable to all insurers offering retail ‘products’ which entail some degree of Federal guarantee.

• Federal Financial Services Provider:
This charter would cover all other categories of financial services firms.

Under this regime, the following SEVEN NEW FEDERAL AGENCIES, each with its own hyper-expensive self-serving bureaucracy would ‘regulate’ US financial institutions:

• The Market Stability Regulator: Under this vague proposal, the Federal Reserve was to ‘look out’ for threats to the stability of the United States’ diverse financial system, whether they in fact originated with banks, insurance corporations, mortgage lenders, investment banks, hedge funds, or with any other type of financial institution.

The Federal Reserve could require corrective measures to be taken to address current risks or to curb future risk-taking, but these powers could only be exercised if overall financial stability was threatened. In other words, this entity would essentially achieve nothing at all, leaving the financial markets alone (until it was too late), thereby passively facilitating a progressive repetition of the near-catastrophe experienced since the mid-1980s, but on a far larger scale.

• Prudential Financial Regulatory Agency: This new entity would regulate US financial institutions buttressed by explicit Government guarantees associated with their operations, such as Federal deposit insurance. The new US agency would assume the rôles of the current Federal prudential regulators, including the Office of the US Comptroller of the Currency and the Treasury’s Office of Thrift Supervision. Yet another (subsidiary) regulator would focus on the hitherto unrestrained and unregulated off-off-budget Government-Sponsored Enterprises (GSEs) which, though established by the Federal Government, were placed (on creation) into the ‘private’ sector and have implicit Government backing, such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Bank System. See our report dated 26th December 2007 for insights into how Fannie Mae, for instance, has been used to perpetrate fraudulent financial transactions in the US mortgage sector [Archive].

• Conduct of Business Regulatory Agency: This new regulator would be charged with ‘consumer protection’ with respect to all categories of financial entities. The agency would watch disclosures and business practices, and would supervise the licensing of certain types of financial firm.

It would absorb many of the functions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and would undertake some responsibilities that are currently handled by the Fed, state insurance regulators, and the Federal Trade Commission.

• Federal Insurance Guarantee Corporation: This new agency would replace the Federal Deposit Insurance Corporation, charging premia to guarantee bank deposits and insurance payouts.

• Corporate Finance Regulator: This new entity would take over other functions of the Securities and Exchange Commission, such as the oversight of corporate disclosures, governance issues, accounting, and other matters.

In other words, SEVEN NEW BUREAUCRACIES would regulate everything and achieve nothing.

THE PURPOSE OF THE FALSE PROSPECTUS: OBFUSCATION
Confused? That’s precisely what is intended. As can be seen, this curious pot-pourri of convoluted arrangements matches the intentions of those who framed it (and who will not see it implemented, we feel sure). Those intentions can be summed up in the single word: OBFUSCATION.

For these proposals were developed during the immediate aftermath of the emergence of overt financial sector strains arising from the ongoing exposures of the open-ended financial fraud; and their purpose, from the outset, was not to enhance regulation and to make it ‘more efficient’, but rather to bring forward a novel framework under cover of ‘overdue reforms necessitated by the credit crunch and the financial crisis generally’, which could be exploited and leveraged to cover up, rather than to further expose, the serial financial criminality that blew up in the faces of the US kleptocracy as a consequence of the exposures of its endless criminality.

In other words, the President’s Working Group on Financial Markets appears to have been briefed in bad faith, its task being to develop a platform and framework of proposals which would serve the purpose of obfuscating financial criminality, while appearing to do the opposite. This was, in short, nothing less than a typical deception, intended to convey the dubious impression that ‘reform’ was (belatedly) being recommended, while in practice substituting the existing regulatory system which has not been properly enforced, with a vague, woolly régime framed so as to facilitate the very free-wheeling fraudulent finance and risk-taking that the proposals are supposed to deter.

Since, however, the proposals were brought forward by deception operatives whose speciality has all along been dialectical ying-yang behaviour, duplication and duplicity, the discovery that these proposals are a sham, comes as no surprise. Whether those who listened to ‘Paulson’ making this pitch on 2nd July 2008 at the Royal Institute of International Affairs (Chatham House) in London (the globalist UK think-tank which masquerades as a free-standing institution of the British nation state while constantly undermining it), understood this duplicity, seems improbable.

On that occasion, ‘Paulson’ presented a series of vague generalities for the consideration of the British ‘Great and the Good’ assembled to hear this pitch, such as that ‘the financial landscape has changed, and non-bank financial institutions play a significantly greater role’ than used to be the case. (When one of our special contacts attempted to make himself known to this ‘Paulson’ fellow, he vanished out of sight).

But the existing US regulatory régime has not ‘failed’ because it is no longer ‘fit for purpose’. It has ‘failed’ for three straightforward reasons:

(1) Some of the regulatory agencies, such as the Federal Reserve Board itself, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, are/have been corrupt.

(2) The corrupt regulators have accordingly failed to regulate, let alone to enforce their regulations.

(3) The focus of the corrupt regulators is to prolong the obfuscation operation, to verbalise their dereliction of duty through spinning for the benefit of the likes of The Wall Street Journal, and to seek to draw a veil over such issues as the SEC’s ‘legitimisation’ of naked shorts for a restricted group of participants, whereas a regulator should be completely impartial. The overall objective is self-preservation, protection of their own personal interests, and staying out of jail themselves.

• In respect of ‘naked shorts’, has the SEC conveniently forgotten the old securities market adage: ‘He who sells what isn’t his’n, Must put it back or go to prison’?

TERMS LEFT UNDEFINED UNDER THE INTENDED ‘PRINCIPLES-BASED’ REGIME
In place of the existing (albeit unenforced) regulatory régime, ‘Paulson’ proposed a system not of rules-based regulation, which could be enforced if the regulatory agencies themselves were not corrupt, but of ‘principles’-based regulation, which, by definition, would entail that there would be no rules to be enforced, terms are not defined, and that breaches of ‘principles’ are liable to be irrelevant because it would always be a nuanced matter of relatavist judgment whether principles were being flouted, or not. In otherwise, such a régime would not amount to a regulatory régime at all, but rather to a crooks’ charter and paradise. ALL OVER AGAIN.

If the existing US regulatory agencies were doing their jobs properly, they would be adequate for the purpose – and certainly far more adequate than the deliberately complexified, overlapping and obfuscatory framework suggested by the President’s Working Group on Financial Markets.

But while the Working Group may be redundant and has discredited itself, the financial market issues that it was supposed to have addressed, remain in existence and as intractable as before.

THE EXISTING U.S. REGULATORY FRAMEWORK
The existing US regulatory framework, for the record, consists of the following agencies:

• Federal Reserve System: Supposedly regulates the US monetary system and oversees bank holding companies. Historically lacked real assets apart from its contract to print the currency of the United States, which ought to be a function of the US Treasury,

• Securities and Exchange Commission (SEC): Established by the Congress in 1934 to regulate the securities markets in accordance with stated rules and under the 1933 and 1934 Securities Acts, to maintain ‘fair’ markets and to protect investors. The SEC also, as a primary element of its oversight powers, reviews corporate financial statements, is supposed to enforce the securities regulations, and provides guidance for the framing of accounting rules.

• Federal Deposit Insurance Corporation (FDIC): This regulator insures deposits lodged by bank customers against the failure of banks. The FDIC was created in 1933 to build and maintain public confidence and to encourage stability in the financial system by fostering sound banking practices.

• Office of the Comptroller of the Currency: This traditional arm of the US Treasury Department was established in 1863 to supervise and regulate National Banks and the Federal branches of foreign banks. Its purpose is to promote the safety and soundness of the banking system and to conduct on-site examinations of banks across the nation.

• Commodity Futures Trading Commission (CFTC): Established as a US agency in 1974, this entity is supposed to ensure the open and efficient operation of the US futures markets, which started out trading agricultural futures, and now trade sophisticated synthetics (derivatives).

• Office of Thrift Supervision: This agency issues and enforces regulations governing the United States’ Savings and Loan sector (Thrift Institutions). It is responsible for ensuring the safety and soundness of deposits with Thrift Institutions.

SHORT HISTORY OF U.S. FINANCIAL TRANSPARENCY

(A) 1890 to the 1920s:

Leading American financiers of the late 19th century, such as John J. Astor, Cornelius Vanderbilt, John D Rockefeller and J. P. Morgan (1), provided capital to finance the establishment of very large corporations and combines, also known as the trusts, which came to wield enormous power across entire industrial sectors. As a consequence, by the year 1890, the control of 5,000 corporations was held by about 300 such trusts operating all over the country. By 1900, the largest dozen of these combines were capitalised at over $1.0 billion (2) .

Accordingly, investment bankers became corporate directors – with Morgan, for instance, having board representation on 78 investment bank companies.

Therefore, when these large corporations needed injections of capital, the bankers who were sitting on their Boards claimed to represent the bondholders (3).

Disclosure of financial information was entirely voluntary, even though disclosure of predator practices could only be revealed via the balance sheet (4). The Sherman AntiTrust Act of 1890 was enacted in order to define and make the monopolistic activities of such trust companies illegal (5).

In 1914, the Clayton Anti-Trust Act sought to increase competition across the business sector by restricting predatory corporate activity such as acquiring other competing corporations and the practice of allowing interlocking corporate directorships (6).

And the Federal Trade Commission Act, passed in the same year, established a regulatory authority, acting as the ‘watchdog of competition’, to protect the American consumer from ‘unfair methods of competition’ (7). In other words, raw, unregulated capitalism was by now seen as being prone to abuse and in need, therefore, of official constraint.

(B) 1920s to 1941:

During this period, the number of investment companies that were formed in the United States steadily increased from six in the year 1921, to 46 in 1925 (8).

While most of these investment companies were subject in some measure to the ‘Blue-Sky’ [see Glossary] requirements, the State statutes and regulations appear not to have treated investment companies much differently from the general run of corporations and business trusts (9).

As previously, disclosure of financial information remained voluntary, even though the disclosure of predatory practices could only be conveniently disclosed through the balance sheet (10).

Between 1927 and 1929, these investment companies raised approximately $2,300,000,000 from the sale of new securities. Their assets increased from $550,000,000 in 1927 to almost $2,600,000,000 in 1929 (11). Distribution of the shares in these fixed trusts reached peak levels during 1930 and 1931, when $600,000,000 of their shares were sold, inducing the passage of various US statutes and the promulgation of regulations which brought the expansion of these fixed trusts to an end (12).

In 1933, North Carolina adopted a regulation (which in due course was adopted as Section 11 of the Investment Company Act of 1940) which prohibited the charging of any sales load on the switching of trust shares (13). As a consequence of the lessons learned the 1920s and early 1930s, including bitter experiences suffered by investors with ‘bucket shops’, the original and copycat Ponzi and Pyramid-selling schemes, and other forms of fraudulent finance that flourished in this free-for-all environment, the Congress passed the stringent Securities Acts of 1933 and 1934, followed by the Maloney Act of 1935; and in the banking sector, the Banking Act of 1933 and the Glass-Steagall Act of 1933 which restricted US banks to banking operations and precluded their participation in the securities markets. The Securities Acts were updated by the Securities Acts Amendments of 1970.

THE EXPENSIVE FALSE PROSPECTUS ANALYSED:

U.S. TREASURY’S 2008 REGULATORY ‘REFORM’ PROPOSALS (14), (15)

Astonishingly, in view of the obvious fact that these proposals would be bound to have an impact on fragile financial market confidence, the Working Group’s suggestions were phased, with short- medium- and long-term proposals set within an imprecise timeframe, interspersed with periods of reflection for ‘study’, and personnel being liable to be poached from old regulatory agencies that would remain alive in one phase, but not the next, and with every opportunity taken to ensure that the responsibilities of no less than SEVEN newly proposed, expensive agencies would overlap as much as possible, while existing agencies would languish in a state of limbo or uncertainty pending prospective abolition, or not, as might be decided in a later phase.

Self-evidently, this confused prospectus is a recipe for undermining confidence in the integrity of financial market regulation, and therefore in the integrity of the financial markets themselves, as well as maximising the potential for obfuscation, as will be seen:

(A) THE SHORT-TERM PROPOSALS:

The President’s Working Group on Financial Markets is/was intended, we read, to be composed of a Coordinator of Financial Regulatory Policy and to cover the entire American financial sector, as indicated above, not merely the financial markets.

It was thus to incorporate banking regulators not currently participating in the study group, and would need to broaden its financial focus to capture the whole of the financial sector.

Hence the Working Group was to facilitate inter-agency coordination and communication, with a view (ostensibly) to developing proposals to mitigate all systemic risks to the financial system, to enhance the integrity of the financial markets, to promote protection of consumers and investors, and to support the efficiency and competitiveness of the financial markets.

Since overall ‘competitiveness’ covers the stance of any given financial market environment by comparison with foreign counterparts, the Working Group would or will have had to consider the impact of any proposals it puts forward on the competitiveness of the market in question, with its equivalents abroad; and the moment that such considerations had to be considered, the knee-jerk response of the Working Group’s membership is liable to have been to opt for the most lenient and liberal ‘solution’ on the drawing board.

As for the proposed creation of a Federal Mortgage Origination Commission (MOC), this huge new bureaucracy would be headed by a Director appointed by the President of the United States for a four- or six-year term – which means that, in accordance with the standard corrupt US practice, the job would be likely to go to a presidential crony.

The six Board members would be supplied from the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC), even though the last of these three agencies were to be abolished under the proposals, and the Federal Reserve itself remains vulnerable, under unpublished H.R. 2778 of the 110th Congress, to be abolished and merged within the US Treasury.

The other two Board Members would be supplied from the National Credit Union Association and the Conference of State Bank Supervisors.

The new Mortgage Origination Commission would develop minimum licensing standards, testing criteria and a system for grading the adequacy of each State’s financial regulatory arrangements. The drafting of regulations covering national mortgage lending legislation would, the Working Group apparently proposes, remain exclusively with the Federal Reserve, as provided for under the Truth in Lending Act.

Finally, the States should be given clear authority to enforce Federal mortgage legislation upon independent mortgage originators, that is to say, those mortgage originators considered to have been responsible for originating most of the so-called ‘sub-prime’ loans.

There was no reference to the practice of collectivising such mortgage loans, let alone with false documentation purporting to represent other mortgages but which lack any underlying asset at all, for the purpose of ‘securitisation’ and marketing to gullible investors at home and abroad who may not perform adequate (or any) due diligence.

For the short term, too, the Treasury’s blueprint put forward two considerations relating to the overall stability of the financial markets. Specifically:

(1) The prevailing temporary liquidity provisioning process, designed to alleviate threats to market stability (launched in December 2007 in the face of the crisis of confidence which overwhelmed the American authorities given the accumulated consequences of their incompetence, criminality and mismanagement of the US financial system), must ensure:

• That the process is calibrated and transparent (with no definition of terms here);

• That appropriate conditions are attached to the lending, (with no explanation of ‘appropriate’);

• That information flows to the Federal Reserve System via on-site examinations, and/or that other conditions or means can be imposed as determined by the Federal Reserve, with no recourse and without any indication here of what the Federal Reserve might have in mind.

(2) The President’s Working Group should consider broader regulatory issues related to discount window access for non-depository (i.e., investment banking) institutions. So, this Working Group has not yet undertaken such considerations? What, then, was it doing between August 2007 and March 2008, exactly?

(B) THE MEDIUM-TERM PROPOSALS:

Under this heading, the Treasury recommended, as summarised above:

• Elimination of ‘redundant’ banking regulators, without providing any rationale for such a drastic and reckless measure, and without having practical alternative proposals formulated or in place;

• Closing down the Office of Thrift Supervision, ditto;

• Folding the responsibilities of the Office of Thrift Supervision into the Office of the Comptroller of the Currency, again with no rationale for such action being provided.

Having shredded key existing regulatory institutions without replacing them (at this stage), the Treasury proposed that the next step should be that a leisurely ‘study’ should be undertaken, to establish whether the Federal Reserve or the Federal Deposit Insurance Corporation (the FDIC) should have oversight of the State-chartered banks.

This seems to us to be quite ridiculous, and asking for trouble. First, some existing regulators are abolished, without the Treasury at this stage having a clue what should take their place. Secondly, having abolished the regulators, the Treasury would then embark upon a ‘study’ to decide what to do next, as it says it is undecided (cannot make up its mind) whether the Fed or the FDIC should oversee the State-chartered banks – a confused recommendation akin to throwing all the furniture out of the window before deciding what, if anything, should replace it.

A moment’s reflection will convince even the most enthusiastic supporters of the corrupt US ‘Paulson’ Treasury that these proposals are, of put it mildly, mischievous.

Nobody who cares about US financial market stability can possibly take them seriously: indeed, the proposals , even as far as has so far been described here, are so mixed up and destabilising, that it is no exaggeration to ask whether they represent some kind of spoof.

Has some malevolent gremlin substituted this mischievous verbiage for what the Working Group actually submitted? Given the track record of ‘Paulson’s criminalist Treasury, that may not be as far-out a proposition as it may appear to be.

The third element of the intermediate recommendations brought forward by this muddled report departed from common sense by recommending that the Federal Reserve – which has achieved notoriety thanks to its two-tier policy of purporting to represent the Rule of Law while at the same time surreptitiously condoning and facilitating corrupt financial practices through exploitation of the unaudited and secretive Federal Inter Bank Settlement Fund – should acquire oversight and rule-making authority over payment and settlement systems that process payments and transfer securities between financial institutions and their clients.

This would be worse than placing the fox in charge of the chicken coop: it would ultimately lead to the liquidation of the chickens by guaranteeing the perpetuation of the fraudulent finance model that has been exposed by notorious recent developments. And again, no coherent rationale for this supposed ‘reform’ was presented with the recommendations.

Put another way, the report then recommended that the Federal Reserve should acquire oversight and, inconsistently, rule-making authority, over the payment and settlement systems that process payments and transfer securities between financial institutions and customers.

Since this all-embracing ‘reform’ would include ALL institutions, this would mean inter alia that the Federal Reserve would in practice acquire rule-making authority over securities broker-dealers. Hence, the rule-making authority to be abolished with the folding of the Securities and Exchange Commission (see below) would reappear under the aegis of the Federal Reserve, although we are not told what category of rules the Fed would promulgate. It can be taken as read that the rules to be promulgated by the Federal Reserve would bear no discernible relationship to the rules long since established (but lately, not enforced) by the Securities and Exchange Commission.

On top of this nonsense, the proposals recommended a further unresolved ‘solution’, calculated to maximise uncertainty – this time in the insurance sector. First, the Working Group floated the idea of creating a Federal regulator to oversee the insurance industry.

Then, after floating this suggestion, the Treasury wants to ‘ask Congress’ to create a new Office of Insurance Oversight (OIO) which would function from within the Treasury, meaning of course that the Treasury would control the insurance sector directly. Since the Treasury, like the US Federal Reserve, has demonstrated that it is thoroughly corrupt, this recommendation would simply enable the corrupt Treasury to capture and channel the well-known corruption that bedevils the insurance sector in the United States. The OIO would supposedly focus upon international insurance sector issues, while also providing the Treasury with ‘advice’ – a completely meaningless concept since the entity, resident within and therefore a part of the Treasury, would accordingly be advising itself.

[The probable hidden intention here would be to replicate the Federal Financing Bank (FFB), which is likewise an office (plus some filing cabinets) situated within the US Treasury but which for many years enjoyed off-budget status, thereby providing the Treasury with increased ‘wriggle-room’ for its usual ‘smoke-and-mirrors’ financial shenanigans. As matters stand today, the Federal Financing Bank is one of the basic mechanisms that enables the Secretary of the Treasury to manipulate the Government’s finances by exploiting the fact that is allowed by statute to have $15.0 billion of debt outstanding at any one time, so that by means of creative bookkeeping, up to $15.0 billion extra can be borrowed on those occasions when the Congress has deployed its residual ‘control’ over the spending of the Executive Branch by refusing to raise the Statutory Debt Limit, in exchange for some Federal Budget concession or other that it seeks to extract from the Executive Branch].

In short, and Office of Insurance Oversight inside the Treasury would simply be leveraged by the corrupt Treasury for its own purposes, and in furtherance of the dubious interests of the official perpetrators of fraudulent finance operations who have been cornered and are running for cover.

Even worse are the quite appalling proposals affecting the securities sector. The Working Group suggested, as mentioned above, that the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) should be merged – again, providing no rationale for such a radical shake-up. The actual purpose here would be to end the settlement reached by the Securities Acts of 1933 and 1934, which provided for the securities sector to be governed by the strict application of precisely defined rules – the settlement that ended the chaos arising out of the undisciplined free-for-all allowed in the 1920s, when bucket-shops ripped American investors off and investors enjoyed no protection from sharks other than that provided by the ‘Blue Sky’ above – in favour of standardising the so-called ‘principles-based’ approach employed by the ineffective Commodities Futures Trading Commission. Neither the SEC nor the CFTC have, in recent years, fulfilled their regulatory responsibilities, due to internal corruption; but scrapping the rules-based approach in favour of the CFTC’s permissive ‘principles-based’ approach would guarantee and perpetuate financial corruption perhaps for generations to come.

An indication of the deceptive nature of this recommendation can be gauged by the mealy-mouthed language employed to present this sorcery for public consumption. Specifically, the Working Group postulated that the Securities and Exchange Commission should seek to ‘preserve’ the CFTC’s principles-based approach, presupposing of course that the SEC should DROP its rules-based approach: but in order to mask this deception, THIS CENTRAL RUSE WAS LEFT UNSTATED.

‘Preserving’ the principles-based approach used by the ineffective CFTC would, self-evidently, be inconsistent with ‘preserving’ any rules-based approach – which is the point of this proposition.

What the Treasury is seeking to achieve here is to pass off a fraudulent reform as a key element of an improved regulatory system, when what would be perpetrated would be the de facto elimination of the existing framework which, if properly applied, would protect investors from fraud and make it impossible for fraudulent finance operations such as those that have been exposed, to exist, let alone to flourish. In other words, this recommendation represents a typically diversionary fraud by the ‘Paulson’ Treasury, consistent with the reputation it has earned for itself as an institution of the Federal Government in which no trust can currently be placed, not least because, on the basis of its recent behaviour, it cannot be relied upon to honour its obligations.

(C) THE LONG-TERM PROPOSALS:

Not content with the chaos that would be created as a consequence of this wrecking operation to date, the Working Group, true to its false prospectus, capped this truly shambolic mish-mash with a series of half-baked long-term proposals, the net effect of which would be to leave everything up in the air, thereby maximising scope for a 1920s-type free-for-all – and ensuring that the investment environment of future years would be consistent with the underlying intention of this dog’s dinner of spurious proposals – namely to facilitate the perpetuation of fraudulent finance, following the shocks administered to the criminalist kleptocacy by recent developments.

By staging its fitful proposals over a prolonged and imprecise timeframe, the US Treasury has of course already compromised the prospects for global financial stability, since no-one now knows what is coming next. The fact that proposals have been put forward in such a vague, disjointed and dissonant manner has itself added to the febrile atmosphere of uncertainty, although the Treasury doubtless hopes that the deceptions encased within these proposals will have passed its targeted audiences by – an example being the attendees at the Chatham House event in London addressed by ‘Paulson’ at the beginning of July. These people will have been easily impressed by anything that the Secretary of the Treasury might have told them – the purpose of such presentations being to build an unthinking ‘consensus’ (in London, especially) for the treacherous ‘reforms’ that the corrupt ‘Paulson’ Treasury is putting forward.

The so-called long-term proposals (with no timeframe mentioned) would involve, to begin with, a revolution in the status of all US financial institutions. All lenders equipped with Federal deposit insurance would be granted a brand new charter certifying them as a Federally insured depository institution. All insurers offering retail products involving some degree of Federal guarantee, would be chartered as a Federal insurance institution, under the direct regulatory control (see above) of the Treasury. Finally, all other types of financial institution would receive a charter signifying their status as a Federal services provider. Note the crucial use of the adjective ‘Federal’ here: what is intended is the usurpation or duplication by the Federal Government (it is not yet clear which) of ALL the regulatory functions currently exercised by the State Governments. Whether usurpation or duplication is intended, this proposition must have gone down like a lead balloon in State capitals.

Under the first of this final batch of dubious proposals, a so-called Market Stability Regulator, namely the Federal Reserve itself, or else an entity that is subservient to it (unclear), would be established, which, however, would hardly undertake any regulating of the financial markets at all. Instead, it would ‘look out for’ threats to the stability of the US financial system, whether they might originate with mortgage lenders, banks, insurance companies, investment banks, hedge funds or any other category of institution. The only environment in which the so-called new Market Stability Regulator would intervene would be when it had formed the subjective judgment that corrective action needed to be taken to address current risks, or that it is necessary to constrain further risk-taking. This proposal appears to have nothing to recommend it at all.

Establishing further expensive bureaucracies without any teeth is a pernicious practice equivalent to a fudge, and the impression given here is that the Working Group needed somehow to convey the impression that the permissive environment that it was subversively recommending would be watched closely for aberrations, whereas the underlying and thoroughly dishonest intention and consequences of these proposals will be to maximise potential for market abuses across the board.

The next piece of gross mischief would entail the establishment of a so-called Prudential Financial Regulatory Agency, with a brief to regulate financial institutions which have explicit Government guarantees associated with their business operations. Hence this new agency would regulate all institutions equipped with Federal deposit insurance. This agency would also take over the roles of the current Federal prudential regulators (for no discernible reason), such as the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

The agency should, the report argued, focus on the protection of consumers and ‘help’ to maintain confidence in the financial system (by unspecified means). The agency would operate on the basis currently applied to the regulation of the insured depository institutions – in which case, since this new agency would replicate existing practice, why do the existing regulatory arrangements need to be changed? – using the standard capital adequacy requirement techniques, imposing investment limits, circumscribing the scope of an institution’s activities, and directing on-site risk management supervision. The agency would be focused on institutions, rather than operating generically.

On top of all this, a separate new regulator was proposed, to focus on the powerful and wayward Government-Sponsored Enterprises (GSEs) which have been surreptitiously exploited to facilitate fraudulent finance operations, such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Bank System. As we discussed in our report dated 26th December 2007, corrupt mortgage lenders have been transferring the full risk and ownership of mortgages to these off-off-budget entities which were established by the Government but positioned immediately upon their foundation, into the private sector, so that they could be excluded from the scrutiny of the Federal Budget process.

The crisis surrounding Fannie Mae and Freddie Mac that blew up during the week ending 11th July 2008 – over seven months after we posted our report on the abuse of the foreclosure process on 26th December 2007 – illustrated the mischievous and destabilising nature of the Working Group’s proposals, because this dimension of the crisis ‘suddenly‘ ran out of control in July 2008, despite the fact that the President’s Working Group had intended to ‘deal with’ the Government-Sponsored Enterprises problem under its ‘long-term’ category, rather than as an immediate, burning issue of the greatest significance, as flagged by our report dated 26th December last year.

This miscalculation alone showed the Working Group to be extremely incompetent, in dereliction of its self-appointed duties, and quite incapable of handling the huge mess for which its own largely corrupt membership has been specifically responsible. Fancy treating the US GSEs as a long-term problem when several of the key GSEs have all along been at the very centre of the machinery of fraudulent finance that is in the process of being widely exposed, and which the Working Group was meant to be addressing! This was surely taking OBFUSCATION too far.

No rationalisation was presented for the proposal that a separate regulator should be established to ‘regulate’ these off-budget entities, other than the spurious one that implicit Federal backing is qualitatively differentiated from explicit Government backing. Presumably the woolly thinking here is that the legal status conferred by Federal Statute on the GSEs would be violated if the proposed Prudential Financial Regulatory Agency were to assume regulatory responsibility for the GSEs – which have hitherto, by the way, escaped all regulation and have thus provided fruitful ongoing scope for organised criminal and financial fraud operations.

The other agencies proposed by the Working Group simply would compound the confusion and the seemingly deliberate dispersion of responsibilities which this dog’s dinner of recommendations perpetrates. Specifically:

• A so-called Conduct of Business Regulatory Agency would cut across the ‘responsibilities’ of the mish-mash of other agencies, establishing the basis for endlessly unresolvable turf wars that lead nowhere. This bureaucracy would ‘observe’ disclosure information and business practices (with no indication of what it would do with these observations), and would also engage in the licensing of certain categories of business firms (so that its personnel would be tin gods).

It would supposedly absorb ‘many of’ the functions of the Securities and Exchange Commission, the Commodities Futures Trading Commission, the Federal Reserve System, of the State insurance regulators and even the Federal Trade Commission. The rationale of all this is left unclear.

However it would do so, according to the Working Group’s blueprint, after an undefined period of uncertainty and therefore turmoil – during which hiatus the usual pork-barrel lobbying operations would have been deployed at full throttle, with no-one knowing which way any of the cats would be liable to jump, and a state of officially contrived chaos having long since been generated.

By this stage, the divisions of regulatory responsibilities will have multiplied to such an extent that every agency would have burgeoning responsibilities overlapping with some or all of the others, so that nothing at all could ever be resolved – a remarkably classical Leninist formula for ensuring the definitive perpetuation of the collective will of a small clique at the centre. Lenin established two orders for his Party-State, under which all the institutions of the State were replicated by Party entities. This meant that a complainant making representations to the State structures would find that his case would be frustrated by the parallel Party structures, and vice versa. This is exactly the state of affairs, albeit a much more fragmented and complicated one, that the President’s Working Group has put forward. This blueprint would have the following overall consequences:

• It would complete the process of discrediting capitalism which the free-wheeling fraudulent finance operations perpetrated by the exposed criminalist operatives and institutions have successfully initiated to date; and:

• By ensuring the perpetual overlapping of responsibilities with their concomitant bureaucratic turf warfare, it would institutionalise and confirm absolute power and freedom of corrupt action for the central controlling élite, namely for a successor group of organised financial criminals who would build upon this new foundation of institutionalised US regulatory confusion, to create the conditions for the next global financial showdown, which would certainly be terminal.

Since, whether ideologues like it or not, the ultimate objective is the destruction of free enterprise and the abolition of all private property except for the privileged criminalised élite, that showdown would be terminal. It is not going to happen, but that is the long-range objective.

Two other expensive US agencies would, under the convoluted blueprint, be tacked on to the contrived ramshackle mess so far recommended. The proposed Federal Insurance Guarantee Corporation, which is to replace (for no apparent reason) the existing Federal Deposit Insurance Corporation (FDIC), would charge premiums to ‘guarantee’ bank deposits and insurance payouts.

No terms are defined here (as is the case throughout this false prospectus), so it is not clear why the FDIC cannot, if really necessary, have its existing statute amended so as to expand or modify its responsibilities in accordance with this proposal. What is wrong with the existing structure?
This unanswered question is applicable throughout.

Finally, the Working Group floated the batty idea of a Corporate Finance Regulator which would supersede the functions of the Securities and Exchange Commission (SEC), and would focus on corporate disclosures, corporate governance, accounting matters, and other issues. Presumably the idea here is that there should be a special agency which sticks its nose into the affairs of US corporations generally – a suggestion that may mask a cynical political objective to subject all US corporations to an officially sponsored espionage system which would be abused, if information gathered by this agency fell into the ‘wrong’ hands. If we assume, as we must, given recent past experience, that the underlying intentions here are malevolent and mischievous, the creation of such an agency would signal to anyone who is not sitting on his or her brains that an ever more socialist United States had essentially finished with capitalism altogether.

There is also an obvious sense that these convoluted ‘regulatory’ proposals have been brought forward in bad faith for yet another reason: their purpose includes the need to deflect criticism that ‘nothing is being done to stop this happening again’. Meanwhile, the socialist European Union has predictably responded with various trial balloons suggesting that the unprecedented display of financial scandal that has been partially exposed, can at long last be exploited as a rationale for the imposition of European-style socialist (Communist) regulation which, by its nature and intent, would smother risk-taking and close off innovation.

For example, Tony Robinson, chief spokesman for the Socialist Group in the Soviet-style European Parliament, said on 3rd July 2008, quite correctly, that the capitalist system had disgraced itself and must now face much stricter regulation. Since we must agree that the capitalist system has indeed disgraced itself as a consequence of the hijacking of the American official structures by organised criminal cadres, it is hard to argue against what Mr Robinson had to say:

‘There is a groundswell of opinion building up for action at a European level. Our group wants a ban on all investment funds speculating on food. We support a proper functioning market, but what we have seen in this crisis is a most distasteful morality where decisions are driven by greed. Hedge funds have used debt to take over companies and strip out their assets. This must stop’.

Leaving aside the ideological hang-ups and ignorance of the market system embedded in these comments, it is a fact that although proposals for a pan-European regulator have not yet been crystallised into a draft EU Directive, the European Parliament has been ‘debating’ three separate proposals to crack down on private equity, hedge funds, and banking sector bonuses.

(Actually, no debate ever takes place inside the European Parliament: rather, the Members (MEPs) address the podium just as they do in the covert Soviet system. Indeed, the European Parliament chamber precisely replicates the Soviet model. In order to complete the transformation, all that would be necessary would be to replace the esoteric European flag above the podium with the familiar bust of Lenin and a nice red star plus a hammer and sickle, and we would all be back to square one. The Editor witnessed this reality in Brussels with his own eyes several weeks ago).

Should such an outcome materialise over time, as intended, the process would have been given decisive added momentum by the pillaging and fraudulent finance that have been exposed since June 2006. This would be a supposedly ‘unintended consequence’ of the organised criminality.

RESULT: EXTREME LACK OF REGULATION ENFORCEMENT
That the proposals put forward by the President’s Working Group are damaging and would have grim consequences has been well attested by people who know what they are talking about.

For instance no less than THREE former Chairmen of the Securities and Exchange Commission, David Ruder, Arthur Levitt and William Donaldson, have condemned these proposals outright, although the language they have used to date has been inappropriately circumspect.

Their general view is that a Treasury initiative to adopt the ‘principles-based’ regulatory approach applied by the Commodity Futures Trading Commission would be ‘a mistake’ (16) . David Ruder, an SEC Chairman under President Reagan, has commented that:

‘It’s not at all useful for the Securities and Exchange Commission to function on the basis of ‘a prudential-based attitude’ in which regulators solve problems by discussing them informally with market participants and asking them to change… we have an enforcement approach’ (17).

For his part, the former SEC Chairman, Arthur Levitt, a Bloomberg Board Member, has commented:

‘That proposal does more violence to protecting America’s investors from the standpoint of transparency as anything in the Paulson proposal’ (18) – referring specifically to substitution of a ‘principles-based’ approach for the tried and tested (until wantonly unenforced) rules-based approach which the existing securities market legislation requires of the SEC.

As matters stand the SEC is, however, considering the easing of its rules to allow foreign stock exchanges and brokerages to sell securities direct to US investors, under supposed surveillance by overseas regulators (such as the British Financial Services Agency) ‘who have rules that are similar to those in the United States’ (19).

In other words, even as we speak, the Securities and Exchange Commission is thinking of watering down its currently poorly enforced rules-based system to allow various foreign stock exchanges and brokerages to deal directly with US investors, rather than going through US intermediaries – so that there would be no control over the volume of dodgy financial ‘products’ that could soon be sold back into the United States, given that non-institution US investors would not necessarily be subjected to any surveillance at all. This might very well be hazardous in the future.

As for the immense problems surrounding derivatives – leveraged, securitised, hypothecated products yielding accruals that are not denominated in real US dollars, but rather exclusively as digitised entries generated electronically in just nanoseconds on bank statements – the Working Group’s proposals sidestepped them altogether: a sure indication that the real purpose of these proposals has never been to ‘solve’ any of the intractable problems created by the invasion of the capitalised system by organised crime, but rather that their purpose is precisely to obfuscate what has been happening so as to draw a veil over the criminal activities that have led to this crisis.

The irresponsible securitisation of ‘sub-prime’ loans and the hoodlum practice of mixing them up with fraudulent paper backed by no assets at all, were not even addressed.

THE ‘PROGRAMS’, OMEGA PONZI SCAMS, ETC.
Exotic investment schemes marketed by scamsters promising sky-high returns into which many Americans entered and ploughed their savings a number of years ago, and which have not paid out, may have purported to be exempt from registration under the Securities Acts of 1933 et seq. [see Glossary below] and in terms of State securities registration requirements.

Such unregistered schemes, unless narrowly they are exempt from registration in conformity with relevant stringent statutory restrictions (such as being confined, for instance, to no more than 35 subscribers nationwide), are all illegal and violate the National Association of Securities Dealers (NASD) and SEC regulations, and were/are also further illegal as they may not have been registered with the relevant State Securities Commission.

When considering such participations, such US investors, in conformity with the Prudent Man Rule under the 1933 Act [see Glossary] should, in performing their Due Diligence, have been in receipt, and should have reviewed, the necessary registration and prospectus documents meeting the requirements of the NASD, the SEC and State Regulators.

In cases where the issuer was a bank, the participants have undoubtedly been victimised. In all other instances, they will have acted on the basis of fraudulent documents which made them co-conspirators. The issuers were and remain engaged in Ponzi schemes, as we have several times reported [see Glossary and Appendix] and are all co-conspirators and open to prosecution under R.I.C.O. and other relevant US legislation, including multiple anti-money-laundering legislation.

Furthermore, it is likely that some American participants will have signed Non-Disclosure forms or agreements, a fatal error which will have meant that they can have no recourse to US authorities for relief from being scammed, not least because in having participated in any of these schemes and signing such forms, they became co-conspirators themselves, as indicated.

They cannot therefore seek protection from the relevant regulators, and neither can they disclose their participations, especially where money-laundering will likely have been intended, since this presupposes tax evasion: and under the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982, US taxpayers are required to report all sources of income, wherever it was earned anywhere in the world. It follows that all receipts by US taxpayers since the passage of this Act which have not been reported to the Internal Revenue Service are taxable, which means that all US taxpayer holdings in offshore accounts that are not declared for tax are vulnerable to payment of the tax and penalties. Imprisonment is also dished out to tax evaders in the United States with abandon.

But the participants in these programs have received nothing and have so far forfeited 100% of their investments. Having signed Non-Disclosure documents purporting to protect the program organisers or distributors from the consequences in the United States of their criminality, and the participants from the consequences inter alia of prospective tax evasion and of co-conspiring in a felonious transaction, some participants have been left dangling and are at the mercy of ruthless MK-ULTRA-style perception manipulators who have been managing their expectations for years.

Under the regular securities laws of the United States, investors and participants have to show source of funds. How can they take receipt of the proceeds of these ‘program’ and Omega-type Ponzi schemes without exposing themselves to US authorities, in many cases with prospectively grievous consequences?

These participants need to ask themselves: are the websites that may have been managing their expectations for years disclosing both sides of the equation, or have they simply been expressing justified anger and frustration at the brazen evil of the high-level, well-connected perpetrators of these scamming programs, thus deceiving their intended readerships by failing to look at the other side of the issue, namely the possibility that the scamsters may have compromised the investors?

They also need to consider whether it is likely that the hitherto ‘protected’ perpetrators of these scams have, all along, also been relying upon their knowledge that their victims may be impotent because they may be engaged in prospective tax evasion, as a rationale for the integrity of the Greenspan-Bush Sr. ‘Never-Pay’ model. In this connection, it is axiomatic that crooks always seek to compromise their victims, thereby ensuring, for instance, that they cannot testify against them.

In the case of the Swiss banks that marketed such participations, their first priority is understood to have been to obtain the targeted investor’s signature on the coveted Non-Disclosure document. Then the participant was typically asked to prove his or her funds. Thirdly, the participant may have been requested to travel to Europe, or to courier funds to the bank’s European address, where their account would have been be opened. In cases where very large amounts were put up, the bank’s aircraft was actually dispatched to collect the participant and his funds..

Participants in these schemes may be caught, if any of these unfortunate conditions apply to their circumstances. Co-conspiracy is a function of motive. If the motive was to receive inordinately high yields and/or to evade taxes in breach of the Prudent Man Rule, TEFRA and/or Internal Revenue Service regulations, it is not at all clear on what basis expectations of repayment of principal with interest may be predicated. The fact that the perpetrators (‘principals’) of these scams are indeed despicable, ruthless snakes is no comfort for the participants because the perpetrators may have taken care to ensure that those whom they have scammed are co-conspirators as well as victims.

Even more disconcertingly, the professional perpetrators of these fraudulent finance operations were fully aware of what they were doing from the outset, and may have deliberately ensured, in these cases, that their participants became co-conspirators and would therefore become impotent to recover their funds, which the perpetrators always intended to steal.

Their evil intentions will have been based upon extensive experience of the psychological reality that victims of financial Ponzi and Pyramid scams often collapse into a state of permanent denial, unable to move beyond the mental barrier that they have lost everything. This attitude is typically associated with embarrassment at the fact that the victim has been scammed, a state of mind akin to the humiliation of being mugged or the victim of common theft.

What has been achieved to date as a direct consequence of these exposures, though, is that life has been made extremely uncomfortable for the professional and official sector perpetrators of all categories of fraudulent finance, and will most certainly become more uncomfortable day by day – as official enforcement procedures, which grind slowly but surely, bring more and more decisive pressure to bear on these snakes. Despite everything that has had to be said above, this may still provide some minimal degree of comfort, no doubt, for the victimised participants; but it may not alleviate their problems or their suffering.

What we can say with confidence is that the prevailing sense of pessimism in the United States is misplaced. Perceptions are often slow to catch up with reality. We are being bombarded with data which has almost no bearing on the current environment, which can be summed up as follows: the crooks are on the run, are being hounded day and night, have nowhere to turn, did not anticipate what was about to hit them, and have been caught completely unprepared for the onslaught.

S.E.C. ‘CORRUPTLY ENGAGED IN OWN ACCOUNT TRADING’
And here is another exposure: the Securities and Exchange Commission – still the chief securities market regulator, no less – is itself apparently corrupt. For instance, it has failed to enforce its own regulations, and has only (it appears) been galvanised into action very recently, in response to the cacophony generated inter alia by our reports. No-one has been impressed by Mr Cox’s statements recently, because the failure of the SEC to do its job properly has become widely known.

The SEC irresponsibly dismantled their own enforcement division, and to make matters very much worse, have been engaged in trading, or allowing insiders to trade, for their own account.

For what purpose? The likelihood must be that SEC personnel have been trading for their own personal enrichment, taking their cue from the Black House: the nefarious principle being that if the President of the United States and his most senior colleagues are content to exploit public office for self-enrichment purposes, then what is to stop lesser officials doing the same?

The fact that the Securities and Exchange Commission, which exists for the purpose of regulation only, has reportedly branched out into participating in exotic money-making programmes instead of concentrating on its job of regulating the securities sector, provides us with a further indication of the extreme decadence of the US financial system which can hardly hope to recover unless such grotesque abuses are eliminated.

COUNTER-PROPOSALS FOR CLEANING UP THE MESS
It is perfectly clear to anyone who is not sitting on their brains that the so-called ‘Paulson’ Treasury proposals, a.k.a. the mish-mash of half-baked notions served up by the President’s Working Group on Financial Markets, is not fit for purpose and should be relegated to the dustbin of history with immediate effect. It is further clear that these messy proposals have actually exacerbated the crisis by introducing new dimensions of uncertainty surrounding future US Government policies, thereby further undermining confidence in an environment so febrile that the entire edifice of fiat money cards has been teetering on the verge of collapse anyway.

Given the perverse effects of these proposals on financial market confidence, we can legitimately go further, and accuse the Working Group of irresponsible behaviour which is tantamount to the financial criminality which the proposals are intended to obfuscate.

To place consideration of the problems surrounding the Government-Sponsored Enterprises in the ‘long-term reform category’ when, within months of our report on the subject last December, this central dimension of the overall crisis blew up in the Working Group’s faces, surely provides all who ‘need to know’ with sufficient evidence of the Working Group’s incompetence, let alone its clearly mischievous intent, to warrant the Working Group being closed down forthwith – before it does any more damage, like the proverbial elephant in the china shop.

Michael C. Cottrell, M.S., the securities markets expert, has therefore prepared the following basic recommendations, which should be substituted for the cack-handed and extremely damaging false prospectus promulgated last March by the disreputable President’s Working Group on Financial Markets, fronted by this ‘Paulson’ fellow.

MR COTTRELL’S COUNTER-PROPOSALS ARE AS FOLLOWS:

(A) Comprehensive funding of the necessary enforcement structures, which must remain intact. The organisations most suited for this function remain the Securities and Exchange Commission and the Federal Trade Commission. Before summarising Mr Cottrell’s proposals, here are some examples of what has happened when these regulators fail to do their jobs properly, or at all:

(1) The Securities and Exchange Commission (SEC): This entity must enforce its regulations with vigour, in the context of the further reforms that Mr Cottrell recommends, below:

The Chairman of the Senate Banking Committee, Christopher Dodd, and Senator Jack Reed, have asked the Government Accountability Office (formerly the Government Accounting Office, GAO) to investigate why sanctions imposed by the SEC plunged by 51%, to $1.6 billion, in the regulator’s most recent fiscal year. According to the SEC’s Annual Reports, it opened 15% fewer probes during the same period, than in the preceding fiscal year (20).

For instance, the Securities and Exchange Commission failed to enforce its regulations in the case of American Business Financial Services, Inc. (ABFS), located in Philadelphia, PA, which operated from 1988 until it declared bankruptcy in January 2005.

This case is revealing in the context being considered here.

ABFS financed its operations by selling its notes to the general public, by means of newspaper advertisements and mass mailings, which promised high interest yields. The notes it sold carried no collateral and were not insured, so that they were worthless when ABFS declared bankruptcy (21). More than 22,000 individual investors lost a total of approximately $750 million. The bankruptcy trustee has filed suit against Bear Stearns & Co., J. P. MorganChase & Co., Morgan Stanley and Crédit Suisse, to recover monies lost when these investment banks allegedly allowed or enabled ABFS to overstate the value of assets on its books (22).

ABFS extended loans to borrowers burdened with poor credit, worth more than $6.0 billion in the aggregate, which were then packaged for marketing purposes, but which essentially represented securitised pools of sub-prime loans. ABFS also secured cash from individual investors by selling the investors uncollateralised notes via public offerings (23).

The investment banks converted the sub-prime loans and uncollateralised notes into ‘interest only strips’, or ‘residuals’ which represented ‘the right to receive future cash flows from securitised loans’ (24). ABFS assigned to these securities a value much higher than their actual worth because the falsification of these values made ABFS look more financially sound than was in fact the case.

Specifically, ABFS booked more than $500 million in ‘fictitious assets’ when the investment banks allowed ABFS to underestimate early repayments of the ‘sub-prime’ loans. ABFS assumed its had a 23% prepayment rate when, in reality, Crédit Suisse had questioned the percentage as being too low. In fact, repayment rates were running at between 30% and 35% of total such ‘assets’ (25) .

Wall Street investment banks finally stopped securitising AFBS sub-prime loans when one investment bank received a letter dated 15th May 2003, addressed to the Federal Bureau of Investigation (FBI) and the SEC asking: ‘Who is protecting these (AFBS) investors?’

Notwithstanding this state of affairs, the Securities and Exchange Commission did not launch an investigation into the behaviour of ABFS until 2004, when ABFS asked for SEC approval to enable it to make another public offering (26). In this, as in so many other instances, the US Securities and Exchange Commission simply failed to enforce its own regulations.

We have summarised these regulations in our reports since 2006, in case this fact had escaped the SEC’s notice. It hasn’t escaped the notice of the financial community generally, so we are entitled to ask why the Securities and Exchange Commission appears to have been an exception.

The SEC regulations of specific relevance to these issues that NEED TO BE ENFORCED include the following [see also the usual Annex at the end of this report].

These details have been published here for at least 18++ months, so as to emphasis the chronic necessity of substituting the Rule of Law for the Law of the Jungle:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957

(2) Federal Trade Commission: This Government structure has authority to investigate fraudulent transactions in all markets.

According to a plea bargain agreement announced on 8th April 2008, a former Board Member at the New York Mercantile Exchange pleaded guilty to two felony counts relating to illegal natural gas trading. Mr Steven Karvellas, aged 48, made trades and then waited to watch how they turned out before assigning the trades either to his own account or to his client’s account – an abuse referred to as ‘trading ahead of the customer’, which is a violation of the SEC’s Fair Dealing With Customer rules. Karvellas was a floor Exchange Board Member of the publicly traded Nymex Holdings, Inc., and indeed headed up its compliance review committee when the illegal trades took place (27).

Under the supervision of the Commodity Futures Trading Commission (CFTC), floor brokers such as Mr Karvellas can operate both as broker for customers and trade for own account operations. This practice is referred to as the ‘dual trader’ mode, with the floor broker under an obligation to act at all times in the customer’s best interest, a responsibility that entails an obligation upon the broker to seek the best possible prices for the customer 28 .

Ironically (perhaps not, since we are of course dealing with the familiar double-mindedness here), in a letter addressed in 2002 to Nymex Holdings members as part of his campaign for re-election to the Board, Mr Karvellas opined that ‘the shocking collapse of Enron indicates that our Exchange does wear a white hat in the financial world. We illustrate how markets should operate, honestly and with openness and transparency that gains the public’s trust’ (29).

In January 2008, a Grand Jury subpoenaed a five-year-old trading ticket related to this investigation and to Mr Steven Karvellas, who pleaded guilty to tampering with physical evidence by ordering a subordinate to destroy the subpoenaed trading ticket (30).

Nymex, which has been or is currently being acquired by the Chicago Mercantile Exchange (CME, Inc.), and other floor exchanges, have been financially hurt by the emergence of electronic trading, and have attempted to reduce costs and to speed up the ‘open-outcry’ process [see Glossary] (31).

But floor trading remains vulnerable to manipulation: for instance, in 2005, 15 traders at the New York Stock Exchange (NYSE) were indicted on charges of cheating investors. Although many of these traders actually won their criminal cases, the Exchange realised that it had to ‘do something’, and upgraded its surveillance systems at a cost of about $20 million (32).

These examples, which could be replicated here ad nauseam, illustrate the absolute necessity for a regulatory régime that is underpinned by enforcement, which must be implemented without fear or favour at all times – so that everyone participating in the financial markets is aware of the severe consequences of any breach of the rules and regulations.

Talk of operating on the basis of relatavist ‘principles’ is not only irresponsible and unprofessional: it encourages the misplaced belief among the easily swayed and the corrupt, that the ‘way forward’ need not include enforcement as conceived in the 1930s, so that everyone can feel comfortable and at ease – a recipe for the proliferation of fraudulent finance on an open-ended basis.

Moreover it is crystal clear that the dishonesty, hesitation and the sheer confusion surrounding the ‘Paulson’ proposals have severely exacerbated a fragile situation and the crisis of confidence which the criminal incompetents in charge of US financial affairs have never intended, on the basis of the massive evidence of their ongoing corruption, should be addressed in an orderly fashion, since their agenda has all along diverged from the public interest.

Almost as though it had suddenly woken up from a long slumber, the SEC was reported to have launched a probe on 13th July 2008 into the manipulation of stock prices through the spreading of false rumours, focusing on compliance controls which are supposed to be applied by traders and investment houses. This initiative appeared to mimic a similar attempt by the UK Financial Services Authority FSA) in London, to crack down on rumour-mongering and short-selling in the UK market following the plunge in the shares of HBOS (Halifax Bank of Scotland) last March.

The FSA was unsuccessful in its search, suggesting that the SEC’s response represents a belated cosmetic attempt to be seen to be ‘doing something’, since the SEC must certainly be aware of the FSA’s failed investigation. However nothing that the US regulator does now, with the benefit of any hindsight and with the fraudulent prospects implied by the Treasury’s proposals hanging over its head, can make up for its past failure to enforce its own regulations – as a consequence of which fraudulent securities operations/scams have assumed colossal and, as we have been observing, catastrophic proportions, in recent years.

The SEC’s failure and dereliction of duty is no reason for abandoning the enforcement approach in favour of a contrived, weak ‘principles-based’ approach. On the contrary, what remains essential is proper and rigorous enforcement of appropriate regulations.

(B) Mr Cottrell insists that the following structure and disciplines should be created and imposed:

Office of Inspector General for Financial Markets Compliance (OFMC):
A new regulatory entity with the function described by its title should be established by Statute, who would be required to report directly to the Chairman and ranking Member(s) of the following US Congressional Committees, who would be considered to be their superiors (Bosses):

• The US Senate Financial Services Committee.

• The US House of Representatives’ Financial Services Committee.

All management and field personnel employed by the Office of the Inspector General for Financial Markets would need to be fully trained and qualified compliance officers. Specifically:

• They must be field-tested and recognised as licensed compliance officers, and they must all be licensed under the following régimes:

(1) Financial Industry Regulatory Authority (created in July 2007 through consolidation of the NASD (National Association of Securities Dealers) and the NYSE (the New York Stock Exchange) member regulation régimes [see also: Glossary]) with respect to the following examinations:

• Series 24 [General Securities Principal];
• Series 27 [Financial and Operations Principal];
• Series 4 [Registered Options Principal];
• Series 51 [Municipal Fund Securities Principal]; and:
• Series 53 [Municipal Securities Principal].

(2) They must be licensed members of NYSE Member firms.

(3) They must be licensed as US Treasury compliance officers.

Nothing short of the deployment of management and field personnel qualified to these demanding industry standards will suffice. Because this is so, it is self-evident that the half-baked, confused and deliberately fragmentary proposals put forward by the President’s Working Group, which are intended to OBFUSCATE the situation and to lodge total power in the hands of the Presidency by default, with no checks and balances at all, represent a fraudulent prospectus, which should be consigned to oblivion forthwith. NO FURTHER CONSIDERATION SHOULD BE GIVEN TO THEM.

(C ) Michael Cottrell further demands (recommends is much too weak a word here) that The Glass-Steagall Act of 1933 must be re-enacted in order to re-establish once and for all the very stringent regulatory requirements enshrined in the 1933 and 1934 Securities Acts.

In the same context, and in parallel, the divisive Gramm-Leach-Bliley Act – written by lobbyists for the banking sector – must be repealed.

(D) Regulation of Credit and Debt Derivatives:
An essential further reform will be the development of overdue new securities regulations specifically focused on the creation, use and risk limitation of structured instrument vehicles (credit and debt derivatives). These new regulations would be enforced by the Securities and Exchange Commission (and the Federal Trade Commission, as appropriate), and of course subject to compliance oversight by the trained personnel of the newly established Office of the Inspector General for Financial Markets Compliance [see above].

(E) Finally, the revitalised regulatory regime for all US financial markets will be seen to be entirely rules-based, with all ‘legacy’ ‘principles-based’ thinking and language expunged from the system, which must be backed up by rigorous enforcement applied impartially and across the board.

SEC, FTA AND OFMC management and field personnel would be well remunerated, but at the same time subject to specified and appropriately severe sanctions in cases of official corruption within these structures. One reason why the regulations have not been properly enforced, or applied at all, in recent years is that the existing agencies, and/or certain personnel within them, have been corrupted. Fish rot from the head.

CONCLUSION
This far simpler regulatory régime requires a minimum of new legislation, building upon existing regulatory structures and experience, with the introduction of precisely ONE new US agency (the OFMC), compared with SEVEN new burdensome, confusing, bureaucratic, intentionally overlapping, obfuscatory agencies as proposed by the Working Group on Financial Markets (33).

Therefore, these straightforward reforms, instead of being spurious and deliberately opaque and spread out over an indeterminate timeframe, exacerbated by the carrying out of vague ‘studies’ as specified in the ‘Paulson’ proposals, could be implemented within a very limited timeframe at an early stage of the next Presidency. Establishing ONE new agency instead of SEVEN should, of itself, provide a powerful incentive for adopting Mr Cottrell’s straightforward proposals and for rejecting the hugely expensive and mischievous dog’s dinner put forward by the Working Group.

Such an initiative would do more to restore confidence in the battered US financial markets than innumerable further confused announcements by the ‘Paulson’ Treasury and other intermeddlers, and would place the incoming Administration on a sound financial market footing, without which everything it touches will disintegrate as has happened under the criminalised Bush II Presidency.

In short, these are straightforward, practical reforms which can be legislated for and implemented quickly. They can also be publicised with advantage ahead of their implementation, so that the US and world financial markets are made appropriately aware of the smack of firm, sound and decisive governance, with all that this approach will imply for the restoration of confidence in the battered financial markets in the United States and worldwide. (34).

Notes and References:

1. Howard Abadinsky, ‘Organized Crime’, 6th Edition, Belmont,
Wadsworth Thompson learning, 2000, pages 49-58

2. Gary Giroux, Ph. D., ‘A Short History of Accounting and Business’, available at: http://acct.tamu.edu/giroux/financial.html (Internet), page 1.

3. Giroux, op. cit., page 1.

4. Giroux, op. cit., page 2.

5. Michael C. Cottrell, M.S., ‘Elite Power & Capital Markets’ thesis submitted in partial fulfillment of the requirements for Master of Science, Mercyhurst College, 2001, page 33.

6. Cottrell, op. cit., page 33.

7. Cottrell, op. cit., page 33.

8. John H Hollands, Acting Director, Investment Company Division, Securities and Exchange Commission (SEC), ‘Government Regulation of The Distribution of Investment Company Shares’, dated 8th October 1941, page 2.

9. Hollands, op. cit., page 2.

10. Hollands, op. cit., page 2.

11. Hollands, op. cit., page 2.

12. Hollands, op. cit., page 2.

13. Hollands, op. cit., page 2.

14. ‘Treasury’s Summary of Regulatory Proposal’, The New York Times Company, 29th March 2008, available at: http://www.nytimes.com (Internet).

15. Kara Scannell and Michael R Crittenden, ‘Treasury’s Blueprint: the View from Washington’,
The Wall Street Journal, 31st March 2008, Section A, page 15.

16. Jesse Westbrook, ‘SEC Overhaul Bid by Bush Condemned by SEC Chairman (Update 1)’, New York, Bloomberg, L.P., 8th April 2008, available at: http://www.bloomberg.com (Internet), page 1.

17. Westbrook, op. cit.,, page 1.

18. Westbrook, op. cit., page 2.

19. Westbrook, op. cit., page 2.

20. Westbrook, op. cit., page 1.

21. Steve Strecklow, ‘Subprime Lender’s Failure Sparks Lawsuit Against Wall Street Banks’,
The Wall Street Journal, 9th April 2008, Section A, page 1.

22. Strecklow, op. cit., page A1.

23. Strecklow, op. cit., page A14.

24. Strecklow, op. cit., page A14.

25. Strecklow, op. cit., page A14.

26. Strecklow, op. cit., page A14.

27. Aaron Lucchetti and Gregory Meyer, ‘Dual Traders Under Fire’, The Wall Street Journal,
9th April 2008, Section C, page 1.

28. Lucchetti and Meyer, op. cit., page C18.

29. Lucchetti and Meyer, op. cit., page C1.

30. Lucchetti and Meyer, op. cit., page C18.

31. Lucchetti and Meyer, op. cit., page C18.

32. Lucchetti and Meyer, op. cit., page C18.

33. The seven new agencies recommended by the President’s Working Group on Financial Markets, which of course obfuscate the regulatory environment out to infinity, with intent, are: Mortgage Origination Commission; Market Stability Regulator; Prudential Financial Regulatory Agency; Government-Sponsored Enterprises Regulator; Conduct of Business Regulatory Agency; Federal Insurance Guarantee Corporation; and: Corporate Finance Regulator.

34. The one dimension of Mr Cottrell’s practical reforms that will require an appropriate lead-time concerns the recruitment of the necessary trained and licensed management and field compliance personnel for the new Office of the Inspector General for Financial Markets Compliance (OFMC).

In addition to the need to remunerate such expert personnel sufficiently well not least in order to minimise the temptation to succumb to bribery (which has bedeviled enforcement of late), financial compensation must reflect the expertise of recruited staff and the exceptional importance of their responsibilities. At the same time, it will not be necessary to recruit a large compliance staff. A tight ship is recommended, given that a modest staff can be motivated to higher levels of achievement, especially since the recommended ethos would be one of sober determination to stamp out market abuses and corruption generally. Despite the ravages inflicted by the permissive financial market environment in recent years, it is believed that the pool of such qualified experts who are keen to enforce the Rule of Law in the United States remains of sizeable proportions.

GLOSSARY OF U.S. FINANCIAL MARKET DEFINITIONS

References only entries specifically germane to the market issues purportedly addressed by the President’s Working Group on Financial Markets, and relevant to Mr Cottrell’s alternative proposal:

• Annunzio-Wylie Anti-Money Laundering Act of 1992:
This legislation enlarged the definition of ‘financial transaction’, and made money-transmitting, without reporting, a crime. Source: Howard Abadinsky, ‘Organized Crime’, 6th Edition, Belmont: Wadsworth/ Thompson Learning, Inc., 2000, page 411.

• Anti-Drug Abuse Act of 1988:
This law detailed undercover operations involving money-laundering. Source: John Madinger and Sydney A. Zalopany, ‘Money Laundering: A Guide for Criminal Investigators’, New York: CRC Press, LLC, 1999, page 43.

• Anti-Trust Laws:
US Federal legislation designed to prevent monopolies, cartelisation and restraint of trade. Landmark statutes include:
(1): Sherman Anti-Trust Act of 1890, which prohibited actions or contracts tending to create a monopoly and initiated an era of trust-busting;
(2): Clayton Anti-Trust Act of 1914, passed as an amendment to the Sherman Act, which dealt with local price discrimination, interlocking directorates, holding company activities and restraint of trade; and:
(3): Federal Trade Commission Act of 1914, which created the Federal Trade Commission (FTC), with the power to conduct investigations and the power to issue orders preventing unfair practices in interstate commerce. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Ed., Happauge: Barron’s Educational Series, 2006, s.v. ‘Antitrust Laws’.

•Bailout Bill:
See Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA).

• Bank Holding Company Act of 1956:
This act brought, for the first time, holding companies under the banking regulations, and provided that the holding company was subject to the same regulation and examinations as member banks. A Holding Company is a company that exercises control over another via voting shares. Organisation as a holding company allows a banking firm to engage in other non-deposit taking activities, such as discount brokerage operations, securities underwriting, and general public or industrial leasing.
Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, page 84; Fitch, Dictionary of Banking Terms, page 225. See: Financial Holding Company.

• Bank Holding Company Act Amendments of 1970:
This legislation expanded the Bank Holding Company Act of 1956 by legislating for a new Holding Company that controls only one bank, and limiting the permissible activities of these entities to those ‘closely related to banking’. The effect of these amendments was to permit one-bank holding companies, such as Bank of New York Company, Inc., to become conglomerates with subsidiaries in non-banking fields without regulation. Sources: Mr Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, op. cit., thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, Administration of Justice Department, Mercyhurst College, Erie, PA, on 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, page 87; Thomas A. Eder, Thompson Desktop Financial Directory, Volume 3, Skokie: Thompson Financial Publishing, Inc., 1993, page 252. See: Financial Holding Company.

• Banking Act of 1935:
This legislation implemented changes to the Federal Reserve Board, prohibiting any banker from serving on the Board of Directors, or being an officer or employee, of more than two institutions. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, page 89. See: Financial Holding Company.

• Bank Secrecy Act of 1970:
This legislation, the formal title of which is the Currency and Foreign Transactions Reporting Act of 1970, extended to the Secretary of the US Treasury great flexibility in respect of official definitions of ‘monetary instruments’, which could now all of a sudden include ‘coins and currency of a foreign country, travelers’ checks, bearer negotiable instruments, bearer investment securities, stock on which title is passed on delivery’. The ostensible intention of this law was to deter criminal activity in order to assist criminal investigations by requiring all financial institutions to report large cash transactions and the transportation of such instruments initially exceeding $5,000, (now, amounts that in excess of $10,000). Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; See also Munn, ‘Encyclopedia of Banking and Finance’, p.109; John Madinger, Sydney A. Zalopany, ‘Money Laundering: A Guide for Criminal Investigators’, New York, CRC Press, LLC, 1999, page 43.

• Basel-II:
The Bank for International Settlements (BIS), located in Basel, Switzerland, has established and provides the Secretariat for the Basel Committee on Banking Supervision, which consists of senior representatives of bank supervisory authorities and central banks from Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States. Basel-II is the comprehensive updated and agreed version of ‘International Convergence of Capital Management and Capital Standards’ revising the 1988, 1996 and 2005 texts to secure an international standard on revisions to supervisory regulations governing the capital adequacy of internationally active banks. Source. and for further information: Basel Committee on Banking Supervision, ‘International Convergence of Capital Measurement and Capital Standards’, Basel, Press & Communications, 2004, available at: http://www.bis.org (Internet).

• Bucket Shop:
An illegal brokerage firm which accepts orders from customers but does not execute them right away, as Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) regulations require. Bucket shop brokers confirm the price that the customer asked for, but in fact make the trade at a time considered to be advantageous to the broker, whose profit is the difference between the two prices. Sometimes bucket shops neglect to fill the customer’s order and just pocket the money. Main source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Bucket Shop’.

• Clayton Anti-Trust Act of 1914:
This law was passed in order to increase competition in business, by restricting the corporate activity of acquiring other competing corporations or the practice of interlocking directorships. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; additionally: Jack C Plano and Milton Greenberg, ‘The American Political Dictionary’, 4th Edition, Hinsdale, The Dryden Press, 1976, page 328. See: Anti-Trust Laws.

• Clear:
(a): In banking: Collection of funds on which a cheque (check) is drawn, and payment of these funds to the holder of the check.
(b): In the securities sector: Comparison of the details of a transaction between brokers prior to settlement; final exchange of securities for cash on delivery. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Clear’.

• Commodity Futures Trading Commission (CTFC):
An independent agency created by Congress in 1974 which is responsible for regulating the US commodity futures and options markets. The CFTC is responsible for ensuring the integrity of the commodity futures and options markets everywhere, and for protecting market participants against manipulation, abusive trade practices, and fraudulent operations. Primary source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘CFTC’.

• Commodity Futures Contract:
A Futures Contract that is tied to the price movements of a particular commodity. This arrangement enables contract buyers to purchase a specific amount of a listed commodity at a specified price on a particular date in the future. The price of the contract in question is determined using the ‘open outcry’ system on the floor of a US commodity exchange such as the Chicago Board of Trade or the Commodity Exchange in New York. Commodity Futures Contracts are typically based upon (a) meats (cattle and pork bellies); (b) grains (corn, oats, soybeans and wheat); (c) key metals (gold, silver and platinum); and energy products (heating oil, natural gas, and crude oil). Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Commodity Futures Contract’.

• Commercial Bank:
A State or National Bank owned by stockholders that accepts demand deposits, makes commercial and industrial loans, and performs other banking services for the public. The phrase Full Service Bank covers banks that, as is the case with many commercial banks, supply trust services, foreign exchange, trade financing and international banking services. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Ed., Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Comm. Bank’.

• Compliance Department:
A department typically established by brokers and all US organised stock exchanges to oversee market activity and make sure that trading and other activities comply (in the United States) with Securities and Exchange Commission (SEC) and specific Exchange regulations. A company that does not adhere to the rules can be delisted. And a trader or brokerage firm that violates the rules can be barred from trading. Main source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Compliance Department’.

• Compliance Examination:
Periodic bank examination by a Federal regulatory agency to ensure compliance with consumer protection regulations, such as the Community Reinvestment Act, the Equal Credit Opportunity Act and the Truth in Lending Act. Financial institutions are required by law to issue reports at regular intervals – for example, an annual statement of their mortgage lending in the lender’s market area. Compliance examinations are intended to uncover any hidden violations of consumer protection regulations so that remedial action can be taken. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Ed., Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Compliance Examination’.

•Consumer Credit Protection Act of 1968: See: Truth in Lending Act.

• Criminalism: A new word invented by the Editor of this service, meaning the perpetration and exploitation of organised criminal operations in the interests of political strategy and/or one or more secret agendas; noun, ‘criminalist’, an operative or other cadre who engages in criminalist activities and assumes that he is protected and can therefore continue such activities beyond and above the reach of the Rule of Law. The Editor first used this word in the context of Soviet criminal operations, as exposed in Soviet Analyst, and has since extended it to cover the American variant.

• Currency and Foreign Transactions Reporting Act of 1970: See: Bank Secrecy Act.

• Debenture:
A certificate or bond acknowledging a debt on which fixed interest is being paid. Source: Oxford Senior Dictionary, Oxford University Press, 1984.

• Depository Institutional Deregulation and Monetary Control Act of 1980:
This law gave the Federal Reserve Board tighter control over monetary policy. It also required the Fed to assign examiners to examine foreign operations of State member banks, and prohibited the Fed from rejecting any application from a one-bank holding company on the basis of a stock loan, unless that applicant’s financial arrangements were deemed to be unsatisfactory. The applications were to be judged on a case-by-case basis. The Act further proclaimed that collateral was no longer required to support Federal Reserve notes held in the vaults of the Federal Reserve banks, and that the kinds of eligible collateral for Federal Reserve notes were expanded to include those of foreign governments and/or agency or any other ‘asset’ purchasable by Federal Reserve Banks. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, pages 252 and 253.

• Derivative Instrument (Derivative):
A contract the value of which is determined from publicly traded securities, interest rates, currency exchange rates, or market indices. Derivative Contracts are often ostensibly used for the purpose of ‘protecting’ assets against changes in value. Types of derivatives include the following:

(1): Over-the-counter derivative ‘products’, such as currency swaps and interest rate swaps, which are privately negotiated bilateral agreements, transacted OFF the organised US exchanges. In the currency markets, forward delivery contracts allow traders to lock in current prices when buying and selling baskets of currencies for future delivery.

(2): Derivative securities: Bond-like securities created when pools of loans and mortgages are packaged and sold to investors. In the hands of knowledgeable users, derivative contracts have many applications in the floating interest environment, such as managing currency and interest rate risk, or locking financing costs in by swapping floating rate debt for fixed-rate debt.

Derivatives gained public notoriety in the 1990s when a number of corporations and municipalities embarked upon the use of derivatives for speculative purposes (known as ‘taking a view on the market’), and suffered large losses when interest rates moved against them. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Derivative’.

• Disclosure:
Release by listed companies of all information, both positive and negative, that might bear on an investment decision, as required by the Securities and Exchange Commission (SEC) and the stock exchanges. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Compliance Examination’.

• Edge Act:
Passed in December 1919, the Edge Act, under the heading ‘Banking Corporations Authorized to Do Foreign Banking Business’, permitted the establishment of foreign banking corporations that aided in the financing of foreign trade. This allowed US banks to establish branches in foreign countries to accommodate American corporations engaged in foreign trade transactions. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, his thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science (M.S.), The Administration of Justice Department, Mercyhurst College, 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, page 289.

• Equal Credit Opportunity Act of 1974:
Monitored by the Federal Trade Commission (FTA), this legislation seeks to ensure that all US consumers are given an equal chance to obtain credit. The Act prohibits discrimination in the granting of credit on the basis of race, colour, religion, national origin, sex, marital status, age, receipt of income from any public assistance scheme, and good faith exercise of any rights under consumer protection legislation. The US Department of Justice may file a lawsuit under the Act where a pattern or practice of discrimination appears to exist. For further information, see: http://www.usdoj.gov/crt/housing/housing_ecoa.htm (Internet).

• Emergency Banking Relief Act:
Passed on 9th March 1933, this Act was triggered following the national liquidity crisis that followed the stock market crash of 29th October 1929 and the extended ‘bank holiday’ of the 4th-12th March 1933. The bank holiday closed all banks nation-wide for one week by order of President Franklin D Roosevelt, to control the wave of banking failures and to restore confidence in the United States’ battered banking system. This legislation permitted banks to issue new stock, with the new stock exempt from subjecting the holder to be liable for the bank’s previously issued stock. The Act also authorised the issuance of US Federal Reserve Bank notes that were redeemable in lawful money in the United States, as 100% obligations of the Federal Government. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, Administration of Justice Department, at Mercyhurst College, Erie, PA, 13th February 2002; Moore, ‘The Federal Reserve System’, pages 81-82; Fitch, ‘Dictionary of Banking Terms’, pages 46 and 83.

• Enronisation: A new word coined by the Editor of this service, meaning ‘hollowing out’. Verb: ‘to enronise’; noun: ‘enronist’, a financial criminal who ‘hollows out’ a targeted entity. The essence of the destruction of Enron was that executives and directors formed private partnerships and stole or diverted financial assets or proceeds from the corporation into offshore bank accounts of the partnerships. These diverted monies were then systematically leveraged and hypothecated into high-yield investment and other programs which wound up being far more profitable than Enron itself. Such illegitimate financial arrangements proliferated, so that the original enterprise, Enron, was ‘hollowed out’, while the illicit partnerships prospered, with 100% of the proceeds being held undeclared and untaxed offshore. ‘Enronisation’ strategies are applied not only to companies, but also to whole countries (e.g., Ireland, Zimbabwe, Iceland, probably also Spain (forthcoming)).

• Federal Reserve Act of 1913:
The purpose of this legislation, according to the precise language of the Act, was ‘to provide for the establishment of US Federal Reserve Banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States and for other purposes’. The Act established two basic structures:
(1): A central body known as the Federal Reserve Board; and:
(2): Not more than 12 Reserve banks located throughout the country. The Federal Reserve Board is comprised of seven members appointed by the President of the United States and confirmed by the US Senate for 14-year terms. Sources: Mr Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, his thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, Administration of Justice Department, Mercyhurst College, Erie, PA, on 13th February 2002 Carl H. Moore, The Federal Reserve System, Jefferson: McFarland & Company, Inc., 1990, page 7; Fitch, Dictionary of Banking Terms, page 46.

• Federal Trade Commission Act of 1914:
This legislation established the Federal Trade Commission as the ‘watchdog of competition’, and as a comprehensive regulatory authority empowered to protect the consumer against ‘unfair methods of competition’. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, the thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science (M.S.), for The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; See also: Munn, ‘Encyclopedia of Banking and Finance’, page 383. See: Anti-Trust Laws.

• Financial Future:
A Futures Contract based upon (relating to) a financial instrument. Such contracts usually move under the influence of interest rates: as interest rates rise, contracts fall in value; as rates decline, contracts gain in value. Examples include: Treasury Bills, Treasury Notes, GNMA Pass-Throughs, foreign currencies, and Certificates of Deposit (CDs). Main source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Ed., Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Financial Future’.

• Financial Guarantee:
A non-cancellable indemnity bond guaranteeing the timely payment of principal and interest due on securities by the maturity date. If the issuer defaults, the insurer will pay out a fixed sum of money to holders of the securities. Financial guarantees are further written by banks which are allowed to operate in the insurance business by the Garn-St Germain Act of 1982, which prohibited banks from entering the insurance business. Insurance companies selling bond insurance must be monoline underwriters, a status which precludes their direct ownership by property and casualty insurance corporations. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Financial Guarantee’

• Financial Holding Company: The Bank Holding Company Act of 1956 prohibited any affiliations between banks and insurance companies (referred to as ‘firewall restrictions’). A Bank Holding Company qualifies as a Financial Holding Company if:
(1): Its banking subsidiaries are ‘well capitalised’ and ‘well managed’; and:
(2): It files with the Federal Reserve Board a certification to such effect and a declaration that it elects to become a Financial Holding Company.

Securities firms and insurance companies must undergo a two-stage process: first, they must qualify as Bank Holding companies under the 1956 Act; and secondly they must then qualify as Financial Holding Companies. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Financial Holding Company’.

• Financial Industry Regulatory Authority (FINRA): FINRA was brought into existence in July 2007 through consolidation of the National Association of Securities Dealers (NASD) and NYSE Member Regulation. It is the largest US non-governmental regulator and covers all securities firms doing business in the United States. FINRA oversees nearly 5,000 brokerage firms, about 172,000 branch offices and more than 676,000 registered securities representatives. Source: Financial Regulatory Authority, corporate information ‘About FINRA’: copyright 2008 FINRA; this document is available from: http://www.finra.org (Internet).

• Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA):
Enacted on 9th August 1989, this legislation addressed the crisis affecting the Savings and Loan Associations (‘thrifts’) after the sector had been ‘enronised’ by the criminalist kleptocracy headed by George H. W. Bush Sr. Also known as the Bailout Bill, this legislation revamped the regulatory, insurance and financing structures, establishing the Office of Thrift Supervision. It created:

(1): The Resolution Trust Corporation (RTC) which, operating under the management of the Federal Deposit Insurance Corporation (FDIC), was charged with closing or merging institutions which had become insolvent and would be becoming insolvent in the future;

(2): The Resolution Funding Corporation (a.k.a. REFCORP), which was charged with borrowing from private capital markets to fund the RTC’s operations to manage the remaining assets and liabilities that had been taken over/assumed by the Federal Savings and Loan Insurance Corporation (FSLIC), a Government-Sponsored Enterprise (GSE), prior to 1989;

(3): The Savings Association Insurance Fund (SAIF), which was to replace the FSLIC as the insurer of ‘thrift’ deposits and would henceforth be administered by the FDIC separately from its bank deposit insurance programme, which then became the Bank Insurance Fund (BIF); and:

(4): The Federal Housing Finance Board (FHFB), which was charged with overseeing the Federal Home Loan Banks.

• The Resolution Trust Corporation was authorised to accept additional insolvent institutions up to June 1995, after which date responsibilities for the handling of newly failed institutions was shifted to SAIF. This typically convoluted mishmash of arrangements successfully (up to a point) masked and obfuscated the reality, which was that the Savings and Loans Associations (S & Ls) had been systematically scammed and ‘enronised’ by the organised kleptocracy, this being the model for the kleptocracy’s subsequent systematic attacks on the US financial bedrock.

• The overall strategy here was to allow the scandal to escalate to the point where Congressional action became mandatory, whereupon Congress was pressurised to establish institutions that the insiders could then exploit – in this case, to buy up vast portfolios of land and assets for cents on the US dollar, which were then used as collateral for borrowings that were in turn leveraged and hypothecated into high-yield trading programmes for the benefit of the corrupt insider community.

Source for technical information (not the commentary):
John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIERRA)’.

• Financial Institutions Regulatory Act of 1978 prohibits management interlocks by banks operating in the same Metropolitan Statistical Area (MSA). However it exempts the smaller banks, and permits interlocks of up to 49% of a bank’s management officers. See also entry: Interlocking Directorates. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Interlocking Directorates’.

• Financial Operations Officer, of a Securities firm: The financial Operations Officer of a securities firm is equally responsible with the Registered Principal [see Principal, of a Securities firm], for the firm’s financial reports to the SEC and the NASD, for the accurate record-keeping of the firm’s Net Capital Account, and for all trades and customer accounts and correspondence, advertising, and sale literature issued by the company. The Financial Operations Officer must also pass the Series 27 (Financial and Operations Principal) as well as the Series 7 (General Securities Representative) Examinations conducted by the NASD; and must further pass written procedures and oral interview prior to assuming this position with the firm. Source: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, the thesis he submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, on 13th February 2002; NASD, ‘National Association of Securities Dealers, Inc.: Manual’, April 1998, page 3171; NASD, ‘NASD Compliance Check List’.

• Financial Services Modernization Act (FSMA) of 1999, also known as the Gramm-Leach-Bliley Act: This Act repealed parts of the Glass-Steagall Act of 1933 and the Bank Holding Company Act of 1956. It permits commercial banks, merchant banks, securities firms and insurers to affiliate through the structure called the Financial Holding Company. Under the Act, Nationally (Federally) Chartered Banks are permitted to engage in most financial activities through Direct Subsidiaries. The FSMA permitted Financial Holding Companies to:
1: Lend;
2: Exchange;
3: Transfer;
4: Invest for others;
5: Safeguard money or securities (custodial services);
6: Engage in insurance activities, including insuring and acting as principal, agent, or broker for all types of insurance (including health), and providing financial advice (including the provision of financial advice to investment companies);
7: Issue or sell instruments representing interests in pools of assets that are permissible for a bank to hold indirectly;
8: Underwrite, deal in, or make a market in securities with no limitation as to revenue;
9: Engage in activities outside the United States;
10: Be seized of the following (text is verbatim here): ‘The Federal Reserve Board has determined to be usual in connection with the transaction of banking or other financial operations abroad’.
Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. under: ‘Financial Services Modernization Act’.

• FinCEN [Financial Crimes Enforcement Network] is a bureau of the US Treasury which collects and analyses information about financial transactions in order to combat money laundering, the financing of terrorism, and other financial crimes and fraudulent finance. In line with the double-mindedness which characterises the kakocracy, almost all the senior criminalist figures identified in our reports have themselves been engaged in financing terrorism on a colossal scale.

Created in 1990, FinCEN seeks to realise the potential of critical information-sharing among law enforcement agencies and its other partners in the regulatory and financial communities. While the Financial Crimes Enforcement Network’s task is to safeguard the US financial system from abuses associated with financial crime, including the financing of terrorism, money laundering and other illicit activities, it does nothing the curb the excesses of the criminalists holding high office, who assume that the privileges and power of their offices, together with their prolific use of the ‘Black Arts’ of bribery and blackmail, protect them from the consequences of their actions.

While, therefore, FinCEN’s publicity presupposes that it thinks it is doing a good job, the record inter alia of our reports suggests the reverse. FinCEN was established by order of the Treasury Secretary (Treasury Order Numbered 105-08) on 25th April 1990. In May 1994, its responsibilities were broadened to include regulatory responsibilities, and the US Treasury’s Office of Financial Enforcement (OFE) was merged with FinCEN in October 1994. On 26th September 2002, after the passage of Title III of the USA Patriot Act, Treasury Order Numbered 180-01 [1] made FinCEN an official bureau within the Department of the Treasury.

Under Section 314(a) of the USA Patriot Act of 2001, Federal law enforcement agencies, through FinCEN, are empowered to reach out to more than 45,000 points of contact at over 27,000 financial institutions to locate bank accounts and transactions by persons that may be involved in terrorist financing and/or money laundering. This cooperative partnership between the financial community and law enforcement allows disparate items of information to be identified, centralised, and rapidly evaluated. FinCEN has its headquarters in Vienna, VA. See: www.fincen.gov [Internet].

• Full Disclosure: Public information requirements established by the Securities Act of 1933, the Securities Act of 1934, and the major US stock exchanges. Source: John Downes and Jordan Elliot Goodman, see their ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Full Disclosure’.

• Garn-St Germain Depository Institutions Act of 1982: This Federal law was enacted in 1982, and authorised banks and savings institutions to offer a new type of account, known as the Money Market Deposit Account, which is a transaction account with no interest rate ceiling, to compete more effectively with money market mutual funds. The legislation also gave the Savings and Loan Associations the authority to extend commercial loans; and it gave Federal regulatory agencies the authority to approve, for the first time, interstate acquisitions of failed institutions and also savings institutions. Thus, the Act effectively created the environment for the subsequent enronisation of the Savings and Loan Associations, providing inter alia that:

(1): Savings and Loan Associations were authorised to extend commercial, corporate, business or agricultural loans up to 10% of assets after 1st January 1984;

(2): The deposit interest differential, allowing Savings and Loans and Savings Banks to offer rates on interest-bearing deposit accounts that were 0.25 of 1% higher than commercial banks, was lifted, as of January 1984;

(3): The Act authorised a new capital assistance program, the Net Worth Certificate Program, under which the US Federal Savings and Loan Insurance Corporation and the Federal Deposit Insurance Corporation would be able to purchase novel capital instruments called Net Worth Certificates from savings institutions with net worth-to-assets ratios of under 3%, and would subsequently redeem the certificates as they regained financial health;

(4): The Act permitted Savings and Loan Associations to offer checking accounts (demand deposit accounts) to individuals and business checking accounts to customers who had other accounts;

(5): Savings and Loans were authorised to increase their consumer lending from 20% to 30% of assets, and to expand their dealer lending and floor-plan loan financing;

(6): The Act raised the ceiling on direct investments by savings institutions in nonresidential real estate from 20% to 40% of assets, and also allowed investment of 10% of assets in education loans for any educational purpose, and up to 100% of assets in state and municipal bonds;

(7): The Act pre-empted State restrictions on enforcement by lenders of due-on-sale clauses in most mortgages for a three-year period ending on 15th October 1985, and further authorised State chartered lenders to offer the same kind of alternative mortgage deals that nationally chartered financial institutions were allowed to offer (opening the door to what became the ‘sub-prime’ crisis;

(8): The Act authorised the Comptroller of the Currency to charter Bankers’ Banks, or depository institutions owned by other banks;

(9): It made State chartered industrial banks eligible for Federal deposit insurance; and:

(10): It raised the legal lending limit for National Banks from 10% to 15% of their capital and surplus.

Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Garn-St. Germain Depository Institutions Act’. See also: Financial Guarantee; Savings and Loan Deregulation.

• Glass-Steagall Act of 1933:
Legislation passed by Congress which:

(1): Authorised deposit insurance;

(2): Prohibited commercial banks from owning full-service brokerages (Securities Houses of Broker/Dealers);

(3): Prohibited banks from undertaking investment banking activities, for instance underwriting corporate securities or municipal revenue bonds;

(4): Was framed to insulate bank depositors from the risk involved when a bank deals in securities, in order to prevent banks from collapsing.

The Glass-Steagall Act was disabled by the Financial Services Modernization Act (a.k.a. the Gramm-Leach-Bliley Act, a.k.a. the Financial Services Modernisation Act). Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Glass-Steagall Act’.

• Gramm-Leach-Bliley Act of 1999:
See: Financial Services Modernization Act; Glass-Steagall Act of 1933.

• Guarantee: This entails the acceptance of responsibility for payment of a debt or for performance of some obligation if the person (entity) primarily liable fails to perform. The guarantor acquires a Contingent liability – namely, a potential liability that is not going to be recognised in accounts until the outcome becomes probable in the opinion of the company’s accountant. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Guarantee’.

• Guaranteed Bond: A Bond that is characterised by the fact that the principal and interest are guaranteed by a firm other than the issuer. Both guaranteed stock and guaranteed bonds become, in effect, debenture (unsecured) bonds of the guarantor. Source: John Downes and Jordan Elliot Goodman, see: ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Guaranteed Bond’.

• High-Yield Investment Program:
A sophisticated scam perpetrated in many instances by corrupt elements of US intelligence and associates, masterminded inter alia by the arch-criminalist George H. W. Bush Sr. and his corrupt co-conspirator, Dr Alan Greenspan, the former Chairman of the Federal Reserve Board. Due to overuse of this term by the corrupt operators, it has become more or less synonymous with the generic term ‘fraudulent finance’, and with Ponzi and Pyramid Schemes (known as ‘pyramid-selling schemes’ in Britain). Experts are divided as to whether most High-Yield Investment Programs are Ponzi schemes, or not. Our own investigations suggest that colossal sums of stolen and duplicated funds (as explained in the Wantagate reports) were also used in these schemes, with stolen money being employed as purported back-up for promised and actual initial payouts. However these were never intended to occur beyond the first and perhaps the second layers, as the fraudulent finance techniques were used to entice retail investors into parting permanently with their funds, often after signing illegal Non-Disclosure Agreements.

High-yield investment programs were/are able to collect large amounts of money for the criminalist operators because initial payoffs to first and second round participants (financed from the stolen money in the case of the giga-scams presided over inter alia by the aforementioned master crooks) gave the scams momentum by spreading news of the sizeable initial payments by word of mouth – a situation that prevails as long as new participants can be found and/or old participants are foolish enough to leave their money in the schemes in the hope of gaining high rolled-up interest on their initial investments. Participants are usually attracted by some form of an appeal to emotion or faith that the program will help them to achieve rapid financial freedom. High-Yield Investment Programs may also mirror pyramid-selling schemes by offering current investors incentive commissions, for instance, 9% of investment by the participant on top of promised accruals, to recruit new investors.

Notorious documented High-Yield Investment Programs include:
(1): OSGold, founded as an e-gold ‘imitation’ in 2001 by David Reed, It folded in 2002. According to a lawsuit filed in US District Court in 2005, operators of OSGold may have made off with $230 million.

(2): The second largest documented High-Yield Investment Program was PIPS (People In Profit System), or Pure Investors. Started by Bryan Marsden in 2004, this scheme spanned more than 20 countries. PIPS was investigated by Bank Negara Malaysia in 2005, resulting in Marsden and his wife being charged in a Malaysian Court with some 97 counts of money laundering more than 77 Malaysian ringgit, equivalent to $20 million [New Straits Times, 11th October 2006]. Yet even after these charges were brought, many of Marsden’s followers continued to support him and to believe that they would be seeing their money in future. A similar rationalisation and denial syndrome can be observed in many other High-Yield Investment Program contexts.

(3): Indicted operators or schemes under investigation:
12DailyPro Autosurf (United States: Securities and Exchange Commission); Ginsystem, Inc. (Singapore: Commercial Affairs Department of Singapore); IT4US (United States); PlexPlay (Norway: HegnarOnline, in Norwegian); Solidinvestment (United States).

The foregoing provides merely a preliminary outline of the background to these scams, concerning which a considerable literature now exists. Promoting or perpetuating Ponzi schemes is a criminal offence punishable by jail terms or fines in most countries. The fact that the High-Yield Investment Program monitoring websites publicise disclaimers to the effect that the sites ‘do not promote the programs advertised’ on their websites, does not absolve the operators from criminal liability.

A disturbing feature of this environment is that a large number of High-Yield Investment Program participants persist in participating in further schemes long after they have already lost money in schemes that have either folded, or in respect of which the operator has disappeared. The fact that most of the publicised schemes are openly labelled scams on the relevant Internet monitor boards, even though their operators are themselves criminally liable, suggests that many participants are well aware of the risks they are running, know that the schemes are fraudulent, but choose to put money in them anyway, like addicted gamblers.

Former officials and members of the US armed forces may have been taken in by indications that the operators were officially connected or even that the scams in which they have participated were legitimate because of such alleged connections, including intelligence backgrounds.

The perpetrators play on the understandable anger felt by those who have been scammed, even though they were originally enticed by the US perpetrators into becoming prospectively felonious participants themselves, a condition which leads psychologically to the state of denial that in turn supposedly provides the perpetrators with the protection that they require.

However the operators, sitting on their stolen funds, may well fear the ultimate outcome, should manipulation of the expectations of the scammed investors cease to remain perversely ‘credible’, or those manipulative counterintelligence Psy-Ops initiatives are closed down.

• Hypothecation:
Originally a pledge of property as collateral for indebtedness without transfer of possession to the party extending the loan. This arrangement is common in the case of mortgages. The borrower retains legal ownership of the property but provides the lender with a lien over the property until the debt is paid off. Rehypothecation occurs when a broker pledges hypothecated client-owned securities in a margin account to secure a bank loan.

The fraudulent finance buried inside the ‘sub-prime’ mortgage nexus of scandals was explained in our report dated 26th December 2007 [www.worldreports.org: Archive]. As described in that report, the ‘homeowner’ has been scammed, either he or she has been coerced into signing several top copies of the same document, enabling the lending bank to claim ownership even though the bank has sold the mortgage on the basis of another top copy, for instance, to one of the co-conspiring Government-Sponsored Enterprises; or because the bank has alienated its ownership of the loan to the GSE in question, or has packaged the mortgage with other loans, as well as with worthless securities underpinned by no real asset, and has sold such packages on to parties (usually abroad) which have not performed due diligence.

In our report of 26th December 2007, we advised ALL US ‘homeowners’ facing foreclosure to let the Court know that the underlying contract has been requested from the bank. In most instances, the bank will be unable to supply it, because it has sold on the mortgage to the GSE, having therefore already passed on the risk. People facing foreclosure who ask for the contract can usually expect to be pleasantly surprised at the outcome of their cases.

• Internal Revenue Service (IRS):
The IRS is part of the US Treasury Department, and was officially created by Act of Congress on 1st July 1962. The IRS is responsible for administering and enforcing the Internal Revenue Code (IRC), as established under US Congressional authority, passed in 1913, to levy taxes on the income of individuals and corporations.

In 1939, the IRC was codified from the separate Internal Revenue laws. The IRS Code was further overhauled in 1954, with substantive new provisions being added concerning depreciation, the double taxation of dividends, research and experimental expenditures, carryback on operating losses, tax on ‘unreasonable’ accumulations of surplus, preferred stock bail-outs, and collapsible corporations and partnerships.

Of the enormous changes to the IRC implemented since 1954, the most important for the context we are dealing with here was the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 which, inter alia, required US taxpayers to report all sources of income, wherever it was earned anywhere in the world. It follows that all receipts received by American taxpayers since the passage of this Act which have not been reported to the Internal Revenue Service are taxable, which means that all US taxpayer holdings in offshore accounts that have not been declared for tax are liable for tax and penalties. Main source: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, for The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; see also: Munn, ‘Encyclopedia of Banking and Finance’, page 589.

• Interlocking Directorates:
These reference commercial banks or savings institutions which have individuals on their Boards of Directors who further serve on the Board or Boards of one or more unaffiliated competitor(s) operating in the same marketplace. The US Financial Institutions Regulatory Act of 1978 prohibits management interlocks by banks operating in the same Metropolitan Statistical Area (MSA). But it exempts smaller banks, and also permits interlocks of up to 49% of a bank’s management officers. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Interlocking Directorates’.

• International Banking Act of 1978:
This legislation essentially places American branches and agencies of foreign banks under the supervision of US bank regulators. The provisions included: authorising the Comptroller of the Currency to license and supervise a foreign bank; authorising Federal bank agencies to examine US offices of any foreign bank; subjecting any foreign bank branch or holding company to the Bank Holding Company Act, just like any US bank holding company; and imposing reserve requirements and Federal deposit insurance coverage for foreign banks to the same extent as the US member banks. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, for The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; see: Munn, ‘Encyclopedia of Banking and Finance’, page 563.

• International Banking Act of 1987:
Created a Federal regulatory structure similar to the Federal Reserve to examine the assets and liabilities of foreign banks on-site, and to ensure similar licensing and regulation of non-banking activities of foreign banks. It also required the Federal Reserve to maintain the same competitive equity requirements for foreign banks as for US member banks. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, page 563.

• Investment Banking:
The sale and distribution of a new offering of securities, carried out by a financial intermediary (an investment banker), who purchases securities from the issuer as principal, and assumes the risk of distributing securities to investors. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, the 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Investment Banking’.

• Investment Company Act of 1940:
This Act requires that all companies which offer securities or investment advice to the public must register with the Securities and Exchange Commission. For instance, any advisory corporation that offers investment advice (not straight reporting, but advice) must register with the SEC. For those who may be interested, this explains why this service does not offer advice and will not respond to the frequent requests for financial investment advice that we routinely receive. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, for The Administration of Justice Department, Mercyhurst College, 13th February 2002; Munn, ‘Encyclopedia of Banking and Finance’, page 589.

• Kakocracy: Rule by the worst elements of society exclusively in their own interests and with cynical and permanent disregard for the interests of anyone else.

• Kleptocracy: The ascendancy of a rapacious, thieving class of co-conspiratorial bandits protected by public office that is bent on maximising the open-ended potential of their office and power for personal enrichment and for the furtherance of clandestine agendas divorced from the interests of the people and the constituencies they are supposed to serve. This term is used in these reports even though kleptomania is strictly defined in the Oxford Senior Dictionary as ‘an uncontrollable tendency to steal things, with no desire to use or profit by them’.

The definition is interesting, because it reveals an element of madness that is clearly inherent in the behaviour of the criminalist snakes identified in these reports. This madness can be observed in the rapacious behaviour, for instance, of the arch-criminalist DVD godfather, George Bush Sr., whose avarice for other people’s money notoriously knows no bounds, despite his age, indicating that he chooses to remain unaware of his own mortality: a characteristic of greed which can only be described as symptomatic of mental derangement.

• Leverage, Financial and Investment:

(1): Financial Leverage: Debt in relation to equity in a firm’s capital structure (such as long-term debt, preferred stock, and shareholders’ equity. Financial leverage is measured by the debt-to-equity ratio: the more long-term debt there is, the greater the financial leverage.

(2): Investment leverage: A means of enhancing return or value without increasing investment: for instance, by buying securities on margin with borrowed money. Extra leverage may be achievable if the leveraged security is convertible into common stock.

(3): Note: Option contracts provide leverage, with NO borrowings, offering the prospect of high return for little or no investment.

Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Leverage’.

• Maloney Act of 1938: An amendment to the Securities Act of 1933 which created the US National Association of Securities Dealers (NASD). The legislation promoted the organisation of member securities dealers as a Self-Regulating Organizations (SRO) under the supervision of the Securities and Exchange Commission (SEC) to institutionalise a code of ethics in the securities industry and its enforcement nationwide. NASD members are known as Broker/Dealers, since they represent both clients that buy and/or sell securities, and themselves, as a principal, when they are engaged in underwriting and/or selling a stock or bond issue directly to the public. The NASD is the only firm operating under the Maloney Act. See: NASD: National Association of Securities Dealers. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; NASD, ‘National Association of Securities Dealers, Inc.: Manual, April 1998, page 3171.

• Margin Accounts: See Mark to [The] Market and: Margin Requirements

• Margin Requirements:
The minimum amount that a client must deposit in the form of cash or eligible securities in a Margin Account, as is spelled out under Regulation T of the Federal Reserve Board. Regulation T requires a minimum of $2,000 or 50% of the purchase price of eligible securities bought on margin or 50% of the proceeds of short sales. Also referred to as the Initial Margin. Primary source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Margin Requirement’.

• Margin Security:
This is a security that may be bought or sold in a Margin Account. Regulation T of the Federal Reserve Board defines margin securities as:

(1): Any registered security (a listed security or a security having unlisted trading privileges);

(2): Any OTC margin stock or OTC margin bond, which are defined as any unlisted security that the Federal Reserve Board (FRB) periodically identifies as having the investor interest, marketability, disclosure and solid financial position of a listed security;

(3): Any OTC security designated as qualified for trading in the National Market System under a plan approved by the Securities and Exchange Commission;

(4): Any mutual fund or unit investment trust registered under the Investment company Act of 1940. Other securities that are not exempt securities must be transacted in cash. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Margin Security’.

• Mark to [The] Market:
Adjustment of the valuation of a security or portfolio to reflect current (prevailing) market values. For instance, Margin Accounts are marked to market in order to ensure compliance with financial maintenance requirements. (In UK parlance, the definite article is dropped). Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Mark To The Market’.

• Money laundering:
Passing illegally acquired funds or taxable funds on which no tax has been paid inter alia with the intent to evade tax and to hide the funds from relevant national authorities. American legislation addressing money-laundering includes:

(1): The Bank Secrecy Act of 1970;
(2): The Money Laundering Control Act of 1986;
(3): The anti-Drug Abuse Act of 1988;
(4): The Annunzio-Wylie Money Laundering Act of 1992;
(5): The Money Laundering Suppression Act of 1944; and:
(6): The Terrorism Prevention Act of 1996.

The Money Laundering Control Act of 1986 made money laundering a Federal crime corresponding to the previously passed Organized Crime Control Act of 1970. See separate entries in Glossary.
Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; Munn, Encyclopedia of Banking & Finance, page 109; also: John Madinger and Sydney A. Zalopany, ‘Money Laundering: A Guide for Criminal Investigators’, New York, CEC Press, LLC, 1999, page 43; Howard Abadinsky, ‘Organized Crime’, 6th Edition, Belmont: Wadsworth/Thompson Learning, Inc., 2000, page 411; FINCEN, ‘The Global Fight Against Money Laundering’, Financial Crimes Enforcement Network (FINCEN, 1999, available from: http:// www.occ.treas.gov/launder (Internet).

• Money Laundering Control Act of 1986:
This legislation made money laundering a Federal crime corresponding to the previously passed Organized Crime Control Act of 1970. See: Money laundering.

• Money Laundering Suppression Act of 1994: Legislation which required that ‘any person who owns or controls a money services business’ must register with the Secretary of the Treasury. Source: FINCEN, ‘The Global Fight Against Money Laundering’, Financial Crimes Enforcement Network (FINCEN, 1999, available from: http:// www.occ.treas.gov/launder (Internet).

• Municipal Securities Rulemaking Board (MRSB): See Self-Regulatory Organization (SRO).

• NASD: National Association of Securities Dealers:
A non-profit organisation that was formed under the joint sponsorship of the Investment Bankers’ Conference and the US Securities and Exchange Commission (SEC) in order to comply with the requirements of the Maloney Act. NASD Members include virtually all investment banking houses and firms dealing in the Over-the-Counter Market.

Operating under the supervision of the SEC, the basic purposes of the NASD are to:
(1): Standardise practices in the field;
(2): Establish high moral and ethical standards in the securities trading business;
(3): Provide a representative body to consult with the Government and investors on matters of common interest;
(4): Establish and enforce fair and equitable rules of securities trading;
(5): Establish a disciplinary body capable of enforcing the above provisions.

The NASD requires members to maintain ‘quick assets’ in excess of current liabilities at all times.

Within the NASD, a special Investment Companies Department concerns itself with the problems of investment companies and has the responsibility of reviewing companies’ sales literature in that segment of the securities industry.

Michael C. Cottrell, M.S., has described the NASD’s contemporary responsibilities as including the following (to be read in conjunction of the foregoing information):

(1): Nationwide inspections of member firms;
(2): Provision of centralised computerised surveillance of the trading of NASD Automated Quotations, of its sister company NASDAQ;
(3): Enforcement of Securities and Exchange Commission rules and regulations, as well as of its own rules for members;
(4): To review underwriting arrangements for securities offered to the public;
(5): To perform and monitor qualification examinations of personnel of members; and:
(6): To coordinate and cooperate with the SEC, the States and with other Federal agencies.

The responsibilities of the SEC do NOT include trading on own account [see text], a gross abuse of which it has been and continues to be accused. This abuse is inconsistent with its responsibilities as a regulator and is considered by experts to be a scandalous development. See also: Financial Industry Regulator Authority (FINRA). Sources: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘NASD’; Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; Munn, ‘Encyclopedia of Banking & Finance’, page 696.

• National Market System: See: Securities and Exchange Commission (SEC).

• Non-Disclosure agreement:
An illegal document which, if signed by a participant to a transaction, precludes any recourse to official regulators for protection after the participant has predictably been scammed, and likewise precludes any legal recourse.

• Office of the Comptroller of the Currency (OCC):
This is the chief regulator of US National Banks. The Comptroller of the Currency is appointed by the President of the United States for a five-year term, with Senate confirmation. The OCC, the supervisory agency covering nationally chartered banks, is the oldest US Federal regulator of financial institutions. The Comptroller of the Currency also serves as one of the three Directors of the Federal Deposit Insurance Corporation. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Ed., Happauge: Barron’s Educational Series, 1997, c.v. ‘Comptroller of the Currency’.

• Office of Thrift Supervision (OTS):
This US Federal agency was established under the Financial Institutions Reform, recovery and Enforcement Act of 1989 to examine and supervise Savings and Loan Associations (‘thrifts’) and Federal Savings Banks. It replaced the Federal Home Loan Bank Board as the primary regulator of State chartered and Federally chartered savings institutions. It is a bureau within the US Treasury Department. The Director and Chief Operating Officer (CEO) of OTS is appointed by the President of the United States with Senate confirmation, and is also one of five directors of the Federal Deposit Insurance Corporation (FDIC). The fact that the OTS is structured within the US Department of the Treasury parallels the position with the Office of the Comptroller of the Currency. Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, c.v. ‘Office of Thrift Supervision’.

• ‘Open outcry’:
A non-electronic method of communication between professionals on a stock or futures exchange involving shouting and the use of hand signals to transfer information primarily about buy and sell orders. The component of the trading floor where this takes place is often called the pit. The best-known ‘open outcry’ markets in the United States remain the New York Mercantile Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, the Chicago Board Options Exchange, and the Minneapolis Grain Exchange. In the United Kingdom, the London Metal Exchange (LME) still makes use of the ‘open outcry’ method. Many traders prefer the ‘open outcry’ system on the basis that physical contact in the pit allows traders to speculate as to the motives or intentions of buyer/seller, so that positions can be adjusted accordingly.

• Organized Crime Control Act of 1970:
See Money Laundering Control Act of 1986; and Money laundering.

• Over-the-Counter:
(1): Of a security: A security that is not listed and traded on an organised exchange;
(2): Of a market: A market in which securities transactions are conducted through a telephone and computer network connecting dealers in stocks and bonds, rather than, as classically, on the floor of an exchange. Over-the-counter stocks are traditionally those of smaller companies that do not meet the listing requirements of the New York Stock Exchange or the American Stock Exchange.

In recent years, however, many companies that qualify for listing have chosen to remain with Over-the-Counter trading, because they consider that the system of multiple trading by many dealers is preferable to the centralised trading approach of the New York Stock Exchange, where all trading in a stock has to go through the Exchange specialist in that stock. The rules for Over-the-Counter stock trading are written and enforced largely by the US National Association of Securities Dealers (NASD), which is self-regulating (see NASD).

Prices of Over-the-Counter stocks are published in daily newspapers, with the National Market System stocks listed separately from the rest of the Over-the-Counter market. Over-the-Counter markets incorporate markets in both Government and municipal bonds. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Over-the-Counter (OTC)’.

• Pass-Throughs:
Pass-Through Securities: Pools of fixed-income securities that are backed by a package of assets. A servicing intermediary collects monthly payments from issuers and, after deducting a fee, remits or passes them through to the holders of the pass-through security. This device is also known as a ‘pass-through certificate’ or a ‘pay-through security’. The most common type of pass-through is a mortgage-backed certificate, whereby ‘homeowners’’ payments pass from the original lending bank through a Government agency or investment bank to the investors (per the supposed model).

• Ponzi Scheme:
A scam designed to entrap the unwary investor, as described in the following analyses published on this website [see Archive) and in International Currency Review:
(1): ‘Treasongate Update: Omega ‘Ponzi Game’ scams, 13th January 2007;
(2): ‘Treasongate Background: Intel Ponzi Scams’, 22nd January 2007.

So-called ‘lending programs’, a.k.a. High-Yield Investment Programs operating along Ponzi or Pyramid Scheme lines promoted clandestinely inter alia by corrupt elements of the criminalist US intelligence community (including the CIA’s OMEGA OPS scams) will comply with none of these stringent regulations and requirements, and are accordingly, by definition, ALL ILLEGAL IN THE UNITED STATES. This may well be the basis upon which non-payment of these accounts has been predicated. The question therefore arises: why have these illegal schemes been so widespread, having given rise to a colossal constituency of the American ‘broken hearted’, who have been scammed in one way or another but who have been clinging to the hope, like Rip van Winkel, that they, their family trusts or their restless associations of ‘the scammed’, will finally be paid out one sunny day far out into the future?

The generic answer to this question is that the cynical, criminalised fraudster élite, headed by the crooks controlling and inside the intelligence community, have taken precautions to instal their own corrupt operatives within and in control of certain enforcement institutions, including the SEC.

Enron and the Federal Deposit Insurance Corporation (FDIC) have been used to proliferate and perpetuate these illegal securities scams: indeed, it is from operations such as the CIA’s nefarious Enron scamming system, that the derivatives overhang and crisis have mainly arisen.

As a consequence, blind US official (Federal and State) eyes have been turned to what has been going on, the securities regulations have not been enforced with respect to such illegal Ponzi frauds, and the old system whereby anyone involved with trading securities was blackballed for life if caught engaged in irregular activities, has been moribund since the 1970s.

When an uncorrupt SEC Commissioner tried, quite recently, to enforce the regulations, he was removed from his post on some typically trumped-up pretext or other. In other words, the wolves are and have been in charge of the chicken coops.

So key enforcers are, as matters stand, co-conspirators in the despicable, hitherto (but since the Wantagate and the subsequent exposures, no longer) proliferating intelligence community-driven Ponzi Game operations that have devastated an unknown number of American families – with the proceeds channelled through corrupt participating banks into offshore accounts. See Appendix to this report for the narrative of the original Ponzi fraud.

• Principal:
(1): The person with highest authority in a business, or a person for whom another acts as an agent.
(2): A capital sum as distinguished from the interest on it.
(3): See also: Principal, of a Securities firm.
Source: Oxford Senior Dictionary, Oxford University Press, 1984.

• Principal, of a Securities firm:
An NASD member firm is directed by a Registered Principal, who can be the sole proprietor, an officer, a partner, a manager of an office of Supervisory Jurisdiction, and/or a Director of the firm.

The Registered Principal is answerable for all actions taken on behalf of the firm, and all trades submitted by the firm, and all actions of its registered representatives, subject to the rules and regulations of the NASD, SEC and the State of registration. The Registered Principal must pass the Series 24 (General Securities Principal) and also the Series 7 (General Securities Representative) Examinations conducted by the NASD, and must pass the written procedures and oral interview before assuming this position for the firm. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, the thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, Administration of Justice Department, Mercyhurst College, Erie, PA, on 13th February 2002; NASD, ‘National Association of Securities Dealers, Inc.: Manual’, April 1998, page 3171; NASD, NASD Compliance Check List, Gaithersburg: NASD MediaSource, 1992.

• Principle:
A basic truth or a general law or doctrine used as a basis of reasoning or a guide to action or behaviour; a fundamental truth or doctrine, as of law; a comprehensive rule or doctrine which furnishes a basis or origin for others; a settle of action, procedure or legal determination. Also defined as: a truth so clear that it cannot be proved or contradicted unless by a proposition which is still clearer. Sources: Oxford Senior Dictionary, Oxford University Press, 1984.; Henry Campbell Black, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul, West Publishing Company, 1968, s.v., ‘Principle’.

• Prudent Man Rule:
This is the fundamental American principle that is applicable in respect of professional money management, originally asserted by Judge Samuel Putnum in 1830 as follows:

‘Those with responsibility to invest money for others should act with prudence, discretion, intelligence, and regard for the safety of capital as well as income’ [1830 Massachusetts Court decision: Harvard College v. Armory]. The Prudent Man Rule directs trustees ‘to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the management and disposition of their funds, considering the probable income as well as the probable safety of the capital to be invested’. Investments in risky Ponzi and Pyramid Schemes and in ‘programs’ such as those referenced, typically breach the Prudent Man Rule.

• Public Offering Price: See: ‘Underwrite’ below.

• Pyramid Scheme or scam: See: Ponzi Scheme.

• Registered Principal: See: Principal, of a Securities firm.

• Registered Representative, of a Securities firm:
This officer is licensed and authorised to purchase and/or sell stocks, bonds, options, limited partnerships, tax shelters, mutual funds, and variable annuities on behalf of a customer or the firm.

The Registered Representative must have qualified by passing the Series 7 (General Securities Representative) Examination and must be registered with the firm as an authorised representative. Additionally, all licensed representatives must have passed the NASD Series 63 (Uniform State Law) AntiFraud Examination, and must register with each State the firm intends to operate in.

Source: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, The Administration of Justice Department, Mercyhurst College, Erie, PA, 13th February 2002; NASD, ‘National Association of Securities Dealers, Inc.: Manual’, April 1998, page 3201; NASD, ‘NASD Compliance Check List’.

• Risk:
Uncertainty as to whether an asset will earn an expected rate of return, or whether a loss may occur: Various categories of risk apply in the securities market environment:

(1): Delivery risk: The possibility that the buyer or seller of an instrument or foreign exchange may be unable to meet obligations at maturity.

(2): Liquidity risk: The possibility that a bank may have insufficient cash or short-term marketable assets to meet the needs of depositors and borrowers.

(3): Settlement risk: The possibility that the failure of a major bank, or its inability to honour payment commitments in a wire transfer network, could have a domino effect on other institutions, causing similar failures elsewhere. In the United Kingdom, this is usually referred to as ‘systemic risk’.

Source: Thomas P. Fitch, ‘Dictionary of Banking Terms’, 3rd Edition, Happauge: Barron’s Educational Series, Inc., 1997, s.v. ‘Risk’.

• Risk Free Asset:
A non-callable, default-free bond such as a short-term Government security. While such an asset is not risk-free in terms of inflation, it is (given that the Government can always print money) risk-free in a dollar sense. Source: Jerry M. Rosenberg, ‘The Essential Dictionary of Investing & Finance’, New York, Barnes & Noble, Inc., 2004, s.v. ‘Risk Free Asset’.

• Rule of Law, A (indefinite article):
The way this may be defined in the present context is to begin with the word ‘Rule’. A ‘Rule’ is an established standard, guide or regulation, especially a regulation set up by an official authority. It prescribes or directs action or forbearance. The term also covers a regulation made by a Court of Justice or a public office with reference to the conduct of business therein. Hence, ‘A Rule of Law’ encompasses a legal principle, or a body of legal principles, of general application, sanctioned by the recognition of authorities, and usually expressed in the form of a maxim or logical proposition. The word ‘Rule’ is used because in doubtful or unforeseen circumstances it is a guide or norm for the decision of those concerned (Toullier, tit. Prel. No. 17).

Source: Henry Campbell Black, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul, West Publishing Company, 1968, s.v. ‘Rule of Law’.

• Rule of Law, The (definite article): Note that the foregoing diverges from ‘The Rule of Law’. The common interpretation of The Rule of Law is that ‘the Law rules’ or is paramount: in other words that everyone in society, including the Government, operates within the ordered framework of the Law, precluding arbitrary behaviour. It is important to distinguish between the indefinite and the definite article here, because ‘Rule of Law’ has a different meaning, depending on which is used.

• Savings and Loan Deregulation:
The Garn-St Germain Act of 1982 cut Savings and Loan Associations loose from the tight girdle of ‘old-fashioned’, ‘restrictive’ Federal legislation, opening the door wide to the ransacking and enronisation of the ‘thrift’ banking sector, which in turn laid the groundwork for the subsequent giga-financial scandals that are now being exposed. President Reagan unveiled this legislation at a Rose Garden presentation and signing ceremony on 15th October 1982, before an audience of 200 people. Billed as a major piece of deregulation legislation, this law represented nothing less than the US criminal kleptocracy’s charter to ransack and pillage the middle and working classes. For 50 years, American families had relied on Savings and Loan Associations to finance their homes; but Reagan now pronounced that ‘outmoded regulations left over from the 1930s Great Depression’ had been preventing thrift institutions from competing in the complex, sophisticated financial marketplace of the free-wheeling 1980s.

When signing the bill with a flourish, Reagan pronounced: ‘All in all, I think we’ve hit the jackpot’.

But those who ‘hit the jackpot’ turned out, predictably, to be the organised criminal kleptocracy that had infiltrated official structures, could immediately mobilise criminal funds to buy their way into thrift institutions, and were embedded inside the corrupted US intelligence community. A new breed of swashbuckling Savings and Loan executive sprang up on cue, like weeds, out of the rich soil fertilised at the October 1982 Rose Garden ceremony.

Among their leaders was the notorious Neil Bush, then-Vice President George H. W. Bush’s son, who became a Director of Silverado Savings and Loan, of Denver, CO, and Andrew Cuomo, the son of New York Governor Mario Cuomo, who tried to buy Financial Security Savings of Delray Beach, Florida. The former Governor of Illinois, Dan Walker, bought First American Savings of Oak Brook, Illinois. Within 18 months of the Rose Garden signing, Edwin Gray, Chairman of the Federal Home Loan Bank Board (FHLBB) was provided with a grim, classified report and video, which revealed a swathe of abandoned, half-finished condominium units financed by Empire Savings and Loan of Mesquite, Texas: this was when the FHLBB was made aware of the fact that organised criminal cadres had immediately taken advantage of the deregulation of the Savings and Loans, and that an open-ended financial implosion was under way as a consequence. The enronisation of the US thrift industry was an ‘inside job’ from the outset. Source: ‘Inside Job: The Looting of America’s Savings and Loans’, Stephen Pizzo, Mary Fricker and Paul Muolo, McGraw-Hill Publishing Company, New York, 1989, ISBN 0-07-050230-7.

• Securities Act of 1933: This Act, which followed the 1929 crash and the Great Depression, was framed in accordance with the interstate commerce clause of the US Constitution, and requires that any offer for sale of securities using the means and instrumentalities of interstate commerce must be registered under the terms of the 1933 Act. Prior to the 1933 Act, the public regulation of securities in the United States had been governed mainly by State laws (commonly referred to as the ‘Blue Sky’ laws). With passage of the 1933 Act, the patchwork of existing State securities laws was left in place, to supplement the Federal legislation. A crucial dimension of the law is that the 1933 Act makes it illegal to commit fraud in conjunction with the offer or sale of securities.

Exemptions to the registration process under the Act are extremely tightly prescribed.

Hence, except for extremely narrowly defined offerings (for instance, to groups of no more than 35 investors), securities offered or sold to the general public in the United States must be registered by the filing of a registration statement with the Securities and Exchange Commission.

The prospectus for the offering is generally filed in conjunction with the registration statement. The SEC itself prescribes the relevant forms on which an issuer’s securities must be registered, and these forms call, inter alia, for:

(1): A description of the issuer’s properties and business;
(2): A description of the securities to be offered for sale;
(3): Information about the management of the issuer;
(4): Information about the securities (if other than common stock); and:
(5): Financial statements certified by independent accountants.

It is illegal for an issuer to lie or to omit material facts from a registration statement or prospectus. Secondary market transactions may take place without registration. Under Rule 144A, resales of restricted securities between ‘Qualified Institutional Buyers’ (QIBs) are exempted, thus creating a secondary market in restricted securities among the largest Wall Street houses.

• Securities Acts Amendments of 1975: See: Securities and Exchange Commission (SEC).

• Securities and Exchange Commission (SEC): A Federal agency created under the Securities Exchange Act of 1934, to administer the following legislation:
(1): The Securities Exchange Act of 1934;
(2): The Securities Act of 1933;
(3): The Public Utility Holding Company Act of 1935;
(4): The Trust Indenture Act of 1939;
(5): The Investment Advisor Act of 1940; and:
(6): The Securities Acts Amendments of 1975, which ratified free market determination of brokers’ commissions and gave the SEC authority to oversee the development of a National Market System.

The SEC has five Commissioners, appointed by the President of the United States on a rotating basis for five-year terms. The statutes administered by the SEC are designed to:
(1): Promote full disclosure;
(2): Protect the investing public against malpractice in the securities markets;
(3): Require all issues of securities offered in interstate commerce or through the mails, to be registered with the SEC;
(4): Supervise all national securities exchanges and associations;
(5): Supervise investment companies, investment counselors and advisers, Over-the-Counter brokers and dealers, and virtually all other individuals and firms operating in the investment field.

Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘SEC‘.

• Securities Exchange Act of 1934: This legislation, which governs the US securities markets, was enacted on 6th June 1934. The Act:
(1): Outlawed misrepresentation and manipulation, and other abusive practices in respect of the issuance and marketing of securities.
(2): Created the Securities and Exchange Commission to enforce the Securities Acts 1933 and 1934.
The primary stipulations of the 1934 Securities Act are as follows:
(1): Registration of all securities listed on stock exchanges, and periodic disclosures by issuers of financial status and changes in condition.
(2): Regular disclosure of holdings and transactions of ‘INSIDERS’ (officers and directors of a corporation and those who control at least 10% of equity securities).
(3): Solicitation of proxies enabling shareholders to vote for or against policy proposals.
(4): Registration with the SEC of stock exchanges and brokers and dealers to ensure their adherence to SEC rules through self-regulation.
(5): Surveillance by the SEC of trading practices on stock exchanges and Over-the-Counter (OTC) markets, to minimise the possibility of insolvency among brokers and dealers.
(6): Regulation of Margin Requirements for securities purchased on credit. These requirements are set by the Federal Reserve Board.
(7): The provision of subpoena power for use by the SEC in investigations of possible violations and in enforcement actions.

Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Securities Exchange Act 1934’.

• Self-Regulatory Organization (SRO):
These are Federal organisations established to enforce fair, ethical and efficient practices in the securities and commodities futures industries. The practices are referred to as ‘industry rules’ to distinguish them from regulatory agencies such as the Securities and Exchange Commission (SEC) or the Federal Reserve Board. SROs include:
(1): All the national securities and commodities exchanges; and:
(2): The National Association of Securities Dealers (NASD), representing:
• All firms operating in the Over-the-Counter market; and:
• The Municipal Securities Rulemaking Board (MSRB), established under the US Securities Acts Amendments of 1975 to regulate brokers, dealers and banks dealing in municipal securities. The NASD enforces the rules promulgated by the MSRB with bank regulatory agencies. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘SRO’.

• Settlement:
(1): Of Securities: The conclusion of a securities transaction in which a broker/dealer pays for securities bought for a customer or delivers securities sold, being paid from the buyer’s broker.
(a): Regular Way Delivery and Settlement is completed on the third full business day following the date of the transaction for stocks (called the Settlement Date).
(b): Government Bonds, and Options, are settled on the next business day.
(2): Of Futures/Options: Represents the final price, established by Exchange Rule, for prices prevailing during the closing period and upon which Futures Contracts are Marked to The Market. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Settlement’.

• Sherman AntiTrust Act:
Passed in July 1890, this legislation described in general terms, without the benefit of definitions, activities that were viewed as monopolistic and were therefore illegal. Many of the definitions had already been determined by case law involving court actions by employers combating the activities of trade unions. The Act forbade ‘every contract, combination… or conspiracy in the restraint of trade or commerce’. Sources: Michael C. Cottrell, B.A., M.S., ‘Elite Power & Capital Markets’, thesis submitted in partial fulfillment of the requirements for the Degree of Master of Science, for The Administration of Justice Department, Mercyhurst College, Erie, PA 13th February 2002; Jack C. Plano and Milton Greenberg, ‘The American Political Dictionary’, 4th Edition, Hinsdale, the Dryden Press, 1976, page 328.

• Story’s First Law:
‘All organisations are run for the benefit of those running the organisation’.

• Story’s Second Law:
‘The interests of the supplier and the consumer diverge’.

• Story’s Third Law: ‘Sooner or later, all operations and covers are blown’.

• Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA):
Federal legislation which reversed some earlier tax reductions, established a 10% withholding tax applicable to dividends, repealed accelerated appreciation deductions and provided that American taxpayers must report all sources of income, wherever it was earned anywhere in the world.

It follows that all receipts received by US taxpayers since the passage of this Act which have not been reported to the Internal Revenue Service (IRS) are taxable, which means that all US taxpayer holdings in offshore accounts that have not been declared for tax are liable for US tax and also for penalties. It also means that ‘program’ participants expecting their funds eventually to be paid into offshore accounts may not only be in denial about the fact that they have been scammed, but may have also allowed themselves to become co-conspirators in tax evasion with the perpetrators of the scams themselves. It is standard criminalist practice to procure that targeted victims are enticed into compromising themselves by the perpetrators.

• Terrorism Prevention Act of 1996:
This legislation added terrorism-related crimes as predicates for money-laundering. Madinger and Sydney A. Zalopany, ‘Money Laundering: A Guide for Criminal Investigators’, New York: CRC Press, LLC, 1999, page 43.

• Transparency:
(1): In Financial Reporting: Ease of understanding, made possible by FULL, CLEAR and TIMELY disclosure of relevant information.
(2): In Securities Transactions, price transparency means access to information concerning the depth of the market that would enable detection of fraud or manipulation. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Transparency’.

• Trust Indenture Act of 1939:
This legislation supplemented the Securities Act of 1933, requiring the appointment of a suitably independent and qualified trustee to act for the benefit of the holders of securities. The legislation specified certain substantive provisions for such a trust indenture that must be entered into by the issuer and the trustee. The law is administered by the Securities and Exchange Commission (SEC).

• Truth in Lending Act:
Federal legislation which established disclosure rules that lenders must observe in dealings with borrowers. The Act stipulates that consumers must be told annual percentage rates, potential total cost, and any special loan terms. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Consumer Protection Act of 1968’.

• Truth in Lending Act (TILA) of 1968:
This legislation is designed to protect consumers involved in all kinds of credit transactions, including (and especially) mortgages. It is contained in Title 1 of the Consumer Credit Protection Act as amended. The purpose of the legislation is to promote the informed use of consumer credit by requiring disclosures about its terms, and gives consumers the right to cancel certain credit transactions that may involve a lien on the consumer’s principal home. It regulates certain credit card practices, and provides a mechanism for the fair and timely resolution of credit disputes. The law requires the uniform and standardised disclosure of costs and charges so that consumers can shop around (thereby promoting competition). The legislation further prohibits certain practices associated with credit secured on a consumer’s principal dwelling. The lender must disclose to the borrower the annual percentage rate charged (APR), which must reflect the cost of the credit to the consumer. The legislation proved ineffective in curbing the abuses which were highlighted as a consequence of the corruption exposures, because many mortgage lenders failed to comply with the Act’s disclosure provisions, and were not prosecuted or penalised accordingly.

• Underwrite:
To assume the risk of buying a NEW ISSUE of securities from an issuing corporation or Government entity and reselling the securities to the public, either directly or through dealers. The underwriter makes a profit on the difference between the price paid to the issuer and the Public Offering Price, called the Underwriting Spread. Source: John Downes and Jordan Elliot Goodman, ‘Dictionary of Finance and Investment Terms’, 7th Edition, Happauge: Barron’s Educational Series, Inc., 2006, s.v. ‘Underwrite’.

• Underwriting Spread: See ‘Underwrite’ above.

• Vault Cash Act of 1959:
This legislation modified the reserve requirements of Federal Reserve member banks to allow the banks to count their vault cash, in excess of specified percentages of their deposits, as part of their required reserves. This was one of innumerable retrograde modifications since the Second World War which have facilitated covert financial operations, to the detriment of global financial stability and integrity. Source: Munn, ‘Encyclopedia of Banking & Finance’, page 589.

APPENDIX:

THE ORIGINAL PONZI SCHEME EXPLAINED:

Charles Ponzi, an immigrant from Italy to Boston, MA, made millions of dollars for a brief period, by exploiting his shrewd observation that while national currencies were fluctuating wildly in 1920, just after the end of the First World War, the Universal Postal Union (UPU) issued coupons which were always worth a given amount of postage stamps.

In those days, European refugees were flocking to the United States, Canada and Brazil; and often, their only contact with their families and friends back home was an occasional letter, enclosing a few dollars. The Universal Postal Union arranged to move the millions of postwar letters, business documents and messages across national borders by issuing Postal Reply Coupons.

You bought a Postal Reply Coupon in your country of residence, and enclosed it with your letter. Your mother, once she had received the letter, exchanged the Postal Reply Coupon for stamps at her local post office.

Charles Ponzi told friends in Boston: ‘Everybody’s heard of the Postal Union. They print coupons like these I’m holding here: Postal Reply Coupons. You can send a letter home, or anywhere in the world, with these coupons. And you can trade this coupon for a stamp in any country. I send my mother coupons with every letter that I write home’.

‘Now, in cooperation with certain large businesses in our city, I am making a fortune on the Postal Reply Coupon. Stocks are too risky. Forget it. And bonds, what are they paying these days? Maybe six percent? Savings accounts at Tremont Trust, they’ll give you four and a half cents on the dollar. Give them $100 and they’ll give you back $104.50. I can beat that into the ground’, Ponzi insisted, beating his cane against the floor. ‘My investors get 50 cents on the dollar. Place a hundred dollars with my Securities Exchange Company, and you take out $150. Put that $150 in, you’ll get back $225. That’s right, in six months, you can more than double your money’.

How could he pay 50%, when banks couldn’t even manage to pay 5%? ‘Exchange rates’, Mr Ponzi explained. ‘Every morning I go down and check to see how the lira is doing against the US dollar. Usually you get five lire for a dollar. This morning I checked, and with the war just ended, it takes 20 lire to the dollar’. While currency rates were bouncing around like popcorn, Mr Ponzi explained, the Postal Reply Coupon always bought one stamp. Here’s what I do’.

‘I send my cousin in Parma, Italy, $1.0. He exchanges the dollar for lire. With the 20 lire ( or 2,000 centesimi), he can buy 66 Postal Reply Coupons (worth 30 centesimi each, the cost of a letter-sized stamp in Italy). Back in the United States, each of the coupons buys one stamp, at face value five cents. I redeem all 66 coupons for $3.30 worth of stamps. The magic happens in the exchange rate. In America, my dollar buys 20 Postal Coupons. But if I exchange the dollar for Italian lire, and buy the coupons in Italy, then return and buy the stamps in America, I get $3.30 worth of stamps for that same $1.0. My profit margin is 230%’.

‘Yeah, but $3.30 worth of stamps is still stamps’, complained an attentive listener.

‘I know’, said Ponzi. ‘So I sell the stamps at a 10% discount through my contacts with the larger firms downtown in our city. Deducting the discount, I’ve got $3.0 cash now, from the $1.0 that I started out with. Now, let’s say, I got that dollar from you. I will pay you back your dollar, plus 50 cents of interest. Since I just sold $3.0 worth of stamps, I have a dollar and 50 cents for myself. I’m going to spend a third of that on my offices and processing overheads, and a third on commissions and bonuses to my sales people; and then, ladies and gentlemen, I’m going to pocket the other third and take my wife for a stroll’.

THE ORIGINAL FALSE PROSPECTUS IS SOON ABANDONED, AND REPLACED BY… ZILCH
This was the essence of the original Ponzi scheme. Note that in this description, Ponzi starts out by exploiting the fluctuations of exchange rates, and the lack of arbitrage; and note that, by the end of the explanation, he is simply NOW offering 50% interest, which he pays out to claimants out of the additional funds he has received from other investors who are likewise anticipating a 50% return on their investments, within a short space of time.

The germ of the idea was derived from the foreign exchange market; but once Ponzi has realised that people will pour their money his way if they are promised a 50% return, he can abandon his elaborate explanation (his ‘prospectus’) of the exploitation of exchange rate fluctuations and the tedious task of shipping, receiving, handling and exchanging Postal Reply Coupons, which gave him the ‘easy money’ idea in the first place.

In other words, his sales pitch is no more than a now redundant, expendable illustration – a false prospectus which disguises the fact that he is really promoting a pyramid selling operation. For he has realised that all his investors care about is receiving 50% on their money. How this is to be achieved does not normally concern them.

ALL THEY WANT IS A HUGE RETURN ON THEIR MONEY.

By December 1920, Charles Ponzi was matching old money with ever larger amounts of new money. In May 1921 alone, almost $500,000 of new money poured into the Securities Exchange Company – as 1,500 or more new customers, lured by the 50% yield offered through advertisements, sought their share of the huge profits they thought would be forthcoming at minimal risk. The office now bulged with fat stacks of dollar bills.

THE FLOOR STARTS TO GIVE WAY BENEATH HIM
But problems started to arise when Joseph Daniels filed a lawsuit alleging that he had helped to found the Securities Exchange Company (SEC) with a loan of $230 worth of furniture plus $200 in cash. Daniels had indeed provided the beaten-up desks that had been offloaded in the dusty office, and had let Mr Ponzi have $200 to spark interest in the Postal Coupons. It wasn’t just a loan, Daniels maintained, now that Ponzi was drowning in cash. ‘We were partners. I put up capital and property’. On 2nd July, Mr Ponzi was handed a demand for $1.0 million.

The Boston Post telephoned, and Mr Ponzi told the reporter that he had indeed bought furniture from Mr Daniels, but that he had never received any money for investment from him.

But when the newly installed banking commissioner for Massachusetts, Joseph Allen, read the newspaper, he wondered: ‘Where did Ponzi come from? Who are his associates? How is he managing to double people’s money?’

Allen asked Ponzi to pop round to his office, for an interview. The Securities Exchange Company did not describe itself as a bank, nor did it offer any banking services.

Therefore, in the absence of a complaint – and none had yet arrived – the Commissioner had no jurisdiction to examine Charles Ponzi’s business. At the interview, Ponzi explained the curiosities surrounding Postal Coupons, pointed out that money chased money, collected his black hat and coat, doffed his hat, and bid Mr Allen goodbye.

But Richard Grozier, city editor at The Boston Post, had always thought that Charles Ponzi’s scheme was fraudulent; and to initiate what he fancied would be the inevitable coming débacle, he elicited a comment from one of Boston’s leading citizens, Clarence Barron, the owner of Dow Jones & Co and The Wall Street Journal.

At the end of July 1920, The Boston Post carried a front page story entitled: ‘Clarence Barron questions the motive behind Ponzi’s scheme’.

Theoretically, Barron admitted, you could indeed turn a profit on the UPU coupons. But that was the only truth buried within the operation. You could never earn more than a few thousand dollars, not just because of the trouble involved in offloading the stamps and tracking the various conversions driving the process, but because there simply were not enough coupons available.

France, Romania and Spain had just abandoned the scheme, a few months earlier. A cursory check with the UPU showed that they only had a few hundred thousand dollars’ worth of coupons left in circulation – nowhere near the $10 million or $15 million Mr Ponzi claimed to be trading. So where was Ponzi getting his coupons from? Furthermore, the US Postal Service had announced, on 2nd July 1920, that Postal Reply Coupons would no longer be redeemable in lots larger than ten. So how was Ponzi converting his coupons into stamps?

Finally, Barron asked, if Ponzi is doubling everyone else’s money, why does he keep his own funds in regional banks? The Boston Post knew that Ponzi kept millions of dollars on deposit at seven or eight New England banks, and that the accounts were ballooning. How could a man who was paying 100% interest every 90 days, put up with drawing just 4% on his holdings? Barron concluded:

‘Right under the eyes of our Government, Mr Ponzi has been paying out US money to one line, with deposits taken from a succeeding line’ (another bank).

All of a sudden, all the doors which had flown back on their hinges at the sight of Mr Ponzi, were slamming tight shut. The Massachusetts District Attorney ordered Ponzi to cease and desist. His customers demanded their money back, and Ponzi was eventually jailed for Federal mail fraud, then deported. He wound up destitute in a poor house in South America (1).

Reference:
(1). ‘How Charles Ponzi pulled it off: Making a fine art out of a pyramid fraud’, International Currency Review, Volume 27, Number 3, December 2001, pages 51-52.

ANNEXE:

REITERATION OF THE STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, THEIR ASSOCIATES AND RELEVANT BANKSTERS ARE IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment” Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

• “ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

• ‘FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

• “Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH KEY INSTITUTIONS HAVE BEEN SHOWN TO BE IN BREACH:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957
• 97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND BANKSTERS:

• 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 criminalist 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.

• Please be advised that the Editor of International Currency Review cannot enter into email or other correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

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This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

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• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. Some versions have a ‘Preview before downloading’ feature.

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WHEELS COMING OFF WHITE HOUSE CORRUPTION ENGINE

PERVERSE OPERATION TO ‘REIGNITE’ FRAUDULENT FINANCE IS FALLING APART

Tuesday 24 March 2009 03:00

THE LATEST MISGUIDED, WRONG-HEADED GEITHNER PLAN

• MICROCHIP STUCK ON THE EDITOR’S LEG BY NSA MANIACS AT NIGHT IN A U.S. HOTEL

• EARLIER INSTANCES OF ILLEGAL U.S. ATTEMPTS TO TRACK THE EDITOR OF THIS SERVICE

NO TAKERS FOR ‘GEITHNERS’

‘A HORRIBLE, HORRIBLE FEELING THIS IS GOING TO END BADLY’

TALF SUPPOSEDLY ‘TO REIGNITE THE SECURITIZATION MARKETS’: RIGHT

HUGE THEFT OR ‘REASSIGNMENT’ OF FUNDS TOOK PLACE ON 17TH MARCH

THE $4.0 TRILLION THAT ‘SUDDENLY’ APPEARED AT THE U.S. TREASURY

THE PRIMARY MOTIVE UNDERLYING THE RECKLESS BAILOUTS

REPORT THAT PAPERS WERE SERVED ON DR BEN BERNANKE

A.I.G. FOUNDER FRANK WISNER SR.: LIAISON TO THE NAZI GEHLEN ORGANISATION

THE CIA BACKGROUND OF FRANK WISNER JR., A.I.G. VICE CHAIRMAN

U.S. SEEKS CONTROL OF INTERNATIONAL CRIME, TERRORISM AND DRUG TRAFFICKING

A CRIMINAL GOVERNMENT OPERATING ON DURKHEIM PRINCIPLES

BUSH-CLINTON-CIA DRUG-TRAFFICKING LINKS TO STANFORD OPERATION

REASON FOR REFUSAL TO IMPLICATE OTHERS: DEATH THREATS TO FAMILY MEMBERS

OTHER PONZI SCHEMES ON BRINK OF BEING EXPOSED: ‘PONZIMONIUM’

MADOFF ACCOUNTANT FRIEHLING ARRESTED: SECURITIES FRAUD

DOUBLE STANDARD FOR MUNICIPAL ISSUERS

SLOW AND PAINFUL PROGRESS IN ‘TAKING DOWN’ THE OCTOPUS

STANFORD OPERATIONS AND THE OCTOPUS

STANFORD ‘TOOK OVER’ FROM NORIEGA AGAINST WHOM LEHDER TESTIFIED

EFFICIENT TEUTONIC ORGANISER OF THE MEDELLIN CARTEL FOR BUSH/CIA

CATALOGUE OF VIOLENCE UNLEASHED BY LEHDER

LEHDER EXFILTRATED TO GERMANY UNDER CORRUPT 2000 ELECTION PAYOFF DEAL

STANFORD LINKS TO FUND RUN BY BIDEN FAMILY MEMBERS

OTHER BIDEN BACKGROUND SCANDALS

BIDEN ATTEMPT TO SET US UP/USE THIS SERVICE

CHINESE REPORTED TO HAVE OBTAINED LIEN ON FEDERAL RESERVE

KISSINGER AND BAKER RETURN FROM MOSCOW ‘WITH GORBACHEV’

SECRET MEETING BETWEEN OBAMA, BIDEN AND GORBACHEV

BRITISH-AMERICAN RELATIONS AT AN ALL-TIME LOW

BELATED WHITE HOUSE SECOND THOUGHTS GIVEN THE IMMINENT MEETING WITH QUEEN

FACE-TO-FACE EXCHANGE BETWEEN PRESIDENT OBAMA AND THE QUEEN

POSTSCRIPT; WHITE HOUSE SCURRIES TO MEND THE RIFT

• MADOFF ‘VICTIMS’ LIST: Two reports were posted on 6th February 2009 containing the entire list of customers of Bernard L. Madoff Securities, Inc.. Because the list is so huge, we divided it into two segments: Clients A-N; and clients O-Z, plus a Miscellaneous Section. See: Archive. Our list is the easiest to load and clearest of the lists that have been reproduced privately on the Internet.

• We have just published: International Currency Review Volume 34, #2 on Systemic Fraudulent Finance and The Legalisation of Financial Corruption. Also just published are issues of our titles Economic Intelligence Review, London Currency Report, Interest Rate Service and Arab-Asian Affairs. For further details, please check the second white panel on the Home Page.

• Globalist hegemony ideology and practice is comprehensively debunked in the Editor’s study entitled The New Underworld Order, which can be ordered via the books section of this website. If you want to see what may well happen if the angle of decline steepens much further, you could do worse than also order a copy of The Red Terror in Russia, by the contemporary Russian eyewitness Sergei Melgounov, another Edward Harle Limited book available direct from this website.

• ADVERTISEMENT: Details of the Internet Security Solution software offered by this service in conjunction with a donation are appended at the very foot of this report, below the legal data. See also the catalogue by clicking on World Reports Limited and scrolling down to the bottom.

By Christopher Story FRSA, Editor and Publisher, International Currency Review and associated intelligence publications and information services. See this site for details and ordering facility.

• CORRESPONDENCE TO THE EDITOR: We routinely, automatically DELETE all emails which OMIT any element of the requested coordinates. We are not prepared to deal with anonymous spooks and other cowards who are too scared to provide their coordinates, for identification.

• The CONTACT US facility is found in the red box throughout this combined website.

NEW REPORT STARTS HERE:

THE LATEST MISGUIDED, WRONG-HEADED GEITHNER PLAN
It is very difficult to find words to describe the desperation, stupidity and folly of the latest Geithner wheeze. This proposal for private sector investors to collaborate with the Government to relieve the banks, as The New York Times put it on 23rd March 2009, ‘of assets tied to loans and mortgage-linked securities of unknown value’, with the Government reportedly ready to lend nearly 95% of the funds for any such investment, is beyond reckless and irresponsible: it is laughable.

It reeks of an utterly perverse and desperate, A REALLY DESPERATE, perverse throw by the Obama Administration to revalidate and revalue trades within the moribund derivatives sector, which has crashed and in which no-one not in need of brain surgery has been at all interested in since the worthlessness of these Fraudulent Finance assets were exposed.

The extraordinary weakness and idiocy of this wheeze – which must rank as the most eccentric and demented proposition ever to have been marketed by the corrupt US Treasury – was impregnated within the feeble remarks of Christina D. Romer, the Chief Economist at the White House, who said in an interview on ‘Fox News Sunday’ [22nd March 2009]:

‘What we’re talking about now are private firms [i.e. the hedge funds and sovereign wealth funds, mainly – Ed.] that are kind of doing us a favor [i.e., digging us out of the hole that we’ve dug for ourselves – Ed.], right, coming into this market to help us buy these toxic assets [note that she agreed that they are worthless, by using the word TOXIC: what a superb marketing ploy!] off banks’ balance sheets…. They are the firms that are the good guys here’, she added, in order to head off the obvious objection that on the basis of recent experience, participants might be vulnerable to a massive retroactive tax, or a Congressional hearing, or both of the above.

The White House spokeswoman wasn’t asked why, if the banks’ (fraudulent Ponzi) ‘assets’ were so ‘toxic’, ANYONE would want to buy ANY of them, EVER, given that by definition worthless assets aren’t tradeable – let alone borrow money from the Government (creating further background Government debt) for the purpose, even with the official loans reaching almost 95% of value.

• BUT WHAT VALUE? Even the few cents in the dollar suggested, is almost a non-starter.

Uh, as The New York Times pointed out:

‘Still, a big stumbling block remained: how to place a value on mortgage-related assets that have not been traded for months’,

Right.

The only reason that Pimco, Black-Rock and other such entities might participate in this demented scheme would be in the forlorn hope that it might succeed in revalidating and revaluing their vast portfolios of DUD derivatives ‘assets’ that they can’t shift. Not a valid or responsible reason for a money manager to trash his fiduciary responsibilities by investing in ‘assets’ that the White House Chief Economist has herself publicly labelled TOXIC.

MICROCHIP STUCK ON THE EDITOR’S LEG BY NSA MANIACS AT NIGHT IN A U.S. HOTEL
The Editor flew to Chicago on 16th March 2009, took care of some business in the city, and later caught an Amtrak train to another destination, for some further meetings.

At 4:00am in the morning of 18th March 2009, the Editor awoke in his hotel room and felt an itch on the back of his lower right leg. On feeling the area, he became aware that a piece of plastic had been stuck onto his inner leg without his knowledge.

The Editor had been surprised to be given a large suite at the hotel in question. On 23rd March, an expert analyst informed him that the plastic was not simply placed in the bed on the off-chance that it would adhere to the back of the Editor’s right leg, but that it was actually applied to the Editor very early in the morning while he was sleeping. This assessment comes from experts with such background that when asked whether the resulting Tattoo on the Editor’s leg (see below) may be permanent, they were unable to answer the question, and subsidiary questions, on the telephone: meaning that they could not do so without breaching national security.

The plastic peeled off and on turning on the light, the Editor found that he was holding a printed circuit microchip embedded in a piece of transparent plastic measuring about one inch square. On holding the plastic up to the light, the embedded printed circuits, with various arrows, were very clearly visible. There is a lesion on the Editor’s inner right leg where the chip was applied.

• The printed circuit contained a DIAMOND shape, which is a TARGET symbol.

It also contained three ‘shoes’ associated with arrows, which are indications of a GPS operation to track the Editor’s exact movements so that at the appropriate time he can be shot dead on demand. Three shapes in the form of flayed skins were also evident, as was a miniaturised grid, indicating, we understand, the whereabouts of the Editor physically. After being peeled off the Editor’s lower right leg, a lesion remained at the place where the printed circuit/chip had been located.

The Editor reported this via intermediaries to several US operatives, who quickly responded that they had no knowledge of any such evil device being placed upon the Editor’s person: in fact this message emerged almost in unison. The Editor was not satisfied with this and reported the issue to a close friend with ‘connections’, who was able to unravel the truth of the matter.

This is that, in addition to being a tracking device to facilitate assassination, the printed circuit also creates a TATTOO, which then operates just like the printed circuit itself when it has peeled off.

Furthermore, the friend pointed out that these people are trained to say precisely the opposite of the truth when exposed. The proposition that the US operatives had put forward was that the GPS printed circuit had been applied to the Editor’s inner right leg by British MI6 operatives for his own protection, presumably on the American Airlines plane: a contradiction in terms given what the US operatives in question know about the Editor of this service.

What is certain that if this was a British operation, the plastic printed circuit would not carry a target (assassination) symbol (DIAMOND), indicating how ridiculous such US denials and lies are.

EARLIER INSTANCES OF U.S. ATTEMPTS TO TRACK THE EDITOR OF THIS SERVICE
Nor is this the first time that mentally retarded, murderous NSA parasites (which is what many of them are: they produce NOTHING) have applied these craven tactics to the Editor. On the first such occasion, after the Editor had conducted certain interviews in May 2003 in North America, he found a bean-shaped object among his effects while he was visiting the seaside in the British Isles.

Fearing that it might explode, he climbed up a rock adjacent to the beach and placed the plastic bean-shaped transmitter inside a hole in the rock, and wedged a loose piece of rock into the hole. Returning out of rank curiosity two days later to see whether the ‘bean’ was still there, he carefully removed the wedge, only to find that the object had completely vanished. A bird or other creature could not possibly have removed it from deep inside the cliff face.

The second occasion that a chip was placed with the Editor, occurred after the Editor had paid a second visit to the office of the NSA operative William Hmailton, of PROMIS fame. On the first such occasion, everything was sweetness and light, the receptionist was warm and cosy and the Editor was treated with courtesy. On the second occasion, the previously pleasant Hamilton receptionist was distant and surly. The Editor was kept waiting in the reception area for 25 minutes, and was then ushered into a conference room by Mr Hamilton. First mistake: the Editor removed his jacket.

Almost immediately, a man in jeans knocked on the door and asked if he could ‘continue’ working at a computer console that was located in the corner of the room.

The Editor thought it very odd that a single computer was stuffed into the corner of the Boardroom. Hamilton said ‘OK’, and minutes later ‘suggested’ that it would be a good idea ‘if we move next door. Leave your briefcase and jacket here: we’ll look after them’. Second mistake. Manifestly, the fellow in jeans was acting a role: if the Boardroom had been set aside for the meeting with the Editor of this service, the computer nerd wouldn’t have been given access.

‘Next door’ turned out to be a completely empty office suite. In at least one room, however, the Editor noticed a large number of large carboard boxes stacked all over the floor. After clicking his heels for ten minutes, the unpleasant receptionist brought in a tray with a glass and an opened bottle of Pepsi. Third mistake. NEVER DRINK FROM AN OPENED BOTTLE IN SUCH COMPANY.

• Please now refer to the Gospel of Mark, Chapter 16, verse 18.

The Editor later travelled to another location and during dinner in a diner with a former contact, he described what had happened. The contact asked to look at the Editor’s jacket. The microchip was stuck to the inner side of the right-hand part of the jacket. It was quickly consigned to the candle burning on the dining table.

On each of these occasions, the operatives concerned behaved in an unfriendly manner towards a visitor from the United Kingdom which is still supposed to be the United States’ closest and most reliable ally. On all three occasions, we deduce that the concern within the warring and confused US intelligence community, which is being brought low by the collapse of its Fraudulent Finance schemes arising from these exposures, has been to compromise the Editor in order to attempt to close down these ongoing arms-length investigations, which have made immense progress since the Editor first became involved in this investigative reporting six years ago.

It’s all about COVERING UP FINANCIAL CRIMINALITY. It’s nothing to do with US NATIONAL SECURITY. The investigations are focused exclusively on the betrayal of the American people and the Rest of the World by a bunch of arrogant thieves and amoral US operatives who believe that they can do what they like, including stealing from widows (‘devouring widows’ houses’), depriving their Ponzi victims of all hope of recompense, and treating the rest of humanity with malice.

Unfortunately for the terrified perpetrators, this horrendous episode of US officially-sponsored financial terrorism is unravelling faster than these mental defectives and crooks can stitch their model back together again. The angle of deterioration is steepening by the day, and the more they try to patch up the broken system based on Fraudulent Finance, the worse the mess they create.

NO TAKERS FOR ‘GEITHNERS’
We have just published International Currency Review, Volume 34, #2, which contains an analysis of the Paulson TARP operation, with charts, and shows that the entire purpose of that operation was to refinance, not the US dollar system and the economy, but rather Carlyle, Carlyle Capital, George H.W. Bush Sr., James A Baker III and other Bush-Clinton insiders.

The issue was mailed worldwide on Wednesday 18th March. In addition, we have produced and distributed a four-page leaflet containing the three main TARP charts, showing precisely how the corrupt Paulson financing operation was intended to operate. Copies of this leaflet have been hand-delivered in sensitive places in Virginia and inside the Beltway for the past several weeks.

We have also just published several other financial services, all of which contain a chart showing that the quite incredible Geithrner TALF (Term Asset Backed Securities Loan Facility) Fraudulent Finance circular financing operation is designed with the same sick objective in mind, and that the trumpeted Obama ‘Stimulus Program’ is nothing more nor less than a reckless fraud: cover for the rehabilitation of the Fraudulent Finance derivatives orgy which is in fact nevertheless collapsing from the roof into the basement, as we predicted.

And the reason for this is that the exposures have been SO SUCCESSFUL that NO-ONE trusts what the US Treasury and White House, let alone the State Department, choose to concoct, which ‘as we speak’ entails a new scheme every few days, as the pressure of events sucks everything into its own vortex and nixes whatever new wheeze Geithner, Rahm Emanuel, Mrs Clinton, Vice President Biden and Barack Obama come up with. The objective is to re-ignite the now moribund derivatives sector that has been dealt a mortal blow by the exposures and that everyone in the business now realises is dead in the water, since the simple message that NO RECOURSE assets are by definition without value, has finally sunk in where it matters.

Witness what the big hedge fund manager Dan Loeb had to say about NO RECOURSE derivative assets on page C8 of The Wall Street Journal dated 16th March. Writing to investors in his Third Point Offshore Fund, Mr Loeb could not have been more specific:

‘One area we are decidedly NOT interested in is the ‘opportunity’ to purchase structured debt… with non-recourse leveraging from the US Government’.

‘One of our guiding principles is that we do not use financial alchemy (leverage) to turn mediocre returns into gold’. He’s buying gold instead.

‘A HORRIBLE, HORRIBLE FEELING THIS IS GOING TO END BADLY’
Also on 16th March, the Washington Post, running after red herrings as always, published an article which contained certain revealing observations by ‘people in the know’, but which (as usual) were designed to terrify Congress into leniency.

The article addressed the diversionary but nevertheless extremely disturbing (especially for the Obama Government which is supposed to be ‘on the side of the people)) issue of the AIG bonuses: a theme replicated, by the way, in London, where similar outrage has been expressed at bonuses being paid out to large UK banks and other participants in Fraudulent Finance Ponzi operations.

Lloyds Bank called us up to snoop around recently to see whether the Editor would be willing to part with collateral, for no good reason! Likewise, Coutts Bank is snooping around a colleague of the Editor’s who owns a half interest in certain development land, for the same purpose:

• GRABBING COLLATERAL, for use in a reignited derivatives ORGY, which won’t ignite.

The Washington Post item, entitled ‘Rage at AIG Swells as Bonuses Go Out’, contained this:

‘Company officials contend that the uproar is scaring away the very employees who understand AIG Financial Products’ complex trades and who are attempting to dismantle the AIG division before it further endangers the world economy’. HOW INTERESTING!

In other words, as others have pointed out, it is said to be ‘appropriate’ for the corrupt Fraudulent Finance technician foxes who orchestrated the corrupt orgy in the first place, to remain in charge of the hen house: otherwise the hen house will collapse.

”It’s going to BLOW UP’, said a senior Financial Products Manager, who spoke on condition of anonymity because he was not authorised to speak for the company. ‘I have a horrible, horrible feeling that this is going to end badly”. The same message was then immediately delivered to the Congress, which subsequently decided that the ‘way forward’, for their own ‘CYA’ purposes, was to tax the obscene bonuses by 90%, an unprecedented misapplication of the Congressional power to use the tax weapon, which will have devastating consequences for many bonus recipients who may already have spent or otherwise deployed the funds (probably offshore) in question.

TALF SUPPOSEDLY ‘TO REIGNITE THE SECURITIZATION MARKETS’: RIGHT
For further corroboration that of the accuracy of our analysis that the entire purpose of these mad financial manouvres is to ‘revalidate’ derivative assets that have no value, one only needed to read The Wall Street Journal’s blurb by Peter Eavis published on page C10 of that newspaper on the 12th March 2009, from which the following excerpts will suffice:

‘The TALF aims to reignite the securitization markets and increase the availability of consumer loans by encouraging investors to buy asset-backed bonds using borrowed money’, a mad formula which could only have been developed by financial sorcerers and witchcraft specialists.

First of all, the so-called assets to be used are not real assets at all but are fictitious constructs offering NO RECOURSE, as is precisely exposed with diagrams in International Currency Review Volume 34, #2, and further publicised by means of the four-page ICR leaflet which is being hand-distributed in appropriate US places ‘as we speak’, and which contains the three colour diagrams which illustrate the official Fraudulent Finance scams for any confused operative to see.

Secondly, to encourage cheap BORROWING for the purpose of such TRASH is not just amoral, but also shows that the Obama Administration is engaged in a defiant operation to proliferate its own brand of Financial Terrorism, since as usual the proceeds of these fictitious trades will be stashed untaxed in offshore bank accounts, while the Treasury accumulates debt in the background on a scale with no historical precedent, aggregating some $450 billion of debt per month between this month and the end of September 2009, on the basis of the Obama Federal Budget data WHICH ARE ALREADY OUT OF DATE: according to the Congressional Budget Office report published on 20th March, which stated that the Obama Administration’s agenda will gtenerate annual budget deficits of $1.0 trillion over the next ten years, over $2.3 trillion of debt-creating deficit will be incurred in excess of the Budget presentations, which were barely a month old: a display of utterly reckless irresponsibility that has appalled the Rest of the World and will lead to a hyperinflation.

• Indeed, there is rejoicing in Washington, we are told, that prices ARE RISING. Believe us, if they are rising amid the worst slump for a century, you can be very certain that they will be soaring in 18 months’ time, and probably much earlier than that.

The Wall Street Journal analysis elaborated:

‘Yet even though the (TALF) program offers as much as 20-to-1 leverage at generous interest rates, investors have pushed for concessions during the consultation process. And the Fed has agreed to some changes’. Note that TALF has not yet got off the ground: because no-one wants it.

‘One thorny issue: what to do when an asset-backed security purchased with TALF loans is subsequently found to be ineligible under the program. It is a valid concern, given the poor loan collateral shovelled into asset-backed securities during the credit boom’.

‘The original agreement said that when collateral is discovered to be ineligible, investors would have to pay back their loans or find eligible collateral’.

‘But investors felt this meant TALF loans weren’t truly non-recourse: meaning the lender can only claim the collateral it holds, and the borrower’s potential losses are capped. The new agreement should ensure the loans really are non-recourse’.

Have you understood the perverse stupidity of this convoluted upside-down reasoning? It goes: we need to be sure that the ‘assets’ really are non-recourse. Which is precisely what the biggest hedge fund moguls object to: vide Dan Loeb’s observations above.

So you see, there is not an icicle’s chance in Hades (which is where these crooks are headed) of the Obama regime’s substitute for sound finance, which he signed up to on his European tour last year, achieving the intended results.

On the contrary, choices made by the new team of Financial and Economic Terrorists (by their own legislated definition) in the White House, the US Treasury, the State Department, the George Bush Center for Intelligence (Terrorism), the Office of Naval Intelligence (ONI) and all the other nests of open-ended, reckless criminality such as the Office of the Vice President, who presides over the National Security Agency (NSA), have guaranteed a hyperinflation of unprecedented severity.

The Editor has noticed no alleviation of inflationary pressures in New York this March: quite the contrary. A breakfast in a diner that cost $3.50 four years ago now costs $12.50. Deflation?

HUGE THEFT OR ‘REASSIGNMENT’ OF FUNDS TOOK PLACE ON 17TH MARCH
On arrival in the United States, the Editor was almost immediately informed that a very large theft or ‘diversion’ or ‘reallocation’ of giga-funds, KNOWN ABOUT IN ADVANCE, was said to be scheduled to take place on 17th March 2009. At the end of that day, the Editor learned that Chinese interests had been paid a large sum IN CASH, not in Treasuries, to which they had objected.

Thus the ‘reallocation’, or part of it, about which we were warned in ‘real-time’, financed a payoff to the Chinese, in accordance with the pattern that has now become apparent. When a really large debtor gets nasty, the people in charge ‘find a way’ to make the necessary payment, in order, like drunks falling out of the pub, to sidestep an even ‘worse’ outcome.

Examples of this syndrome include a vast sum of money that was conveyed to the Vatican during the visit of the German Pope to America in April last year; payments made to the Mormon Church; payments to the Knights of Malta; and payments (or a payment) to the Knights Templar.

Now we have an instalment paid out to the Chinese, who are indeed owed colssal sums arising from transactions in the late 1930s and the recent expiry of the 70-year period after which the Chinese are required to be paid.

• The sums are so enormous that it will take the United States TWO GENERATIONS to pay what is owed. Let us consider why this payment (may have) finally ‘happened’.

Earlier in March, Chinese representatives of the Peking Government appeared at the World Court and demanded payment of monies owed following the recent expiry of the 70 years arising from the old Morgenthau ‘box deal’ of the late 1930s. The Chinese were reported to us by several sources to have obtained, in the week of 6th March, a lien on the Fed, which ‘works for’ the US Treasury.

On 12th March, against the background of ‘tensions’ between China and the United States over a staged confrontation at sea, the Chinese Foreign Minister, Yang Jiechi, paid a sudden visit to the White House. Mr Yang was also scheduled to meet Mr Barack Obama’s National Security Adviser, former Marine Corps General James Jones. On 11th March, Mr Yang had met Mrs Hillary (who is now relabelled ‘Rodham’, for Rodomski) Clinton, who pontificated that the United States and China needed to reduce tensions and to avoid a repeat of a weekend confrontation between American and Chinese vessels in the South China Sea.

However the ‘confrontation at sea’ represented a proxy ‘tension’ hotspot conjured up for the sole purpose of masking the ACTUAL source of tension between the two countries: namely the ongoing illegal and criminal behaviour of the US official financial fraudsters, and the Chinese intention of exercising their lien on the Federal Reserve, reportedly obtained from the World Court.

If exercised, this would have led to the immediate seizure by the Chinese authorities of all US assets within their jurisdiction, in Hong Kong, Singapore and elsewhere, and thus to a dramatic open-ended, publicised escalation of international tensions, which are explicitly and exclusively a consequence of the hijacking of the US power centres by organised criminal elements as exposed for several years now in these reports.

Any such development would also have collapsed what remains of international economic and financial confidence, would have dealt the final blow to what remains of the self-appointed elite’s deception called ‘globalism’ and would have catapulted the world much closer to World War: where we would appear to be headed anyway, thanks to the crass behaviour of the US authorities. Indeed, if they go on like this, World War III will be their sole recourse.

So, to ‘get round the Chinese problem’, funds had to be ‘reallocated’, like, ‘immediately’. A small part of the funds were found, we understand, by taking them from two projects:

(1) The two British aircraft carriers that were to have been constructed and ‘owned’ by The Queen, and probably also the two further aircraft carriers that were to have been made available to the European Union Collective; and:

(2) The Bush-era ‘missile shield’ project for Eastern Europe, much to the fury of Poland, which greatly distrusts the Russians and thought that this protective mechanism would go ahead.

These projects, representing Bush-era quid pro quos, have been ditched by the Obama clique in order to help pay off the Chinese parties, in order to achieve a belated stay of execution of the Chinese lien against the Federal Reserve, according to sources ‘special’ to this service.

And nor is this the first such ‘reallocation’ to have taken place under Obama’s watch.

THE $4.0 TRILLION THAT ‘SUDDENLY’ APPEARED AT THE U.S. TREASURY
Before he was reportedly arrested and placed in a 30-day cell recently, arch-fraudster Dr Alan Greenspan was stated to us by primary sources to have ‘stolen’ or diverted $3.0 trillion of funds, originally perhaps sourced from The Philippines. These funds, we understand, were ‘restored’ (like The Queen’s $52 billion ‘guarantees’, immediately after we had publicised that theft).

On or about Wednesday 18th March 2009, $4.0 trillion ‘suddenly’ appeared at the US Treasury, a fact reported to us by several sources and later confirmed. Of this total, $1.0 trillion was directed to the Federal Reserve, to finance the INCREDIBLE scheme to revalue worthless derivatives assets that was trailed by The New York Times on Saturday 21st March 2009 and subsequently announced by the spinning top named Timothy Geithner, US Treasury Secretary the following week (see below).

Although this is hypothesis, it is a fact that the US authorities operate THREE currency printing plants abroad, one of which is located in The Philippines, a deeply corrupt country where such operations can be hidden, no problem. It is understood that, in the past, Greenspoon presided over the printing of a large volume of currency there, which had NOT BEEN REGISTERED with the US Treasury. Under the new legislation, anything goes, so it would have been possible for the US authorities to have simply registered this currency, and then credited it to the Treasury’s books, before passing $1.0 trillion of it to the Federal Reserve.

The remaining $3.0 trillion was earmarked for payment to a US Paymaster on or about 23rd March.

Which leaves the matter of Greenspan’s further DETENTION up in the air. WHY was it decided, at the meeting held on 9th March, finally to shove Dr A. Greenspoon into a 30-day holding cell (again, according to special sources)? Uh, if the information is correct, NOT because of official outrage at the fact that George Bush Sr.’s very own corrupt trader had stolen colossal amounts of funds, so much as that the stolen or ‘diverted’ funds were being remitted directly to the corrupt apparatus serving the George Bush Sr. Crime Nexus: whereas certain current Financial Terrorists want the stolen funds in question to pass through/into their own and their cronies’ untaxed offshore bank accounts, instead of going direct into accounts within the Bush Sr. segment of the Octopus.

Hence, this is all about trying to prevent the TOTAL EXPOSURE of the PONZI MODEL, which applies right across the board and is the entire and sole explanation for the global crisis. We pointed this out as long ago as the first quarter of 2007, you may recall.

REPORT THAT PAPERS WERE SERVED ON DR BEN BERNANKE
We were advised during the week ending 6th March, and subsequently, that the Chairman of the Federal Reserve, Dr Ben Bernanke, had been served in person with indictment papers, in late February or early March. There have also been unconfirmed reports that the arch-criminal Mr Hank M. Paulson Jr., one of whose doubles was believed to have been shot dead between Christmas and New Year of 2007, is cruising for a bruising and may be indicted and arrested.

It is impossible to verify such ‘information’, so we simply report what has surfaced, with the caution that the self-appointed geomasonic elite are past-masters of the art of the duplicitous cover-up.

What they cannot handle is damage control when the roof and walls are caving in, and they find that they cannot steal enough supports quickly enough to prop up the metaphorically imploding money tower. They had no problem at all blowing up the Twin Towers and incinerating 3,000 people in the process: that was ‘not a problem’. But propping up the Fraudulent Finance edifice?

• They haven’t a clue. WORSE: They have perversely disregarded what they are supposed to be doing, in accordance with the Group of Seven-approved Refunding Programme, agreed upon in 2007 and 2008: allowing private sector-based trading operations to take place ON THE BOOKS, FULLY TAXED AND WITH MAXIMUM TRANSPARENCY, as reiterated in these reports. This is what these US financial engineers SHOULD be doing. Instead of which, they prefer financial sorcery and witchcraft. They will MOST CERTAINLY pay dearly for their wilful perversity.

• FACT: Private sector on-the-books trading would reliquefy the banks within weeks, or less, all above board, fully transparent and disclosed, and yes: TAXED. No more corrupt, clandestine, off-balance sheet Fraudulent Finance: but the banks survive AND PROSPER.

• FACT: The public sector cannot generate TAX ACCRUALS. It can ONLY generate DEBT, AND MORE DEBT, AND MORE DEBT. The private sector generates TAX ACCRUALS, which enable the Treasury to REDUCE ITS DEBT and thus the burden on taxpayers and future generations.

• FACT: It follows that the Obama Administration is perversely betraying the American people by DOING THE EXACT OPPOSITE OF WHAT IT KNOWS IT SHOULD BE DOING.

• This is TREASON.

• Don’t try to tell us that the US Treasury and the Federal Reserve don’t know that this is true and correct. They have BRAINS in both institutions: they can work it out for themselves: they don’t need to read about what they should be doing on this website. However MILLIONS of people around the world DO READ THIS WEBSITE, and they KNOW that this simple logic is ACCURATE.

Sooner, rather than later, the Obama White House and the Treasury will be FORCED to recognise that they should have done what the G-7 asked them to do, starting in 2007.

If they had paid attention, they would not have got themselves, through GREED and pride, into the horrendous, terminal mess they now face.

THE PRIMARY MOTIVE UNDERLYING THE RECKLESS BAILOUTS
The media focus on A.I.G., a huge laundry originally created under Frank Gardiner Wisner (born on 23rd June 1909; died on 29th October 1965) has failed to identify the most pressing factor that has been driving the reckless Fed money-spraying behaviour, which will generate hyperinflationary pressures the ‘early green shoots’ of which are already apparent. It is this:

• Placing compromised entities such as AIG (or General Motors) into bankruptcy would involve the appointment of a TRUSTEE. Under US bankruptcy arrangements, a Bankruptcy Trustee has almost unlimited powers to investigate every facet of what has been going on. One obvious focus of the Trustee’s investigations would be the 728++ AIG offshore ‘subsidiaries’, of which we have published a small sample in an earlier report [Archive].

• Many of these subsidiaries have names such as ‘Baker’ This and ‘Baker’ That; and one wouldn’t want the spotlight thrown onto James A. Baker III, would one?

So rather than implicate themselves further, the perpetrators are instead cynically mortgaging the futures of the next several generations of Americans by engaging in a reckless orgy of desperate Fraudulent Finance and creating colossal official debt in the background, which guarantees that the ‘enforcement arm’ of the World Revolution (the United States military) will in just a few years be unable to project its dangerous power around the world (a good thing) and that the Pax Americana, like the Anglo-American ‘special relationship’ (see below) has been destroyed.

All this is being done for one primary reason: to try to minimise the devastating consequences for the perpetrators of the ongoing exposures and the unravelling of the Fraudulent Finance orgy that has brought the whole world (deliberately?) to the brink of avoidable catastrophe.

A.I.G. FOUNDER FRANK WISNER SR.: LIAISON TO THE NAZI GEHLEN ORGANISATION
Frank Gardiner Wisner was a key figure linking the penetration of the US intelligence structures by Nazis to the present millennial crisis of the World Revolution. After being transferred from the US Navy Censor’s Office, Frank Wisner Sr. was transferred to the Office of Strategic Services (OSS), predecessor of the Central Intelligence Agency, and served in Turkey and Romania. His agents penetrated the Romanian Communist Party and the headquarters of the Soviet Army in Bucharest, whence he discovered that the Soviet Union intended to ‘annex’ the whole of Eastern Europe.

In March 1945, Wisner was transferred to Wiesbaden, Germany, where he served as OSS liaison to the Gehlen Organisation. General Reinhard Gehlen, referenced in some detail in the Editor’s book The New Underworld Order, was the brutal Nazi repression chieftain in the German-occupied areas of the Soviet Union, responsible for untold atrocities.

The Editor’s book explains, drawing from open information, that Gehlen, over time, managed to persuade the gullible Americans that Stalin, having supposedly absorbed Eastern Europe, was poised several years after the end of the Second World War, to overrun Western Europe with 210 divisions. Soviet Divisions are smaller than Western military divisions, but even so, at that time only one and a half of Stalin’s divisions which the strategic deceiver Gehlen represented were standing by to invade Western Europe, were mechanised.

• FACT: The rest were sill horse-drawn, in World War I mode!

With the postwar US State Department penetrated by agents of influence working for the German cause, the de-Nazification process was placed into reverse without President Truman’s approval, and very large numbers of Nazi scientists who had been working on Heinrich Himmler’s mind and personality control abominations and other hideous activities, were transferred by proprietary CIA transport aircraft under ‘Operation Paperclip’ and later programmes, to the United States with their families, with a sizeable contingent of Abwehr officers whose slates had abruptly been wiped clean.

This vote-face occurred after General Reinhard Gehlen had falsified information about Soviet intentions fed to the Americans, and had re-recruited many of his former operatives to operate clandestinely under cover of the Iron Curtain environment which focused the West’s attention exclusively on ‘containing the Soviet Union’, leaving Gehlen and his organization and associates free to pursue the Nazi long-range strategy that had been developed at the German Geopolitical Centre in Madrid, established in 1942 by the Nazi intelligentsia and the Abwehr, which had always recognized that Hitler was expendable.

These operatives perceived that the defeat of Hitler could be turned almost immediately to their advantage because the West would be likely to jump to the false conclusion that the death of Hitler would be synonymous with the permanent destruction of Nazism – a perception which proved to be accurate. In the new environment, and having effectively penetrated the CIA by the late 1940s, the Nazi cadres were free to pursue their long-range strategy without let or hindrance, especially since the East German State, while clothed in Communist garb, was actually a de facto continuation of the Nazi régime, with the East German STASI secret police operating precisely along Gestapo lines.

Information obtainable at Arlington National Cemetery reveals that Frank Wisner Sr. committed suicide in 1965 using one of his three sons’ shotguns, and was buried in the Cemetery as a naval commander, his wartime rank. The reason for Frank Wisner Sr.’s suicide has never been explained, but the official ‘line’ includes the following assertions, posted on a certain US intelligence website which ‘facilitates’ the rewriting of history:

• Wisner Sr. was recruited in 1947 by Dean Acheson to join the US State Department’s Office of Occupied Territories. When, a year later, the CIA invented a covert operations cadre, the Office of Policy Coordination (OPC), Frank Wisner Sr. was placed in charge.

The OPC’s secret Cold War charter included ‘propaganda, economic warfare, subversion against hostile states, including assistance to underground resistance groups, and support of indigenous anti-Communist elements in threatened countries of the world’.

• Wisner was responsible for establishing Operation Mockingbird, the purpose of which was to influence the foreign AND DOMESTIC media. This ongoing programme remains an extreme menace domestically, to this day, embracing approximately 60 websites, for instance, which routinely punch out deliberately confusing diversionary lies and disinformation – with the main orientation in the prevailing chaotic context being that its primary purpose these days is to obfuscate the rampant Fraudulent Finance operations that the US intelligence community has developed and exploited in order to finance its status as the arrogant, uncontrolled ‘State within the State’.

A key further purpose of Operation Mockingbird in its contemporary manifestation is to throw sand in the eyes of the 320,000+ scammed Ponzi victims who have been robbed blind by these official criminals and their underworld collaborators, in order primarily to prevent them from reaching for the weapons in their attics simultaneously.

Its overarching purpose is to generate as much confusion as possible, so that the reality that the entire Fraudulent Finance crisis is one gargantuan Ponzi Fraud is constantly obfuscated. Prior to the exposures, its main purpose domestically was to keep the 320,000 scammed Ponzi victims living in la-la land, entertained by the false gods Atonn, and Atonn with his Hatonn, and a-dreaming MK-Ultra-type dreams with space ships replacing moving stairways in accordance with mental taste.

• In 1952, Wisner was appointed head of the CIA’s Directorate of Plans, with Richard Helms as his operational chief, and control of 75% of the CIA’s formal budget. He was instrumental in bringing about the fall of Mohammed Mossaddegh, an Iranian Jew, in Tehran, and Jacobo Arbentz Gusmán, also of Jewish extraction, in Guatemala.

• When the FBI Director, Mr J. Edgar Hoover, became ‘jealous’ of the CIA’s unfettered power, he investigated the past histories of the OPC operatives, establishing that many of them had been active in left-wing politics in the 1930s. The information was provided to Joseph McCarthy, briefed to run an operation to discredit Communism. Hoover made sure that McCarthy was given details of an affair that Wisner had conducted with Princess Caradja in Romania during the war. Hoover also claimed that the Princess was a Communist agent.

• Crucially, Wisner worked closely with the British traitor Kim Philby, the British agent who was eventually unmasked as a Soviet spy but is believed by this service to have worked for the Nazis.

• The official ‘line’ concludes that Wisner was mentally destabilised by the Soviet crushing of the Hungarian Revolution – a piece of imaginative make-believe that we consider to be laughable.

However what is not laughable is that he then underwent psychoanalysis and was subjected to electroshock therapy. After treatment and apparent recovery, Allen Dulles, CIA Director of Central Intelligence, a long-term Abwehr agent, appointed Frank Wisner to be chief of the London Station. However he was judged to be still suffering from mental illness, was recalled to Washington, and agreed to retired from the Agency.

THE CIA BACKGROUND OF FRANK WISNER JR., A.I.G. VICE CHAIRMAN
Frank G. Wisner, eldest son of Frank Wisner Sr., born in 1938, very conveniently announced his intention to retire from the position of Vice Chairman, External Affairs, for American International Group (AIG) on 13th February 2009, when the heat in the kitchen became too hot. He had joined AIG in 1997, and was a Director of AIG from that year until 2003.

Here is a list of Frank G. Wisner Jr.’s ‘accomplishments’, apart from the senior AIG positions that this veteran and prominent CIA operative has held:

• US Agency for International Development, Vietnam, 1964-68.
• GAP in record from 1968 to 1979.
• US Ambassador to Zambia,, 1979-82.
• US Ambassador to Egypt, 1986-91.
• Senior US Deputy Assistant Secretary for African Affairs, US State Department, 1982-86.
• US Ambassador to the Philippines, 1991-92.
• US Under Secretary of State for International Security Affairs, 1992-93.
• Under Secretary for Policy, US Department of Defense, 1993-94.
• US Ambassador to India, 1994-97.
• Member of the Board of ENRON, 1997-99.
• Member of the Board of EOG Resources, 1997-
• Partnership for a Secure America Advisory Board Member.
• Trustee, Rockefeller Brothers Fund.
• Director, US-India Business Council.
• Member, Council on Foreign Relations (CFR).

Wisner Jr.’s domestic political affiliations illustrate our central point that it is neither here nor there which of the two wings of ‘The Party’ wins elections, as the Intelligence Power (the ‘State within the State’) always wins. He is named as having been associated with:

• Bill Bradley for President;
• Friends of Dick Lugar;
• Friends of Hillary;
• George W. Bush for President;
• Gore 2000;
• Hillary Clinton for President;
• John Kerry for President.

Politically, therefore, this man is whatever the male equivalent of a prostitute happens to be: totally devoid of principles and with infinitely ‘variable’ loyalties, and therefore ethics – a view confirmed by Vijay Prashad, then Assistant Professor of International Studies at Trinity College, Hartford, CT, in 1997. The Assistant Professor wrote:

‘When Wisner was US Ambassador to the Philippines (1991-92), Enron was engaged in negotiations to manage the two Subic Bay power plants. When Mr Wisner left Manila in July 1992, Enron won the contract and started managing the plants in January 1993. During Wisner’s long tenure in India, he fought long and hard to secure various deals for Enron’, and only left India when it appeared that Enron’s prospects in India, thanks to bribery and corruption, were secure.

Enron, of course, could hire whichever CIA operative it liked to do its dirty work, given that CIA operatives all believe they are protected from the consequences of their endless crimes by the crooks’ charter known as the National Security Act (et seq.), 1947. Thus, for instance, Vijay Prashad also pointed out that, to gain access to a lucrative contract to rebuild the Shuaiba power plant in Kuwait after it had been conveniently destroyed in Bush Sr.’s war, Enron hired James A. Baker III as consultant, ‘who travelled to Kuwait to negotiate for Enron’, a CIA scamming operation which, like BCCI before it, was later stripped bare, its cash and borrowings used for illicit off-balance sheet, untaxed, clandestine leveraging and hypothecation Fraudulent Finance to generate ‘new money’ for the overall Ponzi Programme and to help finance the corrupt CIA ‘State within the State’, and then left to wither as a corpse.

One imagines that the prospect for this 70-year old of winding up contemplating cockroaches in the Metropolitan Correctional Center along with Madoff while awaiting trial for his part in the scamming operations perpetrated by A.I.G., should it finally collapse, was less than enticing: hence his exit.

We will now address some broader related issues before reverting to current themes.

U.S. SEEKS CONTROL OF INTERNATIONAL CRIME, TERRORISM AND DRUG TRAFFICKING
On 8th November 2005, The Jewish Institute for National Security Affairs [JINSA], which is located in Washington, DC, published a press release about a panel it had sponsored on ‘Terrorism in Latin America’, in which it reported that the event had been opened by the hardline ‘conservative’ US Republican, Congressman Dan Burton, who had made the following statement: and we quote:

‘US national security interests in South America include control of international crime, terrorism, and drug trafficking’.

Congressman Daniel Burton did NOT say:

‘US national security interests in South America include DEFEAT of international crime, terrorism, and drug trafficking’. OR:

‘US national security interests in South America include ERADICATION of international crime, terrorism, and drug trafficking’. OR:

‘US national security interests in South America include REDUCTION of international crime, terrorism, and drug trafficking’. OR:

‘US national security interests in South America include SUPPRESSION of international crime, terrorism, and drug trafficking’.

NO. What Congressman Burton said, DELIBERATELY AND SPECIFICALLY, as reported in the JINSA Press Release (page one) was:

‘US national security interests in South America include CONTROL of international crime, terrorism, and drug trafficking’.

In other words, the Congressman spoke the truth. Yes, it is indeed United States policy to:

• CONTROL international crime (i.e. to RUN international criminal operations).

• CONTROL terrorism (i.e. to orchestrate international terrorism on an open-ended basis).

• CONTROL drug-trafficking worldwide.

You will already have observed, no doubt, that although Congressman Dan Burton was addressing a REGIONAL conference (on terrorism in Latin America) he did not in fact qualify his remarks so that they referenced just Latin America alone. NO. What he did was to emphasise that it is in the United States’ national interest to ‘CONTROL’ international crime, terrorism and drug-trafficking.

• Not REGIONAL crime, terrorism and drug-trafficking, but GLOBAL ditto.

Just consider precisely what this means. In summary, what the Congressman said was that the entire complex of US Government assets and power is geared to achieving CONTROL over these heinous activities, that is to say SPONSORING, DEVELOPING AND EXERCISING HEGEMONY OVER THESE CRIMINAL OPERATIONS. When did the American people authorise THAT?

And Congressman Burton helps us all to understand that it is ‘in the US national interest’ that the United States’ Government IS a criminal enterprise.

This being the case, we should not be surprised at any of the abominations involving despicable operatives in high places that have been referenced in these reports since we had to start posting them. After all, IT IS IN THE U.S. NATIONAL INTEREST that these abominations should take place!

A CRIMINAL GOVERNMENT OPERATING ON DURKHEIM PRINCIPLES
Welcome back to the DURKHEIM PARADIGM: the model used by these Fraudulent Finance types.

Emile Durkheim (1856-1917), postulated and promulgated that the ‘natural’ norm for humankind was criminality, and that the absence of criminal behaviour was by definition aberrant. Note that in so doing, Durkheim not only specifically contradicted the glorious hope and truth of Jesus Christ, but also the core teachings of his own Torah. According to Durkheim, the Rule of Law and adherence to it are disoriented, perverse, eccentric and somewhat pathetic.

Notice any relationship to the arrogant criminal high-level behaviour spelled out in these reports?

BUSH-CLINTON-CIA DRUG-TRAFFICKING LINKS TO STANFORD OPERATION
Next, you may by now have had a chance to read through the full text of the Complaint filed by the Securities and Exchange Commission on 16th February against R. Allen Stanford, James M. Davis, Laura Pendergest-Holt, Stanford International Bank Limited, Stanford Group Company and Stanford Capital Management LLC posted by this service on 12th March 2009.

This Bush-Clinton money laundry operation developed from the Tupelo and Memphis laundry used by the Clinton gang, and subsequently by the Bush gangsters when they were running ‘Black’ drug deliveries into Miami and Mena, Arkansas. The Chief Investment Officer for Stanford, 35-year-old Laura Pendergest-Holt, who was also head of ‘transfer operations’, was arrested on 25th February and taken to a location near Houston described to us by a Houston-based source as ‘super-secret’. Word from the source, based on ‘inside’ information, was that she was ‘singing like a canary’, and would be arraigned before a Federal Court on 27th February 2009. However, like ‘Sir’ Allen Stanford himself, this woman has in fact refused to cooperate with the special (not regular) FBI investigating team, and with the United States District Court for the Northern District of Texas, Dallas Division.

According to our sources, the ‘transfer operations’ involving colossal sums of money were those designated in the S.E.C. Complaint as ‘Tier 3 Investments’. You can read how Stanford represented these investments by perusing the complete text of the Complaint [see Archive].

So what we have is another Bush-Clinton money laundry and criminal finance distribution operation handling drug proceeds (‘Black Ops’), in the process of being closed down. And it will have been observed that 70-year-old Bernard L. Madoff pleaded guilty to all 11 counts against him, refusing to acknowledge that his operation was part of a much broader conspiracy (as was the case, given that Madoff was ‘recruited’ we understand, by the Bush Spider [‘Die Spinne’]).

As a result, Madoff, who will be sentenced in June, faces serving;

• 20 years for Securities Fraud (Count One);
• 5 years for Investment Adviser Fraud (Count Two);
• 20 years for Mail Fraud (Count Three);
• 5 years for Wire Fraud (Count Four);
• 20 years for international money laundering to promote specified unlawful activity (Count Five);
• 20 years for international money laundering to conceal and disguise the proceeds of specified unlawful activity (Count Six);
• 10 years for Money Laundering (Count Seven);
• 5 years for False Statements (Count Eight);
• 5 years for perjury (Count Nine);
• 20 years for making a false filing with the SEC (Count Ten); and:
• 20 years for theft from an employee benefit plan (Count Eleven).

REASON FOR REFUSAL TO IMPLICATE OTHERS: DEATH THREATS TO FAMILY MEMBERS
Obviously, in Madoff’s case, the prospect of him dying in prison could not be higher. In the case of Pendergest-Holt, however, she would possibly expect to be freed by her 65th birthday if she had been prepared to implicate others (which she is reported to have done when ‘singing like a canary’ but this is inconsistent with the reported fact that she is ‘not cooperating’).

Assuming that she is not, we have (a) Mr Madoff who would have nothing to lose (ostensibly) by cooperating, since his outcome would not be affected; and (b) Pendergest-Holt who could improve her prospects some, by cooperating. So why aren’t these people (including Stanford who, it will be recalled, was picked up in Virginia, intelligence community country, after his Credit Card had been refused by a firm he approached to fly him privately to Antigua), cooperating with authorities?

There can be only one obvious explanation for this common factor: they have all been threatened: if you ‘shop’ other components of the Octopus, we’ll murder your family members.

OTHER PONZI SCHEMES ON BRINK OF BEING EXPOSED: ‘PONZIMONIUM’
On 20th March, Bart Chilton, a Commissioner for the US Commodities Futures Trading Commission, said that ‘rampant Ponzimonium’ was being uncovered by the authorities all over the place. And as previously reported here, it is believed that at least TEN large European Ponzi schemes are ‘waiting to unravel’ ‘as we speak’. Some are believed to be larger than the Madoff frauds.

MADOFF ACCOUNTANT FRIEHLING ARRESTED: SECURITIES FRAUD
On 18th March 2009, David G. Friehling. Madoff’s accountant, who operated from a small storefront office in the New York City suburb of New City in Rockland County, was arrested and charged with securities fraud and with aiding and abetting the investment adviser fraud perpetrated by Bernard L. Madoff. A related civil case was filed against him and his firm, Friehling and Horowitz, by the Securities and Exchange Commission.

Friehling was accused by United States Attorneys Lisa A Baroni and Marc Litt, in a filing before United States Magistrate Judge Theodore M. Katz, Southern District of New York, of deceiving investors by creating false and fraudulent certified financial statements for Bernard L. Madoff Investment Securities LLC and its predecessor corporation, and causing those certified financial statements to be filed with the US Securities and Exchange Commission (Securities Fraud: Count One). Count Two accused Friehling of Investment Adviser Fraud; Counts Three to Six dealt with False Filings with the Securities and Exchange Commission.

Special FBI Agent Keith D. Kelly stated in his sealed complaint, of which the Editor obtained a copy from the United States Court for the Southern District of New York on 20th March 2009, that David G. Friehling’s audit workpapers did not include documentation showing that Friehling had:

• (a) Conducted independent verification of his client’s assets;
• (b) Reviewed material sources old Madoff revenue, including commissions;
• (c) Examined a bank account through which billions of dollars of Madoff’s clients’ funds flowed;
• (d) Verified liabilities related to Madoff client accounts; or:
• (e) Verified the purchase and custody of securities by Bernard L. Madoff Investment Securities LLC and its predecessor, Bernard L. Madoff Investment Securities.

The FBI Agent stated that Friehling did not request back-up documents or make enquiries required for any auditing procedure that is compliant with accepted standards, and failed to take any steps, between 1994 and 2008, to test internal controls over key areas such as redemptions by Madoff’s enterprises of clients’ funds, the payment of invoices for corporate expenses, or the purchase of securities by Madoff for its clients. (It has been separately confirmed that Madoff did not purchase a single security for at least 13 years).

The American Institute of Certified Public Accountants (AICPA) requires that accountants who are members and who perform audits must undergo a peer review process, which includes a review of audit work papers. The FBI Special Agent elaborated that ‘each year, from at least 1994 through and including 2008, while he was certifying to the SEC that he was performing annual audits of Bernard L. Madoff Investment Securities in conformity with [the required standards], David G. Friehling, the Defendant, represented to the AICPA that he did not perform any audits, thereby avoiding the peer review process’.

This contradiction, extremely damaging for Friehling, highlights the PRACTICAL CONSEQUENCES of Fraudulent Finance upon discovery of the frauds in question. What is happening generally is that similar contradictions are being exposed every day, clashing with the Rule of Law in an endless series of ‘train wrecks’, which will continue for years.

Agent Kelly added:
‘In each… Report accompanying Bernard L. Madoff Investment Securities’ financial statements, Friehling… falsely stated that “we conducted our audit in accordance with auditing standards generally accepted in the United States of America”, when in fact he had not. Friehling also falsely stated that the audit “include[d] examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements”, when in fact, no such examination ever took place.

The acting Director of the SEC’s New York office informed The New York Times (20th March 2009) that Friehling ”essentially sold his license to Madoff for more than 17 years while Madoff’s Ponzi scheme went undetected”.

Further, under US law (Title 17, Code of the Federal Regulations, Section 240.17a-5(f) (3), the accountant must be independent in accordance with the provisions of Title 17, Code of Federal Regulations, Section 210.2-01 (b) & (c). Under that provision, an accountant’s independence is impaired when an accountant, or an accountant’s immediate family member, has ‘brokerage or similar accounts maintained with a broker-dealer that is an audit client if… the value of assets in the accounts exceeds the amount that is subject to a Securities Investment Protection Corporation [SIPC] advance, for those accounts, under Section 9 of SIPA (16 U.S.C. paragraph 78fff-3)…. Under Title 15, United States Code, Section 78fff-3(a), advances from SIPC are limited to a maximum of $500,000 to each customer’.

At the end of each year, between at least as far back as 1995 and 2007, an account owned by Friehling or his wife held equity balances in excess of $500,000. If convicted on all six Counts, David Friehling faces 105 years in prison. In Part 1 of our list of Madoff ‘victims’, posted on 6th February 2009 [Archive], the following Friehling accounts are displayed:

DAVID FREIHLING FRIEHLING AND HOROWITZ FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FRIEHLING & HOROWITZ CPA PC FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FRIEHLING & HOROWITZ CPAS FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FRIEHLING & HOROWITZ CPAS FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FRIEHLING AND HOROWITZ FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW YORK, NY 10956
DAVID FRIEHLING FOUR HIGH TOR R0AD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05403
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956H5703
DAVID FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOUR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956 05703
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956
DAVID G FRIEHLING CPA FOUR HIGH TOR ROAD NEW CITY, NY 10956

DOUBLE STANDARD FOR MUNICIPAL ISSUERS
The Securities and Exchange Commission under Mary Schapiro, its new chief, is now of course trying to rectify its own battered reputation for laxity. Given its reportedly laid-back attitude for years while these abuses were both routine and accumulating, it cannot now afford to allow a single exposed instance of breach of the Securities Acts and regulations to be overlooked.

• Yet at the same time, municipal issuers are reported to be among the worst offenders in terms of lax filing behaviour in conformity with their statutory obligations.

According to research published in The New York Times on 22nd March 2009, even though US hospitals, cities and states that borrow money are required by their bond covenants to make the required filings, nondisclosure among the community of nearly 65,000 US municipal issuers is commonplace. DPC Data, based at Fort Lee, New Jersey, which collects information on municipal securities transactions, says that 50% of such issuers are more than a year late with their filings with the SEC, while 25% are said to be chronically delinquent, by three years or more.

Apparently legislation on the Statute Book dating from the 1970s restricts the SEC’s powers to investigate municipal issuers that fail to make the required disclosures. The SEC can spring into action only if fraud is suspected. This means that when fraud does take place in this $2.7 trillion marketplace, but is not suspected, the perpetrators ‘walk away’. The small print enables the SEC to take action against brokerage firms that underwrite municipal bonds if the brokers ‘allow’ an issuer to sell debt securities without being up to date with filings for the most recent five years. However such interventions are described as ‘unusual’, code for: it never happens.

Industry insiders therefore confirm that noncompliance with filing requirements in this sector attracts zero penalty. Peter J. Schmitt, Chief Executive of DPC Data, said that failure to enforce disclosure rules in the municipal securities market ‘has created a no-penalty environment that leaves investors defenceless against questionable practices by dealers’.

One proposal now before Congress is that the Municipal Securities Rule-Making Board, a self-regulating agency established by Congress in 1975 to devise rules by brokerage firms and banks that sell and trade in municipal bonds, should be merged with the SEC, which already ‘oversees’ its operations: to no apparent effect.

All in all, this represents another vast US marketplace in which parties appear to have been playing fast and loose with the rules, so that investors may have been paying over the odds for distressed bonds without being aware that the debt issuers were under stress, let alone that fraud was going undetected: another instance of double standards: one standard for the likes of David G. Friehling, and another for a hospital board in Cincinnati, Ohio.

SLOW AND PAINFUL PROGRESS IN ‘TAKING DOWN’ THE OCTOPUS
As the SEC Stanford Complaint [Archive: 12th March] makes clear, the Stanford leg of the Octopus was destabilized as a direct consequence of the Madoff implosion, which followed the ‘lockdown’ on 10th-12th September 2009 of the $14.0 trillion of real funds, including the $6.2 trillion of LOAN money belonging mainly to the British Head of State and made available to finance the Group of Seven-Approved on-the-books Dollar System Refunding operation described in previous reports.

Madoff was battling with a reported $7.0 billion of redemption requests from October 2008 onwards, after ‘spare’ liquidity had completely dried up, except for drug money flows, completely, following the ‘lockdown’. Likewise, the SEC’s Stanford Complaint document revealed that ‘in recent weeks… an increasing amount of liquidation activity’ had been monitored, plus ‘attempts to wire money out of its investment portfolio’. The Commission had received information ‘indicating that in just the last two weeks, SIB has sought to remove over $178 million from its accounts’.

Accordingly, the sequence of events is clear: ‘lockdown’ of the real-money $14.0 trillion, triggered on our advice as a consequence of the rampant ongoing abuses of these funds perpetrated by the US authorities and the corrupt US money center banks participating in the US Treasury’s Custodial Account network; the consequent drying up of interbank market liquidity, drug money flows being insufficient to keep the vast carousel going; exposure and implosion of the Madoff Ponzi networks; leading directly to the exposure and implosion of the Stanford Fraudulent Finance operations.

Although it is true that Ponzi Scheme collapses such as these are considered by the biggest and most ruthless ‘players’ to represent mere collateral damage while ‘life moves on’, the reality is that these developments represent material gains in the process of ‘taking down’ the Octopus, which has so many tentacles that it may well take more than a generation for the beast to be slaughtered. But just remember the state of affairs two years ago: back then, the US criminalist classes thought there would and could never be any effective opposition. Recent events and have compelled some of the less arrogant of these creatures to accept that they were wrong.

Which makes it all the more extraordinary that, notwithstanding such developments, the stealing and diversion of funds has continued on an even larger scale, according to reports received during the first quarter of 2009, under Obama than under the discredited predecessor régime – even though some observers think that Mr Obama is not in charge of events.

STANFORD OPERATIONS AND THE OCTOPUS
Whether Obama is or not, a photograph of Mr Obama and Stanford published by Wayne Madsen’s service on 19th February, and public domain intelligence to the effect that Stanford’s island base of Antigua has featured prominently as a center of operations for the Israeli-Russian mafiya, make it clear (a) that President Obama knew about Stanford before he came to office and (b) that Stanford’s activities, in which many governments have taken an interest for years, were unsavoury. Stanford, who has been exposed as a long-time associate of the Bush Crime Family, has his Houston offices, Madsen reported, ‘directly across Westheimer Road in the part of the Galleria complex where the Carlyle Group offices are located. Coincidence? Not with the Bush criminal cartel’.

• On 18th March it was reported that Madsen was arrested while he was meeting a source with knowledge of Stanford’s connections, but both were later released.

According to ABC TV, in 2008 Mexican authorities seized one of Stanford’s private jets as part of an investigation into the Gulf Cartel by both the Mexican authorities and the FBI. Inside the cabin of the Gulfstream jet, police found cheques connected to drug cartel recipients. On 1st January 2009, the one-man-band accountant based in Antigua who had provided Stanford with ‘auditing’ and related services, died mysteriously just one day after the expiry of his contract with Stanford.

STANFORD ‘TOOK OVER’ FROM NORIEGA AGAINST WHOM LEHDER TESTIFIED
As previously reported, R. Allen Stanford ‘took over’ from Noriega, after Bush Sr. had double-crossed the Panamanian operative; and indeed, drug-running connections to Stanford are widely accessible in the public domain. Which brings in the covert DVD operative, Carlos Lehder Rivas, born in the United States of a Colombian mother and a German father.

Carlos Lehder began his life of crime as a low-level drug dealer in Michigan, and after doing time in jail for a drug-related car theft, Lehder ‘decided’ to seek his fortune in Colombia, according to the open ‘legend’. In reality, he was targeted and then recruited by or on behalf of the German ‘Black’ counterintelligence agency which is the heir of the Nazi Abwehr, Deutsche Verteidigungs Dienst (DVD), based in Dachau, near Munich, almost certainly with the knowledge or on the instructions of George H. W. Bush Sr., the top Godfather implementing long-range DVD criminalism strategy in the Americas. As we have repeatedly mentioned, the headquarters building of the Central Intelligence Agency is named the George Bush Center for Intelligence, a simple fact which itself confirms the pinpoint accuracy of Congressman Dan Burton’s revealing admission above.

Lehder was so well-placed that when housed in a two-cell unit at the US Penitentiary in Marion, IL, he was given a telephone, which he used to contact aides to the then-Vice President George H. W. Bush, who had been in charge of the CIA during the early years of the Medellín Cartel. The Editor’s book The New Underworld Order develops intelligence to reveal that the Colombian drug cartels were in fact established with the close assistance of the CIA and that foreign operations inside the CIA (which turned out to be German and Soviet) were instrumental in their evolution.

EFFICIENT TEUTONIC ORGANISER OF THE MEDELLIN CARTEL FOR BUSH/CIA
According to a report in the Pittsburgh Post-Gazette published in May 1996, Carlos Lehder Rivas used an efficient, high-tech approach to cocaine smuggling that facilitated the bulk shipment of the drug in mass volume. Using a remote landing strip, Norman Cay, in The Bahamas, which Lehder had secured by bribing Bahamian officials and scaring off inhabitants.

Lehder arranged for jets loaded with bulk cocaine to land at Norman Cay, where the drug would be loaded onto similar aircraft and dispatched into northern Florida, Georgia and the Carolinas. These unexpected destinations made evasion easier because the authorities were only then watching the United States’ southern borders.

Following this ‘success’, Lehder talked other drug lords into forming a cooperative based in the northwestern industrial city of Medellín. At the peak of the Medellín Cartel’s power, a jet loaded with up to 300kg of cocaine would fly into the small Bahamian airstrip every hour of every day, 24/7. The similarity with the operation using the Mena, AK, airport facility has not been lost on observers.

CATALOGUE OF VIOLENCE UNLEASHED BY LEHDER
Gross, unfettered, demonic violence, typical of the German Nazi mentality, accompanied all of the Medellín Cartel’s operations.

A US Federal detention order for Lehder drawn up in 1987 stated that Lehder and other Medellín Cartel operatives were responsible for assassinating the Colombian Justice Minister in 1984; for the 1985 armed attack on Colombia’s Supreme Court building that killed eleven justices and 84 other people; for assassinating two Colombian newspaper editors and 26 other journalists; for shooting the Colombian Ambassador to Hungary in 1987; and for a long list of murders of police officers, informants and government officials. Lehder also threatened to kill one Colombian Federal Judge a week if he was caught, prompting US officials to place narcotics agents, their families and other officials on worldwide alert after Lehder was finally arrested.

Yet when, following three years of US pressure on Colombia to adhere to an extradition treaty and turn Carlos Lehder Rivas over, he was finally extradited, Lehder was given kid-gloves treatment from the outset. For ‘public consumption’, the reason for this approach was that the Government wanted Sr. Lehder to testify against General Noriega, who had interfered with the George Bush Sr.-related drug operations in the region (i.e. Bush had double-crossed Noriega, as he always does, not the other way round).

In reality, Lehder’s evidence, as previously reported, was useless: and Mr Robert Merkle, the US Attorney at Tampa, Florida, at the time, who had prepared a Noriega indictment, believed that he had more than enough evidence against Noriega for any input from Lehder to be superfluous.

In the event, Carlos Lehder testified that he had had no direct contact with Noriega, although he acknowledged that the Medellín Cartel had paid millions of dollars to the Panamanian President. For much of his testimony against Noriega, Carlos Lehder Rivas in fact indulged in rambling tirades about US imperialism. This is routine among not only the ‘former’ Soviet apparatus, but among Nazi operatives, to this day. Anyone who doubts this fact should study the hatred tirades by Argentine Nazis against the United Kingdom, as part of the ongoing DVD-manipulated campaign by Argentina (which has failed) to acquire sovereignty over the Falkland Islands.

• In 1982, the Argentine junta was given the ‘green light’ by the secret German ‘Black’ penetration agent, George H. W. Bush Sr., then Vice President of the United States and in charge, therefore, of the National Security Council, to invade the Falklands.

LEHDER EXFILTRATED TO GERMANY UNDER CORRUPT 2000 ELECTION PAYOFF DEAL
When the time came for the 2000 US Presidential election to be stolen, ready money was needed to pay off the Democratic National Committee (which received a $32 million payoff) plus the judicial, law enforcement and legal parties whose cooperation suddenly became necessary and who were to be paid $8 million: whereupon Lehder was tapped in jail for the necessary $40 million in bribes.

The deal was that the top representative of the Bush Crime Family who required the ready cash (because of course the Bush Crime Family could not be expected to part with a single rotten cent of their own ill-gotten gains) would arrange for Lehder’s immediate exfiltration to GERMANY in exchange for Carlos Lehder Rivas extracting $40 million from a bank account on demand.

STANFORD LINKS TO FUND RUN BY BIDEN FAMILY MEMBERS
Recalling again that the Stanford tentacle of the Bush-Clinton-CIA money laundering and financial distribution network ‘took over from’ Noriega’s drug-trafficking operations, the revealing article entitled ‘Stanford has links to a fund run by the Bidens’ published in The Wall Street Journal on Tuesday, 24th February 2009, was clearly of more than incidental interest. The report stated:

‘A fund of hedge funds run by two members of Vice President Joe Biden’s family was marketed exclusively by companies controlled by financier R. Allen Stanford, who is facing Securities and Exchange Commission accusations of engaging in an $8.0 billion fraud’.

‘The $50 million fund was jointly branded between the Bidens’ Global Advisors and a Stanford Financial Group entity and was referred to as the Paradigm Stanford Capital Management Core Alternative Fund’. ‘Paradigm’ is a high-level Masonic key-word. Stanford-related firms marketed the fund to investors. Paradigm Global Investors is owned through a holding corporation by the Vice President’s son Hunter, and Joe Biden’s brother James, the newspaper stated.

Paradigm’s Attorney, Mr X. LoPresti, told The Wall Street Journal that ‘the fund has offered to turn over the $2.7 million investment it received from Mr Stanford’s firm in 2007 to a Court-appointed receiver in the SEC’s civil fraud case involving Mr Stanford’.

Crucially, Mr LoPresti told the newspaper that the Stanford entities put up the $2.7 million in seed money and marketed the (Paradigm) fund to investors. SEC records show that the fund, which was launched in June 2007, had 104 investors as of November 10, 2008, with assets of $49.8 million. Paradigm, based in New York, manages assets worth about $270 million.

Paradigm is/was mentioned on the website of a Stanford entity called Stanford Trust Company, as one of that firm’s ‘investment management strategies’.

Attorney LoPresti confirmed that under an agreement, the Stanford group was entitled to share in a proportion of the fund’s management and performance fees.

When the Bidens bought Paradigm in 2006, the purchase was accompanied by bitter litigation. A knowledgeable source separately references the sale of the MBNA Credit Card operation to the CIA’s very own Bank of America, the proceeds of which deal provided lubrication.

It will have been observed that if Stanford, a Fraudulent Finance operation, was marketing the Biden-owned Paradigm fund to investors, the owners and managers of the Paradigm entity, viz. members of Vice President Joe Biden’s family, may have been co-conspirators in the marketing of fraudulent securities to Americans in various US States. Wire Fraud. 20 years.

OTHER BIDEN BACKGROUND SCANDALS
Separately, Joe Biden had to agree finally to pay for the hire of a jet plane, after ignoring repeated requests for payment from the owners of the aircraft. This particular Biden scandal was exposed by an accountant (CPA), whom Biden still reportedly owes $15,000. A distinguished lady known to the Editor for many years now, worked on Mr Joe Biden’s Presidential campaign financial disclosure engagement. The source tells us:

‘I busted it for him and got everything right. He stiffed me for over $15,000 worth of work. He refused to pay once he dropped out of the race. I undertook similar Capitol Hill campaign financial disclosure work for Bob Dole, Pat Buchanan and a Democratic Candidate for Ambassador to New Zealand. All those folks paid me even though they either lost the election or else did not get the appointment. That type of work is very demanding and very tedious because your efforts are scrutinized by Congress. Biden did not care’.

BIDEN ATTEMPT TO SET US UP/USE THIS SERVICE
As previously reported, the Editor exercised his discretionary right NOT to publish certain details that were proffered to us over the weekend of 7th-8th March 2009 – at the instigation, it transpired, of Vice President Joe Biden and certain gentlemen of Italian extraction.

Specifically, Michael C. Cottrell, B.A., M.S., received an insistent request for him to ‘ask’ the Editor to publish certain information which would have had the effect of shifting the blame for ongoing financial misappropriations and thefts squarely onto the previous (Bush) Administration, thereby redirecting the focus of attention away from the ongoing sabotage of overdue settlement payments perpetrated under the Obama-Biden Administration itself.

The only element of the information, which had been made available to the Editor IN WRITING, that was used, was the request from US sources for us to amend our earlier reference to ‘about $50 billion of funds belonging to The Queen’ having been stolen in the context of the withdrawal on 29th January 2009 of the $14 trillion in cash including the $6.2 trillion of LOAN funds, to read ‘$52 billion of ‘guarantees’ signed by the Queen (no funds stolen)’.

A guarantee with The Queen’s signature could arguably be said to be by far the most valuable prospective collateral in the world: so the stealing of these guarantees worth $52 billion face value seems to us to be even more serious than the stealing of $52 billion of monies belonging to the British Sovereign. We were subsequently informed that the ’52 billion of guarantees’ signed by the Queen had by some miraculous process been ‘restored’.

In other words, if I break into your house and steal all your family’s silver with a view to pledging it as collateral at a bank for a loan, but I get caught in flagrante and so send the stolen silver back, I have made restitution and remain a free man. We don’t think so. A theft took place, more than fully justifying The Queen’s belated decision to withdraw the LOAN funds, which had been languishing ever since they were made available via the Bank of England to the Bank of New York Mellon on 19th-20th June 2007 for the purpose of financing the Group of Seven-approved transparent, on-the-books, fully taxable Dollar System Refunding Programme, which would reliquefy the money center banks ON THE BOOKS not only AT NO COST TO THE U.S. TREASURY, but also to the huge advantage of the Treasury, which would receive an open-ended cascade of tax payments.

Interestingly, by way of ‘blowback’ from this development, it was reported to the Editor at 5:00pm on Sunday 22nd March that President Obama had told associates words to the effect that ‘I don’t care whether it’s the fault of my Administration or the previous Administration [that the numerous overdue settlement payments have been held up]. It’s got to be done’.

This outburst was either staged (very possible) or else reflects a blazing row that appears to have taken place between President Barack Obama and Vice President, Joe Biden, who has completely discredited himself by actually authorising an operation to try to persuade us to publish certain information that would have assisted him inter alia at his then imminent appearance on behalf of the US Government at the World Court. Although this institution is anathema to Washington, the US Government cannot avoid dealing with it, as other countries use the Court to press their claims against a pariah country called the United States.

And indeed, during the same period, Vice President Biden was reported to have appeared at the World Court, where he was refused a hearing. Had the information that we were pressed to publish actually appeared on our website, we are told that the outcome might have been different.

The attempted Biden set-up involved us publishing a series of detailed known facts concerning the misappropriation (on 18th January 2009, immediately ahead of the Inauguration) of the CMKX $12.8 billion, which would have explicitly implicated George W. Bush Jr., George H. W. Bush Sr., Dr Alan Greenspan, and the Carlyle Group in the theft of the CMKX funds. Since certain elements of the proffered information could not be verified and the pressure to publish this was not only traced to the Office of the Vice President but we were expressly informed that Mr Joseph Biden wanted the information published, we declined to agree to this quite extraordinary request – a refusal which caused consternation and much anger all round.

Further, the Editor decided that the exceptional pressure that had been exerted upon Mr Cottrell, asking him essentially to ‘order’ the Editor to publish this material, constituted not only the exertion of unfair pressure on Mr Cottrell himself, but a gross infringement of the Editor’s right to decide precisely what and when he will publish: a view with which Mr Michael Cottrell, who had been most uncomfortable with the request, immediately agreed. In fact both parties simultaneously concurred that since neither was satisfied with the information, let alone the motives behind the request, the material could not be published without further clarification (which was not forthcoming).

At all events, it is understood that this refusal by the Editor caused much annoyance all over the place: and the reason soon became clear. Mr Biden’s reported foray to the World Court flopped, because whatever he was asking for (believed to entail blaming the previous Administration for the Obama Administration’s failure to date, to perform) simply wasn’t believed. Had we published what was proffered to us, the outcome might have been different.

• In a separate instance of the US propensity to try to entrap the Editor of this service, information has recently appeared elsewhere concerning the Clinton theft of $500 million from Bank Crozier in Grenada, in the 1990s – a theft that we have referred to in International Currency Review, based upon our own long-term investigative research. It was being falsely alleged that this theft ‘must have’ occurred some time in 2003, which is not true. The purpose of this falsified information and provocation, devised by ‘Die Spinne’, was to inveigle the Editor into ‘correcting’ this false report, which the Spider hoped might have certain ‘repercussions’, given the operative currently serving as American Secretary of State.

However if we were to try to correct the lies, deliberately cynical diversionary distortions and other ‘reinterpretations’ of what we know to be true, that litter US websites, we would be fully engaged in that futile process and we would get no publishing work done at all.

CHINESE REPORTED TO HAVE OBTAINED LIEN ON FEDERAL RESERVE
By contrast, the Chinese Government, as noted above, went to the World Court in early March and obtained a lien on the Federal Reserve, we were informed. This was reportedly forthcoming after the Chinese parties had concluded that the Obama Administration had no more intention than its corrupt predecessor to meet its old financial obligations towards the Chinese, which relate to US undertakings made in the late 1930s for a 70-year period which has expired.

In this connection, the US authorities had originally assumed that the cap placed on the price of gold would limit their liabilities to the Chinese parties for all time: but because the Bretton Woods monetary system collapsed in the early 1970s, and even more to the point because the United States has been hijacked by ruthless organised criminal gangs whose only interest has been self-enrichment, funding the ‘State within the State’ and thus the World Revolution for three decades now, the price of gold has long since broken loose, while in terms of gold the dollar’s value has of course accordingly declined – so that it will, we are now told, take several generations for the US authorities to recompense the Chinese without resorting to war.

This horrendous strand of the crisis is overlain by the multiple other evil strands about which the ‘mainstream media’ have remained culpably silent.

For instance, the stealing of Her Majesty’s gold on 29th-30th March 2007, which we alone reported and for which we were excoriated by people in the United States who had no idea what they were talking about, appears to have been linked to an arrogant attempt by Bush-related operatives to provide the wherewithal for the Chinese Settlement. It may be the case (although no-one has told us this) that the publicity we were able to give to this matter, put paid to that criminal operation – which ended when the gold was restored, we believe, by around the same time (June 2007) that The Queen’s LOAN funds were made available for the Dollar System Refunding Programme.

Had the corrupt Paulson Treasury not immediately moved to exploit the Queen’s LOAN funds, along with the other sovereign cash funds making up the $14.0 trillion referenced in our reports, but had rather allowed the planned private sector refunding activity to proceed, the United States would have acquired sufficient accruals by now not only to have been able to meet its obligations to the Chinese, at least in part, but to implement sound financial policies across the board.

• However since Paulson is a professional criminal financier, his priorities lay elsewhere.

As a consequence, the collapse of the derivatives Fraudulent Finance Ponzi networks triggered inter alia by our exposures has occurred in sync with the colossal crisis surrounding the Chinese payments: a concatenation of events which could not possibly be worse, and which appears tailor-made to lead to World War. Given what President Obama is reported to have proclaimed (above), it is appropriate, absent contradictory information, to give the President the credit for understanding the extreme gravity of the world’s crisis, even though President Barack Obama has presided over very serious criminal events which may or may not have been perpetrated with his knowledge: our inclination is still to give the President the benefit of the doubt: when dealing with such secret but earth-shattering matters, it is impossible for outside observers, whether ‘connected’ or not, to know more than a fraction of the truth.

The following information is therefore reported as received:

• 12th March 2009: Armed with the lien from the World Court, the Chinese Foreign Minister, Yang Jiechi, appeared in the Oval Office amid the cover story about tensions between American and Chinese ships in the South China Sea.

• 17th-18th March: Chinese reported to us to have received the first instalment payable by the United States as referenced above.

• 19th March: Unconfirmed rumour that, on the contrary, the Chinese Government had exercised its lien against the Federal Reserve. On our checking this out, the rumour was dismissed out of hand by knowledgeable sources.

• 20th March: Unconfirmed rumours of arrests in Washington, DC. The Editor is advised by several sources that $3 trillion ‘arrived’ at the Treasury. This is later amended to $4.0 trillion.

• 21st March: It is reported to the Editor that five officers at the Federal Reserve were arrested (see above) after having attempted to divert or steal $200 billion. Other sources said that two officials were arrested: but on 22nd March, separate sources confirm that the number of officials arrested was five.

• 22nd March: At around 5:00pm New York time, it is reported to us that the Chinese parties were paid $13 trillion by the US Government between Wednesday 18th and Friday 20th March 2009. The source provides confirmation of President Obama’s remarks, summarised above; and it is further reported that at least one Obama official was arrested on 20th March, indicating that suspicions of treachery within the Obama Administration are justified.

• 22nd March: About 20 minutes later, the following completely conflicting ‘information’ is made available to us:

• First, the Obama Treasury offered to pay the Chinese parties in Treasuries, an offer which the Chinese turned down flat.

• Secondly, President Obama or his officials then told the Chinese: in that case, we’ll pay you in cash (as suggested by the earlier report above).

• Thirdly, the Chinese said: ‘No way. Pay us in gold’.

• In the fourth place, the President or his officials responded:
‘There is no way we are going to pay you in gold’.

• Fifth: The Chinese responded: ‘We will only take gold’
(Unspoken: You fools are preparing your own hyperinflation and at the same time you are trying to sell trash Treasuries which no-one in the world wants to buy. Your currency is going to hell due to your own stupidity and to your successive attempts to avoid facing reality: and you want to pay us in Treasuries or cash? We have no confidence in either. We must be paid in gold).

• Sixth: President Obama or his officials responded: ‘No way. Take us to court. You’ll lose’. Which is probably true, since, if any of the foregoing sequence is accurate, the US Government had already offered to pay the Chinese in US Treasury instruments or cash.

The outcome of all this could have been that the Chinese finally accepted cash, as was implied by the original report. It should also be borne in mind either that the scenery has since changed, or that some of the so-called information is false, or that all of the information is false, or all of the above. However the foregoing provides a snapshot showing what may have been going on behind the scenes, beyond what the Editor knows because of the direct attempt to influence us to publish certain information, as detailed here and previously.

Certainly, if that information had been published, the consequences would have been severe. It may transpire that it needs to be published, given that Vice President Biden did not achieve his objectives on that occasion. The information implicating the Bush Crime Family in the CMKX theft is extremely damaging and may need to be publicised outside the Biden context.

KISSINGER AND BAKER RETURN FROM MOSCOW ‘WITH GORBACHEV’
On 19th March, Bloomberg reported that President Obama had despatched Dr Henry (‘call me Henny’) Kissinger, the odious triple or quadruple+ DVD agent with the guttural German accent, and the Bush Crime Family’s #1 fixer, James A. Baker II, to Moscow to ‘talk to the Russians’. Following their meeting with President Medvedev and GRU-‘Prime Minister’ Vladimir Vladimirovich Putin in Moscow, Kissinger and Baker returned to Washington DC; and our sources believe that they were accompanied by Mikhail Gorbachev, the former Chief of the CPSU’s Administrative Department under Yuri Andropov (Lieberman), whose real name is Korbach or Orbach.

• FACTS: The Administrative Department was the most powerful slot in the entire Soviet CPSU structure. Gorbachev occupied that slot as early as the beginning of the 1980s. This consummate Leninist deceiver has never changed his spots. He occupies a large suite of offices inside the Kremlin. The sudden arrival of the top Soviet in the Oval Office (see immediately below) after being brought to Washington by Kissinger and Baker, must be viewed as an ominous development.

SECRET MEETING BETWEEN OBAMA, BIDEN AND GORBACHEV
On Friday 20th March, a secret meeting took place in the White House between Mikhail Gorbachev, Presidnet Obama and Vice President Biden.

BRITISH-AMERICAN RELATIONS AT AN ALL-TIME LOW
It has been reported that US-British relations are at their lowest level ever, a state of affairs that is supported by the insulting treatment meted out to this Editor in having a printed circuit or ‘chip’ stuck onto his right leg by an NSA or other US operative while he was sleeping in a hotel during his visit to the United States as described above.

On 11th March, it was reported that Sir Gus O’Donnell, the Head of the British Civil Service (an aimiable man whom the Editor has met) had protested that he had been finding it ‘unbelievably difficult’ to get hold of any Obama Administration personnel. Very senior British officials were complaining that they cannot get beyond the Administration’s mindless answering machines, and that attempts to coordinate the so-called G-20 ‘pre-summit’ summit meeting, held ludicrously in humble Lower Beeding, Horsham, in West Sussex, proved particularly aggravating in this respect.

• An anonymous German delegate to that meeting complained in Paris Match magazine that the event was “a madhouse”, adding “You don’t choose some place in the middle of nowhere for a summit of such importance’ – the point being of course that the importance of both the pre-summit summit and of the G-20 summit itself has been downgraded by the British: the actual conference in early April is not being convened in the Queen Elizabeth Conference Centre opposite Westminster Abbey and the Houses of Parliament, where it should be held, but miles away in Docklands – a clear signal that the whole idea of elevating the G-20 onto a pedestal to smother the G-7 in order to bury the G-7-Approved private sector Dollar Refinancing Programme is felt in London to be a ‘mistake’.

The top British civil servant said in public that when he tries to make contact with key members of the Obama Treasury Department, ‘there is nobody there’.

The phones ring and nobody answers. ‘You cannot believe how difficult it is’, Sir Gus O’Donnell told participants at a recent civil service conference. The reports of this fracas that we have seen did not provide any explanation for this perverse US official behaviour – which was, and is, that the British authorities do not go along with all this Obama-Geithner madness and are incensed at the repeated insults and thefts committed against the British Sovereign by the White House, reported in these presentations. Of course this is never mentioned as the underlying cause of the tension.

Although we do not credit the British Treasury with having pursued sensible policies under the Labour Government, at least there is no whiff (that we can detect anyway) of corruption there – in sharp contrast to the position in the United States, where the Treasury’s reputation sank into the sewer under the corrupt Henry M. Paulson, and is liable, under Geithner, to sink below it.

The real source of the UK-US tension, namely the cowboy finance operations of the US authorities, was ‘disguised’ for public consumption by the ‘substitute’ cover stories about Obama removing the bust of Sir Winston Churchill from the Oval Office, and the farcical gift of 25 DUD DVDs by Obama to Gordon Brown – an intellectual who reads voraciously and certainly, like this Editor, has no time at all for videos. In addition, some bumped-up American apparatchik told British officials that Britain isn’t ‘special’ to the United States, which is quite true. The Brits feel the same way, in reverse, after having had to live with the strench of the corruption machine wafting from Washington and Wall Street and the feckless refusal of US law enforcement (hitherto) to enforce the Rule of Law.

• FACT: To make matters worse, and to illustrate the crudeness of these people, the DVDs are no use in Britain, where different technical standards apply, so presumably they’ve been thrown away.

In any case, given recent experiences and the multitude of US abominations recorded in these reports, it is our own view that the so-called ‘special’ relationship was destroyed by the Bush II Administration; and that even though Britain itself has a criminal government, too, the United Kingdom should distance itself from a cnation run by a terrorist ‘State within the State’ which no-one in the United States has the guts, apparently, to try to bring under control.

If Congress were doing its job properly, it would demand to know why the CIA (proxy for the huge number of US intelligence agencies of which the CIA is the best known) is in the drug business.

Put another way, it would be asking WHY the United States’ national security interests ‘include the CONTROL of international crime, terrorism and drug trafficking’. President Obama should be asking these questions, too – instead of which he is complacently permitting the ‘State within the State’ to remain unreformed, running the Government, and dictating the President’s priorities.

More to the point, it is the self-financing requirements of the ‘State within the State’ that are the root cause of the Obama Administration’s short-sighted and probably fatal rejection of the ONLY solution to the entire crisis: private sector on-the-books trading that is fully transparent and taxed, generating massive ongoing windfall tax REVENUES to the Treasury, and zero cost to the taxpayer. Because the corrupt ‘State within the State’ fears that it would lose its usurped power to control the Executive Branch if it were to cease to be self-financing via its proprietary Fraudulent Finance Ponzi operations, its drug-trafficking and all the other corrupt practices in which it indulges, it has seen to it that the new Administration has chosen the route to financial and economic perdition.

• In other words, the ‘State within the State’ has placed its own corrupt interests ahead of those of the American people, as usual.

BELATED WHITE HOUSE SECOND THOUGHTS, GIVEN THE IMMINENT MEETING WITH QUEEN
The damage to US-British relations has been done, and attitudes in Britain are hardening not only against the disliked European Union Collective (the remodelled Soviet Union in the making, and a monstrosity so corrupt that even its own Court of Auditors has refused to sign off on the European Commission’s accounts for the 14th year in a row), but likewise against the United States, which is perceived to have triggered this crisis.

• The fact that the City of London is among the most corrupt sinks of speculative iniquity on earth is not yet properly understood, although recent controversies over obscene self-enrichment and bonus arrangements are causing scales to fall from many eyes.

On 15th March 2009, The Sunday Telegraph carried a prominent article entitled ‘Obama’s bungling aides ‘are told to get a grip’’, implying that somewhere deep inside the recesses of the collective mentality within Washington DC power circles, a soupcon of anxiety about kicking Americas’s most (misguidedly) loyal ally in the teeth, was proving somewhat counterproductive.

Specifically, the article said that ‘Barack Obama’s aides have privately admitted that presidential errors during his first 50 days in power have contributed to a sharp fall in Obama’s popularity with voters and pundits alike. His staff are being warned to get a firmer grip now that he has passed the 50-day mark, and prevent a repeat of the mistakes that marred the past seven weeks’.

Natürlich, the newspaper made NO MENTION of the catastrophic error that matters – the only one that matters – namely the fact that instead of ‘going financially straight’, Barack Obama has instead allowed his advisers to choose and pursue the crooked path of dud, leveraged, debt-accumulating Fraudulent Finance based on NOTHING, which will saddle the Treasury with vast accumulations of background official debt and will jeopardize the futures of several generations of Americans in the process. The only way that will be avoided is via the hyperinflation that the model presupposes.

FACE-TO-FACE EXCHANGE BETWEEN PRESIDENT OBAMA AND THE QUEEN
The British newspaper focused on the WRONG ISSUES, but this fascination with the trivial aspects of diplomacy did reveal how nervous the Obama White House appeared to be over the President’s meeting with the Queen (IF he turns up), giving rise to the following predicted exchange:

Her Majesty: Good morning, Mr President, how very nice to meet you.

President Obama: It’s a pleasure to be here, Your Majesty.

HMQ: Mr President, I was concerned to hear about a small matter of $52 billion of my guarantees that apparently went missing recently.

PO: I understand that these were restored, M’am.

HMQ: Yes, but why were the guarantees diverted or stolen in the first place? Were any of my guarantees used for purposes for which they were not intended?

PO: I don’t know M’am. I imagine not.

HMQ: Mr President, you are aware, are you not, that after my LOAN funds within a total amount of $6.2 trillion languished within your banking system within the Treasury Custodial Account network at several money center banks for 19 months, to no avail, I was compelled, on 29th January 2009, to order the withdrawal of these funds, which were made available via the Bank of England on 19th-20th June 2007 to finance the Group of Seven-Approved Dollar System Refunding Programme by means of transparent private market trading transactions?

PO: I am, M’am.

HMQ: Mr President, are you aware of the REASON that I had to order these funds to be withdrawn?

PO: Not entirely, Your Majesty. Please explain.

HMQ: Mr President, when you toured European countries last year, you signed documents in which, I understand, you pledged to release all the blocked or hijacked funds and to proceed, if I am not mistaken, with the G-7-Approved private sector Refunding Programme. I had been led to believe that, in the light of your undertakings, you would indeed honour your commitments.

PO: My advisers decided that I should adopt alternative strategies, I am afraid.

HMQ: But Mr President, a signed commitment is a signed commitment, you know! Furthermore, my own expert advisers inform me that the ‘alternative strategies’ that your officials have adopted are designed to revalidate and revalue fundamentally worthless false derivative ‘assets’ while at the same time accumulating vast new mountains of real debt with which generations of Americans will be burdened in the future – a state of affairs which could have been entirely avoided if you had implemented the Group of Seven-Approved Dollar System private sector Refunding Programme for which I provided the necessary funds on LOAN, and which you undertook to do last year.

PO: Unfortunately, M’am, I was advised that our banks would not be prepared to cooperate in the proposed G-7-Approved private sector Refunding Programme.

HMQ: But Mr President, you carry the privilege of being the most powerful human being on earth! You have the power to insist upon the implementation of what was agreed by the world’s leading financial powers in 2007 and 2008! In addition, I made available a very large sum of money pro bono publico on a LOAN basis to finance this project, which I told the Group of Seven powers in 2007 was necessary ‘for the sake of the whole of humanity’. Moreover the Group of Seven-Approved private sector Refunding Plan would have cost the US Treasury NOTHING, while showering it with windfall tax revenues for a long time to come! What on earth persuaded you to disregard this very simple and straightforward solution to your problems, which are OUR problems, too?

PO: Uh, I hear what you say, M’am. It looks as though the various patchwork schemes developed by Timothy Geithner are going nowhere anyway. I’ll reconsider the situation.

HMQ: Ah, but Mr President, as you know my LOAN funds were withdrawn on 29th January after it had become clear that your Administration was not about to honour its undertakings in this regard. I am advised that there is now a proposal that the G-7-Approved Refunding Programme should be run out of London. Very conveniently, there is a provision in British tax law whereby funds that are resident within the British jurisdiction for 24 hours, are taxable.

My Government finds it most attractive that windfall tax accruals should arise from such ongoing, transparent on-the-books trading activity. Of course, since the Refunding Programme will remain an American private sector operation, your Treasury will likewise receive immense ongoing accruals from tax. So, by running the transparent private sector Refunding Programme from London, we will be able to help you, after all. Don’t you think the daffodils in my garden are gorgeous this year?

PO (looking out of the Palace window at the magnificent display of British daffodils): Yes, Your Majesty, they are gorgeous. Don’t you think so, Michelle?

POSTSCRIPT; WHITE HOUSE SCURRIES TO MEND THE RIFT
In a quite extraordinary demarche, The Sunday Telegraph reported on 15th March that ‘a White House official last week passed details to The Sunday Telegraph of Mr Obama’s desire to avoid a repeat of such errors as the inept handling of Gordon Brown’s recent visit to Washington’, in which the White House – furious at the withdrawal of the $14.0 trillion cash, and at the exposure of the $52 billion of ‘stolen’ guarantees – went out of its way to ensure that nobody from the Executive Branch attended Congress to hear the British prime Minister praise the collective of financial scamsters to the skies, while curtailing the press conference with Mr Brown to the point of extreme rudeness.

‘The concession came as allies of President Obama have begun breaking cover to question his performance and leadership on the economic meltdown and diplomacy’.

In other words, certain people on the ‘inside’ are ALREADY wondering whether the ship that they embarked upon was already starting to sink even before it set sail.

The British newspaper continued:

‘Mr Obama has now told his staff to learn from the errors made during Mr Brown’s visit and to ensure that protocol is observed when he meets The Queen later this month’.

‘A source close to Mr Obama’s top team telephoned this newspaper last week’ (and got through, unlike what happens when Sir Gus O’Donnell calls the US Treasury) to say that top White House officials now regard it as a ‘mistake’ to have returned the bust of Sir Winston Churchill that the (British) Government lent George W. Bush… and then to have sent the Prime Minister home with a gift of 25 DVDs after his visit to Washington’.

For ‘mistake’, read ‘calculated insult’.

‘Clearly it was a mistake, and they want people to know that they know that’, the source said. No apology, of course. ‘There is a collective desire to learn from the experience. They didn’t have their eye on the ball… they all know they’ve got to do better’.

NO THEY DON’T! They are NOT aborting the TALF system, which is designed to revalidate worthless false ‘assets. They are NOT aborting Fraudulent Finance; they have NOT abandoned the Fraudulent Finance Ponzi model, despite elements of law enforcement arresting exposed Ponzi practitioners like Madoff and Stanford. President Obama has NOT ordered the ‘State within the State’ to GET OUT OF DRUG-TRAFFICKING. Does he regard drug-trafficking as acceptable?

The ‘mistakes’ that the White House was desperately trying to alleviate were the insults meted out to the British because the new Administration was piqued that it was being held to Obama’s signed undertakings, because the $14.0 trillion cash was withdrawn altogether from access, because the stealing of $52 billion of The Queen’s guarantees had been exposed, and doubtless also because the earlier (2007) theft of The Queen’s gold, probably in order to finance the United States’ colossal overdue debts to the Chinese, had been aborted (after we publicised it).

‘The source said: ‘The point was made about the protocol, people need to be absolutely sure they are on top of everything to do with meeting The Queen and make sure that everyone knows what is expected. The Queen won’t be getting any DVDs’.

By the way, if any sceptics remain out there, the Editor holds in his hand a sworn document dated 9th March 2009, containing the information referenced earlier that the Editor declined to publish, which also contained the information about the $52 billion of The Queen’s guarantees, which we DID publish. It follows of course that, this confirmation in turn confirms that the $6.2 trillion LOAN information that we have referenced repeatedly, is accurate (not that it has ever been disputed by anyone at all). This is what the sworn document dated 9th March 2009 stated verbatim:

‘I, Michael C. Cottrell, B.A., M.S., do hereby swear and affirm the following:

• That on Friday, March 6, 2009, between approximately 8:19pm EST and 8.20pm EST, I received a telephone call [requesting me to inform Mr Story that]

… a clarification was “necessary” regarding “the $50 billion of The Queen’s money allegedly stolen prior to repatriation” [in the report dated Thursday 5 March 2009 02:00]

… [This] should be changed to “$52 billion of guarantees by The Queen”’ [no cash stolen].

As will be clearly understood by anyone taking care not to sit on his or her brains, this of course basically CONFIRMS EVERYTHING. We choose not to identify the name of the official party who telephoned Mr Cottrell with this request; but this is what the document states. In black and white.

LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

• “ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

• “FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

• “Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957
• 97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

• 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 criminalist 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.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

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This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

We use a proprietary FOREIGN Internet Security program which devours every PC Trojan, worm, scam, porn attack and virus that the National Security Agency (NSA) throws at us. We are offering this program (CD) to our clients and friends, at a premium. The program comes with our very strong recommendation, but at the same time, if you buy from us, you will be helping us finance ongoing exposures of the DVD’s World Revolution and the financial corruption that has been financing it.

The familiar US proprietary Internet Security programs are by-products of US counterintelligence, and are intended NOT to solve your Internet security problems, but to spy on you and to report what you write about, to centralised US electronic facilities set up for the purpose. You can now BREAK FREE from this syndrome while at the same time helping us to MAINTAIN THE VERY HEAVY PRESSURE UPON THE CRIMINALISTS WE HAVE BEEN EXPOSING, by ordering this highest quality FOREIGN (i.e., non-US) INTERNET SECURITY SOLUTION that we have started advertising on this website. This offer has been developed in response to attacks we have suffered from the NSA nerds who appear to have a collective mental age of about five years, judging by their output.

• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. Some versions have a ‘Preview before downloading’ feature.

*VISTA: Virtual Instant Surveillance Tactical Application.

CATASTROPHIC BANKERS’ RAMP TO CONTINUE UNDER OBAMA

SMALL PROBLEM: THE MARKET AND THE WORLD AREN’T BUYING IT

Sunday 15 February 2009 04:00

UPDATE 25th February: Note from the Editor: Would the party who emailed me last year with outline details of $25,000 that Wanta accepted from him and never repaid, please email the Editor as soon as possible, with ‘further and better particulars’? We do have the original email, but it is in another location, and the Editor could usefully apply this information now: cstory@worldreports.org.

See new update for 23rd February: ‘EU ELITE FEASTS WHILE THE WORLD CRUMBLES’ below…

See new update for 20th February: ‘STANFORD TOOK OVER FROM NORIEGA’, below this update…

IF THE BLIND LEAD THE BLIND, BOTH SHALL FALL INTO THE DITCH (1)

• UPDATE 19TH FEBRUARY 2009:
AND LO! THEY ARE FALLING INTO THE DITCH ‘AS WE SPEAK’:
Specifically, on 18th February, the cost of insuring a $10 million US Treasury instrument for a five-year maturity reached $90,000. On 19th February, the cost had risen to $93,000! In a normal market, the cost should not exceed $10,000, at the most.

• SO, the more they write, the more junk the US Treasury creates, the higher the price. It’s been doing this more or less constantly since Obama took office, by the way.

This data, publicised by CNBC and derived from CME ‘pit’ sources, tells you that the market is 100% in agreement with the assessment elaborated upon below. Confidence in US Treasury instruments is collapsing, as a consequence of the fact that not all financial market participants and observers are as mentally deficient as the corrupt technicians who are taking Barack Obama and the United States’ financial economy to the cleaners.

What they thought they could get away with is a giga-TARP operation, involving circular financing which only delivers vast mountains of new garbage Treasury debt in the background: and we are talking about TRILLIONS here. We therefore CONFIRM that the disastrous course adopted by the financial sorcerers surrounding President Obama WILL lead this Adminstration, the US dollar and the US and world financial economies into a BRICK WALL, and that the deterioration of which the above-mentioned price is a potent symptom will be RAPID, taking the whole world by surprise.

When this materialises, kindly remember the following, would you? The catastrophe is specifically and EXCLUSIVELY a consequence of the determination of these Fraudulent Finance specialists to CONTINUE with their exotic, illicit financial Ponzi operations, LONG AFTER THE REST OF THE WORLD HAS SEEN RIGHT THROUGH THEIR DUPLICITY. So, fasten your seatbelts: these US idiots made their choice, hoping to cover up their complicity in the Banker’s Ramp. Now they will finally discover that by wilfully refusing to ‘go straight’ with on-the-books financing as agreed ages ago by the Group of Seven, they will reap the whirlwind. And so, unfortunately, will the Rest of Us.

THE BLIND FOOLS HAVE BROUGHT THIS PREDICTED CATASTROPHE UPON THEMSELVES

• UPDATE, 20TH FEBRUARY 2009: STANFORD TOOK OVER FROM NORIEGA:
In extensive coverage of the Stanford scandal today, The Daily Telegraph states: ‘As ‘Sir’ Allen’s financial empire unravelled, depositors across the Caribbean and South America besieged banks that he controlled in Antigua, Venezuela, Ecuador, Colombia, Peru and Panama’: which HAPPEN of course to be the primary locations of the Bush-CIA drug empire. On making further enquiries, the Editor has just been informed that quote ‘Stanford took over from Noriega’ unquote.

Stanford’s offices in Houston are in the Galleria complex where Carlyle’s offices are located.

And WHERE was Stanford ‘picked up’? Uh, in Fredericksburg, Virginia, deep inside intelligence communitysville. Who would want to GO THERE when ostensibly on the run from law enforcement?

Only a high-level drug-running Central Intelligence Agency operative in trouble who needed to be debriefed in a hurry and told what steps to take to PROTECT THE AGENCY from exposure, right?

On 1st November 2008, according to Mr Wayne Madsen’s service, the Spanish news agency EFE reported that Venezuelan military intelligence operatives raided Stanford International Bank in Caracas and investigated three Stanford Bank employees at the Venezuela branch believed to be US drug-running intelligence agents. The press is also reporting an extremely unfortunate photo of Stanford and Barack Obama ‘in happier times’.

So you see, folks (to coin a phrase), it’s not simply all about the money, it’s ALL ABOUT THE CIA MONEY: THE COLOSSAL DRUG-TRAFFICKING AND FRAUDULENT FINANCE CRIMINAL PONZI NEXUS upon which the power to control the US Government USURPED by the CIA rests.

• The CIA is IN CONTROL, OUT OF CONTROL, and needs to be BROUGHT UNDER CONTROL, which is not about to happen under Leon Panetta, who ‘ran the money’, didn’t he, under Clinton. And this, in turn, is WHY the financial sorcerers in the White House and the Treasury are risking a catastrophic collapse: because they defer NOT to the US President, but rather to the reprobate, arrogant, ruthless Intelligence Power that CONTROLS the President, and which has USURPED the Presidency given its power as the ‘State within the State’ (operating from the George Bush Center for Terrorism), acquired by financial corruption and its allegiance to the DVD’s George Bush Sr..

• All of which brings to mind our letter to the British Ministry of Defence some months ago, in which we asked: WHAT ARE WE DOING IN AFGHANISTAN? And to which, as subsequently reported, the Editor received NO REPLY. The lack of response reflected the fact that the MOD knew that any response would be displayed on our website: so, rather than LIE TO US, they didn’t respond at all.

Today, The Daily Telegraph carries an op-ed article ASKING THE SAME QUESTION. The article begins as follows: ‘ALTHOUGH IT HAS YET TO COME CLEAN ON THE ISSUE, the Government believes that our commitment in Afghanistan will last for generations. Our Ambassador to Kabul blithely mentioned us being there for “30 years”. BUT WHAT ARE WE THERE FOR?’

The author, Michael Burleigh, doesn’t say. He thinks we are ‘chasing phantoms’. WE SAY:

• NO, WE’RE NOT, SIR. WE’RE CLAIMING AND GRABBING CONTROL OF THE DRUG TRADE. That’s why the idiot Brit in Kabul says we’ll be there for 30 years. Because that’s how long they think it’s going to take to ELIMINATE THE OPPOSITION.

• By its cowardly non-response to the Editor’s straightforward question (which it can rectify at any time, to ‘correct’ any ‘misapprehensions’ we may have), the Ministry of Defence has confirmed by its default, that it is a criminal enforcement organisation.

• Like the Central Intelligence Agency and the US military.

IN OTHER WORDS, the British Government SUPPORTS THE CIA, which means that it is perfectly content that this revolutionary US ‘State within the State’ controls the US Government, which by extension means that the British Government is a co-conspirator in the entire range of scandals.

So the ‘Special Relationship’ has decayed to the point at which it serves exclusively the interest of a vast, unfettered criminal enterprise which knows no bounds to its abuse of power. And treads all over the British at every possible opportunity, by the way. Indeed it treats the Brits with disdain.

In any rational environment, that would be cause enough for a comprehensive suspension of these intelligence relations until such time as the Americans get round to cleaning up their act.

• UPDATE 23RD FEBRUARY: EU ELITE FEASTS WHILE THE WORLD CRUMBLES
We are not commenting quite yet on familiar financial issues we have been asked to comment on, because (a) certain information we hold has to be held back due to ongoing geopolitical ‘real-time’ considerations and (b) because other information is not yet ‘hard’ enough to be used. So, instead, you may be interested in the following description of filthy EU pigs with their stinking snouts in the feeding trough that appeared in an article in Murdoch’s Sunday Times, even, on 22nd February:

‘The past few months have been an interesting time to be working in Brussels’.

‘Outside, in the real world, reputable banks crumbled to dust, shares went into a nosedive, big companies became close to worthless, hundreds of thousands lost their jobs and millions feared the worst. Inside the Eurobubble, you’d hardly have known. The elite continued to go to champagne
receptions in the evenings before eating in highly-rated restaurants at taxpayers’ expense’.

‘They continued to flit from city to city to attend meetings; continued to fly around the world on fact-finding missions; and continued to think up ever more rules and regulations to help organise the
lives of the European Union’s 500 million citizens’.

Our only further comment would be that had the Editor written this, the language would have been, as the erstwhile Carlyle employee John Major used to say, ‘not inconsiderably’ fruitier.

‘STRUCTURED PRODUCTS’: TOXIC INVENTION OF A MASSIVE BANKERS’ RAMP

REVALIDATING AND FALSELY REVALUING WORTHLESS ASSETS

ROOT CAUSE OF THE GLOBAL CRISIS: THE CIA FUNDS ITSELF BY FRAUD

RECENT DEVELOPMENTS: THE DUBAI THEFT • GREENSPAN’S INDICTMENT

PUFFING UP FLAWED POLICIES GUARANTEED TO FAIL

THE SOLUTION

WHY THE SOLUTION IS BEING BLOCKED, AND WHO IS BLOCKING IT

FRIGHTENED HEDGE FUND OPERATIVES MEET AT GOLDMAN SACHS

COALITION OF PARTIES BLOCKING THE REFUNDING

ANATOMY OF MBS-CDO-CDS FRAUDULENT FINANCE OPERATIONS

NSA STEALS ICR TEXT PROVING TARP WAS A SCAM TO REFUND CARLYLE, BUSH ET AL.

THE DIAGRAMS TO BE PUBLISHED WITH OUR PAPER

FAT CAT BRITISH BANKERS SO SORRY THEY LOST THEIR OWN MONEY

BARCLAYS BANK’S FALSE BALANCE SHEET

WHY WE WERE TOLD TO ‘COOL IT’ ON CRITICISING BANKERS

A COUPLE OF PERTINENT ‘PERISH THE THOUGHTS!’

SNAPSHOTS OF PONZI CRISIS FALLOUT IN BRITAIN AND EUROPE

EUROPEAN COMMISSION’S DELUSIONS ABOUT ‘ASSET RELIEF’

SWISS RE SCRAPS ITS DERIVATIVES OPERATION COMPLETELY

WORST PROSPECTS FOR BRITAIN SINCE 1931

GOVERNMENTS UNABLE TO HANDLE HUGE INSTITUTIONAL COLLAPSES

MADOFF UPDATES

OUR SUSPICION OF A STITCH-UP IS SUPPORTED BY ANOTHER SOURCE

CRUDE CIA BLACKMAIL THREAT AGAINST MI-6

IN MEMORIAM

REACTIONS TO OUR REVELATION CONCERNING MICHAEL C. COTTRELL, B.A., M.S.

THE LIBELLOUS ATTACK ON MICHAEL C. COTTRELL, B.A., M.S.

THE EDITOR’S INTERIM STATEMENT

MICHAEL C. COTTRELL’S SWORN AFFIDAVIT IN RESPONSE TO THE ATTACK

• Attack on the Editor by Heneghan following this posting:
This operative has now dispensed libel in the Editor’s direction, a somewhat foolish move as it is plainly now open to the Editor to take action against him for libel in the English Court. Readers can of course judge for themselves whether an operative who loses no opportunity to excoriate Mrs Clinton yet at the same time contributes to the Hillary Clinton for President political campaign, is someone in whom trust can be placed when assessing the veracity of his so-called ‘intelligence’. And by the way, the Editor is not an intelligence ‘asset’: ‘liability’ would clearly be more accurate!

We have no information to suggest that this reckless operative has seen fit to retract his earlier libels against Michael C. Cottrell, B.A., M.S., and Colonel Dana Wilcox, and likewise no overtures have been forthcoming from this fellow to retract his libels and fabrications against the Editor of this service. Presumably he assumes that he is somehow protected from the consequences of his rash behaviour. According to what we hear, we strongly doubt that this can be the case. Since we have been ‘asked to comment’ on Heneghan’s libels against the Editor, here is our comment: they are libels, see? What he has stated concerning the Editor represents febrile fabricated gibberish.

The Editor has been asked to point out that anyone ‘out there’ who wants to know more about the background to these ignorant rants, and why they are doing them, should get directly in touch with Michael C. Cottrell, B.A., M.S., at his phone number 814-455 9218. Calls will only be accepted from parties who reveal their full identity. Spooks and others who hide their identities because they are scared of being exposed by us, will naturally not be inclined to make such a telephone call.

• Greenspan update: Enquiries by the Editor have CONFIRMED that that Dr Alan Greenspan WAS arrested the week before last, and we know precisely WHO performed the arrest. This being the case, it is reasonable to ask why this crook has been allowed to remain in circulation, delivering a speech, for instance, to dummies attending the Economic Club of New York on 17th February.

The answer appears to be that the 45-page indictment has NOT been withdrawn, that he HAS been arrested, and for all we know he may be walking around with an electronic tag on his right foot.

As these reports inter alia have established, there is one rule for crooks operating at the highest levels, and another for subsidiary crooks, such as the Bush laundryman ‘Sir’ Allen Stanford, who tried to escape from the United States on the 18th February but was frustrated when the private jet firm hired to fly him to Antigua, refused his dodgy card. The Stanford unravelfest is of course just another dimension of the spasms of violent implosions arising from the exposures of this hive of Fraudulent Finance – which has completely destabilised all governments, central banks and their advisers, who have responded with chaotic, uncoordinated, pointless, knee-jerk ‘do-something’ policy changes, such as reducing interest rates to close to zero, and thereby effectively deleting the financial sector from the equation: which is why Greenspoon is now ‘calling for’ nationalisation of all banks. Not only is he himself specifically responsible for the crisis, but central government control of banks = Communism, which places ALL assets in the hands of guess who: THE CROOKS.

Zero rates WORSEN the prospective plight of the banks, as depositors seek actively to improve returns, thus threatening the finances of the banks which were corrupted by the Bush-Greenspan derivatives Ponzi operations. We will be deconstructing some of these flailing responses later.

•INTERNATIONAL CURRENCY REVIEW, Volume 34, #2: This issue is now well advanced in our print works and will be distributed worldwide soon. As indicated previously and below, it contains three flowcharts which show how the fake ‘derivatives’ sector represents a gigantic BANKERS’ RAMP, how the Paulson TARP operation was designed to reliquefy the likes of Carlyle, Carlyle Capital, George Bush Sr. and other familiar perpetrators, and why ALL derivatives ‘products’ are frauds – equipped, even, with their own esoteric language, the purpose of which is to prevent ordinary mortals from understanding how these interrelated Ponzi Scheme operations function.

But it is historically true that ALL Ponzi schemes implode sooner of later. What makes the present situation unprecedented in the history of fallen humanity is that (a) what is happening was indeed predicted here long before anyone had ever heard of Roubini, and (b) all the Ponzi operations are interlinked. Hence reports of EIGHT more Ponzi collapses pending in Europe, the panic that is now evident everywhere as it has been realised that hardly any institutions managed to avoid being caught up in the corruption, and the chaotic responses of terrified governments and officials who have not understood the central issue: THE DERIVATIVES ARE FAKE AND HENCE WORTHLESS.

International Currency Review may be ordered direct via this website. To order the forthcoming issue alone, please enter a regular order and ALSO send us an email via the CONTACT US tab to state that you specifically require International Currency Review Volume 34, #2 only. We have to charge a premium for individual issues, as we sell only serials in the normal course of business.
On this occasion, we are charging $300 for this issue, incorporating a 50% DONATION mark-up.

All such orders, as with all donations made to assist us with the financing of this research and our necessary exposures, are appreciated and acknowledged by the Editor.

• MADOFF ‘VICTIMS’ LIST: Two reports were posted on 6th February 2009 containing the entire list of customers of Bernard L. Madoff Securities, Inc.. Because the list is so huge, we divided it into two segments: Clients A-N; and clients O-Z, plus a Miscellaneous Section. See: Archive. Our list is the easiest to load and clearest of the lists that have been reproduced privately on the Internet.

• Globalist hegemony ideology and practice is comprehensively debunked in the Editor’s study entitled The New Underworld Order, which can be ordered via the books section of this website. If you want to see what may happen if the angle of decline steepens much further, you could do worse than also order a copy of The Red Terror in Russia, by the brave contemporary Russian eyewitness Sergei Melgounov, another Edward Harle Limited book available direct from this website.

By Christopher Story FRSA, Editor and Publisher, International Currency Review and associated intelligence publications and information services. See this site for details and ordering facility.

• CORRESPONDENCE TO THE EDITOR: We routinely, automatically DELETE all emails which OMIT any element of the requested coordinates. We are not prepared to deal with anonymous spooks and other cowards who are too scared to provide their coordinates, for identification.

• The CONTACT US facility is found in the red box throughout this combined website.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

• Please Make a Donation to help finance Christopher Story‘s ongoing global financial corruption investigations, which have turned the whole world upside down and have exposed the corruption which was intended to enable the geocriminalist syndicate to seize the wealth of the entire world. These people have finally been more or less completely stopped in their tracks as a consequence of these exposures. Your assistance will be sincerely appreciated and will make a real difference, hastening the OVERDUE resolution of the worst financial corruption and linked financial fallout in world history. The Editor’s $35,000 Wanta bail-out money was not repaid and so has been stolen. It will be collected in due course and the thief will be appropriately dealt with, having so far taken no steps at all to repay the Editor’s loan funds, which should have been remitted on 11th June 2007.

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NEW REPORT STARTS HERE:

INTRODUCTION
We can now complete the metaphor that we held in suspense following the American Presidential Election. After hovering in mid-air trying to decide whether to fall headlong into the fire or not, the CIA-controlled US Federal Government under President Obama has fallen face-first into the (Ring of) Fire, and is in the process of being consumed in the flames.

The flames are fanned by a lethally explosive incendiary device called a Banker’s Ramp.

Instead of accepting that the products of the Bankers’ Ramp – so-called derivative ‘Structured Products’ – are without instrinsic value, the fools and co-conspirators in the US Treasury and at the Federal Reserve under Bernanke thought they could con the world, as Mr Paulson tried to do, into believing that these worthless fraudulent assets could be repackaged with an insurance wrap, and thereby converted from trash status with no recourse to the underlying flow of real cash-cash, into value-laden assets of tangible value. Which is impossible. Natch, this latest marketing ploy failed even as it was being tentatively launched.

For unsurprisingly, Treasury Secretary Geithner’s revamped version of the duplicitous H. Paulson TARP scheme, the purpose of which was to refinance Carlyle, Carlyle Capital, George H. W. Bush Sr. and other notorious Fraudulent Finance parties [see below], was given an immediate thumbs-down by the financial markets on 10th February, even as Mr Geithner was speaking. Specifically, the S & P 500 closed down 4.9%, while its financial sub-index fell on the day by 11%.

The widespread decline wiped out most of the preceding week’s strong stock market gains, with JPMorganChase and Wells Fargo shares losing 9.8% and 14.2% respectively, while Bank of America and Citigroup stocks dropped by 19.3% and 15.2%.

Now this Geithner fellow is the son of Peter F. Geithner, the Director of the Asia Program at the Ford Foundation in New York. Mr Geither’s dad oversaw the Ford Foundation’s micro-finance operations in Indonesia which were being developed by Ann Dunham-Soetoro, the mother of President Barack Obama. Timothy Geithner’s maternal grandfather, whose name was Charles F. Moore, was an adviser to President Eisenhower, and was also a Vice President of Ford Motor Company. Timothy Geithner spent most of his childhood living outside the United States, first graduating from the International School in Bangkok. He also obtained a degree from Dartmouth College in Government and Asian studies, and his MA from Johns Hopkins University was in international economics.

Yet notwithstanding Geithner’s superb educational background and qualifications, the much-heralded Geithner statement, as predicted, was a complete flop. Mr Geithner had evidently not received sufficient education to be able to discern that what he was intending to propose would collapse like the remainder of a child’s balloon after it has been popped; and nor, it appears, was he in any way disposed to read the trailer for his expected flop that we published on this website on 8th February, ahead of his presentation.

According to market sources, the primary cause of the resulting uncertainty was, as one voice put it, that ‘the question of how to value banks’ toxic assets remains unanswered’.

Which was a petty silly complaint, given the fact of the matter, known to all market participants who aren’t high on speed: THEY CAN’T.

The reason that the banks’ derivatives assets haven’t been valued and cannot be valued is that THEY HAVE NO VALUE. They are figments of financial marketing sorcerers’ imaginations.

The very word ‘derivative’ itself contains the brazen lie that the subsequent ‘Structured Products’ are DERIVED from the original transaction, whereas in reality the cashflow from the original deal does not ‘travel’, and the subsequent parties have NO RECOURSE to the hard cashflow from the original transaction, so that they are handling phantom trades divorced from the original contract.

‘STRUCTURED PRODUCTS’: TOXIC INVENTION OF A MASSIVE BANKERS’ RAMP
This reality, which has been borne in on even the dumbest dumkopf since our exposures, will be spelled out in the forthcoming issue of International Currency Review with the benefit of simple flow-charts showing how derivatives ‘assets’ are created and are fraudulently ‘marketed’ without recourse to the sole source of real money – the payments to the Mortgage Bank of the mortgagor, or the payments of the credit card holder to the card issuer. All subsequent derivative ‘Structured Products’ are fraudulent Ponzi-model scams, because they have no value given that none of the subsequent derivatives parties have recourse to the original source of funds [see below].

That derivative ‘Structured Products’ are symptomatic of a massive Bankers’ Ramp which has loaded European institutions with perhaps as much as $30 trillion of dud assets, is implied not only by the facts of the matter (explained in greater detail below), but also by the rather pertinent fact that traders on the Chicago Mercantile Exchange tell us from the pits that they regard derivatives products as completely worthless, and will not be interested in exotic new Treasury instruments (‘Geithners’) designed to turn sawdust into gold.

Likewise, as previously reported, the regional US Federal Reserve Banks consider derivative products to be without intrinsic value – a stance that places them at odds with Geithner’s former employer, the Federal Reserve Bank of New York, and the Federal Reserve Board under the co-conspirator Dr Ben Bernanke, both of which institutions specialise in Fraudulent Finance.

No-one, either at home or abroad, in the G-7 or the G-20, is going to be interested in any magic formula developed by the US Treasury to persuade investors that derivatives-based repackaged Ponzi-model ‘Geithners’ marketed with a US official guarantee and US Treasury imprimatur are a sound investment. It won’t fly.

For given the worldwide awakening to the truth about this Fraudulent Ponzi-model finance, the likelihood of foreigners rushing to purchase degraded US Treasury ‘Geithners’ masquerading as of intrinsic worth when the reality is that they consist of recycled toxic waste, has shrunk to nearly zero – not least given that Mr Geithner has shown himself to be even less proficient at pulling the wool over the markets’ eyes than the serial fraudster Henry M. Paulson was in his notorious day.

REVALIDATING AND FALSELY REVALUING WORTHLESS ASSETS
No, what the US Administration – now completely under the control of the Bush-Clinton criminal finance continuum – was crassly intending to do, was to revalidate the Bankers’ Ramp as though there has been no discontinuity – an extraordinarily stupid and blind course to adopt.

For the Fraudulent Finance engineers inside the Central Intelligence Agency, the Treasury and the Obama White House were hoping to ignore the much greater overall sophistication of sensitised observers since these exposures started in 2006, and to deny all that has happened during this distressing period – the blatant official corruption, the duplicity and diversionary operations, the wall-to-wall disinformation and propaganda, the endless lies and spiels about ‘filling in the holes’ when what was meant was that pyramid-selling participants were being paid off with ‘new money’ derived from other victims of the scams, the suicides, the false reports of imminent settlement recycled every week out of the gutter – and to pull a new Fraudulent Rabbit out of the Treasury’s box of magic tricks, as the US Treasury has done so often before.

But this time, the Magic Rabbit disappeared before it was even out of the hat. It was scared away by the glaring light of global scepticism and the absence of the smoke and mirrors cover to which it is accustomed. For the age of smoke and mirrors is over.

No longer can the US Treasury convince anyone in the world that has the answer to the mess for which it is responsible, on behalf of the controlling Intelligence Power (see previous report and below). And one reason that the US Treasury has lost all credibility – apart from the fact that, under Paulson, who systematically trashed the Full Faith and Credit of the United States, it became known as the Lie Factory – is that it is deliberately, under heavy pressure from the Bush Crime Family, the Clintons and associates, the Chicago FBI, and the CIA, choosing the WRONG PATH, despite the fact that it knows perfectly well what the CORRECT COURSE OF ACTION SHOULD BE.

Yes, the US Treasury knows what it SHOULD DO, but is obtusely continuing with the Bush-Paulson policy of Fraudulent Finance instead of adopting the SINGLE COURSE OF ACTION that would soon guarantee an end to the crisis. Given the extreme gravity of the situation, this represents nothing less than wilful treason against the United States and its people, and a perverse intent to pursue the worst possible course which, if not reversed, will bankrupt the whole world.

ROOT CAUSE OF THE GLOBAL CRISIS: THE CIA FUNDS ITSELF BY FRAUD
It would be comforting, perhaps, to believe that US Treasury officials are just incompetent. But the record shows that no, they seem to be malevolent: they are wilfully impeding and standing in the way of resolution of all outstanding problems over time, by obtusely insisting upon an open-ended continuation of deficit-financing operations to sustain off-balance sheet Fraudulent Ponzi-model Finance, so that the US criminal élite’s cronies can continue to generate false, unreported and so untaxed profits from their unproductive and illicit speculative activity and can continue hiding the proceeds untaxed in offshore bank accounts. And the primary reason for this madness is the factor we again identified in the preceding report:

• The Treasury’s stance is governed by the fact that it defers to the Intelligence Power which controls the US Federal Government, selects its personnel, and has usurped the power of the Executive Branch. As we have frequently pointed out, the CIA is in control, out of control and needs to be brought under control.

And guess what: they don’t like us reminding you of this fact.

• Because when we do so, we are in fact pinpointing the core of the problem facing the United States and the WHOLE WORLD, which is that the Central Intelligence Agency (proxy for the vast, corrupted US intelligence community and its drug-running operations) is a self-financing ‘State within the State’ that controls the Executive, Legislative and Judicial Branches of Government – not the other way round. The CIA is supposed to be the clandestine arm of the White House.

But thanks to its proven ability to penetrate all other branches of Government and its structures, and to finance its operations on a gargantuan scale using drug-trafficking proceeds and Ponzi schemes of ever increasing sophistication, it has usurped the US Government itself.

For it was the intelligence community that developed these Fraudulent Finance schemes in the first place. Who do you suppose provided traders with the special satellite-linked ‘grey screen’ trading equipment enabling Agency operatives based in the boonies to conduct secret Fraudulent Finance trading operations within the closed financial system that is at the root of this crisis?

The equipment is provided by the Intelligence Power. The Editor knows of one family where the successive husbands operated this equipment clandestinely without even explaining what they were doing to their family members. And this secret trading, designed to increase the illicit, hidden takings of the Intelligence Power through Fraudulent Finance, goes on all over the United States.

The Intelligence Power finances itself via Fraudulent Finance operations and is jealous of its total independence from Congress and of its power to control the Government. Key figures throughout the Administration are either intelligence operatives or puppets of the CIA.

Therefore, the Administration defers to the Intelligence Power, instead of the CIA operating from a position of subordination to the Executive Branch.

• That is the nub of the crisis facing the whole world.

It is the CIA et al. that is blocking resolution of this crisis, by ensuring that the Treasury seeks to continue the Fraudulent Finance activity, which is supposed to be funded by a vast increase (so it supposes) in official debt, with no prospect of any of it ever being amortised.

This is of course a recipe for disaster, collapse and a wheelbarrow future: and the culprit is the CIA.
It is the corrupt US Intelligence Power that pulls all the strings and is insisting upon the Treasury retaining control over ‘recovery financing’, despite the reality that the Treasury and the Federal Reserve can never achieve the objective that the CIA insists upon, because no-one in their right mind is going to buy the repackaged Treasury trash for long, if at all.

Therefore, the US and global crisis boils down to the very issue identified a long time ago by this service: the Central Intelligence Agency is jealous of its hegemony which is financed by Fraudulent Finance and fears that when its Ponzi operations cease, it will LOSE its hegemony status and will cease to be in any position to control the Government, especially the Executive Branch.

Given moreover that the Central Intelligence Agency is a criminal enterprise directed de facto by the Bush Crime Family with its Clinton add-ons (2) via the George Bush Center for Terrorism (oops, Intelligence), it may well view the threat to its hegemony by the ongoing and irreversible collapse of the derivatives fraud as a pretext for taking matters even further into its own hands, by which we mean perpetrating some atrocity or other to provide a pretext for drastic domestic repression. This may satisfy its power lust but will not, of course, solve its financial problems insofar as the collapse of the derivatives sector will leave it dependent solely on its drug-trafficking proceeds.

In this connection we need to reiterate that anonymous, unprovenanced reports by a fictitious source calling itself Sorcha Faal and purporting to be derived from the Kremlin, is actually a diversionary disinformation operation perpetrated by an Irishman, S. L. O’Huallachain and by Commander J. Forrest Sharpe, of Light in the Darkness Publications, Vienna, VA, located, as we recently pointed out, deep in US intelligence communitysville, according to our sources.

Sharpe is said to be ‘active duty submarine service fleet’, implying an Office of Naval Intelligence (ONI) link here – ONI being one of the most ruthless of all the arms of the CIA sub-Octopus, as well as ‘incidentally’ being where Admiral Blair, the new Director of National Intelligence (DNI), comes from: which probably tells you all you need to know about the agenda of such reports.

As previously noted, they begin with the phrase ‘Rumours circulating in the Kremlin today’, a tell-tale giveaway, as the Editor’s long service as Editor of Soviet Analyst entitles him to state without fear of contradiction that the Kremlin doesn’t DO rumours.

No, this is just another outlet for the destructive US domestic intelligence war and for gratuitous scaremongering, agitation and propaganda spewed out by the scared ‘State within the State’ which correctly perceives that it is in severe danger of being cut down to size as a consequence of the exposure and implosion of its Fraudulent Finance operations which sustain its usurped status as the power that controls the Federal Government, whereas it is supposed to be the subordinate clandestine arm of the Executive Branch.

RECENT DEVELOPMENTS: THE DUBAI THEFT • GREENSPAN’S INDICTMENT
With reference to the massive sum of money that was diverted to Dubai on Friday 6th February, threatening the likelihood at the time that Citibank might have been unable to open its doors on Monday 9th February, the funds were retrieved over that weekend so that, in the event, Citibank did not collapse and was able to open for business.

As we reported, that event precipitated the cancellation of the State Visit to Dubai and Abu Dhabi by The Queen and the Duke of Edinburgh previously planned for late March – an analysis that we were subsequently told was ‘absolutely accurate’.

Concerning the cuffing of the arch-criminal finance specialist Dr Alan Greenspan, there are now at least four versions concerning this operative’s arrest: (a) He was arrested on or about Monday 2nd February; (b) he was cuffed on Friday 6th February, as we reported; (c) he was cuffed on Thursday 5th February 2009, which we are now inclined to believe would have been more accurate than (b), because we also now think that the funds were diverted to Dubai on Thursday the 5th, or at least overnight 5th/6th February; and now (d) a warrant has been issued for Greenspan’s arrest, which (as of the morning of 12th February) remained pending.

On 12th February we learned that a 45-page indictment has been prepared against Greenspan, and this information was confirmed by a separate very reliable source.

In addition, a batch of officials at the Federal Reserve who thought they were TSTBA (‘Too Senior to Be Arrested’) were reported to us on 12th February to have been arrested in the context of their continuing sabotage of the Settlements. And on Wednesday 11th February, 18 examinations of the biggest US banks were initiated, with a team of some 100 bank examiners descending like locusts on Citibank, JPMorganChase, Bank of America and other US criminal financial enterprises looking inter alia for derivatives exposures. In this connection we have learned that there exists a circle of very high-level and influential bankers and traders whose names are not currently in the public eye, who have been systematically blocking the Settlements, while at the same time continuing their headlong derivatives Ponzi trading operations.

As for the meltdown inside the Securities and Exchange Commission (SEC), accused by Harry Markopolos before the House Financial Services Subcommittee of failing for many years to take necessary measures against Bush-Ponzi fraudster Bernard L. Madoff, the agency’s previously referenced leading enforcement officer, Linda Thomsen, was reported be resigning ‘to pursue opportunities in the private sector’. Obviously, she decided that the heat in the kitchen was excessive for her fragile constitution.

We have been further advised that certain other very well-known characters on the stage are targeted for arrest and indictment. These developments reflect the fact, stressed to us by reliable sources, that there is now a consensus that these arrogant financial sector Financial Terrorists (which is what they are) are not above the law.

Let us hope that this time round, Law Enforcement makes the arrests in front of the TV and press cameras, as we have advised in the past: that would be the single most effective step that could be taken to bring this crisis to a head so that the unavoidable, sabotaged shakeout is not fudged.

PUFFING UP FLAWED POLICIES GUARANTEED TO FAIL
Against this incredible background, the Secretary of the United States Treasury stood up before the whole world on 10th February 2009 and announced that he intends to perpetuate a gigantic fraud! His ill-considered plan was dead in the water the moment it was announced.

As a consequence, the US Treasury and the Federal Reserve have made themselves the laughing stock among those elements of the financial intelligentsia and of key official structures around the world who know precisely what should be done, and have watched with renewed astonishment at the endless capacity for these US financial sorcerers to imagine that they can continue lying and deceiving the markets, the investing public, the American people and the Rest of the World.

As for President Obama’s ‘stimulus bill’, it represents a big band-aid which would be better applied to a bandicoot, because of course it simply adds further to the debt in the background and fails to address the central issue, namely that CASH REVENUE has to materialise in order for the banks to be refloated ON THE BOOKS.

The only possible justification for this rash initiative, which narrowly passed the Senate on 13th February, would be as a short-term stop-gap measure pending the REVENUE cashflows triggered by the G-7-Approved Refunding Programme – which is what President Obama appears to have had in mind, and which his own personnel are obtusely blocking.

The banks CANNOT be refloated via the revalidation and revaluing of worthless junk through the issuance of more and more ‘background Treasury debt’ on the scale required – not least because no insurance wrapround that the Treasury and the Federal Reserve might devise can compensate for the fact that the markets have seen through the Ponzi scams and are not proposing to gobble up any US Treasury repackaged trash ‘assets’ with falsified ‘values’ anytime soon. The Treasury’s purpose all along, as under Paulson, has been to perpetuate opportunities for Fraudulent Finance so that the off-balance sheet proceeds of these Ponzi frauds can be stashed untaxed in offshore bank accounts by the self-appointed privileged ‘élite’ serving the selfish and treasonous interests of the terrified US Intelligence Power.

In fairness, it should also be stressed that the lethal derivatives Ponzi trading carousel is being sustained by the ‘powerful’ circle of top traders and bankers alluded to above, upon whom the Treasury is said to rely when it needs ‘assistance’, who consider themselves literally to be above the law, immune from arrest and prosecution, and who function inside what they consider to be a ‘protective zone’ of privilege within which ‘legitimised’ Fraudulent Finance can be practised with impunity. These people are about to discover that, contrary to that complacent assumption, the game has changed as a discontinuity has taken place which they have chosen not to recognise.

THE SOLUTION
The universal solution to the global systemic financial corruption crisis has been on the table for several years, and was specifically re-approved by the Group of Seven Financial Powers at their summit meetings in 2007 and 2008. The adjective ‘universal’ is applicable because implementation of the agreed-upon solution will, over quite a short space of time, refloat the banks by generating accruals on-the-books, revalidate the US dollar and the US dollar financial system in the process, revitalise the world trading system as a consequence, and shower the US Treasury with ongoing windfall tax accruals which will transform its finances and reverse the centuries-long one-way deficit-financing and debt accumulation route to financial collapse.

Banks will be refloated on balance-sheet very quickly because accruals arising from transparent transactions with the appropriate capital markets instruments as prescribed by the G-7 will cascade into the banks in the form of deposits, transforming the banks’ balance sheets in the process.

This solution, like all truthful and straightforward means of resolving problems, is the essence of simplicity. By contrast, the covert, surreptitious, off-balance sheet, untaxed, secretive, fraudulent derivatives ‘Structured Products’ operations based on worthless assets generating fake yields, are enveloped in a fog of extreme complexity, as will be revealed in somewhat excruciating detail in the forthcoming issue of International Currency Review [Volume 34, #2].

The universal solution to the global systemic financial corruption crisis consists of the following straightforward and wholly transparent response:

• The ongoing conduct of fully taxed on-balance sheet capital markets instrument transactions with selected institutions in the PRIVATE SECTOR (therefore wholly independently of the DEBT-BUILDING public sector), as approved by the Group of Seven Financial Powers in 2007 and 2008, using LOAN funds provided pro bono publico for this purpose at her sole discretion primarily by the British Head of State, the total value of which is $6.2 trillion.

[These funds were placed into ‘lockdown’ on 12th September 2008, after it had transpired that instead of being deployed for the purpose intended by the lender(s), the funds had been illegally subjected to exploitation to finance the Fraudulent Finance Ponzi-model carousel.

After these funds, plus an additional $7.8 trillion of monies owned by the Chinese parties, went into ‘lockdown’, flows of funds needed to finance the corrupt illicit trades – with the exception of the drug money flows sustaining interbank operations as identified by the Executive Director of the Vienna-based United Nations Office on Drugs and Crime (UNODC), Sr. Antonio Maria Costa, which were referenced in our report dated 8th February 2009, dried up – triggering mass redemptions, including an estimated $7.0 billion of redemptions by clients of the Bush-linked Ponzi scheme manipulator, Bernard L. Madoff, as described in earlier reports].

• Such ON-BALANCE SHEET PRIVATE SECTOR capital markets transactions will generate REVENUE which will be TAXED, yielding ongoing windfall tax accruals to the American Treasury – which, by definition, will reverse the century-old decadent US one-way deficit-financing orgy accumulating vast mountains of official debt in the background which can never be repaid, accompanied by the degradation of Treasury securities and the US dollar itself to trash status.

• Under this wholly transparent Group of Seven-Approved Capital Markets Refunding Programme, Michael C. Cottrell, B.A., M.S. is instructed to conduct the on-balance sheet transactions using the appropriate instruments through his firm Pennsylvania Investments, Inc., in accordance with the lenders’ instructions.

• In our report dated 8th February 2009, we revealed the foregoing information for the first time, in the face of the intransigent intention of the American Treasury to continue with the Ponzi-model Fraudulent Finance operations to which it and its associates, especially the relevant hedge fund operatives, have become accustomed.

The Treasury’s approach is wrong-headed and perverse, not least because it will simply pile debt upon bad debt upon very bad debt, while purveying for public consumption a FALSE PROSPECTUS based upon the lie that worthless derivatives ‘Structured Product’ ‘assets’ have value, which is not the case. In other words, the US Treasury’s sterile proposals on behalf of the hedge funds, ‘private equity’ ‘players’ and banks ‘working for’ George Bush Sr., which were dead in the water on delivery anyway, would falsely represent that trash ‘assets’ contain value, a gross deception and fraud.

• In our report dated 8th February, we further recommended that the G-7-Approved Refunding Programme outlined above should proceed anyway, as has been specifically instructed ‘per the request/affidavit dated 29th December 2008’, but through London rather than New York.

• By definition, the GOOD, TRANSPARENT, TAXED REVENUE dollars accruing from the approved Capital Markets transactions under the G-7-Approved $ Refunding Programme will very definitely displace the BAD MONEY FALSELY GENERATED by the complex, Fraudulent Finance Ponzi-model operations that the US Treasury seeks to perpetuate, for the reasons explained below.

WHY THE SOLUTION IS BEING BLOCKED, AND WHO IS BLOCKING IT
Bear in mind that the G-7-Approved Refunding Plan is, as we constantly reiterate, APPROVED by the Group of Seven Financial Powers, which are fighting for their economic survival in the face of the recalcitrance of the American criminal financiers who are holding the whole world to ransom.

As noted above, the SOLUTION has been on the global table for several years and if it had been implemented in 2006/2007, instead of being hijacked by the corrupt Paulson Treasury so that funds could be stolen and the later LOAN monies belonging to the lender(s) abused and exploited, the whole world would not now be experiencing the ‘train wreck’ that we predicted on this website on 2nd September 2006, in December 2006, and in reports published here and in our journal in June and July 2007. We predicted the ‘train wreck’ accurately because we saw then that the corrupt US Treasury had no intention of implementing the G-7-Approved Refunding Programme and that the constant barrage of ‘we’ll pay you tomorrow’ rhetoric, with its innumerable variants, represented a cynical CIA counterintelligence propaganda offensive designed to enable the organised criminal cadres inside the US official structures and their allies to continue trading derivatives, to sustain the bubble of Fraudulent Finance, and to keep the army of outraged protesters at bay indefinitely.

Quite simply, the cloth-ears at the US Treasury preferred to continue down their yellow brick road, enriching themselves and their co-conspirators in the process, under the protection of the corrupt Chicago component of the FBI and the Bush-Clinton organised crime operations – to the general satisfaction of the expanded domestic and international élite that has been so corrupted by this Fraudulent Finance ever since George H. W. Bush Sr., stole the money from Continental Illinois Trust Company in the 1980s.

FRIGHTENED HEDGE FUND OPERATIVES MEET AT GOLDMAN SACHS
Immediately following the damp-squib Geithner presentation of the US Treasury’s immediately discredited plan for open-ended Ponzi-style finance stretching out to the end of the solar system, about 20 alarmed US hedge and ‘private equity’ Ponzi-money fund operatives, meeting under the auspices of the so-called ‘Goldman Sachs Roundtable’, gathered in emergency session to thrash out their concerns that, from their perspective, things were now falling apart, since Mr Geithner’s proposals, on which some had pinned their hopes, had gone down like a wayward lead balloon. Those attending included representatives of KKR, Fortress Investment Group [FIG], Bain Capital, Perry Capital, Capital Research, Putnam, and Citadel.

People who attended told CNBC that they received an urgent invitation to go to the meeting after Geithner’s speech. Goldman Sachs, which initially denied that the meeting ever took place, later reversed its position and confirmed that the meeting, hosted by John Winkelreid and Gary Cohn, was planned well in advance. How’s that for standing on your head without anyone noticing? Some of those who attended said that they decided to attend because of the Geithner speech. According to the CNBC report, aired by Charlie Gasparino [www.cnbc.com/id/29163525]:

‘What the group concluded was that the longer the ‘plan’ takes to produce, the more difficult the situation becomes. That’s because reviving the securitization market is the key toward reviving the economy and it’s a vicious circle [sic]. The longer it takes to revive securitization, the worse the economy becomes and the securitized products held by the banks lose more value’.

The foregoing CNBC statement contains egregious falsehoods that are self-evident but which nevertheless need to be spelt out given that CNBC also appears to be inhabited by cloth-eared economic ignoramuses:

• Revival of the real economy does NOT depend upon so-called revival of the ‘securitisation market’ consisting of worthless assets. First, there can be no such ‘revival’ now that the absolute worthlessness of the ‘securitised assets’ has been exposed, taken on board across the world, and ridiculed by traders in the Chicago pits – as well as by institutional investors and others who have had their corporate and fingers burned in the financial holocaust that has already taken place.

Further, as previously reported, the regional Federal Reserve Banks do not agree with the corrupt Federal Reserve Board under Dr Ben Bernanke and his Ponzi scheme predecessor, the frequently-braceleted Dr Alan Greenspan [see below], and the Federal Reserve Bank of New York (FRBNY), that derivatives assets have any value. They have been exposed as trash, and that’s that.

• The ‘justification’ for derivatives transactions is the false argument that securitisation ‘spreads risk’. This only happens, however, in the sense that the Mortgage banks receive double or treble payments per mortgage (even quadruple payments in certain circumstances). The later remittances are discounted, but they all add up. But the purchasers of the securitised ‘Structured Products’ by definition acquire extreme risk for their money, because no party beyond the Mortgage bank has recourse to the only source of ‘real money’, which is the income stream from the borrower.

• The US economy is not ‘becoming worse’ BECAUSE ‘securitisation cannot be revived’, but rather because the sole SOLUTION to refinancing the banks, the US dollar and the world trading system has been and continues to be BLOCKED by the parties identified in this segment, including the foregoing attendees as the so-called Goldman Sachs Roundtable.

• The ‘securitised assets’ held by the banks cannot lose ‘more’ value, as they have already lost 100% of their value and it is impossible, therefore, for these non-assets to be devalued any further. As indicated below, Swiss Re, the second largest reinsurer in the world, has just scrapped its own investment bank and in the process has written down its derivatives ‘assets’ to their correct value:

• ZERO.

The CNBC pronouncement illustrates a stratum of gross ignorance and fatuous stupidity on the part of the CNBC correspondent, equalled only by the attitude of a BBC economics correspondent who belaboured the false point on 11th February that ‘no banker, no financial journalist, nobody if they cross their heart, could say that they foresaw this’.

Not if they weren’t reading the reports on this website, right.

And by the way, this standard technique, favoured by those who cannot see ahead, of tarring all analysts with the brush of their own blindness, ignorance and forecasting ineptitude, while familiar to this Editor who has observed this all his forecasting life, is a low trick routinely played by the blind leading the blind. Because they have fallen in the ditch, they assume that no-one could have led them away from it. It makes the mess they’re in less uncomfortable.

COALITION OF PARTIES BLOCKING THE REFUNDING
Who, then, is BLOCKING the Group of Seven-Approved Refunding Programme?

Answer: the following sinister coalition:

• The primary source of opposition to the G-7-Approved Refunding programme is the Intelligence Power, a.k.a. the Central Intelligence Agency and its extensions [see below], which finances its operations with all the funny money that the Ponzi schemes that it developed specifically for that purpose, generate. The Intelligence Power in the United States controls the Government, not the other way round. As we have frequently stated, the Intelligence Power is in control, out of control and needs to be brought under control.

It is significant that no matter how many times we have reiterated this glaringly obvious truth, not a single individual with whom we remain in contact, including of course those with a CIA background, has EVER picked this point up and given it the slightest support. The reason for this may be that all these people, without exception, are perfectly content with the status quo, which is as follows:

Given its FINANCIAL INDEPENDENCE FROM CONGRESS, the Intelligence Power has USURPED THE EXECUTIVE BRANCH of the Federal Government. The CIA is supposed to be the clandestine arm of the White House, instead of which, with the National Security Council (NSC), it CONTROLS the White House, and ensures that its own personnel or agents are always positioned in the most sensitive nodes of the structures, including the top slots.

• This is not democracy: it is corrupt, anti-democratic, abusive rule by a ‘State within the State’.

This overpowerful and ruthlessly amoral American ‘State within the State’ is financed by means of the Fraudulent Finance operations exposed in these reports. The ‘State within the State’, this controlling Intelligence Power, is unwilling to give up its hegemony over the Executive Branch (as well as de facto the other branches of the Federal Government). It is therefore purposefully and short-sightedly resisting and BLOCKING the implementation of the SOLUTION outlined above.

• Moreover the Intelligence Power is indifferent to the consequent suffering of the American people and the Rest of the World. It is concerned exclusively with the threatened retention of its control hegemony. It imagines that if it just continues this obnoxious resistance, it will ‘win out’ in the end. That is a false presumption.

• On the contrary, the longer the Intelligence Power BLOCKS the SOLUTION, the greater will be the consequent damage and the greater the likelihood that, with the disintegration of the nation, and the entire world economy as a direct outcome of its obtuse behaviour, the arrogant, ruthless and opinionated US Intelligence Power will be destroyed as well.

• But not all CIA/DIA operatives are as completely blind and stupid as painted above (it is possible to be very clever and smart, and stupid and blind at the same time). Some CIA operatives know perfectly well that things must change. They should assert themselves now, for the sake of the Republic and, as The Queen put it succinctly in 2007, ‘for the sake of the whole of humanity’ – although we hold out very little hope of any such development.

• Finally, the CIA is absolutely PETRIFIED of the G-7-Approved Refunding Programme, because it is recognised in ‘circles that matter’ that in fact it MUST be implemented, cannot be side-stepped, and will indeed prevail. But its own personnel place their own wretched interests and that of the amoral Intelligence Power first. These people will have to undergo psychological re-orientation training come the Revolution, if they don’t change their stupid attitude before it’s too late.

Beyond this central factor, the coalition of operatives opposing the G-7-Approved Refunding Programme include the following:

• The US Treasury, under Geithner as under Paulson, which defers to the controlling Intelligence Power that controls the White House (although for public consumption purposes the US Treasury defers to the White House). As is the case within the CIA, not everyone inside the US Treasury is corrupt: on the contrary, it has been the case since these exposures developed, that one or more Treasury Compliance Officers have been threatened with jail sentences under the Patriot Acts for actually doing their jobs properly and resisting the corruption mandated under Henry M. Paulson.

• The Federal Reserve Bank of New York under Mr Geithner before he was translated to the US Treasury. As confirmed by the recent arrests, announced on this website, of Robert Armenta, the senior Federal Reserve Compliance Officer (who was offered a choice between 25 years in jail if he cooperated and 99 years if he chose not to divulge the names of those involved in these scams), and Christopher J. McCurdy, a senior Vice President who was arrested after he had destroyed the crucial banking codes associated with the Settlements, the New York Fed is a nest of corruption. Under Geithner it presided over frauds exposed in our reports, and it is at loggerheads with the regional Federal Reserve Banks who are unanimous, as we have previously reported, that the derivatives ‘assets’ are worthless. The FRBNY works closely with:

• The corrupt Federal Reserve Board under Dr Ben Bernanke, who has continued and elaborated upon the Fraudulent Finance operations exploiting the closed Federal Inter Bank Settlement Fund developed under his corrupt, often-arrested predecessor, Dr Alan Greenspan – the inventor of the ‘never-pay syndrome’ which, with the benefit of hindsight and closer understanding nowadays of the universality of the Ponzi model, was actually a symptom of universal Ponziness.

This ‘never-pay syndrome’, supported by that noisy barrage of duplicitous disinformation promising payment tomorrow, painting false descriptions of arrangements having been made for Trustees to be called into banks and banking codes having been altered, and so forth, elaborated by reports of banks not co-operating, answerbacks not arriving, and any other variation on the theme of why the payments were being blocked that they could think up overnight, turns out actually to have been nothing less than an integral component of Ponzi scheme methodology.

Ponzi scheme methodology operates on the principle that new money has to be found to pay off earlier investors or to pay them handsome returns with no questions asked, until the pyramid selling scheme collapses, when ALL THE MONEY IS STOLEN.

Further members of the coalition resisting the G-7-Approved Refunding Programme also include:

• The hedge fund and ‘private equity’ parties including those who attended the ‘Goldman Sachs Roundtable’ meeting, who are desperately trying to find a way to ‘fix the prices of the securitized bonds’ as Ken Griffen, the founder of Citadel, told CNBC after that meeting – despite the fact that trash ‘assets’ have no value so that any price-fixing would be fraudulent and therefore open to endless litigation in the courts.

• The corrupted banks which continue to promote and develop derivatives trading ‘opportunities’ and scams, as though there had been no discontinuity.

• FACT: Without derivative ‘Structured Products’ trading, there is no way these criminal enterprise banks, scamming hedge fund operatives and so-called ‘private equity’ Ponzi-groups can ever hope to recoup the monies for George Bush Sr. and which they themselves have lost on own account. They cannot believe ‘this has happened to them’, but it has.

• They cannot accept that there has been a decisive discontinuity, but there has.

• The Clintons, the Bush Crime Family and their compromised associates, including the former French President Chirac, and M. Levitte, the former French Ambassador to Washington, who is now President Sarkozy’s closest adviser, and a host of others including the US operatives Jan Morton Heger, Leo Wanta, George Reig, Captain Morris (ONI), Tom Heneghan (see below), and a group of bankers and leading derivatives traders who operate in the shadows and have in the past been so ‘powerful’ that the Treasury would even call upon them for ‘assistance’.

ANATOMY OF MBS-CDO-CDS FRAUDULENT FINANCE OPERATIONS
In our report dated 8th February 2009, we reported that the NSA had interfered with our production computer and had stolen three pages from our imminent analysis by Michael C. Cottrell, B.A., M.S., under the generic heading ‘The Legalisation of Financial Corruption’ in which we analyse in detail the precise steps of the Ponzi finance operations – and in which we demonstrate both that the derivatives have no value, and also that this ‘mystery’ is encased in a fog of jargon so dense that outsiders (such as the CNBC correspondent) never get to to understand what is going on.

The segment stolen from our production computer also contained the chart in which we show that the Paulson TARP operation represented a fraud designed to inject fictitious, fabricated value into worthless ‘Structured Products’ using taxpayers’ money so as to enable the speculators to ‘start over’ – with the top ‘insiders’ such as George Bush Sr., Carlyle and Carlyle Capital and James A. Baker III especially benefiting from the Government bailout operation.

Before we go any further, we need to repeat the sections that were stolen from our production and the introduction, in order to place this back into context:

NSA STEALS ICR TEXT PROVING TARP WAS A SCAM TO REFUND CARLYLE, BUSH ET AL.
On 5th February, the Editor was working with his colleague to finalise pages for the next issue of International Currency Review. This contains an analysis by Michael C. Cottrell, B.A., M.S., with 3 diagrams, entitled ‘THE LEGALISATION OF FINANCIAL CORRUPTION’, that carefully demonstrates and proves that the Paulson Treasury’s TARP operation represented a colossal Ponzi-style fraud designed to refund Carlyle, Carlyle Capital and corrupt ‘insiders’ starting with George H. W. Bush Sr., James A. Baker III and other highest-level US financiers of terrorism.

All of a sudden, our screen became completely unstable under the impact of electrical pulses which can only have been directed externally. There were two attacks: on the first occasion, the relevant pages were retrieved without loss. About 20 minutes later, however, a further pulse attack resulted in the ‘loss’ of the concluding pages, associated with the final diagram which shows:

(a) How the Henry M. Paulson Treasury had concocted a devious false prospectus programme to inject false value into fraudulent and worthless derivative ‘Structured Products’ and:

(b) How this process, thanks to the fact that the Treasury now controlled the FNMA (‘Fannie Mae’) and FHLMC (‘Freddie Mac’) directly, would ensure that the Government bailout money agreed by Congress would refund Carlyle, Carlyle Capital, Bush Sr., James Banker II et al., as stated above.

We therefore publish immediately below the precise text that was stolen by the NSA in the course of this second ‘pulse attack’. We were of course able to restore the stolen text, plus the concluding chart showing the scam in graphic form, almost immediately, so nothing was achieved except that the forces concerned obtained a copy of the language we are using.

They therefore knew that we were about to expose the TARP Ponzi scam, although they would have known that anyway since they listen in to all our telephone conversations.

• Reference is made in the text below, to the diagrams, which are not shown here (because this platform does not currently support illustrations).

• But it is necessary to include these diagram references in order to reveal why NSA stole this text by directing electrical pulses at our production computer. This is the text they stole:

HOW THE LEGISLATION ASSISTED THE FINANCIAL FRAUDSTERS:
THE PAULSON TREASURY’S TARP $700 BILLION PLATFORM SCAM
Figure 3 opposite illustrates the process of taking the private mortgage, commercial mortgage, credit card loans, and/or any other fungible debt, and via the underwriting group or underwriting trust pool, and turning that debt into a securitised ‘Structured Product’ to be pooled and sold into the global institutional market place.

The boxes indicating ‘Pool A-1’ etc. represent the securitised pools of mortgages and other ‘assets’, and the various tranches of these ‘Structured Products’.

These tranches and/or pools are then sold on to the banks, investment banks, and ‘financial products’ companies for re-sale and/or re-packaging and then re-sale to international banks, investment banks, and corporations.

US Treasury Secretary Paulson’s TARP plan to obtain unlimited authority over the $700 billion was premised on the basis that via a reverse auction, the ‘Structured Products’/derivatives could be purchased by the Treasury TARP group and re-packaged, via the new FNMA and FREDDIE MAC, and then re-sold at a profit.

BASED ON THE FALSE PRESUMPTION THAT THE ‘ASSETS’ HAVE VALUE
This operation assumed that the illiquid derivatives have a specific value or a market value.

Such an assumption is definitely false, since there is NO actual and specific asset that is directly attached to the ‘Structured Product’ – given the obvious fact that the asset was split from the locally filed UCC-1 that defines who is the mortgagee and mortgagor, and who has legal claim to the asset once the mortgage or debt is paid in full.

IN OTHER WORDS, holders of these fake, fraudulent exotic ‘assets’ have no recourse to the original underlying source(s) of ‘real money’ funds.

This separation of the asset and the legal authority to claim the asset occurred during the financial securitisation process of pooling, re-pooling, and re-packaging – supposedly (for gullible public consumption) to spread the risk of default to as many holders as possible – thus furthering the development of the Credit Default Swap derivatives market.

The typical CMO (‘Structured Product’) has ‘A’, ‘B’, ‘C’, and ‘Z’ tranches, representing fast pay, medium pay, and slow pay bonds plus a tranche that bears no coupon but receives cashflow from the collateral remaining after all the other tranches are satisfied. More sophisticated CMOs have multiple ‘Z’ tranches and a ‘Y’ tranche incorporating a sinking funds schedule. [This passage in the printed version references the earlier discussion, not reproduced here].

Figure 3 illustrates a non-public TARP program, prior to the appointment of Mr. Kashkari, et al. and the Congressional Oversight Panel restrictions.

Under the guise of a government ‘bailout’ theme and marketed to Congress and the US general public as being for the purpose of buying the illiquid asset-backed securities, Treasury Secretary Paulson intended to operate TARP as a Trading Platform – that is to say, as an International Hedge Fund benefiting from US Government Guarantees – from within Treasury (behaviour which has hitherto been completely illegal) to purchase, at a higher price than necessary, the CDO, CDS, MBS etc. derivatives from the very entities and banks that have themselves directly contributed to the mass-production and sale of these toxic illiquid ‘Structured Products’. The purpose of this Trading Platform was/is therefore to use public funds to quantify the value of the toxic products, and to overpay the holders, i.e.: the likes of leading Fraudulent Ponzi-Finance specialists such as: AIG, CITIBANK, GOLDMAN SACHS, CARLYLE CAPITAL, CARLYLE GROUP, and others.

BECAUSE, once the ‘Structured Products’ had been valued, via reverse auction, and purchased, Paulson and his friends would then be able to re-pool and re-package the relevant derivatives via FNMA and FHLMC for re-sale into the demonstrably gullible marketplace, where the phrase ‘due diligence’ appears to be foreign to many operators in the market – thereby repeating the process for as long as possible. Profits from this Trading Platform could then be transferred to an unknown Master Custodial Account set up within the huge external international monetary system – such as a receptacle set up for this purpose by President George W. Bush Jr. in Benin, West Africa – without the knowledge of, or any accountability to, the US Taxpayer, the US tax authorities, or anyone else.

CONCLUSION
Thus, PUBLIC funds were to be used yet again to generate PRIVATE accruals, while a massive fraud would be concealed under cover of the necessity of ‘managing’ the illiquidity of the avalanche of toxic ‘Structured Products’ and regaining credit flow within the international banking system. See the flow charts: Figures 1-3 herewith. ENDS.

[Note: This text will appear on pages 32-34 of International Currency Review, Volume 34, #2].

THE DIAGRAMS TO BE PUBLISHED WITH OUR PAPER
As indicated above, the exposure of the ‘Structured Products’ frauds in the forthcoming issue of International Currency review is accompanied by three charts [Figures 1-3]. Each chart carries a very bold notice stating:

‘THERE IS NO RECOURSE TO UNDERLYING CASH FLOW AFTER ‘A’’, where ‘A’ represents here the Mortgage issuing banks which are in receipt of cashflow from the mortgagor (the party taking out the mortgage)

• Description of Figure 1 [Page 25]: MBS-CDO-CDS SCAM FLOWCHART:
The Fraudulent Finance Non-recourse Carousel:
STEPS SHOWN ON THE CHART:

(1) The borrower makes payments to the Mortgage issuing banks.

(2) The crucial Universal Commercial Code [UCC – 1] document is lodged with the local Courthouse Land/Deed Recorder [Land Registry in England]. The Mortgage banks retain control/custody of the UCC-1 document which does not ‘travel’ with the subsequent transactions. T

he Mortgage banks have the continuing benefit (excluding defaults) of the real money cash flow from the borrower/mortgagor.

• The Mortgage banks obtain new money by on-selling the mortgage to investment bank pools or the FNMA or FHLMC [see (3) immediately below]. They have now been paid twice (although they sell the mortgage on at a discount. When they do so, an egregious deception occurs.

Because the Mortgage banks retain control of the crucial underlying document, the UCC-1, and/or the Land/Deed papers, they are actually selling NOTHING at all, UNLESS they are actually engaged in committing ‘visible’ fraud by on-selling ANOTHER TOP COPY OF THE UCC-1 or else the Land/Deed papers. The fraud here may be achieved by the borrower being required, in many instances, to sign THREE TOP COPIES of the relevant documents, without the TRUE reason for this fake ‘requirement’ being spelled out (‘FRAUDULENT CONCEALMENT’). Whether this occurs or not, the following legal hazards arise in this context:

• “ACTUAL FRAUD: Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”.
Sourced from: Steven H. Gifis, ‘Law Dictionary’, Fifth Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”.
Sourced from: Steven H. Gifis, ‘Law Dictionary’, Fifth Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

THEFT BY DECEPTION:
• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.
Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:
• “FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.
l “Conveyance made with intent to avoid some duty or debt due by or incumbent on person (entity) making transfer…”.
Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Ed

(3) The Mortgage banks sell mortgages either into Investment Bank Pools or into Trust Pools of the Federal National Mortgage Association [FNMA, ‘Fannie Mae’] or the Federal Home Loan Mortgage Corporation [FHLMC, ‘Freddie Mac’] which, since 8th September 2008, lost their Government-Sponsored Enterprise (GSE) status after being taken over wholesale by the Treasury.

• The Mortgage banks are also basically ‘indifferent’ (in a ‘normal’ market environment unlike the prevailing situation) as to whether the borrower ultimately defaults or not. If the borrower defaults, the Mortgage bank is now in the real estate business and acquires the property which it then sells (third payment). On top of this, since the Mortgage bank has retained full control over the UCC-1 document, which does not ‘travel up the derivatives chain, it is in a position to on-sell a ‘derived’ mortgage on the basis of that document, generating thereby a FOURTH payment (from the same mortgage), and at the same time ‘starting over’.

(4) The Investment Bank Pools operate an Underwriting Group and a Buying/Selling Syndicate, and undertake ‘securitisation’, packaging or re-packaging of pooled (or collectivised) securities. The FNMA and FHLMC Trust Pools operate an underwriting Trust Pool, a Buying/Selling Syndicate and create ‘Securitisation Pools’ and develop[ Mortgage-Backed Security packaging and Pass-Through Securities – pools of fixed-income securities that are backed by a package of assets. A servicing intermediary collects monthly payments from issuers and, after deducting a fee, remits or passes them through to the holders of the Pass-Through Security.

This device is also known as a ‘Pass-Through Certificate’ or a ‘Pay-Through Security’. The most common type of pass-through is a Mortgage-Backed Certificate, whereby ‘homeowners’’ payments pass from the original lending bank through a Government agency or investment institution to the investors. This is the ONLY exception to the general rule that there is NO RECOURSE to underlying real cash flow after the borrowers’ payments into the Mortgage banks themselves.

(5) The chart shows ten representative US domestic pools which sell the repackaged securities or ‘Structured Products’ to Goldman Sachs, A.I.G., Lehman [defunct], Morgan Stanley, Citibank, JPMorgan Chase, Wachovia, with some pools selling direct to General Electric or foreign banks, such as Coutts. At the lower right corner of the chart is the rubric: ‘From the U.S. institutions the scam is taken international…’.

This references the fact that, for instance, Goldman Sachs will sell the repackaged ‘Structured Products’, however marketed, for instance, to Deutsche Bank, Barclays and the Bank of England, while Lehman [defunct] sells to Natwest, as does Morgan Stanley. Meanwhile the ‘Structured Products’ or securitised pooled ‘assets’ have long since been DECOUPLED FROM the original underlying cash flow of the mortgager borrower(s), so that the only ‘value’ attached to the packages is derived from the NAMES of the institutions marketing them.

As a disillusioned former Goldman Sachs officer informed the Editor recently, the derivatives ‘are worth what someone is prepared to pay for them’.

Now that they have been exposed as intrinsically worthless, the only parties who will pay anything for them are those compartmentalised zombies who have not yet understood that there has been a fundamental discontinuity which cannot be ‘made good’ or denied.

Figure 2 [Page 27] provides a close-up of the right-hand side of Figure 1, showing how a single loan triggering one solitary cash flow of mortgage payments is typically leveraged and intermingled with other such cashflows into exotic ‘derivatives’ known as ‘Structured Products’ via pools which are sold on to investment banks before being marketed internationally, where the US securities legislation (the 1933 and 1934 Securities Acts) does not apply.

Figure 3 [page 33] follows the funds paid to the US investment banks for the on-sold ‘Structured Products’ by the foreign institutions (Deutsche Bank, Barclays Bank, Bank of England, Natwest and Coutts, in the illustrations) and by General Motors, Ford Motor Company and General Electric (as illustrated), which invest them with Carlyle, Carlyle Capital and other ‘top’ hedge funds and ‘private equity’ entities such as those whose representatives attended the ‘Goldman Sachs Roundtable’ meeting on 10th February and benefiting insiders such as George Bush Sr. and James A. Baker III*.

A placard on Figure 3 reads: ‘PURPOSE OF TARP OP: TO INJECT VALUE INTO WORTHLESS ‘STRUCTURED PRODUCTS’, AND THEN ‘START OVER’’.

Meanwhile, since ‘Fannie Mae’ and ‘Freddie Mac’ are now controlled directly by the Federal Government (the Treasury), they re-pool and repackage ‘fresh’ ‘Mortgage-Backed Securities’ (‘Structured Products’), enabling the process to begin again. The chart proclaims at this point;

• START OVER: and the selling into the market ‘starts over’.

So Carlyle, Carlyle Capital and the other hedge funds and ‘private equity’ entities repurchase the newly created Mortgage-Backed Securities (MBSs), CDOs (Collateralised Debt Obligations) and CDSs (Credit Default Swaps) from the market for purchase by the US Treasury under the TARP scheme using (in the case illustrated) the Paulson TARP bailout money for the purpose.

This procedure reliquefies Carlyle, Carlyle Capital and the other hedge funds and ‘private equity’ entities by generating a flow of cash from the Treasury into their accounts.

An explanatory box labelled ‘How the TARP scam to refund worthless toxic ‘Structured Products’ to benefit the above* was supposed to operate. It all went horribly wrong’, positioned at the lower right-hand corner of Figure 3 explains further:

• STEP ONE: Assign [False – Ed.] value to Mortgage-Backed Securities, Collateralised Debt Obligations and Credit Default Swaps and other derivative ‘assets’.

• STEP TWO: Purchase funds: First to Carlyle et al.

• STEP THREE: Carlyle et al.: Repurchase derivatives from the market and onsell them to Treasury under the TARP program.

Postscript: The TARP scheme is thus SPECIFICALLY shown, with the assistance of these diagrams which will appear on pages 25, 27 and 33 of International Currency Review Volume 34, #2, to have represented an operation concocted by the corrupt Paulson Treasury, to refinance and revalue the worthless derivatives trash ‘assets” and to refinance Carlyle, Carlyle Capital etc. – whereas it was fraudulently marketed to Congress and to the American population as a bank bail-out programme which was also intended to alleviate the mortgage ‘crisis’. It represented, therefore, a fraud on the United States Government, the American people and the whole world.

The new version of TARP under President Obama, marketed as an economic stimulus bill, has the same primary objective as the TARP scheme. It is NOTHING to do with resolving the crisis and, like Geithner’s incoherent and immediately discredited proposals, will be seen to represent another fraud – probably a fraud too far.

Significantly, the Chinese authorities were reported on Friday 13th February to have informed Mrs Hillary Clinton, whose own involvement in criminal financial operations they of course know all about, that if the United States is to receive further Chinese investments in US Treasury securities, the US Government will need to guarantee all preceding Chinese investments in US dollar assets. In other words, the Treasury must provide and insurance wrap or guarantee for Chinese investors, including the Chinese Government.

• Translated into the vernacular, this riposte represents a Chinese official black eye or raspberry for Mrs Clinton and the Geithner Treasury; or to be more precise, the Chinese have told the US Secretary of State, who removed $500 million from Bank Crozier in Grenada, to GET LOST.

FAT CAT BRITISH BANKERS SO SORRY THEY LOST THEIR OWN MONEY
If after killing ten people while driving under the influence of alcohol you say to the policeman who is arresting you ‘I’m ssh-sho shorry, offisher, I couldn’t sh-shee where I wash going’, the fact that you have apologised to the policeman will not prevent you being arrested and cuffed, hauled off to a police cell, breathalysed, dragged into court, remanded in custody, put on trial and sentenced for grievous bodily harm and manslaughter, after losing your driving license.

However if you are a British banker and a big mason as well, and you have spent two decades presiding over banking fraud in which your institution has enthusiastically participated, you are liable to imagine that you can apologise’ profusely in order to avoid the consequences of your criminal behaviour – while spattering your fake apologies with gratuitous references to the fact that you personally have lost millions and are much poorer as a consequence of the fact that your bank frauds have been found out. Further, when analysed, your apologies are discovered not to represent personal apologies at all, but merely ‘regret’ at the ‘turn of events’.

That these creatures live in a cocooned world of legitimised corruption was confirmed when, as the Financial Times reported on its front page [11th February 2009], four previously ‘top’ British ‘Fat Cat’ bankers made the following arrogant statements to Members of Parliament:

• Lord Stevenson, Former chairman of HBOS: ‘We are profoundly, and I think I would say unreservedly, sorry at the turn of events… All of us [Fat Cats] have lost a great deal of money’.

Translation: We are not sorry for our participation in the Ponzi frauds. What we are sorry about is that our Fraudulent Finance operations came unstuck, as a consequence of which we personally have lost a huge amount of money. It’s a shame because we were all doing so well before the discontinuity, weren’t we.’.

• Andy Hornby, former Chief Executive of HBOS: ‘I don’t feel I am particularly personally culpable … I have lost considerably more money in my shares than I have been paid’.

Translation: ‘All I care about is that I have personally lost money. I couldn’t care less that as a direct consequence of my own participation in the Fraudulent Finance derivatives scams, I have brought the whole world to the edge of ruination’.

• Sir Tom McKillop, former chairman of Royal Bank of Scotland: ‘We bought ABN Amro at the top of the market. So anything we paid was an error. Everything we paid, basically, has not been worth it. In fact, we are sorry we bought ABN’.

Translation: ‘I’ll fob them off with this bromide so that they don’t get round to asking me why on earth we bought ABN Amro, because if they were to ask me that, I would have to reveal that we bought ABN Amro in order to obtain control of a vast portfolio of secret accounts containing stashed accruals generated through Fraudulent Finance operations that we were lusting after’.

• Sir Fred Goodwin, former Chief Executive of Royal Bank of Scotland: ‘I could not be more sorry for what has happened. But I’ve invested a lot in RBS… it’s of great distress for me to see what particularly my colleagues are going through’.

Translation: ‘However I am not going to mention that I presided over the construction of a huge campus for my bloated institution using the proceeds of dubious Fraudulent Finance transactions, and neither shall I be making any reference whosoever, if I can get away with it, to the fact that we plastered Caribbean airports with garish posters encouraging investors including by definition agents handling the proceeds of CIA-developed drug-trafficking operations, to park the funds they control with Royal Bank of Scotland’.

BARCLAYS BANK’S FALSE BALANCE SHEET
Luckily for the Show Trial bankers on display, none of the MPs on the investigating Committee asked the key question: what was the source of the funds you were playing with?

Likewise, when the institution regarded by experts as even more corrupt than Royal Bank of Scotland, Barclays Bank, suddenly announced on 9th February that it had expanded its balance sheet over the preceding 12 months by £900 billion, so that Barclays’ assets and liabilities both mushroomed to more than £2.0 trillion, NO-ONE in the media bothered to ask Barclays about its source of funds. The Gross Domestic Product (GDP) of the United Kingdom is about £1.4 trillion.

The ‘source of funds’ issue was passed off on the basis that the bank had acquired hundreds of billions of dollars of derivative positions alongside the bank’s acquisition in September of the North American ‘assets’ of Lehman Brothers.

Obviously, if Barclays Bank were to fail – dismissed as an ‘unlikely event’ on the 10th February 2009 by The Times’ Banking and Finance Editor, Patrick Hosking – the size of Barclays’ balance sheet would have serious repercussions for British taxpayers and would destroy the creditworthiness of the British Government. But is it really ‘unlikely’ that Barclays Bank, stuffed with worthless assets that it values fraudulently at full fake value, might fail?

ON FRIDAY 13TH FEBRUARY, LLOYDS TSB’S SHARE PRICE COLLAPSED BY 35%. In the evolved context, there is no such thing any more as a bank that’s TBTF (‘Too Big To Fail’) because, on the basis of fraudulent valuation, such prospectively failing institutions now have balance sheets that exceed the total value of the host country’s Gross Domestic Product by an order of magnitude.

It’s stupid to suggest that such failures are ‘unlikely’ when the glaring reality is that as a direct consequence of their decades of playing Ponzi, these banks are all technically bankrupt.

Barclays Bank is a puff fish: its balance sheet was puffed up by $900 billion of fake ‘assets’ that have no value [see below] which the bank says have value and which its accountants corruptly certify as having value. The auditors for Barclays Bank had better be well protected by adequate insurance against being sued by an army of scammed depositors and others when it transpires that this institution is in fact bankrupt and that the British authorities cannot possibly bail it out.

• The same now applies to Lloyds TSB.

WHY WE WERE TOLD TO ‘COOL IT’ ON CRITICISING BANKERS
Meanwhile, in our report dated 25th January 2009, you may recall that we ran some paragraphs under the heading ‘BRITISH MINISTER CALLS FOR CORRUPT BANKERS TO BE ARRESTED’.

Specifically, we referenced a front-page report in the Times of 24th January 2009, in which Lord Myners, the Brown Government’s Minister for the City of London, was reported to have demanded the arrest and indictment of British bankers engaged in Fraudulent Finance practices [see, for instance, above]. The newspaper had reported inter alia as follows:

‘A furious onslaught on banking’s “Masters of the Universe” has been unleashed by Mr Gordon Brown’s City Minister. Too many bankers fail to realise they are grossly over-rewarded and have no sense of society… Lord Myners says that the banks have been mismanaged, and [has delivered] the strongest attack [by UK officials] so far on those responsible’.

‘Lord Myners says that there will have to be fundamental changes in the way that banks operate and that ‘the golden days of huge bonuses in the investment banking arms are gone…’.

‘He calls on banking boards and shareholders to stamp on the reckless behaviour of bosses and adds’ – crucially, which is why we quoted this – ‘that if people have committed crimes, they should be prosecuted’’.

We then added the following elaboration:

‘In view of the fact that we have been reporting arrests of bankers until we are blue in the face (with more reported below), this outburst, late in the day as it is, represents evidence that the too-slow-to-come-to-its-senses UK official sector has at long last been shocked into the realisation that this is a CORRUPTION CRISIS first and foremost’.

‘ALL RESPONSES SHOULD BE BASED ON THIS PREMISE, rather than on the more palatable presumption that this is ‘simply’ a systemic global financial crisis of the utmost gravity’.

In our report dated 30th January 2009, under paragraphs headed ‘ATTEMPT TO GAG US FROM REPORTING UK FRAUDULENT FINANCE DEVELOPMENTS’, we stated:

‘… A few days ago, the Editor was asked: would we hold back on any further comment arising from Lord Myners’ belated observation, reported in the preceding analysis, that those engaged in the FRAUD in the banking sector in Britain should be prosecuted.

‘We were about to add that the Conservative Party leader, David Cameron, interviewed on Sky News on 26th January, elaborated:

‘We need to look at the behaviour of banks and bankers, and where such people have behaved inappropriately, that needs to be identified, and if anyone has behaved criminally, in my view, there is a rôle for the criminal law/ I don’t understand why in this country the regulatory authorities seem to be doing so little to investigate it, whereas in America, they are doing quite a lot’.

On 10th February 2009, The Times’ columnist Rachel Sylvester kindly unravelled the conundrum surrounding the question of why the Editor was suddenly asked to ‘hold it’ with reference to further elaboration of Lord Myners’ entirely correct warning that criminal bankers should be prosecuted. In her article entitled ‘Labour can’t control the pinstriped puppets’, she wrote:

‘Lord Mandelson, the Business Secretary, was less than pleased when Lord Myners, the City Minister, launched an onslaught against the “grossly over-rewarded” Masters of the Universe last month. “A key part of New Labour was to recognise the importance of wealth makers”, a certain Government aide says. “A big tactical error would be to unleash a lot of anti-banker rhetoric”’ (3).

Ah, so NOW we know we know why we were requested, via the MI-6-X-Y-Editor transatlantic loop, to ‘go easy’ on criticisms of bankers, and especially on suggestions that those British financial sector executives believed to have been engaged in criminal Fraudulent Finance should be prosecuted.

The source behind this request was none other than the intelligence operative Lord Mandelson himself. Lord Mandelson, it appears, is not at all keen that banking executives should be punished for their financial crimes: so he let it be known that the Editor should be informed accordingly.

A COUPLE OF PERTINENT ‘PERISH THE THOUGHTS!’
Whether this means that Mandelson reads our website, and whether it further implies that he is under pressure from a certain powerful a sponsor, is something that we won’t need to go into at this juncture: no doubt this aspect of the matter, like everything else, will ‘come out in the wash’. But for the time being, Heaven forbid that a British Minister of the Crown should be interfering in the legal process by becoming actively engaged in discouraging justified calls for these heads of criminal financial enterprises, past and present, to be prosecuted for fraud. Perish the thought!

It cannot possibly be the case, either, that when, as Chancellor of the Exchequer, Gordon Brown appointed Dr Alan Greenspan as an adviser, the frequently arrested Dr Greenspoon was actually employed to advise the then Chancellor on how to PREVENT the lid blowing off the London-based derivatives Ponzi scamming pressure cooker, on behalf of his mentor and fellow criminal finance Godfather, George H. W. Bush Sr., and his co-conspirator and partner in these giga-financial crimes Tony ‘Rollover’ Blair, can it? Perish that thought as well.

• A correspondent writes from the United States to inform us that his mother, who lives in Ruislip, Middlesex, bought an apartment outright (for cash) on a 125-year lease, with no mortgage.

But in March 2004, she obtained a short-term loan from Northern Rock which, as we know, was extensively engaged in Fraudulent Finance operations, with a Clinton-linked subsidiary operation out of Jersey, Channel Islands. When the lady paid off the loan, in less than three months, she then requested that the lease documents used for collateral purposes be returned to her from Northern Rock. The bank informed her that they could not locate the documents.

She wrote letters to Northern Rock, who responded that they would arrange for copies to be sent from the Land Registry. The lady said that she did not want copies, but the originals. Northern Rock stated that they did not hold the originals, even though they had taken the originals as collateral for the loan. The poor lady then complained to the Banking Ombudsman, who proved to be completely ineffective (suggesting that the UK Banking Ombudsman is there to protect the UK criminal banks involved in this activity, rather than the customer). In the end, the lady obtained two copies of the lease documents from the Land Registry (in December 2004 and March 2005).

The correspondent requested our help: and although we simply cannot take on ‘cases’ (since we receive several such distressing cases with a request that we investigate them every month from the United States), in this sole instance we responded that if we were provided with the relevant underlying correspondence, we will take the matter up with Northern Rock, with the suggestion that if the new Government-sponsored management of this institution persists with the stance that they cannot now retrieve this person’s original lease documents, we will then expose the nationalised Northern Rock as remaining complicit in these evil fraudulent finance operations under the British Government’s protection based upon the corrupt alienation of underlying property documentation. We now await receipt of the relevant correspondence.

SNAPSHOTS OF PONZI CRISIS FALLOUT IN BRITAIN AND EUROPE
Meanwhile the fallout from exposure of the Fraudulent Finance practices continues to reverberate across Europe. A snapshot of some developments on 11th to 13th February under this heading will illustrate that multilingual chickens are coming home to roost:

• City of London:
Half a dozen financial services businesses in the City were reported on 11th February to be under investigation by the Serious Fraud Office SFO), which is equipped with a new Director, Mr Richard Alderman, who has replaced previous management considered by the Editor of this service, from first-hand experience of the SFO’s failure to investigate manifest frauds committed by a European Commission-linked British firm, to have been duplicitous and compromised. Whistleblowers have reportedly drawn the SFO’s attention to the activities of colleagues and others; and the SFO’s own lawyers are said to be coordinating their inquiries with the Financial Services Authority and the City of London Police. The SFO is also using US-style ‘swat teams’ in City fraud investigations.

Additionally, it was revealed on 13th February (The Times, London) that Terry Freeman, né Sparks, a Director of GFX Capital Markets was detained by a specialist unit of the City of London Police at his Essex home on Monday 9th February 2009. A source was quoted as telling the newspaper that ‘the Police are looking to see if he was a mini-Madoff. There are elements of a Ponzi scheme but what they have to determine is whether the business became that after it got into trouble or else whether it was a Ponzi all along’.

• However OUR question is more to the point: Is this one of the ‘ten Madoffs’ waiting to blow in Europe, referenced in the preceding report?’

Freeman’s fund ceased trading in January 2009, leaving hundreds of clients who had invested between £5,000 and £500,000, chasing their money to no avail. Freeman-Sparks set up GFX in 2004.

Unsurprisingly, trouble started precisely in SEPTEMBER 2008 (the $14.0 trillion was, you will recall, placed into ‘lockdown’ on 12th September 2008: the Editor received the ‘triple gunshot voicemail’ on the following Saturday), when GFX’s clients were suddenly unable to obtain new statements and were prevented from withdrawing their funds. The postings on Mr Freeman’s ‘Trader’s Diary’ blog became erratic and many clients became anxious after finding they could not contact the principal.

The firm suspended its operations immediately ahead of the Madoff arrest, on 3rd December 2008.

A message written by a ‘concerned investor’ posted on Mr Freeman’s blog reads: ‘Terry is being investigated by the City of London police for fraud, money-laundering and unregulated trading. The offices in London are no longer manned’. Police confirm that Freeman has been interviewed with respect to allegations of money laundering and potential offences under the Financial Services and Markets Act, but has been released pending further enquiries.

• British Government:
A few days ago, the British press revealed that Sir James Crosby had resigned as Chairman of the Financial Services Authority which is supposed to be aggressively investigating City-wide Financial Ponzi-model fraud, after he was accused of having sacked a senior HBOS executive who had been warning of excessive risk-taking at HBOS and that the bank was shattering all the known rules of commercial banking behaviour and prudence. The sacked executive, in a memorandum to a House of Commons Committee, noted that his many conscientious warnings were sternly rebuffed, and that there was a sterile culture of ‘not rocking the boat’ and ‘don’t tell me what I don’t want to hear’ at the banking entity which has since been taken over by Lloyds TSB, in an unwise move which has severely weakened that institution and its reputation.

On 13th February it was further revealed in the British press that an American, Glen Moreno, the Director and Chairman of the newly established entity set up by the Brown Government called UK Financial Investments, which is supposed to preside over and supervise the progress of how the Government’s bank bail-out money is used, had resigned from his new post (which he only took up a few weeks earlier) amid allegations that a Liechtenstein institution with which he has links is (of course) involved in tax evasion operations.

The resignation followed Treasury questions in the House of Commons, during which the highly respected and skilled Conservative MP, Michael Fallon asked: ‘Can it really be right that the body looking after the taxpayers’ interest… should be chaired by Mr Moreno who appears to have been so heavily involved in tax dodging in Liechtenstein?’ It has transpired that Mr Glen Moreno was a trustee of Liechtenstein Global Trust (LGT), a private bank accused of facilitating large-scale tax avoidance. A former employee at LGT, Heinrich Kieber, revealed the existence of secret offshore accounts held by tax-evading US politicians and others in the United States and other countries.

• Belgium:
Shareholders in Fortis rejected a state rescue plan to carve up the banking and insurance group, defying Belgian Government warnings that Fortis will face total collapse. On 11th February, Belgian Ministers convened an emergency meeting to try to prevent the dispute bringing down yet another coalition Government, following the collapse in December of the Belgian Government led by Yves Laterme over the handling of the nationalisation of Fortis, Belgium’s largest single employer. More than 5,000 angry shareholders roared with delight as their votes blocked a plan to sell part of the Fortis Group to BNP Paribas, another huge institution which is up to its neck in Fraudulent Finance, with the Belgian state taking control of Fortis’s lending operations. Shareholders had won a court case to delay the Belgian Government’s blueprint for the carving-up of Fortis until they had been consulted. The Belgian Finance Minister, Didier Reynders, said that the entire enterprise would face bankruptcy if the shareholders blocked the deal. The total liabilities of Fortis are equivalent to four times Belgian Gross National Product. The interest rate spread between Belgian official debt and German Bunds soared by 125 basis points on fears that the Belgian Government may have to take over the liabilities of Fortis, further undermining the creditworthiness of the Belgian state. Again, these liabilities the false values attributed to the trash ‘assets’ on Fortis’ balance sheet.

• Ireland:
The latest banking scandal to break in Ireland concerns the discovery by Government-appointed investigators that Irish Life & Permanent had transferred more than six billion Euros billion £5.4 billion) of deposits to the books of the Anglo Irish Bank very shortly prior to the end of the bank’s financial year, only to withdraw the exact same amount some weeks later. Most of the funds were deposited on the final day of the bank’s most recent financial year. Moreover the bulk of all these deposits were placed just hours after the Irish Government had announced a guarantee to insure all deposits and debt liabilities held at Irish banks. The Finance Minister, Brian Lenihan, says that he was aware of certain unacceptable practices, including the transfer from Irish Life, when the decision was made to nationalise the bank.

Given these shady practices, the Office of the Director of Corporate Enforcement and the financial sector regulator have initiated investigations into these transactions, which may result in criminal proceedings: Lord Mandelson, please note. The Irish Defence Minister, Willie O’Dea, elaborated:
‘If it transpires that Anglo Irish, or any bank, was artificially building up its deposits to give a false picture of its financial health, that would be very, very, very serious’.

• European Commission:
A leaked memorandum prepared for the EU Finance Ministers (ECOFIN) was reported to have warned that the so-called ‘toxic’ debts of European banks risk overwhelming some of the weaker EU ‘Member States’ and ‘may’ [sic] present a systemic danger to the overall EU banking system. Countries which the authors of the document appeared to have in mind are those with bloated banking systems, namely: Ireland, Britain, Belgium, Netherlands, Austria, Sweden and a non-EU country, Switzerland. Some crucial passages from this document have surfaced, including:

‘Estimates of total expected asset writedowns suggest that the budgetary costs of asset relief could be very large both in absolute terms and relative to Gross Domestic Product’.

‘For some Member States, it may be the case that asset relief for banks is no longer an option, due to their existing budgetary constraints and/or the size of their banks’ balance sheets relative to GDP. The extent of any possible risks to the European Union’s banking system as a whole from an inadequate response in these Member States needs to be considered’.

EUROPEAN COMMISSION’S DELUSIONS ABOUT ‘ASSET RELIEF’
It will have been noted here that the European Commission is looking at ‘asset relief’ as though this is a viable policy – when what is actually implied here is that the false values of the fundamentally valueless derivatives ‘assets’ are supposed to represent actual liabilities which the governments in question might be called upon to honour.

This is a strategy of certain ruin in an environment that is also destroying the fabric of Economic and Monetary Union (EMU) and its add-on provisions. For instance, contrary to all EU norms, the Irish budget deficit is projected to reach 12% of GDP in 2010, with the equivalent measures in both Spain and the United Kingdom expected to reach 10% of Gross Domestic Product.

All three countries have been ‘enronised’ and used as ‘trading platforms’ by the Bush Sr.-Clinton Greenspan organised criminal Fraudulent Finance Ponzi derivatives offensive.

SWISS RE SCRAPS ITS DERIVATIVES OPERATION COMPLETELY
On 12th February 2009, the world’s largest reinsurer, Swiss Re, dispensed with the services of Jacques Aigrain, its Chief Executive, a former JPMorgan investment banker, who had shifted the organisation into risky derivatives operations. Swiss Re announced a record full-year trading loss of SwFr1.0 billion (£602 million) after announcing a week earlier that it was scrapping its investment bank altogether. That entity traded ‘Structured Products’ such as Credit Default Swaps (CDOs), triggering a writedown of SwFr6.0 billion (£3.6 billion) for the full year in question.

Swiss Re pointedly replaced M. Aigrain with Stefan Lippe, an insider, who previously headed the group’s property and casualty and life and health underwriting divisions. In other words, the entity placed a veteran professional reinsurer into the outgoing CEO’s slot, signalling that it would be reverting exclusively to its core business, and would have nothing more to do with derivatives.

Note that the dismissed CEO who took Swiss Re on a derivatives wild goose chase, came from JPMorgan. Translation: Swiss Re not only closed down its so-called investment banking operation, but also reflected the true position, by VALUING THE DERIVATIVES ‘ASSETS’ AT ZERO.

• This is the kind of evidence of the worthlessness of these fraudulent assets, that cannot be ignored, even by derivatives market ideologues,

• FACT: Many of the colossal losses being logged by financial institutions reflect the fact, which is never reported, that they are ACTUALLY engaged in purging their books, or those of subsidiaries, altogether of the fraudulent derivatives ‘assets’ which were previously reported to have value, but which, since the discontinuity, have been seen to be worth nothing at all.

• ANOTHER FACT: One reason this is happening is that accountancy firms (auditors) do not relish the prospect of being sued for negligence in having signed off on accounts containing fraudulent valuations of derivatives ‘assets’ – given the general climate that has arisen due to the concrete discontinuity, in which it is now universally recognised that derivatives have no value and can no longer be fraudulently passed off as though they do.

WORST PROSPECTS FOR BRITAIN SINCE 1931
In announcing that Britain faces its steepest downturn since the postwar years of 1945 and 1946 and its worst peacetime contraction since 1931, with real Gross Domestic Product expected to contract in real terms by 4% year-on-year in 2009, the Governor of the Bank of England, Mervyn King, warned on 11th February that unless the British Government and policymakers worldwide succeeded in ‘bringing the banking crisis to an end’, the consequences for the UK economy could be even more severe. Mr King added:

‘The United Kingdom economy is in deep recession. The length and depth of the recession will depend to a significant extent on developments in the rest of the world, where a severe economic downturn has taken hold’.

• No measures have been taken that can bring the banking crisis to an end.

On the contrary, all the measures that have been taken are precisely the reverse of what needs to be done, being predicated on the basis of the false assumption that the ‘toxic derivatives assets’ have value, and can be revalued with the new (false) values fixed, which is a fanciful pipedream as Mr Geithner is discovering for himself.

GOVERNMENTS UNABLE TO HANDLE HUGE INSTITUTIONAL COLLAPSES
By extension, and as can be seen from the above, governments are panicking in the face of a general expectation that they will indeed become progressively (or suddenly) liable to guarantee and therefore honour the liabilities of the recalcitrant criminal enterprise banks.

Against this background, they have embarked upon a desperate policy of printing money, a.k.a. of quantitative easing, to balloon the money supply, and to expand government debt on a scale with no precedent, thereby effectively ensuring a ‘wheelbarrow’ future.

Instead of adopting this ill-advised and manic non-strategy, the governments concerned should do what the Group of Seven financial powers agreed to do at their meetings in both 2007 and 2008, and which they have so far FAILED to do.

• That policy is spelled out in the section entitled THE SOLUTION.

Governments have failed to implement the strategy that the G-7 agreed upon in 2007 and 2008 because they are fearful of the big criminal enterprise banks and of the powerful traders and intermediaries that wish to continue the Fraudulent Finance carousel operations, as though there had been no discontinuity – in order to recoup the funds they lost in dancing to the enticing tunes played for them by Godfather Bush Sr. and his sorcerer-in-chief, Dr Alan ‘Bracelets’ Greenspan.

And behind this sabotage lies the factor identified earlier – namely, the criminal finance intentions and covert self-financing practices of the US ‘State within the State’ which controls the Executive Branch, selects its leading figures, and has usurped the power of the Executive.

In order to sustain this position, the CIA, controlled by the Bush-DVD faction inside the Intelligence Power, has seen to it that its Fraudulent Finance Ponzi operations have been exported to as many counterparties abroad as the external platforms that have been compromised can muster.

By enticing so many swarms of flies into its web the Bushspider operating out of the George Bush Center for Financial Terrorism has attempted to preclude the discontinuity that has actually taken place – namely, exposure of the fact that these transactions are ALL FRAUDULENT.

The US Treasury’s cack-handed attempt to perpetuate the fraud, by having the corrupt Federal Reserve fund exotic new US Treasury instruments (or ‘Geithners’) ‘enhanced’ with an insurance wrapround and a deceitful Treasury ‘good health’ label, has both invited ridicule and drawn global attention to the relevance of Mervyn King’s warning that the situation will deteriorate sharply ‘if the world’s policymakers fail to bring the banking crisis to an end’.

There is, and has always been, ONLY one way to bring the global banking crisis to an end: and that is to implement, without further obtuse delay, the Refunding Programme for the US dollar and world trading system agreed upon by the Group of Seven Financial Powers in 2007 and 2008:

• See under SOLUTION, above.

MADOFF UPDATES
Following the revelation that Mrs Ruth Madoff removed about $15.5 million from a Massachusetts brokerage firm operating as a Ponzi scheme ‘feeder’ funnel into the Madoff giga-Ponzi enterprise during the three weeks prior to Bernard L Madoff’s arrest on 11th December 2008, it has emerged that a far larger number of people than previously envisaged, have been scammed and/or affected by the Madoff dimension of the George Bush Sr. global financial corruption nexus.

According to Court documents filed by the Massachusetts securities regulators, Mrs Ruth Madoff withdrew $5.5 million from Cohmad Securities on 25th November and a further $10 million on 10th December. This information is detailed in two wire transfer receipts filed by Mr William Galvin, the Massachusetts Secretary of State.

These wire transfer orders represent the first open evidence that any member of Madoff’s family was assembling cash immediately before Madoff ‘confessed’ on 11th December that he had been running a gigantic ‘Ponzi scheme’ for years. Mr William Galvin seeks to revoke Cohmad Securities’ registration in Massachusetts for failing to cooperate with his investigation.

This State filing coincided with US Federal prosecutors being granted another extension, to mid-March, to file an indictment or present evidence against Mr Madoff. The Financial Times reported on 12th February 2009 that ‘Mr Madoff’s attorney and prosecutors have been in discussions about a “possible disposition” of the case, according to a Court document filed on 11th February. This could mean that prosecutors and the defence are attempting to work out a deal before trial. Mr Madoff has already agreed to a partial settlement with civil authorities’.

These developments reek of an ‘insider stitch-up’, as trailered by this service in our earlier report on this subject. The forthcoming issue of International Currency Review, Volume 34, #2, contains facsimiles of the early Madoff Court case documents obtained by the Editor from the United States District Court for the Southern District of New York during his pre-Christmas visit to New York, with a great deal of related background information.

On 13th February, Bloomberg reported that Mr Madoff’s defence attorney, Ira Sorkin, may have a conflict of interest in defending his client because the lawyer’s parents invested with Bernard L. Madoff until 2007. Madoff’s Ponzi operations are thought to have functioned as early as the 1970s.

An IRA (Individual Retirement Account) opened by Sorkin’s father was inherited by his mother in 2001. When his mother died in 2007, the IRA was cashed out. Joan Meyer, a former prosecutor who is now a partner with Baker & McKenzie LLP, said:

‘If one of his close family members was the recipient of that money and essentially benefited from that fraud scheme, it’s something that an attorney would clearly have to consider’. The Wall Street Journal reported that the account was divided between Mr Sorkin’s sons, Roger and Peter.

Ms. Meyer elaborated that defendants who sign waivers for their lawyers in such prospective conflict-of-interest cases and who are later convicted, have been known to claim that the waiver was obtained without sufficient information or was sought in respect of conflicts that cannot be waived, potentially leading to what Ms. Meyer called “a litigation issue in the future”.

Sorkin’s name and those of his parents appeared on the 162-page list filed in the US Bankruptcy Court in Manhattan [see our alphabetic listings, reports dated 6th February 2009]

Other links between Sorkin and Madoff over the years have also been dredged up recently.

All we would say at this stage is that this state of affairs may, we suspect, turn out to be ‘extremely convenient’ for Madoff in due course, and comparably ‘embarrassing’ for the US Government.

• On purpose?

OUR SUSPICION OF A STITCH-UP IS SUPPORTED BY ANOTHER SOURCE
The Editor’s early published suspicion that the Madoff crisis was vulnerable, given the drafting in of certain ‘connected’ attorneys, to being ‘stitched up behind closed court doors’, and our earlier allusions to the reality that the Madoff Ponzi operation was linked to the Bush-Clinton-Chicago organised crime Octopus are supported by the following excerpt from Wayne Madsen’s WMR website (dated 9th February 2009):

‘The Securities and Exchange Commission (SEC) announced that it had cut a deal with $50 billion Ponzi scammer Bernard Madoff whereby Mr Madoff will neither admit nor deny fraud claims against him in a suit brought by the SEC. In return Madoff has agreed to pay civil fines and penalties levied by the SEC. The agreement has no bearing on Madoff’s criminal trial’.

‘WMR has learned that in addition to 20 million documents stored by Madoff in a warehouse in Queens that were stored without any indexing system and merely placed in boxes and strewn around the floor, are millions of additional documents that were stored by Madoff in a Brooklyn warehouse that was partially flooded. A number of Madoff documents there were destroyed by water damage’.

‘WMR has also learned that a key element in Madoff’s Ponzi scheme was Madoff Energy LLC, formed as a Delaware corporation in February 2007. Other Madoff firms in the energy arena were Madoff Energy Holdings LLC, Madoff Energy III LLC, and Madoff Energy IV LLC. There are links between these now-defunct Madoff energy entities and Texas oil and natural gas industry interests, some close to the Bushes and Dick Cheney’.

‘WMR has also learned that the kid glove treatment given by Federal authorities to Madoff, including allowing him to remain in his Upper East Side luxury town home, is because Madoff’s Ponzi scheme was part of a much larger operation, one involving top officials of both the George W. Bush and Barack Obama Administrations, as well as the notorious Russian-Israeli Mafia’.

• JUST AS WE INDICATED EARLIER.

CRUDE CIA BLACKMAIL THREAT AGAINST MI-6
The Madsen report dated 9th February 2009 also contained a veiled threat of CIA blackmailing operations against the British Government which we understand to be a further dimension of the bitter intelligence war and stand-off between the threatened US Intelligence Power and the British intelligence services centred around the issue of The Queen’s LOAN funds.

The veiled threat is interpreted by us as a deliberate provocation by the beleaguered CIA which is resisting the inevitable implementation of the G-7 – Approved Refunding Programme because of its fear that it will then lose key sources of illicit finance which are the fountainhead of its usurped power over the Executive Branch and what it has hitherto considered to be its unchallengable US and worldwide hegemony.

Madsen, who is widely used to run ‘trailers’ of what the CIA and its affiliate entities have in mind, and whose service also specialises in ‘breaking’ connections that certain US forces want ‘out there’ for their own reasons – and who has, significantly, NEVER alluded to our reports, indicating that his service may engage in selective reporting – referenced the controversy surrounding the detention and brutal treatment in Gantanámo of Binyamin Mohamed, whom Madsen INCORRECTLY claimed to be an Ethiopian citizen when in reality he is a British citizen, and whose lawyers have demanded that the British Foreign and Commonwealth Office turn over 42 classified documents that reveal how Mohamed was tortured, renditioned between Afghanistan, Pakistan, Morocco and Cuba which, Madsen reported ‘may also shed light on the British Government’s involvement in kidnapping and torture’.

The source elaborated:
‘WMR has learned that the CIA, with the support of the Barack Obama Administration [sic! The CIA CONTROLS the Obama Administration], is threatening to release details of other British abductions and torture if London proceeds to reveal details of the kidnapping and torture of Mohamed’.

The report then went on to spell out what blackmail cards the CIA thinks it holds against MI-6, which has the power and responsibility (see our earlier reports) to procure the implementation of the Settlements and the Refunding Programme.

The following package represents a crude, typically CIA-style blackmail threat:

‘Specifically, the CIA is in possession [how on earth does Madsen know? – Ed.] of potentially embarrassing details of the abduction and torture by Britain’s MI-6 intelligence service of 28 Pakistanis abducted by British agents in Athens after the July 7, 2005 transit bombings in London’. The report continued to elaborate on this matter in a tone which can only be described as very threatening, concluding with the following:

‘With suspicions growing that Milliband [British (Jewish) Foreign Secretary] and Prime Minister Gordon Brown are involved in a major intelligence cover-up, any US disclosures about Britain’s rôle in renditions and torture, violations of international and European law, could result in a further erosion of support to Labor in Britain…. If the British Government reveals details of Mohamed’s rendition and torture by the Americans, it can be expected that there will be a mutually-assured destruction campaign waged between Washington and London’.

The only problem with this barefaced blackmail threat is that a British Judge had already ruled – but in furious language, prompting superheated exchanges recently in the House of Commons – that the relevant information about the Americans’ brutal treatment of Mohamed would NOT be released for unspecified security reasons ‘and in order to preserve the essential confidences inherent in the intelligence relationships between the two countries’, or verbiage to that effect.

The British Foreign Secretary (Miliband) then elaborated at great length in Parliament about why the information would not be released.

• In other words, Madsen’s belated CIA blackmail threat was sterile, beyond its expiry date and empty – suggesting that the CIA was scratching around looking for some further pretext to exert pressure on the British, given the stand-off over the G-7-Approved Refunding Programme which it is systematically blocking.

• A pretty feeble operation, which was flattened when the British authorities saw through the CIA’s typically sordid blackmail attempt.

IN MEMORIAM
William Foxton OBE, a distinguished British Army officer, who rose from the ranks in the Green Jackets regiment, lost his arm in combat, and worked for United Nations missions, the French Foreign Legion and the Sultan of Oman, shot himself in the head on 10th February 2009 (not 1983) after losing his life’s savings in the Bush-Madoff Ponzi operation.

Major Foxton killed himself in a park near his home in Southampton. His son, Willard, 28, said of Madoff and associates:

‘They have got my father’s blood on their hands’. The retired soldier had invested some of the money he had earned while serving the Sultan of Oman, in two hedge funds that were rolled into Madoff’s scheme, and had lost ‘a six- or seven-figure sum’, according to Mr Foxton Jr.

‘Essentially I want Madoff and others to know that they have my father’s blood on their hands. I’m very angry. My first thought was to show up at Madoff’s trial in New York and throw my father’s medals in his face’.

If there is a trial, that is: right now, our early suspicion that the Bernard L. Madoff scandal and its reverberations were liable to be stitched up behind corrupt court doors by corrupt US lawyers trying to cover up for George Bush and the Clinton Chicago FBI and the other financial gangsters behind this corruption, looks as though it may have been right on the mark.

REACTIONS TO OUR REVELATION CONCERNING MICHAEL C. COTTRELL, B.A., M.S.
In the preceding report, dated 8th February 2009 we revealed for the first time that Michael C. Cottrell, B.A., M.S., is instructed to proceed with the Group of Seven-Approved transparent Dollar System Refinancing Capital Markets transactions on the basis of the $6.2 trillion of LOAN funds provided mainly by Her Majesty the Queen designed to generate taxable REVENUE on the books, thereby refloating the banks ON BALANCE SHEET.

This information was published because it had finally become clear that, despite all the reiterated promises, undertakings and assurances from behind the scenes that the G-7-Approved Refunding Programme would proceed as instructed by the lender(s), these undertakings had turned out to be as worthless as the trash derivatives ‘Structured Products’ that have been exposed as fraudulent and without any value, as is universally accepted. Previously it had been considered appropriate NOT to divulge this information – publication of which apparently came as a shock to certain parties who remain hell-bent on continuing the discredited Ponzi scamming operations.

As a direct and immediate consequence of that revelation, several responses were forthcoming:

• 1: SCURRILOUS LIBEL ATTACK AGAINST COTTRELL AND HIS CORPORATION:
First, Michael C. Cottrell, B.A., M.S., was subjected to a series of deliberately libellous assertions and innuendos in a website posting on 11th February 2009 by an operative called Tom Heneghan. We deal with this matter in the final section below. The purpose of the careless libel attack was to try to discredit Mr Cottrell and his firm Pennsylvania Investments, Inc., given that (see below) the Obama Administration is using the ‘SMOKE AND MIRROR MONEY’ generated by illicit means and contrary to the lenders’ and owners’ instructions off the back of the $14.0 trillion, to ‘reboot’ not the American economy (as is claimed) but first of all, the internationally and domestically discredited fraudulent derivatives sector for the benefit of all parties involved in this financial corruption.

• 2: CRUDE CIA BLACKMAIL THREAT AGAINST MI-6:
Secondly, a separate, crude CIA blackmail threat as described above was deployed in a clumsy manner to exert pressure on MI-6, within this overall context. Other ongoing, unspeakable CIA blackmail operations perpetrated by US intelligence cadres against targeted figures in Britain are known to the Editor of this service.

• 3: DIVERSIONARY ARTICLES ‘REPLACING’ G-7 BY INEFFECTIVE G-20:
Thirdly, all of a sudden, articles started appearing, coinciding with a meeting of Group of Seven Ministers in Rome on 13th February, suggesting that the G-7 was a spent force and that ‘the action’ would come from the Group of Twenty (G-20) who are scheduled to meet on 2nd April. The purpose of this new ‘angle’ was to discredit the G-7-Approved Refinancing Plan.

This line was pushed, in particular, in a Bloomberg article by Simon Kennedy, which kicked off with the following inaccurate statement:

‘The Group of Seven, whose finance chiefs convene this weekend in Rome, is ceding its traditional power to rebuild the world economy to a broader body of governments that now wield greater sway over global growth’.

Among the ‘authorities’ cited for this diversionary ‘line’ was Paul Martin, the former Canadian Prime and Finance Minister, who was reported to have told Bloomberg: ‘The G-20 reflects the realities of the global economy. Its Finance Ministers are becoming the dominant policy-making body’.

Also cited was none other than Gordon Brown, the British Prime Minister, identified earlier as having impeded the Settlements and the Refunding, who said on 9th February: ‘You cannot talk about the world economy and what you want to do without involving a whole range of countries’.

However the former American Treasury official John Taylor, who is now a Professor at Stanford University, contradicted all this by stating, accurately, that the G-7 can ‘still get things done better’ because it is smaller, involves only major economies and is monitored closely by investors. As for Joseph Stiglitz, the former Chief Economist with the World Bank and a former adviser to President Clinton, he of course pushed the G-20 line: ‘It’s effectively recognition by the G-7 that they don’t have the money. The money is in Asia, the Middle East’.

But the Group of Seven have permission to deploy the $6.2 trillion provided pro bono publico mainly by Her Majesty The Queen for transparent on-the-books taxable REVENUE generation to refloat the banks and thus the US and world economies, and they also command the means of implementing this strategy thanks to instructions referencing the Refinancing Programme, which require Capital Markets transactions to be conducted using the appropriate instruments by and through Michael C. Cottrell’s Pennsylvania Investments, Inc. investment banking firm.

Further, the notion that the G-20 can agree on anything PRACTICAL in this crisis is, in this Editor’s 38 years’ experience of observing these international platforms, eyewash. The G-20 powers can never agree on much, and can rarely implement anything effective: G-20 is just a talking shop.

And as indicated above, the Chinese have specifically informed Mrs Clinton that their terms for any further Chinese investments in US Treasuries entail the provision of a wrapround guarantee for all preceding Chinese financial investments – which, in translation, means that they informed the US Secretary of State that the Chinese will be pouring no more dollars down the corrupt US Treasury black hole – which, by further extrapolation, is another way of saying:

YOU HAVE NO SAY IN THE MATTER. WHAT HAVE YOU TO DO WITH US?

• A sentiment from which no sane and informed observer can dissent.

• 4: USE OF ‘SMOKE AND MIRROR MONEY’ DERIVED FROM THE $6.2TRILLION ETC:
In the fourth place, and crucially, passage of the ‘stimulus bill’ represents a pre-planned substitute for the use of HM The Queen‘s money to reboot first, the fraudulent derivatives sector, and only secondly, the US economy.

As noted above, the money allocated for this purpose is ‘SMOKE AND MIRROR MONEY’ generated from the illicit exploitation of the previously referenced $14.0 trillion (including the $6.2 trillion of LOAN funds provided mainly by The Queen), which were placed into ‘lockdown’ on 12th September 2008, following actions taken, we can now finally reveal, by Mr Cottrell and this service (which was why the Editor received the ‘triple gunshot voicemail’ message on the following Saturday morning).

The intention, therefore, is to deploy the illegally generated funds to kick-start the fraudulent derivatives sector again – notwithstanding the realities that it is now universally recognised that these fake ‘assets’ represent the products of a gigantic Bankers’ Ramp, and that institutions as prominent as Swiss Re are writing their derivatives exposures down to zero.

The so-called ’stimulus bill‘ is intended, first and foremost, to BY-PASS USAGE OF THE QUEEN’S LOAN FUNDS which had to be placed out of reach on 12th September 2008 because they were being misused by the banks, hedge funds and so-called ‘private equity’ funds that have been engaged for years in this Fraudulent Finance Ponzi-model activity.

The primary purpose of the ‘stimulus bill’ is the same as Paulson’s corrupt TARP scam, which was designed to refinance Carlyle, Carlyle Capital and friends, as described in the foregoing exposure with diagrams, to be published in the forthcoming issue of International Currency Review.

We can therefore state without fear of contradiction that the US Legislative Branch is co-conspiring with the US Treasury and the Obama White House to PERPETUATE THE DERIVATIVES SCAMMING FRAUDS by seeking to re-start the Ponzi scams following the discontinuity that has taken place (4).

Will this FRAUD succeed?

It cannot succeed. The Chinese, who have hard cash-cash dollars, will not purchase the degraded instruments that the US Treasury will be marketing.

Will other governments and parties that have had their fingers burned want to buy ‘Geithners’ or whatever ‘products’ are now to be concocted on the basis of the ‘stimulus bill’ that President Obama was expected to sign on Monday 16th February, on his return from Chicago where he will have been talking to certain circles with a vested interest in these matters?

What do you think?

OBAMA ADMINISTRATION SELECTS THE WORST OF ALL POSSIBLE WORLDS
So, because the US Government, under Mr Obama as under Bush II, will not agree to the SOLE SOLUTION [see above] TO THE CRISIS THAT HAS BEEN ON THE TABLE FOR SEVERAL YEARS, the United States and the Rest of the World are now condemned to suffering the very worst of all possible worlds – all in order to satisfy the greed and lust of a small clique of corrupt operatives, financiers and others who defer to the determination of the Intelligence Power to retain its control over the US Executive Branch as described above.

Hence Michael C. Cottrell’s request for the instructions pertaining to his stated responsibilities to conduct transparent Capital Markets operations in accordance with the G-7-Approved Refinancing Plan, to be applicable out of London, using the LOAN funds provided pro bono publico by HM The Queen for the purpose, in accordance with the Group of Seven’s long outstanding and hitherto sabotaged requirements.

THE LIBELLOUS ATTACK ON MICHAEL C, COTTRELL, B.A., M.S.
As noted above, the US securities expert Michael C. Cottrell, B.A., M.S., and his investment banking firm Pennsylvania Investments, Inc., were subjected to a deliberate, violent, scurrilous, libellous and desperate attack by an operative called Tomas P. Heneghan, whose address is reportedly 532 W. Jefferson Avenue, Naperville, IL 60540-5219.

• Heneghan is the President and Chief Executive Officer of Equity Lifestyle Properties, Inc.: mailing address: 2 N. Riverside Plaza, Ste 800, Chicago 60808-7882.

On 28th December 2007, Equity Lifestyle Properties, Inc. contributed $2,300 to the Hillary Clinton for President campaign. [Source for all this detail: CampaignMoney.cpm/political contributions/thomas-heneghan]. In the past, the Editor of this service was fed diversionary lies about this operative by an agent seeking to persuade us that Heneghan ‘works for George Bush Sr.’.

On the contrary, this operative worked with Leo Wanta and David Williams and was involved with the Clintons and Al Gore. The libellous attack on Mr Cottrell and his corporation, consisting of smears and innuendos unsupported by any evidence, was specifically timed so as to follow the revelation in our preceding report of Michael C. Cottrell’s standing with regard to the instructions referenced above concerning the Group of Seven-Approved Refunding Programme on the basis of the $6.2 trillion of LOAN funds provided for the purpose pro bono publico and ‘for the sake of the whole of humanity’ by the lender.

The objective of the attack was to smear Michael Cottrell and his corporation ahead of the Senate’s passage of the ‘stimulus bill’ which, instead of deploying these LOAN funds for the G-7-Approved Refinancing Programme ON THE BOOKS to refloat the banks in a proper manner, would instead apply the ‘SMOKE AND MIRROR MONEY’ generated by illicit means inter alia through the irregular exploitation of the LOAN funds prior to their placement into ‘lockdown’ on 12th September 2008.

As reiterated above, the LOAN finance was placed into ‘lockdown’ because it was being corruptly misused in contravention of the instructions and purposes for which the funds were loaned, as a generous discretionary contribution to rescuing the world economy from the fate to which the Bush and now the Obama Administrations have perversely consigned it.

This attack was laughable in the sense that it is said of Mr Cottrell, by the kind of people we are having to expose, that ‘you can’t trust Michael Cottrell. He’s too honest’. However the libels and lies stepped beyond tolerable boundaries: and for this reason, first, the Editor agreed with Mr Cottrell a response to a request from a website for an interim statement; and secondly, Mr Cottrell prepared an Affidavit for publication on our website platform and for filing in Court [see below].

Both of these responses are now displayed. This was such a serious and gratuitous attack that Mr Cottrell has been left with no choice, except that he will not descend to the Heneghan level.

The attack also impugned the integrity and loyalty to the United States of Colonel Dana Wilcox.
The Editor has met this gentlemen and can state that among the information that he holds about him is included the fact that he has handled vast sums of money on behalf of Uncle Sam and has never ’touched a cent‘ – unlike other figures mentioned in our reports. Colonel Wilcox would probably not wish the Editor to have made this statement here, but in our view it succinctly summarises in one sentence the level of distinguished integrity applicable.

THE EDITOR’S INTERIM STATEMENT
At 5:43pm on Friday 13th February, the Editor‘s interim statement of rebuttal was posted by agreement (at the website’s request) on http://www.rumormillnews.com

The text of that statement is as follows:

(1) Michael C. Cottrell, B.A., M.S., is at his residence and office in Erie PA.
He has not been arrested.

(2) No warrants have been issued for the arrests of Michael Cottrell and Colonel Dana Wilcox and no investigations of either of them have been undertaken or are intended

(3) Your communication has been forwarded to the Badges.

(4) Aspects of the matter have, I understand, been vigorously dealt with by authorities behind the scenes.

(5) Michael C. Cottrell, B.A., M.S., may be contacted on 814 455 9218. Anyone calling him must identify themselves fully.

(6) All other assertions in the referenced Heneghan segment, with which I am familiar, are also totally false.

(7) The scurrilous attack by innuendo represents a response by Wanta, who remains a convicted felon, to our revelation for the first time, in the recent report, of the status of Mr Michael C. Cottrell B.A., M.S., with respect to the G-7-Approved Refunding Programme.

(8) I have been briefed on the matter in detail and will add substantially to this rebuttal of these scurrilous lies and libels in the forthcoming report, which is currently in preparation.

Christopher Story FRSA, London, 13th February 2009.

MICHAEL C. COTTRELL’S SWORN AFFIDAVIT IN RESPONSE TO THE ATTACK
At 8:46pm London time on 12th February 2009, Michael C. Cottrell, B.A., M.S., faxed the following sworn Affidavit to the Editor, for inclusion with this presentation. The Affidavit is structured for prospective filing at the United States District Court for the Eastern District of Virginia, Alexandria, by Colonel Dana Wilcox in the near future.

Colonel Wilcox and Michael Cottrell are understood to require a comprehensive retraction of the libels and lies about them perpetrated by Mr Heneghan against them. The text of the Affidavit forwarded to the Editor is as follows:

I, Michael C. Cottrell, B.A., M.S., as President, Chief Executive Officer, and Chairman of the Board of Pennsylvania Investments, Inc., do hereby swear and affirm the following facts –

That [I] refute and demand legal proof supporting the allegations presented by Mr Tom Heneghan, International Intelligence Expert, within “The Warrant Issued for Greenspan Madoff-Gate Update” [posting at:] (http://blog.myspace.com/tom_heneghan_intel), dated February 11, 2009…

ALLEGATION #1:
“P.S. WE CAN ALSO REVEAL TONIGHT THAT WARRANTS HAVE ALSO BEEN ISSUED FOR THE ARRESTS OF EAST GERMAN STASI DVD-U.S.-CIA AGENT AND EX-NAZI [sic], COLONEL DANA WILCOX, ALONG WITH FORMER LEO WANTA COLLEAGUE MICHAEL COTTRELL”.

(1) Upon notification of this series of allegations by Mr Heneghan, on February 12, in a phone call with the authorities – between approximately 7.30 a.m. EST and 7:32 a.m. EST –

I was advised that the allegations are not true, no such warrants have been issued for either Mr Wilcox or myself – further, there is no investigation of us.

I demand Mr Heneghan show proof of said warrants issued, by whom, to whom.

ALLEGATION #2:
“BOTH WILCOX AND COTTRELL RECENTLY TRIED TO ILLEGALLY REPRESENT THEMSELVES AS REPRESENTATIVES OF AMBASSADOR LEO WANTA IN REGARDS TO IMPLEMENTATION AND SETTLEMENT OF THE WANTA-REAGAN-MITTERRAND PROTOCOLS”.

(2) Per notification to the Department of Taxation of the Commonwealth of Virginia dated 31 March 2008, that since Mr. Lee/Leo Wanta has dismissed Michael C. Cottrell, B.A., M.S., from any and all activities relating to AmeriTrust Groupe, Inc.

• that all notices of taxation matters be referred to Mr. Lee Emil Wanta, 396-6726, Shareholder since May 20, 2004, at 715-864-6956/715-726-1097, or diplomat_switzerland@msn.com or at 13093 77th [Avenue] Chippewa Falls, WI 54729-6285;

• Registration change Request: 23 March 2008, AmeriTrust Groupe, Inc., 13093 77th Avenue, Chippewa Falls, Wisconsin 54729-6285;

• that all documents forwarded to ANY entity since 23 March 2008 have been under the authority of Michael C. Cottrell, B.A., M.S., President and CEO of Pennsylvania Investments, Inc.;

• Mr Dana Wilcox is neither a part nor an employee of Pennsylvania Investments, Inc.;

• Neither Mr. Wilcox nor Mr Cottrell – since 23 March 2008 – have or will ever represent a convicted felon named Leo/Lee Emil Wanta or AmeriTrust Groupe, Inc.;

I demand Mr Heneghan show proof of such an instance.

ALLEGATION #3:
“AT THIS HOUR, COTTRELL AND WILCOX HAVE BEEN ACTING AS COLLECTION AGENTS FOR THE BRITISH MONARCH QUEEN ELIZABETH IN REGARDS TO A $6.2 TRILLION LOAN GIVEN BY HER MAJESTY TO FORMER WHITE HOUSE OCCUPUNK GEORGE W. BUSHFRAUD”.

• This is such an outrageous statement that any American can place themselves as “collection agents” for Her Majesty –

I demand Mr. Heneghan show the proof of said allegation.

ALLEGATION #4:
“BOTH COTTRELL AND WILCOX REPRESENT A NOTED MONEY LAUNDRY CALLED PENNSYLVANIA INVESTMENTS, WHICH HAS BEEN LINKED TO THE BERNARD MADOFF PONZI SCHEME…”.

As President of Pennsylvania Investments, Inc., located at 1157 West 7th Street, Erie, PA 16502 – 814-455 9218 –

I demand that Mr. Heneghan provide any U.S. FEDERAL ATTORNEY that will substantiate this slanderous statement – WHERE IS THE PROOF – NO U.S. ATTORNEY has EVER stated or implied that Pennsylvania Investments, Inc. is or has EVER been linked to Bernard Madoff or any of the BUSH-CLINTON-MADOFF schemes;

A copy of this affirmation shall have the same effect and force as an original.

I, Michael C. Cottrell, B.A., M.S., President of Pennsylvania Investments, Inc., located at 1157 West 7th, Erie, PA 16602, United States Passport No. 205125335, do hereby swear and affirm that the above statement is true and factual.

[Signed]
Michael C. Cottrell, B.A., M.S.
President
Pennsylvania Investments, Inc.

12 February 2009.

References and Notes:
(1) ‘And he spake a parable unto them, Can the blind lead the blind? Shall they not both fall into the ditch?’: Luke Chapter 6, verse 39.

(2) Rachel Ehrenfeld told the Editor in October 1999 that she and a girlfriend were present in a women’s accessories boutique at the Rockefeller Center when, all of a sudden, 18 presidential security personnel rushed in and ordered everyone in the boutique to freeze. She and her friend were stranded in the middle of the floor. Shortly afterwards in walked President Bill Clinton, who proceeded to order something or other for one of his female ‘acquaintances’. Ms. Ehrenfeld told the Editor that the next few minutes felt like the best part of half an hour, and that she had never, in her whole life, experienced such an unpleasant atmosphere. She said that the vibes around this man were deadly. Suddenly Clinton turned to her and his face went as red as a beetroot.

Then, the purchase complete, the President and his bodythugs evacuated the premises, leaving the other customers stunned. Rachel said she couldn’t get out of the place fast enough.

Two subsidiary points complete this story (which we have told here before, without naming the source): First, Clinton is of course the illegitimate son of Winthrop Rockefeller, so ‘shopping’ at the Rockefeller Center makes sense for him. Secondly, Ms. Ehrenfeld is a leading criminologist and told the Editor that she had debriefed some of the worst serial killers in America, in the GULAG.

She added that never, during such debriefings, had she experienced vibes anything like as bad as those surrounding President William Jefferson Clinton. This man and his wife are back in control of the US Government, on behalf of their patrons, the Bush Crime Family.

(3) The attempt by Lord Mandelson to smother criticism of British bankers’ appalling behaviour hit a brick wall when Patrick Hosking added this condemnation in an excoriating commentary in The Times, London, of 14th February 2009, entitled ‘Britain’s bankers plumb new depths’.

The commentary, with which we are in total agreement, read in part:

‘The spectacle of bankers continuing to award themselves bonuses while taking taxpayer support is feeding an extraordinary public rage and a fierce sense of injustice. With 40,000 people losing their jobs each month, it is a recipe for trouble, come the traditional rioting months of the summer’.

‘The seething sense of unfairness is almost palpable. The view that a small élite not only caused the crisis, but continues to profit at the expense of everyone else, is near universal’.

‘Gordon Brown’s promise of no rewards for failure in state-supported banks is looking ever more threadbare. We now know that Peter Cummings, the highest-paid individual on the HBOS Board, headed a division responsible for £7.0 billion of losses last year, yet he was still given a reported £660,000 payoff when he left in early January clutching his £6.0 million pension pot’.

‘The suggestion by Lord Myners, the City Minister, that some bankers simply have no sense of the broader society around them is getting harder to refute. To be preparing to pay out billions of pounds in discretionary bonuses over the next few weeks suggests an ignorance of the public mood and a single-mindedness bordering on the sociopathic’.

No doubt those who tried to pressurise the Editor this service to ‘cool it’ in reporting further on Lord Myners’ fully justified and long overdue observations on the filthy greed of these corrupt British banking types, will have read the foregoing passages in The Times. But just in case they didn’t, we reproduce them here for the record. All part of the service.

(4) Various American parties have sought to take issue with us over our presumed attitude towards President Barack Obama. Apparently we were supposed to have followed their example in abruptly ceasing to castigate outgoing President Bush Jr., and to switch to firing at the incoming President.

In order not to fall into this trap, the Editor invented the metaphor about jumping out of the frying pan and hovering in mid-air while it became clear whether we were to jump into the fire, or not.

Further, the Editor of this service is not a citizen of the United States, is a frequent guest in New York and elsewhere (having visited the country very frequently since 1977) and may be one of the best informed Englishmen in the world concerning the United States. It is clearly not for him to enter into sterile internal debates about issues relating to the new President, especially since it was unclear (for multiple reasons) how Mr Obama would develop in office, and what his priorities might be. The Editor was as disturbed as all other observers about the composition of the new US Administration, but still considered it appropriate not to descend to the mud-slinging level instantly indulged in by certain American observers. If they want to do that, it is their choice: but it is not for them to criticise the Editor for not joining in such activity.

The Editor is well aware of all the issues that have been raised under this heading. However he still considers it appropriate, diplomatic and plainly right to reserve judgement, while at the same time taking note of the fact that the new President of the United States is extremely polite and courteous at all times, which is more than could ever be said of his recent predecessors.

For this reason alone, the Editor considers that he should be allowed to remain the judge of what he may or may not write in the future about President Obama, in whom so much hope has been placed. The fact that Mr Obama has taken the wrong (and probably disastrous, for him) decision in allowing his personnel to place the impossible task of revitalising the decayed Fraudulent Finance sector at the top of his list for action, is a regrettable and prospectively catastrophic mistake.

But the Editor considers that the new President is still entitled, as current Head of State, to proper respect from a ‘foreigner’, especially a Brit.

And that’s where the matter rests.

LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

• “ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

• “THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

• “FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

• “The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

• To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

• “FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

• “Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

• NASD Rule 3120, et al.
• NASD Rule 2330, et al
• NASD Conduct Rules 2110 and 3040
• NASD Conduct Rules 2110 and IM-2110-1
• NASD Conduct Rules 2110 and SEC Rule 15c3-1
• NASD Conduct Rules 2110 and 3110
• SEC Rules 17a-3 and 17a-4
• NASD Conduct Rules 2110 and Procedural Rule 8210
• NASD Conduct Rules 2110 and 2330 and IM-2330
• NASD Conduct Rules 2110 and IM-2110-5
• NASD Systems and Programme Rules 6950 through 6957
• 97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

• 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 criminalist 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.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

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 solely and 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, suggestions to the contrary being actionable for libel in the English Court.

SETTLEMENTS AND REFUNDING: OR DOLLAR COLLAPSES

FORENSIC ANALYSIS OF DEVELOPMENTS SINCE THE U.S. ELECTION

Monday 5 January 2009 00:01

• The US dollar requires refunding as a matter of the most extreme urgency.

The G-7-Approved Private Sector on-the-books Capital Markets Refinancing Programme, which was criminally blocked against the interests of the American people and the entire world by the self-serving thieves headed by the Bushes, Paulson, Cheney, the Clintons, Greenspan, Bernanke et al from June 2006 onwards, is the ONLY means whereby this can be achieved.

It CANNOT be done from WITHIN the US Federal Government structures, as the Government ONLY CREATES DEBT. The Private Capital Markets Refinancing Programme agreed upon by the Group of Seven financial powers CREATES REVENUE and ONGOING U.S. TREASURY TAX RECEIPTS.

Government and White House structures, being PUBLIC SECTOR, cannot do this.

The crisis that developed from June 2006 onwards is a SPECIFIC CONSEQUENCE of the corrupt decision by President George W. Bush Jr., Henry M. Paulson, Vice President Cheney, Dr Bernard Bernanke, George Bush Sr, Dr Alan Greenspan, and others, to perpetuate the depraved deficit-financing and fraudulent finance/self-enrichment carousel CREATING EVER MORE DEBT that was then hidden off-balance-sheet, rather than proceeding with the REVENUE-PRODUCING SOLUTION using fully taxed on-the-books private sector capital markets transactions that has been ON THE TABLE since 2005/2006 and which is THE ONLY WAY FORWARD FOR AMERICA AND THE WORLD.

Due to the unchecked criminal, perverse behaviour of the highest-level operatives listed above and exposed by this service, the prospect of the weight of derivative junk crashing through the ceiling into the basement and demolishing several of the largest institutions in the world, is no longer academic. If this happens, there will be a global collapse into uncontrollable chaos.

If the incoming Obama Government deviates in ANY respect from the G-7-Approved on-the-books Private Sector Capital Markets US dollar refunding formula, THE U.S. DOLLAR WILL COLLAPSE and THE AMERICAN REPUBLIC WILL NOT SURVIVE. That is the stark reality: the bottom line.

• Be warned. Our predictions, from September 2006 onwards, have been ACCURATE.

• THIS REPORT HAS BEEN UPDATED TO 8TH JANUARY, 2.00PM UK TIME…

• Mr Barack Obama has been using words like ‘oversight’, ‘transparency, and ‘full accountability’, which are NOT words that sink happily into the ears of the giga-crooks whose time is up. On 8th January, he appointed a Chief Performance Officer, Nancy Killefer, formerly of the IRS Oversight Committee and a Treasury performance evaluation expert.

• MADOFF: $1.7 BILLION IN CASH AND LIQUID ASSETS FOUND BY IRVING J. PICARD: The Trustee appointed by the Securities Investor Protection Corporation (SIPC) has uncovered not only the cash sum of $830 million reported below, but also a further $850 million in liquid assets, according to The Times, London, of 8th January 2009. Judge Ronald Ellis has to decide whether Mr Madoff’s activities, including the distribution by himself and his wife of valuables, called heirlooms by the Defendant’s lawyer, Ira Sorkin, when reporting to the Court on 7th January, warrant the revocation of Madoff’s bail terms. Court documents we hold, seem pretty clear on this point.

• OUT OF THE FRYING PAN AND HOVERING IN MID-AIR BEFORE FALLING INTO THE FIRE?

• THE ELITE POWER CONTINUUM’S NEW-OLD CONTROLLING TEAM

• THE PLAN: TO PURPORT TO IMPLEMENT THE G-7-APPROVED REFINANCING SCHEME WHILE IN PRACTICE CONTINUING CORRUPT ‘BUSINESS AS USUAL’: WHEN THE EDITOR SAID THIS ON THE TRANSATLANTIC PHONE, FORT MEADE PULLED THE CONNECTION, MEANING: IT’S TRUE.

• FOR THESE PEOPLE, DEBT IS AN ASSET CONTAINING CASHFLOW THAT CAN BE STOLEN

• ROCKEFELLERS, FACING DISASTER, FORCING BUSH CROOKS TO COMPLY?

• WHY THERE IS NO WAY OUT FOR THE FRAUDULENT FINANCE CADRES

• THE DEBT-ORIENTED ‘NEW ECONOMIC TEAM’ IMPOSED ON OBAMA

• LEON PANETTA FOR DCI? ARE THESE DESPERADOS MENTALLY CHALLENGED? [NEW]

• THE INITIALLY DELICATE POSITION OF BARACK OBAMA

• INCOMING PRESIDENT IS IN A STRONGER POSITION THAN PEOPLE MAY THINK

• PROMINENT RECENT ‘NEUTRALISATIONS’: SEE ‘IN MEMORIAM BELOW

• ‘FEEDER’ PONZI FINANCIER MURDERED TO COVER UP ALPHA CONNECTION?

• PRESIDENTIAL PARDONS WON’T SOLVE THEIR PROBLEM

• THE SECONDARY ‘FEEDER’ FUNDS WERE SEPARATE PONZI FRAUDS

• PERTINENT QUESTIONS FOR THE BENEFIT OF ‘THE INTERESTED’

• LONDON ‘SAFETY LOCK BOX’ RAIDS REMOVED THE COLLATERAL

• MADOFF PONZI CAROUSEL THEN BECAME A PRIMARY SOURCE OF FUNDS

• FIVE-HOUR EMERGENCY MEETING BETWEEN MRS CLINTON AND GEITHNER

• NEW YORK FED AND S.E.C INVOLVED IN THE MASTER SCANDALS

• BIG BANKS REFUSING CLIENTS ACCESS TO THEIR OWN FUNDS (= THEFT)

• OUTLINE INFORMATION ABOUT CAROUSEL TRANSACTIONS

• ‘RETAIL’ INVESTORS’ FUNDS STOLEN TO FINANCE CAROUSEL PONZI FRAUDS

• OTHER HIDEOUS DIMENSIONS OF THE POISON OF THE OCTOPUS

• ‘MAINSTREAM’ AND COURTS CONCERNED, FOR NOW AT LEAST, ONLY WITH THE MONEY ‘IN’

• FACT: NONE OF THIS MONEY HAS VANISHED. IT HAS ALL BEEN STOLEN…

• STANDARD ‘BCCI PROCEDURE’: COLLAPSE THE ‘MONEY MACHINE’, RAKE OUT THE MONEY

• POSSIBLE ISRAELI TIT-FOR-TAT FOR THE BUSH-TRIGGERED MADOFF TAKEDOWN

• STOKING UP ANTI-SEMITISM: A CYNICAL ‘ADDED BONUS’ FOR THE REVOLUTION

• DOUBLE-MINDEDNESS AND THE DOUBLE-CROSS TRADITION

• ‘MADOFF TAKEDOWN’ RELEASED TRILLIONS TO BE STOLEN WITH EASE

• GLOBALIST STRATEGISTS DESTABILISED BY SUCCESSIVE EXPLOSIONS

• UNPRECEDENTED ADMISSION BY THE IMF MANAGING DIRECTOR THAT ELITE IS TO BLAME

• BANKS HOARDING MONEY IN CASE DTC GUARANTEES ARE CALLED

• CORRUPT ‘BUSINESS AS USUAL’ PLANS IN DISARRAY

• SUCCESSIVE WAVES OF DEFAULTS OUT TO 2012-2014

• THE STRENGTHENING OF BARACK OBAMA’S POSITION

• THE FATE OF DELUDED HOLD-OUTS AGAINST THE SETTLEMENTS

• SHOUTING MATCH OVER PAYOUTS TO U.S.-BASED RECIPIENTS

• UGLY SITUATIONS FACING KEY PLAYERS

• DECISION TO APPLY THE ‘BCCI/ICELAND/ENRON TREATMENT’ TO MADOFF

• BELATED OPERATION TO DISCREDIT PRESIDENT SARKOZY

• WHAT PRESIDENT BUSH JR. WAS REALLY UP TO IN BAGHDAD: TRYING TO STEAL MONEY

• NO DENIAL OF THE MORGAN STANLEY TERRORISM FINANCING CENTER

• AL-QAEDA WILL HAVE TO BE CLOSED DOWN: BY BARACK HUSSEIN OBAMA

• FOLLOWING OUR MULTIPLE EXPOSURES, DVD NOW SAID TO BE ‘BITTERLY DIVIDED’

• DVD’S BRUSSELS BLACKMAIL UNIT AIMED AT EUROPEAN COMMISSIONERS: DG1-X

• THE MADOFF HYDROGEN BOMB EXPLODES

• MADOFF RECRUITED BY, AND ‘WORKED FOR’, BUSH/CIA PONZI CRIME APPARAT

• ‘MADOFF TAKEDOWN’: A VAST SMOKESCREEN ‘PROTECTING’ THE GIGA-CROOKS

• MADOFF ‘CHANGES THE SUBJECT’, WHILE LAW ENFORCEMENT SITS ON ITS HANDS

• THE PRIMARY ORIGINAL DOCUMENTS FROM THE MADOFF COURT FILES

• MADOFF BANK ACCOUNTS WITH JP MORGAN CHASE AND BANK OF NEW YORK MELLON

• MORE BANK OF NEW YORK MELLON BANK ACCOUNTS COME TO LIGHT

• EXPERT ADVANCE WARNINGS ‘DISREGARDED BY THE S.E.C.’

• HEAVILY PROMOTED STAR WITNESS FAILS TO APPEAR: WAS HE THREATENED?

• PARALLEL INTERVENTION OF THE SECURITIES INVESTOR PROTECTION CORPORATION

• IF YOU THINK YOU’RE A VICTIM, THE FBI WOULD LIKE TO HEAR FROM YOU

• INTERIM LIST OF ‘MONEY IN’ LOSERS ARISING FROM THE COLLAPSING
OF THE MADOFF COMPONENT OF THE GLOBAL PONZI MONEY MACHINE

• FORMER PRESIDENT CLINTON FORCED TO REVEAL HIS ‘DONORS’

• PARTIAL LIST OF CLINTON FOUNDATION ‘DONORS’

• CONCLUSION: U.S. DOLLAR REFUNDING MUST PROCEED AS DEMANDED BY THE G-7

• THE ORIGINAL PONZI SCHEME EXPLAINED: AGAIN, IN CASE YOU MISSED IT EARLIER

• LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS HAVE FLOUTED

• THE COPYRIGHT OF THIS ARTICLE IS OWNED BY WORLD REPORTS LIMITED: ALL RIGHTS ARE RESERVED. ELECTRONIC REPRODUCTION OF PART OR ALL OF THIS TEXT PROHIBITED.

• WE HAVE RECENTLY ISSUED AN INVOICE FOR $27.3 MILLION AGAINST AN INFRINGER OF OUR COPYRIGHT WORKS IN CALIFORNIA, WITH FULL DETAILS FURNISHED TO THE SECRETARY OF STATE OF CALIFORNIA, WHICH IS HYPERSENSITIVE ABOUT COPYRIGHT BREACHES.

• THE USUAL CROP OF FABRICATIONS ABOUT THE EDITOR OF THIS SERVICE HAS STARTED UP, WITH ONE GROSS LIBEL ASSERTING THAT THE EDITOR ‘WORKS FOR’ A CERTAIN POWER. SUCH LIES ARE ATTRIBUTABLE TO (1) IGNORANCE AND (2) MALICE. THIS OPERATION IS 100% INDEPENDENT, ALWAYS HAS BEEN, ALWAYS WILL BE, AND FUNCTIONS ARMS’-LENGTH FROM ALL OUTSIDE INTERESTS. SEE THE STATEMENT IN PLAIN ENGLISH AT THE FOOT OF REPORT.

• ANONYMOUS SOURCES OF ‘INFORMATION’ AND ‘DEBATE’: By definition, all anonymous US sources of so-called ‘information’ are spooks and other cowards who are too scared to reveal their identities, for fear not least of being held accountable for their convoluted fabrications. Therefore, anyone who attaches significance or relevance to ANYTHING that any of these anonymous, self-contradictory sources purport to be revealing, does so at his or her own peril. One can of course freely choose to be misled by the various US controlled disinformation, diversion and obfuscation sources, if one wishes to avert one’s gaze from the obvious: namely that the kleptocracy is running these Psy-Ops diversionary operations in order to provide themselves with cover for their odious crimes, and to keep the Ponzi victims hoping, like Rip van Winkel, that they haven’t been ripped off. And since the anonymous spooks and cowards hide behind anonymity, any denial of this apparent truth from them will, like all pronouncements aimed at misleading the ‘scammed’, lack credibility.

Obviously, some of these anonymous sources who cannot be held accountable for any of their lies and fabrications, may take objection to what we may publish. However that is their problem: since they do not reveal their identities, no communication with these operatives is ever possible or at any stage desirable, because in any ‘debate’, a level playing field is necessary: a ‘debate’ between a real person and anonymous spooks and cowards would not take place on a level playing field.

The cover of these anonymous spookies has been well and truly blown. When this happens, the knee-jerk response is to resort to defamation. However defamation of a real person by anonymous spooks lacks all credibility too, and simply reveals the pinpoint accuracy of the assessment.

In any case, as has been stated at the foot of most of our reports for years, we cannot enter into correspondence as a consequence of these reports. Many of those who may attempt to enter into correspondence with us are not subscribing to our published services and have no intention of doing so. This service was originally developed to be of assistance to our subscribers, and that is its main purpose. The Editor’s job is to manage and produce the publications listed on our catalog, accessible via this website. The production of these reports is a secondary exercise. Therefore, if you don’t subscribe, we are not available to be of further assistance. The Editor does, however, try to respond to kind and helpful emails expressing positive support, provided that all coordinates are clearly shown in the Contact Us fields so provided. Again, the Editor has been quite amazed at the kindness shown in response to our Christmas posting dated 26th December 2008.

That experience confirms the Editor’s personal experience that Americans are often the kindest and most generous people in the world. Their problem is that their Government is run by organised geomasonic crime. Amid great fury, a tectonic change is in progress which few yet understand.

For a comprehensive debunking and takedown of the geomasonic New World Order, please place an order for the Editor’s book The New Underworld Order, available from this combined website.

• NEW: CALENDAR OF OFFICIAL REGULATORY AND ENFORCEMENT FAILURES: SEE BELOW

• NEW: IN MEMORIAM: LIST OF RELATED/REPORTED SUDDEN DEATHS (‘SUICIDINGS’)

By Christopher Story FRSA, Editor and Publisher, International Currency Review and associated intelligence publications and information services. See this site for details and ordering facility.

• CORRESPONDENCE TO THE EDITOR: We routinely, automatically DELETE all emails which OMIT any element of the requested coordinates. We are not prepared to deal with anonymous spooks and other cowards who are too scared to provide their coordinates, for identification.

Just as material posted on the Internet by ANONYMOUS sources lacks credibility, so that therefore its content should prudently be dismissed as irrelevant, so are emails addressed for our attention from ANONYMOUS senders considered impertinent and unworthy of attention. Secondly, offensive emails ventilating some gripe or other, are normally deleted unread by our system. On a pleasing note, we received a VERY LARGE positive ‘e-mailbag’ following the 26th December 2008 Christmas report, which the Editor found very touching, kind, unexpected and generous*. Thank you! Contrary to expectations, opposition was extremely feeble, confined even to lecturing the Editor on which Bible he should be reading! When you stand up to them, THEY FALL BACK TO THE GROUND.

* Interestingly, all these generous emails (and phone calls) emanated from the United States and Canada. There was NOT ONE SINGLE SUCH RESPONSE from the United Kingdom. NOT ONE.

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It has now been established that the National Security Agency (NSA) works with/controls Microsoft, Norton, McAfee, and others, in pursuit of the Pentagon’s vast BIG BROTHER objective, directed from the ‘highest’ levels (not the levels usually referred to) which seek to have every computer in the world talk direct to the Pentagon or to NSA’s master computers.

This should come as no real surprise since the cynical spooks even assert this ‘in-your-face’ by advertising ‘INTEL INSIDE’, which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the ‘fully collaborating’ firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable ‘file and printer sharing’ under any circumstances. If you say ‘YES’, so to speak, to ‘file and printer sharing’, your computer becomes a slave at once to NSA’s master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system that assists the criminalised structures, and thus hitherto the Bush-Clinton ‘Box Gang’ and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

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• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor’s own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. Some versions have a ‘Preview before downloading’ feature.

*VISTA: Virtual Instant Surveillance Tactical Application.

• INTERNATIONAL CURRENCY REVIEW, Volume 33, #s 3 & 4, all 972 pages of it, is making waves all over the world. It contains a blow-by-blow deconstruction of this crisis via the Wantagate plus our further analyses: and everything published therein is now well and truly ON THE GLOBAL PUBLIC RECORD. Accordingly the whole world owns a detailed, damning account of the serial criminality of the Bush-Cheney-Clinton ‘Box Gang’ et al., which CANNOT BE EXPUNGED.

• INTERNATIONAL CURRENCY REVIEW, Volume 34, Number 1, consisting of some 400 pages, WAS DISTRIBUTED BY FAST MAIL TO SUBSCRIBERS WORLDWIDE ON 29TH NOVEMBER 2008…

• It tracks the fallout from our exposures of the criminality from mid-April 2008 to 6th October 2008, when this issue of ICR had to go to press. The Glossary that is published with The Cottrell Plan has been separated out and placed at the end of the issue, for long-term ease-of-reference purposes.

• If you wish to obtain a copy and you are not a regular subscriber, please order International Currency Review via our electronic payment system by pressing SUBSCRIBE. This will give a full-price order sequence. Then press CONTACT US and state that you wish to order ICR 34, #1. The single-issue price has to be at a premium to the regular price, charged at $200.00 per copy. Note:
Please ensure that you send a CONTACT US email to the Publisher at the same time as you press SUBSCRIBE, so that we KNOW to send you ONLY ICR 34, #1 and to charge you ONLY $200.

• The CONTACT US facility is found in the red box throughout this combined website.

• BOOKS: Edward Harle Limited has so far published FIVE intelligence titles: The Perestroika Deception, by Anatoliy Golitsyn; Red Cocaine, by Dr Joseph D. Douglass, Jr.; The European Union Collective, by Christopher Story; The New Underworld Order, by Christopher Story; and The Red Terror in Russia, by Sergei Melgounov. All titles are permanently in stock. We sell books DIRECT.

• Please Make a Donation to help finance Christopher Story‘s ongoing global financial corruption investigations, which have turned the whole world upside down and have exposed the corruption which was intended to enable the geocriminalist syndicate to seize the wealth of the entire world. These people have finally been more or less completely stopped in their tracks as a consequence of these exposures. Your assistance will be sincerely appreciated and will make a real difference, hastening the OVERDUE resolution of the worst financial corruption and linked financial fallout in world history. The Editor’s $35,000 Wanta bail-out money was not repaid and so has been stolen. It will be collected in due course and the thief will be appropriately dealt with, having so far taken no steps at all to repay the Editor’s loan funds, which should have been remitted on 11th June 2007.

• See the second white panel for details of our latest distributed intelligence publications.

• MICHAEL C. COTTRELL’S PROPOSALS FOR THE REFORM OF THE U.S FINANCIAL SYSTEM, AND HIS DEBUNKING OF THE IMPRACTICABLE AND EXPENSIVE ‘PAULSON’ PROPOSALS, PLUS OUR EXTENSIVE GLOSSARY, POSTED ON 22ND JULY AND REPOSTED ON 12TH SEPTEMBER, WERE AGAIN ‘SNIPPED’ BY THE NSA’S MENTAL DEFECTIVES. THE REPORT WAS REPOSTED ON 18TH SEPTEMBER 2008. THE REPORT HAS BEEN EXTREMELY WELL RECEIVED WORLDWIDE.

• PRINT EDITIONS OF THE COTTRELL PLAN: Economic Intelligence Review, Volume 11, #s 9 & 10, published in July-August, was devoted almost entirely to The Cottrell Plan and to the extensive Glossary of financial market and related definitions, which explains where so many people have gone wrong. International Currency Review, Volume 34, #1, also contains The Cottrell Plan and the Glossary, placed at the end of this 400-page issue for long-term easy reference.

• Subscriptions by serious observers and analysts to our services may be placed via this website.

• NEW REPORT STARTS HERE:

OUT OF THE FRYING PAN AND HOVERING IN MID-AIR BEFORE FALLING INTO THE FIRE?
In reports posted since the US general Election, we have noted that while, given the imminent end at long last of the evil George Bush II Administration, it can be said that we have jumped out of the frying pan, it has hitherto been too early to conclude that we have yet fallen headlong into the fire. Our stance therefore has so far postulated that we were hanging in-mid-air, pending the arrival of further data, which would make the answer to this riddle more apparent.

Closer now to the installation of the new American régime, we have the following evidence, already publicised here, to suggest that President-elect Obama has not been a pushover for the Forces of Darkness that have apparently hijacked his incoming Administration.

We’ll repeat this evidence first:

• When Mr Obama visited the White House for the first time following the election with his wife, the Bush team tried to bribe him. He rejected this typically brazen, arrogant and crude Bushite attempt to compromise him, according to our special sources. The fact that Obama told the President where to get off is a known PLUS for the incoming President of the United States.

• We also know that when he was briefed by the FBI in Chicago immediately following the election, Mr Obama ‘blew up’ when it was made apparent to him that, under a long-planned CIA contingency arrangement in case he won the election (i.e., if the CIA Forces of Clintonesque Darkness could not rig the outcome to their satisfaction), the framework for his Administration had been decided for him by the mainly Jewish operatives who stand to lose most if corrupt ‘business as usual’ were to be thwarted with the installation of the new régime. Previously we reported that Mr Obama’s first briefing was from the CIA, but since the FBI is subordinate to the organised criminal ‘State within the State’ known as the CIA, that is a nuance that makes little difference. In subsequent days, he also received detailed briefings direct from the CIA.

• It is further known that President-elect Obama lost no opportunity to make it very clear that the Settlements process must be completed (the country recipients WERE paid, effective Friday 19th December 2008, in cash, the Treasury having guaranteed the payments from 18th December). Our information is that he has demanded settlement on several occasions. It is clear that resistance to his demands by the organised criminalists has been only partially successful to date.

• As further reported by this service, when impediments to settlement orchestrated by Gordon Brown became known, President-elect Barack Obama sent an emissary to speak directly with the corrupted British Prime Minister, who is an intelligence officer like his corrupt predecessor, to demand that he cease and desist, on pain of being arrested.

In June 2008, we reported that Gordon Brown’s treachery and dishonesty was exposed when he secretly flew to Belfast, having already said goodbye to President Bush II and his wife in front of the TV cameras on the steps of Number 10 Downing Street. In Belfast, he rejoined President Bush Jr. and his wife, and engaged in certain banking transactions in collaboration with Bush II himself. This was exposed after we posted the following paragraph in our report dated 18th June 2008, which was followed up and found to be accurate:

WHY DID BROWN FLY TO NORTHERN IRELAND HAVING EARLIER
SAID GOODBYE TO THE BUSHES ON THE STEPS OF DOWNING STREET?
We will now pose the following question. WHY was it ‘necessary’ for Brown, who had seen George Bush in the morning of Monday 16th June, to rush up to Northern Ireland so as to be in a position to be standing on the tarmac at Belfast airport, to ‘greet’ the President and Laura when they arrived in Northern Ireland? After all, he had just said goodbye to President Bush. Perish the thought that the purpose of his presence there might have been to open bank accounts. Perish the thought.

• President-elect Obama is known to have been ‘working with’ President Nicolas Sarkozy, who obtained the ‘mandate to pay’ from President George W. Bush at Camp David in October 2008 as previously reported by this service, to procure the Settlements without further ado.

• The ‘Daley people’ and other ‘forces’ out of Chicago want to be paid, too, you understand (do you?) and have, as predicted ages ago, taken the law into their own hands, which is why gunshots are heard in trading rooms, bankers and intermediaries are found sitting at their desks after having suffered heart attacks or with their wrists slashed, and numerous other unspecific ‘neutralisations’ are and have been taking place with increasing ‘Black’ intensity as the hijacking of the whole world by the most ruthless gang of intelligence criminals mysteriously still walking today stretches way beyond the globally critical stage.

THE ELITE POWER CONTINUUM’S NEW-OLD CONTROLLING TEAM
Within this overall context, however, it is a reality that the illicit trading team which is to operate seamlessly from the Obama White House – a team that the ‘Black’ operations intelligence criminals working for and with several domestic and foreign intelligence-linked counterparties put together ahead of Obama’s election victory and foisted on him the moment the election outcome had been confirmed – consists of finance operatives linked to past gross financial abominations, under the preceding two US Administrations.

• This ‘retread’ team intends to continue the illicit trading activity under President Obama’s nose from the White House throughout the new President’s term or terms office, but is facing severe impediments behind the scenes which cannot be reported on at this time.

The primary members of this latest manifestation of the Elite Power Continuum are Rahm Emanuel (a Kissinger operative, member of the Israel Defense Force, i.e. one would suspect him to be an Israeli Military Intelligence Officer), Hillary Rodomski Clinton, Joseph Biden, Tom Daschle (Citibank stooge, mentored by Robert Rubin), Bill Richardson* (ex-Kissinger Associates), Eric Holder (he who arranged the pardoning of Marc Rich, a.k.a. the very long-range DVD operative Hans Brand), General James L Jones (yet another Kissinger associate), Lawrence Summers (mentored by Robert Rubin, guardian of Clinton’s (frozen) accounts), Timothy Geithner (ex-Kissinger Associates), Paul Volcker (Rockefeller family representative yet Chairman of a Rothschild Wolfensohn firm), David Axelrod (a political consultant whose past clients include Senators H. Clinton, John Edwards and Christopher Dodd, Stalin’s grandson), and Susan Rice, ex-Clinton’s National Security Council.

* On 4th January 2009, Bill Richardson, Governor of New Mexico, withdrew his name from the list of candidates for confirmation, citing ‘a pending investigation into a company that has done business with his State’ (code for an imminently breaking corruption scandal). We speculate that Hillary was behind this rapid ‘exit’. What does Mr Richardson know, for instance, about Rocky Flats and the espionage of the Chinese operative Wen Ho Li at Los Alamos, we wonder? Just asking…

The notorious names among these operatives should be arrested forthwith and extradited to the United Kingdom to face charges of financing international terrorism, of economic terrorism, and of stealing from The Queen, and enriching themselves as a consequence inter alia of profiting from the theft of her gold on 29th-30th March 2007, which was exclusively reported, in the first instance, by this service. Protests from various quarters that ‘there is no-one willing to arrest these people’, ignore the fact that by publicising such information, the pressure on these soulless operatives is ratcheted up all the time. After all, the daily lives of all the familiar highest-level criminalists have been rendered intolerable and miserable as a consequence of what has had to be posted to date – entirely as a consequence of the perverse decisions that these people have made so as to be able to continue their terrorism financing operations. That has been their choice: they made their own filthy bed, and they must lie in it.

• Almost everyone in this cauldron has been compromised to some degree or another.

• THE PLAN: TO PURPORT TO IMPLEMENT THE G-7-APPROVED REFINANCING SCHEME WHILE IN PRACTICE CONTINUING CORRUPT ‘BUSINESS AS USUAL’: WHEN THE EDITOR SAID THIS ON THE TRANSATLANTIC PHONE, FORT MEADE PULLED THE CONNECTION, MEANING: IT’S TRUE.

Notwithstanding everything that has happened since Treasury Secretary Paul O’Neill was fired by President Bush Jr., after O’Neill had asked him to release the diverted funds, and since we started to publicise the hijacking of the $4.5 trillion, and our subsequent detailed website exposures of the historically unprecedented corruption, the Intelligence Power has put in place an Economic Team, listed below, FOR THE SPECIFIC OBJECTIVE OF CONTINUING WITH THE FRAUDULENT OFF-BALANCE SHEET FINANCING OPERATIONS SEAMLESSLY THROUGHOUT THE OBAMA YEARS, from within the White House as though there has been no discontinuity and no opposition to this corruption had ever surfaced, and the Rest of the World knew nothing about it.

FOR THESE PEOPLE, DEBT IS AN ASSET CONTAINING CASHFLOW THAT CAN BE STOLEN
Beyond the standard criminal finance purpose, the mentality behind this intention (which is being thwarted) assumes that salvation is to be found through the issuance of yet more debt. For these people, who have overstayed their welcome, debt is ‘an asset’ in a sense not usually understood: for the practical factor here is that DEBT PRESUPPOSES A CASHFLOW WHICH CAN BE STOLEN.

Cashflow exists within debt ‘assets’: so these criminal finance operatives are predisposed towards the United States accumulating ever more debt, out to infinity – choosing to overlook the reality that another year or less of this behaviour will destroy the US dollar completely.

• For the dollar to be destroyed, all that is necessary is for one or two big financial powers to refuse to pay or charge for their oil in dollars: and such a development is IMMINENT. The parallel collapse of one or more huge US institutions would destroy the entire world financial economy.

The US dollar external Ponzi operation that ‘worked’ for a century, notoriously depended upon the willingness of foreigners to hold dollars. It is crystal clear to this financial sector observer who has nearly four decades’ experience that if the new US Obama Treasury does not proceed with the G-7-Approved Refinancing Programme exactly as conceived, WITHOUT AMENDMENT – namely, that it is to be a PRIVATE SECTOR CAPITAL MARKETS OPERATION, not a Government operation that is susceptible to ‘insider’ corruption run surreptitiously out of the White House and the Treasury, key financial powers will DROP THE U.S. DOLLAR. The argument that ‘there is no alternative’ cannot be relied upon in the situation that will be unfolding in the first quarter of this year.

As the Rest of the World will KNOW at some stage soon (during the first quarter of 2009) whether the new Treasury is to implement the G-7-Approved Refinancing Plan WITHOUT AMENDMENT, any FAILURE OR FURTHER FOOT-DRAGGING on the part of the new Obama Treasury to adhere to the Private Sector Capital Markets Refinancing and US Dollar Refunding Programme as was specifically approved by the Group of Seven (G-7) powers and re-approved at the G-7 Conference in northern Germany in June 2007 when The Queen called for its implementation ‘for the sake of the whole of humanity’, could lead to the unhesitating abandonment of the US dollar as the currency in which payment is demanded and made for exported oil, irrespective of all other considerations.

BECAUSE:

• Foreigners will take fright at the prospect of another eight years of a pariah US Government intent upon ADDING TO the overhang of obligations that is threatening to fall through the roof, through all the building’s floors and into the basement, with catastrophic consequences.

The new Obama Economic Team, whether foisted upon the incoming President or not, is DEBT-oriented: which is a recipe for catastrophic and terminal failure. The G-7-Approved Private Sector Refinancing Programme, which GENERATES ON-THE-BOOKS ACCRUALS THAT ARE TAXED AT 35% yielding massive ongoing real money accruals to the US Treasury, CREATES NEW REVENUE AND THEREFORE POSITIVE, TRANSPARENT AND TANGIBLE CASHFLOW that is available both for paying down debt and for urgent infrastructure rebuilding and massive domestic projects: funds that, because of on-the-books transparency, cannot be diverted, stolen, exploited or ransacked by ruthless, wayward finance operatives holding high office within the US official structures.

• It is the ONLY way forward, and everyone, from Barack Obama downwards, and at the highest levels of the leading financial powers, knows it.

ROCKEFELLERS, FACING DISASTER, FORCING BUSH CROOKS TO COMPLY?
As will be seen when we come to the deliberate imploding (by the Bush apparat) of the Madoff Ponzi Scheme Carousel, the two institutions employed by Madoff and his broker-dealership are JPMorgan Chase and The Bank of New York Mellon – the two US exotic financial enterprises which have accumulated colossal inverted overhanging pyramids of derivatives junk liabilities: indeed, JPMorgan Chase, which harbours the Terrorism Financing Center that we have exposed on this website, is where this immense assembly of fraudulent finance Ponzi Scheme scams began.

• IS’NT THAT INTERESTING?

Now, we are advised by ‘deep’ sources that the Rockefellers have ‘got the upper hand’ against the Bush Crime Family apparat. But this is ‘back to front’ in the following respect:

The practical reality is that the Rockefeller interests are in extreme danger of being crushed and reduced to pulp should the accumulated weight of the derivatives liabilities that is sitting on the roof crash through successive floors into the basement: and this will happen, as the Rockefellers know very well, if the G-7-Approved Refinancing Programme creating real, on-the-books taxable revenues that cannot be hijacked, diverted or stolen by criminal operatives inside the American structures, is sidestepped, as the New Economic Team was (INCREDIBLY) set up to procure.

Hence, the Rockefeller interests (believed to be backed here by the Rothschilds as well) have been left with no option but to insist that the G-7-Approved Refinancing Programme is finally kick-started in the private sector, and NOT via the White House and the Treasury, as the debt-oriented high-level fraudulent finance engineers had intended.

WHY THERE IS NO WAY OUT FOR THE FRAUDULENT FINANCE CADRES
More broadly, the US fraudulent finance sector is now facing the reality of collapse because by spreading the risk so widely, they have in fact generated an environment of open warfare both within the affected financial institutions, between the participants, between financial institutions, between investors and implicated US legal firms, in fact prospectively between every benighted participant in this US-instigated global panorama of financial fraud.

• Why did they spread the risk so broadly?

• Answer: Because it was assumed that if anyone tried to STOP the carousel (as has occurred), the outcome would be a financial nuclear explosion.

On this false premise, they therefore assumed, like professional Ponzi artists and losing gamblers in a casino, that their fraudulent finance carousel could continue sine die and that their formula for manufacturing false wealth out of nothing could never be challenged or brought down.

How wrong these ‘Useful Idiots’ were. HOW STUPID AND ARROGANT, TOO.

Because what they now face is financial annihilation and obliteration whichever way the crisis goes:

• ANNIHILATION when, against the background of the G-7-Approved Private Sector Capital Markets Refinancing Programme, derivatives outstanding are priced, say, at 1 cent on the dollar:

or:

• OBLITERATION if the entire inverted pyramid of derivatives liabilities collapses, destroying the likes of JPMorgan Chase and The Bank of New York Mellon in the process – and of course the Rockefellers AND THE BUSH-CLINTON FINANCIAL CRIME apparatus with them.

In other words, THERE IS NO WAY OUT FOR THE FINANCIAL CRIMINAL CADRES. They are caught and cannot get out with the money they thought they had made.

• But there IS a way out for the Rest of Us – via the G-7-Approved Refinancing Programme.

THE DEBT-ORIENTED ‘NEW ECONOMIC TEAM’ IMPOSED ON OBAMA
Meanwhile the emergence of the new ‘retread’ Economic Team, for the purpose of continuing debt financing and fraudulent finance as usual, explains why the outgoing US Treasury Secretary, that devil Mr Paulson, was walking around with a self-satisfied smirk on his face. He knew that when he leaves office, it will be illicit, corrupt ‘business as usual’ – run out of the White House, with him, of course, as a corrupt participant. OR SO HE IMAGINED.

The team members, specifically assembled to continue the illicit financial trading operations out of the White House, Treasury and State Department under Mr Obama’s nose, are as follows (1):

• Timothy Geithner, US Treasury Secretary: President and CEO of the Federal Reserve Bank of New York, former Director of Policy Development for the International Monetary Fund, Member of the Group of Thirty (G-30), formerly employed at Kissinger Associates, mentored by Lawrence Summers and by Robert Rubin, and a Bilderberg, Council on Foreign Relations and Trilateral Commission member/participant. [Trilateral Commission is another long-range German front].

• Paul Volcker, to be head of a new Economic Recovery Advisory Board: Former Chairman of the Federal Reserve Board under Presidents Carter and Reagan, the former President of the Federal Reserve Bank of New York, Chairman of a Rothschild Wolfensohn Company, Member of the Group of Thirty (G-30), longtime Rockefeller Family associate, and a Bilderberg and Council on Foreign Relations member, and North American Chairman of the Trilateral Commission. Volcker, as was previously reported, is also a Trustee, which may be assumed to be liable to influence his thinking.

• Rahm Emanuel, White House Chief of Staff: This man is a member of the Israel Defence Force (IDF), i.e. of a foreign military establishment, from which we deduce that he is the Israeli equivalent of a Soviet Military Intelligence (GRU) officer. Why don’t they just install the head of the ongoing Soviet GRU as White House Chief of Staff, and be done with it? A hardline Zionist and a Kissinger protégé, former Congressman and a member of the Board of Directors of Freddie Mac, he also spent two years as an investment banker for Wasserstein Perella [see this report]. He was a key member of Clinton’s finance campaign committee and was implicated in the cover-up of the murder of Vincent Foster. His father was a member of the Israeli Irgun terrorist group, which blew up the King David Hotel inflicting a large number of British military deaths in the process.

• Lawrence Summers, to head the National Economic Council: Summers was US Treasury Secretary during the Clinton Administration, former World Bank Chief Economist, former President of Harvard University (where rising operatives are sent for indoctrination), Board Member of the Brookings Institute, protégé of David Rockefeller, mentored by Robert Rubin, and also a Bilderberg, Council on Foreign Relations and Trilateral Commission member/participant..

• David Axelrod, Senior Adviser: A political consultant whose past clients include Senators Hillary Clinton, John Edwards and Representative Christopher Dodd (Stalin’s grandson).

• Hillary Clinton, Secretary of State: Originally a clandestine CIA asset who was used to infiltrate the Yale University anti-war movement, Watergate hearings participant, CIA operative, senior partner in the Little Rock, Arkansas Rose Law Firm, key figure in the Mena drug trafficking scandal, alleged architect of the Waco disaster, implicated in many deaths including the cover-up of the murder of Vincent Foster: world-class criminal operative and a Bilderberg, Council on Foreign Relations and Trilateral Commission member/participant. Likely to order liquidation of the Editor of this service.

• Joseph Biden, Vice President: Senator since 1972, Member of the Senate Judiciary Committee, Chairman of the US Senate Committee on Foreign Relations, staunch Zionist sympathiser who told Rabbi Mark S. Golub of Shalom TV: ‘I am a Zionist. You don’t have to be a Jew to be a Zionist’, and a Bilderberg, Council on Foreign Relations and Trilateral Commission member/participant.

• Bill Richardson: Former US Congressman, Chairman of the Democratic National Convention in 2004, former employee of Kissinger Associates, US Ambassador to the United Nations, Governor of New Mexico, Energy Secretary, key operative involved in the Monica Lewinsky Israeli intelligence honey-trap spying cover-up with Bilderberg luminary Vernon Jordan, and a Bilderberg and Council on Foreign Relations member/participant. THIS CANDIDATE HAS WITHDRAWN: SEE ABOVE.

• Robert Gates, Defense Secretary: The former Director of Central Intelligence (CIA), and Defense Secretary under President George W. Bush, knee-deep in the Iran-Contra scandal and its financial ramifications, named in a 1999 class action lawsuit pertaining to the criminal Mena drug trafficking operation, Co-Chairman of a Council on Foreign Relations Task Force with Zbigniew Brzezinski, and a Bilderberg and Council on Foreign Relations participant.

• Tom Daschle, Health Secretary: Former Senate Majority leader, Clinton lackey, mentored by Robert Rubin and a Bilderberg and Council on Foreign Relations member/participant.

• Eric Holder, Attorney General: heavily involved in procuring the Presidential Pardon for Marc Rich (the long-range Deutsche Verteidigungs Dienst (DVD) operative Hans Brand), Deputy Attorney General under Janet Reno, and facilitated the pardoning of 16 Puerto Rican FALN terrorists.

• Janet Napolitano, Director of the Department of Homeland Security: Governor of Arizona, US Attorney during the Clinton Administration, instrumental in the Oklahoma City Bombing cover-up (which inter alia covered up the destruction of the German Nazi files kept in the Murrah Building) after she had declared ‘We’ll pursue every bit of evidence and every lead’, soft on immigration, described as ‘another Janet Reno’, and a Council on Foreign Relations Member.

• General James L. Jones, National Security Advisor: Former NATO Supreme Allied Commander, Special Envoy for Middle East Security, on the Board of Directors of Chevron and Boeing, NATO Commander, Member of Brent Scowcroft’s Institute for International Affairs along with Zbigbiew Brzezinski, Bobby Ray Inman, Dr Henry Kissinger, and the former DCI (CIA), John Deutch.

• Susan Rice, US Ambassador to the United Nations: Rhodes Scholar, campaign foreign policy advisor to John Kerry and Michael Dukakis when Presidential candidates, member of President Clinton’s National security Council, Assistant Secretary of State for Africa, alumnus of the Brookings Institution (funded by the Rockefellers and the Ford Foundation), member of the Aspen Strategy Group teeming with insiders such as the odious drug operative Richard Armitage, Brent Scowcroft and Madeleine Albright, and a member of the Council on Foreign Relations.

On a much more satisfactory tack, Mr Obama has selected:

• Mary Schapiro, to be Head of the severely discredited US Securities and Exchange Commission (SEC): Ms Schapiro has been Chief Executive of the Financial Industry Regulatory Authority (FINRA) and was Head of the Commodity Futures Trading Commission (CFTC) during the Clinton era, where she ran a very tight ship. This is an inspired choice, as this lady’s reputation stands high; and as The Times, London, stated correctly on 19th December, she has a ‘deep understanding of both financial futures and the commodities markets’.

Given the imperative for the Wall Street Rule Book to be rewritten, as Michael C. Cottrell, M.S. has argued, this appointment is significant, indicating that Mr Obama is ‘not to be messed with’.

• Peter Orszag, to be Director of the Office of Management and Budget (OMB): Ordinarily, this appointee’s brief is to continue the falsification of the US Federal Budget numbers out to infinity. However Mr Orszag has been Director of the Congressional Budget Office, which enjoys a sound reputation, whereas the OMB has for decades been engaged in creative accounting, smoke and mirrors obfuscation, and the falsification of the US Federal Budget and background debt data. On the face of it, therefore, the appointment of Mr Orszag is an inspired ‘pick’ which, we understand, was entirely Mr Obama’s own: and a clever move this is, too: because if, finally, an honest Director is installed at the OMB, it suddenly becomes much harder for the numbers to be fiddled.

Very significantly, when presenting Mr Orszag to the press and the public on 25th November, Mr Obama predicted a ‘page-by-page, line-by-line budget review to root out unnecessary spending’. And, with his Electoral College landslide victory amply confirmed, Mr Obama proclaimed that he possesses ‘a mandate to move the country in a NEW DIRECTION, and NOT TO CONTINUE the same old practices that have gotten us into the fix we’re in…. As soon as the recovery is well under way, we need to set up a long-term plan to reduce the structural deficit and to make sure that we are not leaving a mountain of debt for the next generation’.

• This sounds pretty much like an Obama endorsement of the G-7-Approved Private Sector Capital Markets Refinancing Programme, which is, and HAS ALWAYS BEEN, the ONLY solution on the table, because only the private sector creates revenue: the Government ONLY CREATES DEBT.

• Separately John Podesta, head of the Obama Transition Team, and former White House Chief of Staff, was implicated in the Vincent Foster murder along with Emanuel and Mrs Hillary Clinton. At the time of this analysis, there was no indication that Podesta would see ‘life after Inauguration’.

• Leon Panetta, former Chief of Staff to criminalist President Clinton, was reported on 5th January to have been selected as Director of Central Intelligence (CIA). THIS IS VERY BAD NEWS. Panetta was involved in all the relevant ‘bad stuff’ under Clinton, and his ‘selection’ (imposition?) suggests a rearguard action by the recalcitrant criminalists to CONTINUE ‘running the money’ through the CIA if, as expected, the intention to continue doing so seamlessly through the White House, the State Department and the Treasury, is closed off (due to factors we can’t go into). If this suspicion is in any way close to the mark, it needs to be understood that THIS WON’T FLY EITHER. The situation is precisely as stated in the opening paragraphs of this report, above the bullet points.

Panetta is very familiar with the secret Halliburton scamming operations buried inside the CIA and the Pentagon which we helped to expose in the summer. He is very fully aware of the faulty Saudi Arabian artillery weapon which killed US troops undergoing training, and he knows all about those toasters costing less than $20 at hardware stores which Halliburton sold for nearly $1,900 a piece. He is Cheney’s evil twin. A HILLARY CLINTON PICK AND IT STINKS.

The US criminalists THINK THEY CAN CONTINUE WITH THEIR FRAUDULENT FINANCE. But time and global patience has run out. Should they remain under this mischievous illusion for long after the Inauguration, they will be BURIED, along with Morgan Stanley, The Bank of New York Mellon, Deutsche Bank and the other corrupt institutons. Such an outcome may be imminent.

• These fools MUST BE STOPPED. THEY ARE OPERATING ACCORDING TO OLD, REDUNDANT CRITERIA. Their model is a train wreck. They cannot continue this fraudulent finance. They think they CAN continue this fraudulent finance off-balance sheet. It is the job of Gold Badges et al to make them understand that the model has not only passed its sell-by date: it’s a grenade that will ignite a financial and economic holocaust with no parallel, affecting the whole of humanity. Clinton is a deeply evil influence inside the Obama camp and is evidently calling the shots. However, this madness CANNOT OVERCOME THE ELEPHANT IDENTIFIED AT THE TOP OF THIS REPORT, and neither can it overcome key factors that cannot be discussed right now. These developments all reflect warfare behind the scenes and cannot be taken as ‘set in concrete’ quite yet.

• There are more shoes to fall (i.e. airborne shoes to be thrown).

• WE UNDERSTAND, HOWEVER, THAT, ALL OF A SUDDEN, THE PENNY HAS DROPPED… Namely, that a calamity will follow any imminent failure to complete the Settlements and the Refunding of the US Dollar by means of the G-7-Approved Refinancing Programme using transparent Capital Markets Operations on-the-books, yielding REVENUE, rather than continuing with such transactions off the books, yielding DEBT which is what Government participation in the Refinancing Programme can only generate. The prospect of a catastrophic series of events is of extreme global concern….

THE INITIALLY DELICATE POSITION OF BARACK OBAMA
Because this pre-assembled, debt-focused incoming Obama Economic Team was put in place and apparently foisted on President-Elect Obama (whether with his consent or not is unknown), anger among the CIA-backed Internet Blogocracy was switched after the US Election away from outgoing President George W. Bush to Mr Barack Obama, who was even being referred to in late December as ‘more evil than Bush’ – an amazing transformation, given the fact that Obama had not yet shown his mettle except as analysed above (none of the febrile ‘rumours’ about what he is supposed to have agreed to, had any substance as they were typically proffered by unaccountable ANONYMOUS sources and even if that were not the case, could never be verified): nor can ANY President-Elect promulgate Executive Orders, as has been suggested elsewhere, in a quite astonishing display of ignorance! But then, the sources for this nonsense are ANONYMOUS and thus unaccountable.

The likelihood is that Obama was suddenly the focus of vituperative CIA-fanned attacks precisely because, as indicated here, the Elite Power Continuum served by the Intelligence Power, which controls the US Government, intended to pretend that there has been no discontinuity – and to continue centrally-directed, surreptitious corrupt financial operations out of the new White House under Mr Obama’s nose, as though nothing had happened. Given CIA compartmentalisation, the Blogocracy cannot be expected to be aware that this scheme has already been torpedoed.

It also stands to reason that attempts may be made to blackmail the incoming President.

• However we have two points to stress in this connection:

(1) EVERY SINGLE MEMBER of this crew on the stage and off the stage, even operatives below the radar, is being prosp