Cartoom by Gillray...

The EU's lead Brexit negotiator has rejected Boris Johnson's demands for the Irish backstop to be scrapped.

Michel Barnier said the backstop - intended to avoid a hard border on the island of Ireland - was the "maximum flexibility" the EU could offer. 

Mr Johnson has previously told the EU the arrangement must be ditched if a no-deal Brexit was to be avoided.

Meanwhile, the PM has told rebel Tories they face a "fundamental choice" of siding with him or Jeremy Corbyn.

His comments come as some MPs who oppose a no-deal Brexit - including Conservatives - are planning to take action in Parliament next week.

• Why is the Irish border blocking Brexit?
• And what is the backstop?

The UK is due to leave the EU on 31 October, with or without a deal.

The backstop is part of the withdrawal agreement negotiated between Brussels and former Prime Minister Theresa May, which has been rejected by Parliament three times.

If implemented, it would see Northern Ireland staying aligned to some rules of the EU single market, should the UK and the EU not agree a trade deal after Brexit.

 

Read more:

https://www.bbc.com/news/uk-politics-49540681

Gus guesses that one of the main reason some people, like Boris Johnson and his cronies, want out of Europe and that they want a sweet deal — that "he" (Johnson) might get from the Europeans — is all about the loot that is hidden in the UK tax evasion havens (see above) and it has NOTHING TO DO WITH THE IRISH PROBLEM though Ireland could become (or has been) a conduit for illicit cash, including advantageous tax rates for companies such as Apple. Phew.

 

The point we have to realise is that many people in high places, political and financial, are tainted with secret cash. They could forgo of it in desperation to appear "clean", but the history of that cash is opened to "blackmail". Although no official records of "trusts" or other mechanisms are kept, there are some secret accounting legers in existence, otherwise robbery would be too easy. Even the President of Europe could be caught into this caper... Or the Queen as she may be... So everyone is going to try to find a discreet solution, including that the UK becomes a fully fledge tax evasion haven. And let's not forget that more often than not, sex is also used as a complement to the secret cash, and also subject to blackmail. Epstein comes to mind.

 

Boris might be able to extract a better Brexit deal than May ever could, because he knows the dirty cash game being played while she might have been no more than an upright stick in the mud. Here Boris had to shut down the government to minimise the possibility of a catastrophic realisation: the UK stays in Europe but has to abandon the Pound Sterling for the Euro, as well as having to clean the British tax haven dunnies — AND PAY TAX. Horror!

 

Oh and this financial gymnastic is why Libya was destroyed: Gaddafi wanted to create a pan-African bank that would have bypassed all the financial trickery so far designed to keep Africa in a state of slavery.

 

AND THIS IS WHY, THE WESTERN COUNTRIES (especially the US and the UK — and Australia) HATE the Chinese. The Chinese make deals that are mostly above board and that are improving the life of Africans (and of the pacific Islanders) in exchange for reasonable amount of cash — or resources. These moneys and resources would have been previously sucked up, plundered via illicit and corrupt ways, back to the West through the West's high interest rates in the money and low interest in the people. See Vulture banking.

 

 

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Setup your company without leaving your seat

 

Anguilla

Bahamas

Belize

British Virgin Islands

Canada

Cayman Island

Cyprus

Delaware

Florida

Gibraltar

Hong Kong

Latvia

St Lucia

Malta

Marshall Islands

Nevis

Mauritius

Panama

Ras Al Khaimah (UAE)

Samoa

Seychelles

Singapore

Switzerland

United Kingdom

Vanuatu

St Vincent

 

https://www.sfm.com/

 

SFM Corporate Services is a Dubai-headquartered financial and corporate services firm specializing in offshore company formation.[1]The firm was founded in Geneva, Switzerland[2] but now has its headquarters in Dubai with additional offices in Seychelles, Hong Kong, and others.[3][4]

History[edit]

SFM was founded in 2006 in Geneva, Switzerland.[1][3] By 2011, the firm had opened offices in Seychelles (2009) and Hong Kong (2010)[5] and was helping create onshore and offshore companies around the world. Prominent locations for these offshore companies included Seychelles and Cyprus.[3] By 2012, SFM was forming companies in 15 different jurisdictions.[5] In 2013, the company moved its headquarters to Dubai. There, the company continued to offer services like international tax planning and corporate structuring (among others).[1] In April 2015, SFM collaborated with officials from the Ras al-Khaimah emirate on a roadshow in Geneva.[6] SFM is a member of the International Tax Planning Association and the International Financial Management Association.[2][4]

Services[edit]

Services include obtaining UAE residency, corporate structuring,[1] opening bank accounts,[2] and others. SFM acts as a resident agent in order to register companies in onshore and offshore jurisdictions.[7] Most of SFM's services are provided online through its different websites, "Dubaicompany" or "SFM Offshore."

 

https://en.wikipedia.org/wiki/SFM_Corporate_Services

 

Note: has the City of London offices in Dubai? See also:

https://www.difc.ae/public-register/city-university-of-london/

https://www.difc.ae

 

 

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The confidential memorandum that a high-ranking UEFA employee drafted on Dec. 15, 2016 for the association's top executives carried a rather unremarkable heading: "Internal memo." Nothing in the seven points listed below was intended for outside eyes. The case was much too sensitive. The memo, after all, documented a degree of misadministration that would put UEFA on a par with the global football association. And it's hard to sink any deeper than FIFA.

The paper pertained to payments made to the Football Federation of Ukraine (FFU). UEFA had apparently spent more than 15 years paying money that was supposed to go to the FFU or to individual Ukrainian football clubs to a company based in the Caribbean tax haven of the British Virgin Islands.

The name of the company was Newport Management Limited -- and until 2016, nobody at UEFA had apparently made a serious effort to discover who was behind Newport. Or perhaps no effort was wanted. Now, though, the "internal memo" documented the unsettling suspicion that the man who controlled Newport was none other than Igor Surkis, one of the most influential oligarchs in Ukraine.

Igor Surkis has been president of the football club Dynamo Kyiv since 2002 and is the brother of Grigori Surkis, who controlled Dynamo Kyiv from 1993 to 1998 before launching into a career as a UEFA functionary. From 2000 to 2012, Grigori Surkis was president of FFU and from 2004 to 2019, he was also a member of the UEFA executive committee, at times even acting as President Michel Platini's deputy.

 

Read more:

https://www.spiegel.de/international/zeitgeist/how-uefa-payments-ended-u...

 

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They have been called “the men who plundered Europe”: a group of cowboy traders, seasoned tax lawyers and mathematical whizz kids who are alleged to have conspired in the heart of the City of London to siphon at least €60bn in taxpayers’ money from the state coffers of several EU countries.

In Britain, the so-called “cum-ex” scandal, named after the complex derivatives juggling act employed, gained little attention amid the frenzied debate around the UK’s departure from the European Union when the fraud scheme was discovered in 2017.

But in continental Europe what Le Monde has described as the “robbery of the century” has done almost as much to shape the view of Britain as Brexit itself. Dutch media has called it “organised crime in pinstripe suits” and one of the original German whistleblowers saying he now welcomes Britain’s exit from the EU in the hope it could weaken the influence of London investment banking on European financial institutions.

This week, a British former investment banker involved in developing the scheme for the first time gave the public an insight into how the scheme worked and what spurred on its architects.

Speaking at a regional court in Bonn, Martin Shields, one of two former bankers on trial for 34 instances of serious tax fraud between 2006 and 2011, painted a picture of a London banking scene which lured in the brightest scientists from the country’s top universities and used them to boost their profit margins – without teaching them about the moral and legal consequences of their actions in return.

 

Read more:

https://www.theguardian.com/business/2019/sep/20/the-men-who-plundered-e...

 

 

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Financial syndicate wants to dry up savings banks

by Professor Dr Eberhard Hamer

Throughout the world, the financial and banking system is arranged in completely different ways: 

The respective money is supplied by the central banks, which have to control and secure the currency. In the Anglo-Saxon region (USA, UK among others), the central banks are private banks, so that their owners ultimately control currency and money supply via the central bank. In other words, they can increase (print) or decrease (crash) money at will for their own benefit. In the City of London, for example, the Anglo-Saxon financial syndicate has created a sovereign small state that is subordinate to the Queen, but not to the British government – not even to the English tax system. In the UK, 90 % of bank deposits are held by only five major banks, which thus in principle represent the entire banking system. In the USA, there are likewise a dozen big banks that dominate the banking landscape. They make their profits mainly from speculative and investment transactions (derivatives, participations, stock market launches, financial transactions, speculative loans), but also from real estate loans as well as corporate and country bonds. The big banks are also owners of the central bank and in turn belong to a financial syndicate consisting of a handful of families. 

The German, Austrian and Swiss banking systems, on the other hand, are dominated by small local banks – in Germany, 1050 Volksbanken (people’s banks) and 450 Sparkassen (savings banks) make up 70% of all banks – and these do not lend money which has been newly created by their syndicate. Instead, they collect money from their customers and lend it – with interest gains – to small and medium-sized enterprises and households. Contrary to the speculative profit basis of the big banks, our small local banks therefore live off the interest difference between deposits and loans. 

This is reflected in the respective risks incurred by the two banking systems. While the risk of speculative banks lies in their risk transactions, the large risks of their corporate bonds or the financial standing of their debtor states, the risk of local banks is not only widely spread, but also limited to the individual risks of their diverse borrowers. So while the big banks are the “large scale economy banks” respectively the banks of international speculation and public sector loans, the small local banks are limited to their regional medium-sized customers. 

Big banks are not interested in medium-sized companies; they want to grant large loans globally and to conduct large financial transactions. The cooperative banks and savings banks, on the other hand, are regional, small and therefore also interested in small and medium-sized enterprises and private customers in their region. They have to live from this “Mittelstand”, so they are his original partner. 

About 100 years ago, there was also a flourishing landscape of small regional credit banks in the USA. Most of them have now disappeared because of the concentration pressure and currency manipulation of the big banks. By concentrating, the financial syndicate has extended its financial dominance throughout the country.

When the EU was founded, the Anglo-Saxon financial syndicate acted as a godfather, filling in particular the central positions (Goldman Sachs: Macron, Draghi, Lagarde; plus all EU presidents and most central bank heads). Almost every year, the author has warned against the financial syndicate’s wish to drag down small banks and achieve a concentration in favour of big banks also in Europe, as well as in the USA. Not only should the nation states be abolished according to the Lisbon Treaty and the will of the old and new EU Commission, but currency and finances should also be concentrated in an EU liability, debt and financial union. To this end, the syndicate wants to destroy the small local banks (Draghi: “Overcapacities in the banking sector in the euro zone”, “the number of banks is to be reduced” (21 July 2016)).

This policy of destroying the Mittelstand banks is being pursued through three measures:

Interest is being abolished, so that the savings banks and people’s banks, which live from the interest rate differential, can no longer pass on interest to their customers and can hardly take interest on their loans. In this way, the basis of existence of the SME banks – the interest-rate lending business – is to be destroyed.

At the same time, however, the speculative transactions of the big banks belonging to the syndicate are guaranteed, at the expense of the citizens, by EU rescues of banks and states in the event of loss.

By means of the so-called “banking union” all banks are to be forced to merge, so that there will be only a few big banks left per country. In particular, the joint funds already in existence make the financially sound small banks liable for the speculative losses of the big banks.

To this end, the ECB and the European Commission have tightened the supervisory requirements for banks to such an extent that small banks in particular are suffering, because they have to meet the same requirements and fill out the same forms as the big international banks.

In addition, the “Basel III/IV regulation” has decisively tightened up lending by savings banks, so that they no longer have to deposit only 8.1 % equity capital for a SME loan, but 10.5 %, which excludes most SME loans economically. In addition, the requirements for loans are formulated in a way that is hostile to SMEs: The credit basis is only the real value, i.e. the underlying real capital. The success basis of medium-sized sole-proprietor companies, however, is the entrepreneur, and their loan is therefore a personal loan. This aspect of success, which is decisive for small and medium-sized enterprises, is practically no longer allowed to be evaluated by the SME banks today. 

In this way, requirements, regulations and obstacles hostile to small and medium-sized enterprises have torpedoed the interest-rate lending business of our people’s banks and savings banks, which remained financially sound for 200 years, and these small and medium-sized personnel banks now all have their backs to the wall, and some of them are in existential need.

The German federal government does not seem to be interested in these facts. It has agreed to all the harassment against the Mittelstand banks, or it is so heavily influenced by the financial syndicate that it has not dared to object. No protest could be expected from other EU countries, because (with the exception of Austria) they do not have the typical German cooperative bank and savings bank culture. 

Those who deal with people’s banks know about the existential need now prevailing there. At the same time, however, the Mittelstandsinstitut Niedersachsen points out that a decline or even dying of this branch and of the local banks will necessarily have a more disastrous effect on the German economy than it would have on that of other countries, because 94% of our companies are medium-sized single proprietor companies, which in turn depend existentially on the financing of their local Mittelstand banks (cooperative banks, savings banks). Any decline of these important middle class banks also affects the financing of the Mittelstand (SME’s and middle class), undermines its existence, because in contrast to Ludwig Erhard’s times politics today prevent enterprises’ self-financing from profit by means of maximum taxation, and so make the enterprises dependent on outside credit. If, however, outside credits are also no longer to be got, not only the local banks die, but so does the Mittelstand in Germany. And if this decreases, the main pillar of our economy will collapse, which is still supporting half of our national product, two-thirds of our taxes and social security contributions and three-quarters of jobs in our economy. 

So if the international financial syndicate gains control over all the banks in Europe in the banking union, it will impose its quite different international banking structure on us and not only cheat German savers out of 360 billion interest as it already does, but it will also use the zero interest rate to torpedo the livelihood of our SME banks – and thus the financing of our SME sector and our middle class. To wit, anyone who no longer has an interest rate differential between income and expenditure will no longer be able to grant loans to his SME customers. And if the local cooperative banks and savings banks are no longer able to grant personal loans, small and medium-sized enterprises can no longer grow, can no longer finance themselves, can no longer create jobs, and in many cases can no longer survive.

In the great game of money, credit, debt and speculation, the financial jugglers of the Anglo-Saxon financial syndicate are deliberately destroying medium-sized banks and promoting big banks. And if the latter should collapse, they do not even have to bear their own risks and debts.

It was not for nothing that the financial syndicate prevented the steady and reli­able German Bundesbank President ­Weidmann in the ECB by appointing the willing Goldman-Sachs servant Lagarde, who promised unlimited state funding, zero interest rates and centralisation.

As finance scientists and researchers, we are left with only appeals. Unfortunately, politicians are not personally liable for their mistakes. But since there is an imminent danger for the majority of our companies, for jobs and for the welfare of our state, our entreaty should also hold an appeal to the majority of our population; it is but a question of journalistic presentation to make people understand and see the danger and protest against it. The danger could be averted if the policy were forced to be corrected by the voters!•

(Translation Current Concerns)

 

Read more:

https://www.zeit-fragen.ch/en/editions/2019/n-24-11-novembre-2019/le-syn...

 

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Britain is due to leave the European Union later this month but there is no sign of banks quitting the City of London, one of the main claims made by Remainers in the run-up to the Brexit referendum. But are the wheels of the City of London only kept turning by laundered money?

Nicholas Wilson, a financial services whistleblower who was fired by UK law firm, Weightmans, after exposing millions of pounds in unfair customer charges, claims the City of London relies on "dirty money" and says the world economy would collapse if the City stopped laundering it.

UK Tried To Block EU Bid To Tighten Up On Money Laundering

Mr Wilson, a former litigation manager, said: "The EU wanted to tighten up on money laundering and the UK was the only country who voted against it."

He said: "Capitalism relies on a swash of dirty money which is moved around and supports investment around the world."

A report last year by the Centre for Banking Research at Cass Business School painted a rosy picture of the City of London post-Brexit.

The report’s co-author Professor Barbara Casu Lukac wrote: “London will continue to be a key player in the global financial services industry and capital markets following Brexit. However some of its operations, capabilities and margins will be affected by the long-term political regulatory uncertainty underlying the Brexit process.”

It comes in stark contrast to the dire utterances about the City's future made by the then Chancellor, George Osborne, as part of his “Project Fear”, before the Brexit referendum in 2016.

After the referendum David Cameron resigned and was replaced by another Remainer, Theresa May, and when her efforts to push through a Brexit deal failed she was succeeded by Boris Johnson, who had been an enthusiastic supporter of leaving the European Union all along.

In June 2019, during the Conservative leadership contest, Boris Johnson bragged about how much he had done for the City of London.

Johnson renegotiated a new deal with the EU but the future of the City of London will be part of negotiations on trade later this year.

Banks will be able to continue providing services during the transition period, which will begin on 1 February, but they are due to lose their “passporting rights” which allow them to offer services to customers in the 27 European Union states.

One possible solution is that UK banks might have to set up a subsidiary in an EU member state and apply for a passporting licence there.

FCA Chief Promoted But Was He 'Asleep at the Wheel'?

Last month the government announced Andrew Bailey, the current head of the Financial Conduct Authority - the regulator which oversees financial services and markets in the UK - would take over as Governor of the Bank of England in March.

Mr Bailey said: “The Bank has a very important job and, as Governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does. It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.”

But Mr Wilson said in the last 12 months Mr Bailey had failed on several high-profile scandals  including the collapse of mini-bond firm London Capital and Finance, the implosion of Woodford Investment Management and the gating of the M&G Property Portfolio over liquidity issues.

He said: “He has certainly failed over many years on his handling of the HSBC fraud I first reported to the FSA in 2012.”

Mr Wilson was fired after he pointed out HFC Bank, a subsidiary of HSBC, was illegally imposing a 16 percent surcharge on customers who had defaulted on hire purchase credit payments and sub-prime loans.

In 2017 he won his battle against HSBC, who were forced to pay back more than £4 million to thousands of customers.

Then in 2019 another 18,500 victims were identified. HSBC has so far agreed to pay out £30 million and Mr Wilson believes the total will eventually reach £200 million.

In March 2019 Adrian Hill, the former CEO of HFC Bank, drowned himself at his luxury home in Oxfordshire.

An inquest into his death heard had been suffering from stress was was convinced he was going to be sent to prison as a result of the FCA investigation into HFC.

Mr Wilson pointed out the Shadow Chancellor John McDonnell had said in Parliament on Wednesday, 8 January, Mr Bailey’s record at the FCA should have been taken into account before he was appointed.

Mr McDonnell said Mr Bailey had been "asleep at the wheel during his period of office at the FCA.”

The Chancellor, Sajid Javid, insisted Mr Bailey was "an outstanding candidate, the standout candidate for being the next Governor of the Bank of England."

'UK Most Corrupt Country in the World'

In 2016 Italian journalist Roberto Saviano, who has spent most of his career investigating the mafia, claimed Britain was the most corrupt country in the world.

Saviano told an audience at the Hay-on-Wye Book Festival: “If I asked you what is the most corrupt place on Earth you might tell me well it’s Afghanistan, maybe Greece, Nigeria, the South of Italy and I will tell you it’s the UK. It’s not the bureaucracy, it’s not the police, it’s not the politics but what is corrupt is the financial capital. 90 percent of the owners of capital in London have their headquarters offshore.”

Mr Wilson said: “I would agree with that. He is talking about the City of London. It is the money laundering capital of the world.”

 

Read more:

https://sputniknews.com/business/202001161078000377-world-economy-would-...

 

 

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While the UK and EU are negotiating a bilateral trade agreement, the Johnson government has started laying the groundwork for Britain's independent economic development by pushing ahead with a "freeport" plan. European academics have weighed up the pros and cons of the UK's new strategy.

On Monday, the UK government kicked off a 10-week consultation on the establishment of up to 10 free port zones in the country to boost growth and seize on the opportunities Brexit has presented. It is expected that the location of the new zones will be announced at the end of this year to make them operable in 2021.

According to the government website, the 2020 free ports model offers a vast number of benefits, including:

·         "goods brought into a freeport do not attract tariffs until they leave the freeport and enter the domestic market";

·         "no duty is payable if they are re-exported";

·         "when raw materials are imported and processed into a final good, duties are only paid on the final good";

·         "innovative environments to trial new technologies".

Additionally, the "freeport zone" does not necessarily have to be located in a port. However, the idea of Singapore-style free ports – formulated by Boris Johnson during his November 2019 campaign – has come under heavy criticism from the European Union, which suggested that the endeavour could be "potentially vulnerable to money laundering or terrorism financing".

Freeports Untie Hands of Employers, May Become Havens for Fraud

According to Charles Woolfson, professor emeritus of Labour Studies at the Institute for Research on Migration, Ethnicity and Society at Sweden's Linköping University, by implementing the Freeport project Johnson is seeking "to realise full ‘regulatory divergence’ from EU controls – the glittering prize of Brexit".

"These free ports will be situated mainly in declining and ‘left-behind’ parts of the UK such as Teeside," the academic elaborates. "Such zones are not specifically precluded by EU regulations, although it is true to say that they are regarded by the [European] Commission as potential havens for counterfeiting goods and money laundering."

He notes that there are currently over 80 free ports in the EU, the majority of which are located in the newer member states of Eastern Europe. In January 2020, the European Commission introduced new regulations governing freeports obligating national authorities to take measures to identify and report suspicious activities at the freeport zones, citing a "high incidence of corruption, tax evasion, and criminal activity".

 

 

Read more:

 

https://www.theamericanconservative.com/state-of-the-union/thats-classif...

 

See also:

http://yourdemocracy.net.au/drupal/node/35627

by Cynthia Chung — Strategic Culture Foundation

The over 1000 point plunge of the stock market on Feb 27th and broader ruptures of the financial system last week have been yet another wake up call for those who have been contented so far to “live in the moment” of fast money.

Since the 2008 financial crisis, which is considered the most serious financial crisis since the Great Depression of the 1930s, many have not been able to go back to sleep after such a lucid nightmare. Some have chosen the path of stocking up on cans of beans, distilling their urine into water and binge watching survivalists such as Bear Grylls hoping to absorb his skills through television osmosis.

The 2008 crisis put in the spotlight the psychopathic level of greed, vice, apathy and short-sightedness from those who wanted to play into the City of London and Wall Street casino houses. Get rich quick and don’t care who you screw in the process, after all, at the end of the day you’re either a winner or a loser.

Since the general public tends to consist of decent people, there is a widespread difficulty in comprehending how entire economies of countries have been hijacked by these piranhas. That we have hit such a level of crime that even people’s hard earned pensions, education, health-care, housing etc. are all being gambled away… LEGALLY.

Looking upon investment bankers today, one is reminded of those sad addicts in the casino who are ruined and lose everything, except the difference is, they are given the option to sell their neighbour’s family into slavery to pay off their debt.

It is no secret that much of the “finance” that goes through the City of London and Wall Street is dirty and yet despite this recognition, there appears to be an inability to address it and that at this point we are told that if we tried to address it by breaking up and regulating the “Too Big to Fail” banks, then the whole economy would come tumbling down.

That is, the world is so evidently run by criminal activity that at this point we have become dependent on its dirty money to keep afloat the world economy.

Faced with the onrushing collapse of the financial system, the greatest Ivy League trained minds of the world have run into a dead end: the bailouts into the banking system that began this past September have prevented a chain reaction meltdown for a few months, but as the liquidity runs out so too will the ideas on where the money justifying bank bailouts will come from.

With these dead ends, we have seen the lightbulb go off in the minds of a large strata of economists who have been making the case in recent years that valuable revenue can yet be generated from one more untapped stream: the decriminalisation and legalisation of vice.

Hell, the major banks have already been doing this covertly as a matter of practice for generations… so why not just come out of the closet and make it official? This is where the money is at. This is where the job market is at. So let us not “bite the hand that feeds us”!

But is this truly the case? Is there really no qualitative difference how the money is generated and how it is spent as long as there is an adequate money flow?

Well it is never a good sign when beside the richest you can also find the poorest just a stone’s throw away. And right beside the largest financial center in the world, the City of London, there lies the poorest borough in all of London: Tower Hamlets with a 39% poverty rate and an average family income amounting to less than £ 13, 000/year.

A City within a City

“Hell is a city much like London”

– Percy Bysshe Shelley

Although Wall Street has contributed greatly to this sad situation, this banking hub of America is best understood as the spawn of the City of London.

The City of London is over 800 years old, it is arguably older than England herself, and for over 400 years it has been the financial center of the world.

During the medieval period the City of London, otherwise known as the Square Mile or simply the City, was divided into 25 ancient wards headed each by an alderman. This continues today. In addition, there existed the ominously titled City of London Corporation, or simply the Corporation, which is the municipal governing body of the City. This also still continues today.

Though the Corporation’s origins cannot be specifically dated, since there was never a “surviving” charter found establishing its “legal” basis, it has kept its functions to this day based on the Magna Carta. The Magna Carta is a charter of rights agreed to by King John in 1215, which states that “the City of London shall have/enjoy its ancient liberties”. In other words, the legal function of the Corporation has never been questioned, reviewed, re-evaluated EVER but rather it has been left to legally function as in accordance with their “ancient liberties”, which is a very grey description of function if you ask me. In other words, they are free to do as they deem fit.

And it gets worst. The Corporation is not actually under the jurisdiction of the British government. That is, the British government presently does not have the authority to undermine how the Corporation of the City chooses to govern the largest financial center in the world. The City has a separate voting system that allows for, well, corporations to vote in how their separate “government” should run. It also has its own private police force and system of private courts.

The Corporation is not just limited to functioning within the City. The City Remembrancer, which sounds more like a warped version of the ghost of Christmas past, has the role of acting as a channel of communication between the Corporation and the Sovereign (the Queen), the Royal Household and Parliament. The Remembrancer thus acts as a “reminder”, some would even say “enforcer”, of the will of the Corporation. This position has been held by Paul Double since 2003, it is not clear who bestows this non-elected position.

Mr. Double has the right to act as an official lobbyist in the House of Commons, and sits to the right of the Speaker’s chair, with the purpose of scrutinising and influencing any legislation he deems affects the interests of the Corporation. He also appears to have the right to review any piece of legislation as it is being drafted and can even comment on it affecting its final outcome. He is the only non-elected person allowed into the House of Commons.

According to the official City of London website, the reason why the City has a separate voting system is because:

“The City is the only area in the country in which the number of workers significantly outnumbers the residents and therefore, to be truly representative of its population, offers a vote to City organisations so they can have their say on the way the City is run.” 

However, the workers have absolutely no say. The City’s organisations they work for have a certain size vote based on the number of workers they employ, but they do not consult these workers, and many of them are not even aware that such elections take place. 

If you feel like you have just walked through Alice’s Looking Glass, you’re not alone, but what appears to be an absurd level of madness is what has been running the largest financial center in the world since the 1600s, under the machinations of the British Empire.

Therefore the question is, if the City of London has kept its “ancient liberties” and has upheld its global financial power, is the British Empire truly gone? 

Offshore Banking: Adam Smith’s Invisible Hand?

Contrary to popular naïve belief, the empire on which the sun never sets (some say “because God wouldn’t trust them in the dark”) never went away.

After WWII, colonisation was meant to be done away with, and many thought, so too with the British Empire. Countries were reclaiming their sovereignty, governments were being set up by the people, the system of looting and pillaging had come to an end.

It is a nice story, but could not be further from the truth.

In the 1950s, to “adapt” to the changing global financial climate, the City of London set up what are called “secrecy jurisdictions”. These were to operate within the last remnants of Britain’s small territories/colonies. Of Britain’s 14 oversea territories, 7 are bona fide tax havens or “secrecy jurisdictions”. A separate international financial market was also created to facilitate the flow of this offshore money, the Eurodollar market. Since this market has its banks outside of the UK and U.S., they are not under the jurisdiction of either country.

By 1997, nearly 90% of all international loans were made through this market.

What is often misunderstood is that the City of London’s offshore finances are not contained in a system of banking secrecy but rather of trusts. The difference being that a trust ultimately plays with the concept of ownership. The idea is that you hand over your assets to a trustee and at that point, legally those assets are no longer yours anymore and you are not responsible for accounting for them. Your connection to said assets is completely hidden.

In addition, within Britain’s offshore jurisdictions, there is no qualification required for who can become a trustee: anyone can set up a trust and anyone can become a trustee. There is also no registry of trusts in these territories. Thus, the only ones who know about this arrangement are the trustee and the settler.

John Christensen, an investigative economist, estimates that this capital that legally belongs to nobody could amount to as high as $50 trillion within these British territories. Not only is this not being taxed, but a significant portion of it has been stolen from sectors of the real economy.

So how does this affect “formerly” colonised countries?

There lies the rub for most developing nations. According to John Christensen, the combined external debts of Sub-Saharan African countries was $177 billion in 2008. However, the wealth that these countries’ elites moved offshore, between 1970-2008, is estimated at $944 billion, 5X their foreign debt. This is not only dirty money, this is also STOLEN money from the resources and productivity of these economies. Thus, as Christensen states, “Far from being a net debtor to the world, Sub-Saharan Africa is a net creditor” to offshore finance.

Put in this context, the so-called “backwardness” of Africa is not due to its incapability to produce, but rather that it has been experiencing uninterrupted looting since these regions were first colonised.

These African countries then need to borrow money, which is happily given to them at high interest rates, and accrues a level of debt that could never be repaid. These countries are thus looted twice over, leaving no money left to invest in their future, let alone to put food on the table.

Offshore havens are what make this sort of activity “legal” and rampant.

And it doesn’t stop there. Worldwide, it is estimated that developing countries lose $1 trillion every year in capital flight and tax evasion. Most of this wealth goes back into the UK and U.S. through these offshore havens, and allows their currencies to stay strong whilst developing nations’ currencies are kept weak.

However, developing nations are not the only ones to have suffered from this system of looting. The very economies of the UK and U.S. have also been gutted. In the 1960s and onward, the UK and U.S., to compensate for the increase in money flow out of their countries decided that it was a good idea to open their domestic markets to the trillions of dollars passing through its offshore havens.

However, such banks are not interested in putting their money into industry and manufacturing, they put their money into real estate speculation, financial speculation and foreign currency trade. And thus the financialization of British and American economies resulted, and the real jobs coming from the real economy decreased or disappeared.

Although many economists try to claim differently, the desperation has boiled over and movements like the yellow vests are reflections of the true consequences of these economic policies.

We have reached a point now where every western first world country is struggling with a much higher unemployment rate and a lower standard of living than 40 years ago. Along with increased poverty has followed increased drug use, increased suicide and increased crime.

A Stable Economy based on Freedom or Slavery?

According to the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) report in 2017, the UK has by far the highest rate of drug overdose in all of Europe at 31% followed by Germany at 15%. That is, the UK consists of 1/3 drug overdoses that occur in all of Europe.

The average family income in the UK is presently £28, 400. The poverty rate within the UK is ~20%.

The average family income of what was once the epicentre of world industrialisation, Detroit, has an average family income of $26, 249. The poverty rate of Detroit is ~34.5%.

What is the solution?

Reverse Margaret Thatcher’s 1986 Big Bang deregulation of the banking system that destroyed the separation of commercial banking, investment banking, trusts and insurance for starters. A similar restoration of Glass-Steagall in the USA should follow suit, not only to break up the “Too Big to Fail” banking system but to restore the authority of nation states over private finance once more. IF these emergency measures were done before the markets collapse (and they will collapse), then the industrial-infrastructure revival throughout trans-Atlantic nations can still occur.

Let us end here by hearkening to the words of Clement Attlee, UK Prime Minister from 1945-1951:

“Over and over again we have seen that there is another power than that which has its seat at Westminster. The City of London, a convenient term for a collection of financial interests, is able to assert itself against the government of the country. Those who control money can pursue a policy at home and abroad contrary to that which is being decided by the people.”

 

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So how did 200 vessels - many formerly owned by European companies - end up in Alang last year?

Oliver Holland is a lawyer at Leigh Day, a law firm which specialises in human rights cases.

He says the answer is companies known as cash buyers who act as middle-men between ship owners and shipbreakers.

“The cash buyer is simply an intermediary, and is there, we believe, to try and avoid liability. To put something between [the seller] and the beach,” said Mr Holland. 

He says this is a common system which is used across the South Asian ship recycling industry. Ship owners sell their vessels to cash buyers, who sell them on to scrapyards.

“The cash buyer changes the name [and] the ... registered owner, which is usually a postbox company in the Caribbean or whatever other tax haven,” he explained.

“They are literally just there as a sort of a loophole to get around any regulation ... or legal liability.”

 

Read more:

https://www.bbc.co.uk/news/extra/ao726ind7u/shipbreaking

The City of London - an independent microstate inside the United Kingdom of Great Britain and Northern Ireland - has been kept out of the Treaty on the Kingdom’s withdrawal from the European Union, thereby losing the right to transact in euros.

In one month, transactions in the City fell by more than half, profiting the Amsterdam, Paris and New York stock exchanges.

Negotiations between London and Brussels are ongoing, but it is already clear that the European Union has found a particularly effective way of putting pressure on its partner.

 

 

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The Tax Watch charity has revealed that the number of criminal prosecutions for benefits related crimes dwarfs the number of prosecutions for tax crimes by an incredible 23 to 1.  

This stunning report lays bare the putrid priorities and noxious double-standards which pollute British society.

Over the last eleven years there have been 85,745 criminal prosecutions for benefits related fraud but only 3,665 prosecutions for tax fraud, yet the amount of revenue denied to the Treasury by tax cheating is at least nine times greater than benefits fraud. In financial year 2018/19 the HMRC, the government body responsible for tax collection, admitted a tax collection gap of £20 billion but the report itself makes clear that reporting and calculation methods makes this figure an absolute minimum amount with the real figure nearer to £44 billion and some other reputable research suggesting annual amounts lost to the treasury via combined tax evasion (illegal) and tax avoidance (immoral) amounting to £122 billion 

That amount represents almost the annual NHS budget stolen from the public purse each year by tax dodgers but the British government targets and prioritises benefit fraud over tax fraud despite the sums lost to benefit fraud adding up to less than 1% of the total benefits budget, under £2 billion once recovery actions are factored in.

At least £20 billion is lost from tax dodging compared to under £2 billion lost from benefit fraud but the Department for Work and Pensions (DWP), responsible for the benefits bill, employs three and half times more staff on compliance than the HMRC.

Many More Employed to Target Benefit Fraud Than Tax Dodging

These adjusted figures for comparison purposes make the disparity in numbers pursuing tax cheats compared to benefit fraud even worse than reported in Parliament a year ago when an SNP MP demanded the Tories explain why more time and resources is spent on predominantly poorer benefit fraudsters than predominantly wealthy tax cheats after he highlighted the number of staff employed to chase tax dodging had fallen from 1,046 to 961 while the number employed to pursue mis-claimed benefits was 1,400:

“These alarming figures demonstrate that the Tory Government appear to be either complacent or just not interested in tackling the tax gap or in chasing the rich and corporations who avoid paying what they owe the state.

The Government must now explain why there has been a reduction in staff.

Either they are unable to hire staff, which suggests that a major recruitment strategy should be put in place, or they are wilfully reducing numbers to protect avoiders and evaders.

Either way, these numbers are shocking. The Government must now introduce a strategy to hire more staff to combat tax avoidance and evasion” 

The employment of more staff to detect wealthy individual and corporate tax evasion and avoidance and close the scores of loopholes legally, but immorally, deployed by the rich to avoid paying their share to society will not happen. Tax evasion and avoidance is a refined sport for the rich and famous and they are the friends and donors to the Tory party.

Britain Does Not Fight Tax Evasion – Britain Accommodates Tax Evasion

The use of offshore accounts in tax free countries and regions and the application of dubious accounting practices to ensure all multinational company losses are recorded in tax collecting areas but all profits are registered in tax free zones is widely known and understood. Read the Public Accounts Committee Report from 2015 when they lambasted the number of HMRC prosecutions for offshore tax evasion as “woefully inadequate”:

"HMRC must do more to ensure all due tax is paid. The public purse is missing out and taxpayers expect and deserve better.

We are deeply disappointed at the low number of prosecutions by HMRC for tax evasion. We believe it is important for HMRC to send a clear message to those who seek to evade tax that the penalties will be severe and public. It's also important that the majority who play by the rules, paying their tax on time and in full, see that those who don't will face the consequences.

Tax avoidance also remains a serious concern. Too many avoidance schemes run rings around the taxman, operating legally but gaining advantages never intended by Parliament. If tax law is to be improved then HMRC must as a priority provide Parliamentwith comprehensive details of avoidance” 

The truth is the rich elites and Establishment lackeys who run British society don’t want to clamp down hard on the millionaires and billionaires who dodge their taxes lest they upset them and lose endorsements, donations and newspaper support. The billionaire owned press and media is owned by a tiny number of rich men who arrange their affairs to avoid paying taxes in the UK:

“When it comes to national newspapers, three-quarters of circulation is controlled by four families. Viscount Rothermere, owner of the Mail and Metro, is leader of the pack with 35.5 per cent of print circulation, supplemented by website traffic in the UK of 38 million visits per month, according to Comscore. Rupert Murdoch is second with 25 per cent of print, plus 54 million website visitors a month to the Sun and Times. Evgeny Lebedev is third, with 8 per cent of print (the London Evening Standard) and website visitors of 25 million per  month. In fourth position is Frederick Barclay of the Telegraph with 5 per cent of print, and 25 million website visits per month...

These are the four men who own the news in the UK and who, as in Baldwin's time, exercise considerable political power without facing an electorate”. 

Britain Tops the Corporate Tax Avoidance Accommodation League

Britain cannot take meaningful action to curb tax evasion and avoidance as it is in fact the biggest facilitator of international tax evasion and avoidance in the world through its network of Overseas Territories (OTs) and Crown Dependencies (CDs) of the United Kingdom where the British Queen is head of state; powers to appoint key government officials rest with the British Crown; laws must be approved in London; and the UK government holds various other powers. Detailed research exposes the fact that four of the top five corporate tax havens on our planet are British jurisdictions

Jail for a Working-Class Lone Parent – A Bauble for a Rich Tax Dodger

Last year a 49-year-old lone mum of two from Hull was sentenced to prison for failing to inform the DWP immediately after a new partner started living with her regularly enough to affect her tax credit entitlement. She informed the local authority of her change in circumstances but not the DWP until she was later advised she should have. Speaking in her defence her solicitor said in court:

“She accepts there is no excuse and she accepts fully her culpability. She at the time was struggling with two young children and holding down a responsible and stressful job. She was in debt” 

The fraudulently claimed sum amounted to £20,000 and Angela Prendergast was sentenced to four months behind bars for her mistake.

In 2005 the owner of the retail consortium Arcadia, Phillip Green, paid himself the largest dividend in British retail history when he withdrew £1.2 billion from the company, more than four times the company’s pre-tax profits that year. It was a dividend payment that defied business practices and shocked trained observers. He avoided paying almost £285 million on that incredible dividend by paying it to his wife Tina who resided in Monaco which is a tax haven. He justified such an arrangement by explaining the company had originally been set up in Tina’s name.

Arcadia has now collapsed with the loss of thousands of jobs and workers have been denied pensions they paid into for years and other employment rights. Some are preparing legal action against Green.

Green was also at the helm when British Home Stores (BHS) collapsed in 2016 and thousands of workers lost jobs and pensions on the altar of business practices which were always shrouded in secrecy but geared to maximise the personal wealth of Green and his family. Professor of Accountancy Prem Sikka has exposed these shady deals that drained the company of liquidity over many years leading to inevitable closure. Offshore accounts were deployed to avoid taxes and a £106 million sale to Mrs Green’s Jersey based company in 2001 led to annual rental payments to her from BHS over 15 years which amounted to £153 million without tax liabilities.

Rancid Britain Rewards Tax Cheats but Criminalises Benefit Fraud

The Greens ripped off the taxpayer to the tune of £285 million minimum which could have paid for thousands of nurses and teachers. They effectively stole from the public purse. They were knighted.

Angela Prendergast was raising two children on her own and keeping down a high-pressure job. She was in debt and struggling to survive. She forgot to inform the DWP of a change in circumstances. Her £20,000 mistake cost her four months in prison.

There is the rotten, stinking, foul British state summed up. Tax evasion and avoidance is a cancer which eats away at public services and denies better provision in schools, hospitals, and elderly care homes. But rather than attack the tax dodgers, the real scroungers in society, the British government targets the poor on benefits instead. It is a sorry situation and the Tax Watch Report exposes the tainted and hypocritical priorities. The day we prioritise tax evasion and avoidance is the day we begin to build a better and fairer society.

 

 

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https://sputniknews.com/columnists/202102201082136979-prison-for-benefits-fraud--knighthoods-for-tax-dodgers/

 

 

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By Alan Kohler

 

The new global minimum corporate tax rate of 15 per cent announced by the G7 on Saturday is described as “historic” and “seismic”, but it’s also a bit sad.

Each member of the Group of Seven has a company tax rate that’s higher than that, but they have had to compromise on 15 per cent to keep Ireland happy (company tax, 12.5 per cent), and also to get at least something out of the world’s most powerful corporations.

In October the deal goes to the G20 for ratification, and the average company tax rate of those countries, including Australia’s 30 per cent, is 25.72 per cent.

 

So the world’s most powerful countries will have to accept a global minimum corporate tax rate that is an average of 10 per cent below what they normally charge, because Google and Facebook, among others, are powerful, ruthless and very mobile.

If they had to pay more than that, those companies would no doubt cram into the Cayman Islands, where the company tax rate currently stands at a nice round zero, and serve their data bits to the world from there.

Late on Friday night the G7 finance ministers were still haggling about whether to put the words “at least” in front of the number 15 – France wanted to make room for it to be increased in future.

France won, so that’s something.

The deal means that when digital businesses avoid tax by serving the bits of data that Australians view from a tax haven like Ireland, the Australian Taxation Office would get to top up the tax to 15 per cent.

The Australian company tax rate is 30 per cent for those with sales of more $50 million a year, so the best you can say about a tax rate of half that is that it’s a lot better than nothing.

The obvious danger, it seems to me, is that legitimising a tax rate of 15 per cent will allow other companies currently paying Australia’s 30 per cent rate, or America’s 21 per cent, to suddenly feel the pull of the Emerald Isle, or perhaps even the Caymans, so they can be “topped up” to 15 per cent, instead of paying 30 per cent.

Presumably that’s what France was on about by insisting on “at least” being inserted.

 

And there’s still a lot of detail to be ironed out, such as what’s the definition of “the largest and most profitable multinational enterprises”, which Saturday’s communique said were the companies to be caught by the new global minimum tax regime, without saying who they are.

But let’s get to the nitty-gritty: How much cash might this mean for the Australian Treasury?

Well, the Biden administration has estimated that it will bring in $US500 billion in extra tax revenue over a decade, or $US50 billion a year, which roughly accords with Europe’s estimate.

Based on the GDP difference, that means Australia could expect to collect another $3 billion from the multinational tax dodgers, which would represent an increase in total tax revenue of 0.6 per cent and pay for two months of the NDIS.

It’s not to be sneezed at, to be sure, but it won’t mean the rest of us can stop paying GST.

Another change announced in Saturday’s communique could lead to more cash for Australia.

It’s designed to replace the so-called digital taxes that some European countries have been levying on Google and Facebook, but it also seems designed to confuse everyone.

The clause says: “market countries (will be) awarded taxing rights on at least 20 per cent of profit exceeding a 10 per cent margin for the largest and most profitable multinational enterprises”.

If that can be enforced, it could end up being quite lucrative. For example, Google’s 2020 profit was $US15 billion ($20 billion); 20 per cent of that is $4 billion, taxing that at 30 per cent would yield $1.2 billion.

But is that what the clause means? Hard to tell.

Anyway, hell will freeze over before Google coughs up that sort of cash to the ATO.

Next step for the global minimum company tax rate: The G20 meeting in October, where the magnificent seven will try to get a tick from the 20.

The lowest company tax rate among G20 members is Saudi Arabia with, by coincidence, 15 per cent, but presumably the “better than nothing” principle will apply to the other 19 and they’ll all vote “aye”.

The trick then will be to ensure that 15 per cent doesn’t become the standard tax rate, instead of the current 25.72 per cent.

 

When it comes to tax, minimums have a habit of becoming maximums.

 

 

Alan Kohler writes twice a week for The New Daily. He is also editor in chief of Eureka Report and finance presenter on ABC news.

 

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Sanctions imposed on Russia’s invasion of Ukraine highlights just how interrelated the global economy is and just how difficult they are to impose if the pain is not to be too much of a two way street.

This difficulty applies above all to Britain which has long slipped under the radar as the western world’s parking lot of choice for Russian oligarch billions.

For those whose world is finance Britain’s shoddy reputation as a hot money center is no secret although for the general public there remains a carefully manufactured city of London curtain of respectability. That has begun to be drawn back by some well researched investigations by journalists such as Oliver Bullough. His latest contribution “Butler to the World” chronicles just how extraordinarily difficult it will be for the UK to de-Putinise itself, and indeed how culpable it has been in facilitating Putin’s unholy alliance with his tamed band of oligarchs. As it is now known, ‘Londongrad’ houses an estimated £27 billion of Russian assets. Russian offshoring is no less evident in the 20 Russian listed companies listed on the UK exchange with a market value of £400 billion pounds.

As Bullough opines there is nothing pretty about this offshoring of assets. It represents “..a gigantic loophole, undercutting other countries’ rules, massaging down tax rates, neutering , regulations, laundering foreign criminals regulations”. As such this offshoring further damages Britain’s fading image as a country with a steady enduring moral compass.

No surprise then that the UK Government was slow to apply sanctions on its pampered Russian guests. By February 28 – weeks after they had been applied – only 10 low value Russians had been so ensnared. That has since speeded up. But as Roman Borisovich, a former Moscow investment banker turned anti-corruption campaigner points out that given London is the biggest parking lot for Russian money in the West it becomes the weakest link and risks letting down the western alliance sanctions effort.

Alarm bells have been ringing for some time. Britain’s Parliamentary Security and Intelligence Committee in 2020 warned that Russia’s financial tentacles interlaced in the economy were so deep as to be unable to be disentangled.

The UK’s parking lot has been more than matched by its rogue quasi-autonomous children – the Cayman Islands, the Bahamas and the British Virgin Islands which for decades have provided tax haven status and anonymity for commercial and criminal interests alike – so dramatically revealed in the Pandora papers. It is estimated that even more of oligarch’s assets have been processed in these havens than in the UK. According to the Tax Justice Network The Cayman Islands has earned the accolade of the world’s third worst tax haven for corporate tax avoidance and the world’s worst tax haven in terms of financial secrecy.

Just how aggressively the British Government will continue to clean out its Russian holdings is not at all clear. The UK’s rolling program of sanctions now include freezing the assets of Russian Banks. This is a significant move given by their own estimate, Russian banks annually clear around £146 billion of Sterling payments into and out of the UK’s financial system each year and around half of Russian trade is denominated in dollars or sterling. ]

The real problem however lies in personal assets and divining which of the oligarchs have close ties to Putin (or perhaps more easily, who do not). Most oligarch assets are held in trusts so proving who is the beneficial owner(s) is notoriously difficult. The British bodies which check these things are heavily under-resourced so that real question is whether the sanctions will last long enough for the British to make a serious dent in their Oligarch shopping list.

If Britain has been slow and selective Australia has hardly rushed to implement sanctions on the mining industry. Oleg Deripaska – who assiduously wined and dined the British elite in past years, has a stake in Queensland Alumina Ltd and Viktor Vekselberg – who has an interest in Falcon Oil and Gas in the Beetaloo Basin – are somewhat inexplicably not among 41 oligarchs we have sanctioned.

It would be nice to think that the sanctions flowing from the war in Ukraine will go a long way to expose the city of London’s systemic abuse of the global financial system. In the case of Russia it is estimated 60% of Russia’s richest households’ assets are offshored much of which is in the UK or its island tax havens. Equally, we need to accept that global amnesia and inaction on global hot money flows have helped facilitate and given respectability to the oligarch’s support of Putin. Flowing from concerted multilateral action on sanctions should be concerted action to sanitize global financial flows.

 

By Dr Jeremy Webb — a researcher at the School of Economics and Finance, Queensland University of Technology. He is a former president of the Queensland Branch of the Australian Institute for International Affairs (2001-2004). From 1977 to 2002 he served as an officer in the Department of Foreign Affairs and Trade with posting in Indonesia, New Zealand, South Korea and France. In a previous career, he worked as a journalist for The Australian, The Bulletin magazine and as assistant Editor of Rydges Business Journal.

 

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GusNote: Dr Jeremy Webb lives in dreamland... "Flowing from concerted multilateral action on sanctions should be concerted action to sanitize global financial flows..."???? This won't happen, only superficially to "hurt Putin" which it won't anyway...

 

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Ukraine’s President Volodymyr Zelensky revealed the true stance of the US-led NATO alliance on Kiev’s prospects of joining, in an interview with CNN on Sunday. While refusing in private to accept the country, the alliance has maintained a public illusion of a potential accession, he claimed.

The ongoing conflict with Russia could have been prevented if NATO accepted Ukraine in time, Zelensky has also said.

“If we were a NATO member, a war wouldn't have started. I'd like to receive security guarantees for my country, for my people,”Zelensky told CNN, reiterating his calls on the US-led alliance to take his country in.

 

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The authorities of the Donestsk People’s Republic have found a secret prison established by the Kiev regime on the territory of their oblast. It is a former insulation material factory that was transformed into a camp guarded by watchtowers. Since 2014, it has functioned under the responsibility of the Aidar battalion.

Detainees were held in isolation in cramped rooms and subjected to degrading and inhuman treatment. Those who survived had already reported the facts, but had no proof.

Russian forensic police are searching in the vicinity of the factory to locate the mass grave where the victims were buried.

 

-------------

 

And a significant number of those who have supported Moscow’s position are countries of the African continent, whose citizens have considerable combat experience and were among the first to declare their willingness to join Russia’s special operation. It is Africans who have personally confronted terrorists supported by the collective West for years that recognize the EU and NATO fingerprints in the conflict in Ukraine. The Cameroonian fighters, for example, expressed their strong opposition to Nazism, believing that it had no place in the modern world. They know firsthand about racial neglect, as many of their loved ones were victims of abuse from white colonizers who did not consider them human for hundreds of years.

 

-----------

 

A Ukrainian doctor who claimed during a live interview that he had ordered his volunteer unit to castrate captured Russian soldiers has stated that his words were not true. In a short post on his Facebook page on Monday, Gennadiy Druzenko said he and his fellow frontline medics do not castrate anyone and have no plans to do so.

“Those were the emotions. I’m sorry. We are saving lives. Period,” the postsaid.

The doctor added a screenshot to the post, which appeared to be a threat addressed to him. It cited what was presumably his personal data, including phone numbers and an address, and a promise to “come unannounced” and “cut off [his] balls.”

Druzenko, a well-known volunteer medic, had been talking to many Western media outlets about his unit’s work in Ukraine amid the Russian attack on his country, and had made his incendiary claims about Russian POWs in an interview with Ukrainian TV on Sunday.

 

---------------

Calls for the killing of Russian children or the castration of prisoners of war are absolutely unacceptable and ruin Ukraine’s image as a civilized European country, a senior adviser to President Volodymyr Zelensky said on Monday. Responding to two recent public scandals, Alexey Arestovich called on Ukrainians to respect the Geneva Convention and laws of war.

“We must not go beyond the Geneva Convention, which allows the destruction of the enemy on the battlefield, but does not allow us to mock prisoners of war, and even more so to make calls for revenge on civilians, children, and prisoners of war,” Arestovich said in a video posted on Facebook.

Such calls severely harm Ukraine’s public image, Arestovich added, reminding Ukrainians that they also run afoul of international and domestic laws. 

 

-----------------

 

The UK is preparing to temporarily nationalize Gazprom’s British retail supply arm, Bloomberg reported on Monday. The measure is taken to ensure distressed companies continue energy supplies to customers amid losses due to higher energy costs.

Gazprom Marketing & Trading Retail Ltd is a prime candidate to be taken into the UK’s special administration regime, Bloomberg has cited a person familiar with the matter, adding that no one at the Gazprom unit was available to comment.

 

----------------

 

Russia has accused nationalist fighters operating in Ukraine of using civilians as a "human shield" and ordering militants fighting in Mariupol to become "martyrs". Kiev "hypocritically" ordered the nationalist battalions to leave Mariupol in small groups disguised as civilians, head of the National Defence Management Centre of the Russian Federation Mikhail Mizintsev said Monday. According to him, the Ukrainian authorities ordered the nationalist battalions to use all available means to leave the city in disguise and dressed in civilian clothes, including via humanitarian corridors. ----------------

 

 

 

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pointing the finger...

 

GusNote: Zelnesky-y's forces killed about 3,000 people in the Donbass region since he became president.

After years of suspicion and inertia, UK regulators are coming to terms with the subversive world of crypto. 

The City of London has a plausible chance of hosting a top global hub of crypto-technology and distributed finance (DeFi) - perhaps even becoming the global epicentre - if the various authorities can stop contradicting each other and sort out what the policy is.

This year’s Davos was crowded with blockchain and crypto pioneers, seemingly undaunted by the $US1 trillion ($1.4 trillion) crash across their industry over the past three weeks. Indeed, the brotherhood is almost triumphant, and the surprising message is how many think London could soon be the new crypto Mecca.

“The UK has taken the line that we shouldn’t stifle innovation and I think it is going to lead this,” said Brad Garlinghouse, chief executive of the American cryptocurrency and settlement system Ripple.

 

“It is setting the rules of the road and putting up guardrails. We’re not getting that kind of clarity from the US, so that’s why we are going to grow our business in London,” he told me.

Ripple is essentially a payments system in competition with Swift, offering banks such as Santander a faster and cheaper way to send money across borders. In a way, it is banal, and that is the point. Much of crypto is just better plumbing.

London’s crypto dynamism is already visible in job offers. Trackers at Glassdoor say the UK accounts for a quarter of all crypto vacancies in the world, well behind the US but far ahead of any other country. Canada comes third.

It was the Bank of England and London’s enterprising goldsmiths who ran ahead with fractional reserve banking at the end of the 17th century, enabling the agricultural and industrial revolutions, and the quantum leap in global living standards that followed.

 

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BY Larry Romanoff

 

The purpose of this essay is threefold: (1) to bring to the attention of readers the existence of a long-standing conspiracy about the identification of “The Richest Man in the World”, (2) to dismiss from contention the current list of candidates, and (3) to document that a small number of Jewish banking families operating out of the City of London have for generations held these wealth records with fortunes that are orders of magnitude above anything we might have imagined. I will address these points in reverse order, and deal with the current crop of wunderkind at the end.

I do not profess to be able to irrefutably document all the assertions made in this essay, nor to definitively substantiate all the inferences made. The topic is such that too much of the necessary legal evidence is irretrievably hidden from public view and accessibility, and we must in many cases rely on logic and circumstantial evidence to support our assertions and inferences. While the proofs are not as complete as one would desire, this level of evidentiary support is often sufficient, especially when our cases follow an established pattern and we have such reasoning and evidence in bulk. The descriptions and evidence in this essay will serve at least to provide a reasonable basis for understanding and to “draw attention to some of the great forces which have been molding our world”. The figures presented in this essay are not meant as precise calculations, but to impress upon readers the magnitude of the numbers and amounts with which we are dealing.

 

The Power of Compound Interest

Much of this essay is primarily dependent on only one simple thesis: that those with enormous wealth do not leave it idle but put it to a constant good use; the money is always at work. It is lent out to finance wars and colonisation, to purchase legitimate businesses, to establish control of governments and national economies, and more.

As to interest rates for long-term accumulation, we tend to think of historical interest rates as being very low, perhaps only 1% or 2%, but that was seldom the case. The reason Abraham Lincoln resorted to printing his “Greenbacks” as currency was because Rothschild demanded a 24% interest rate to fund the Union in the US civil war. There are many other such examples, as war financing in particular carried high interest rates. Dutch perpetual bonds issued by Jews were at rates of 10% and 12% in the 1500s and 1600s; Genoa issued much of its debt at 9% in the 1600s. I have used a rate of 5% for the compound interest calculations in this essay, a selection that is admittedly arbitrary but that appears reasonable and conservative in the overall context. The accompanying charts from the Bank of England appear to justify this choice.[1]
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Some Background on Corporations

A great many of the world’s largest corporations are owned and controlled by Jews, many of these by the select few in the City of London, but also very many outside this small group. The world’s major oil companies are controlled by Jewish interests, as are the major pharmaceutical companies, many of the weapons manufacturers and the world’s airlines, a preponderant amount of the world’s shipping capacity, and many other industries that might not normally come to mind. It is impossible to obtain access to all the information required to even hazard a guess at the value of the corporate asset ownership of these people, but consider that virtually all of the media in the West, and a great deal of the prime media outlets in the rest of the world, including movies and book publishing, are owned or controlled by Jews. There are international companies worth in total many trillions of dollars that are entirely Jewish; Nestle, Sanofi, Monsanto, being a few among hundreds such. We cannot easily know what part of this reverts to our handful of Jewish bankers in the City of London, how much of that was financed by, and is controlled from, that center, but it isn’t negligible.

Things are not always what they seem. Many of the world’s large fortunes were financed by Rothschild or others from that inner circle and thus there is a hidden ownership that will never be revealed. Trolling through historical records, we sometimes discover that a very wealthy man left an estate of only a few million dollars. It isn’t a secret although apparently not widely-known, that one of the Rothschilds financed Rockefeller’s creation of Standard Oil, and did the same with Andrew Carnegie’s steel empire and the Harriman railroad fortune in the US, among others. The financing was usually done through J. P. Morgan, who was a Rothschild agent for all of his career, and in fact Morgan’s banking interests themselves were much more European Jewish than they were American. It is worthy to bring this to the attention of readers since it appears that much of the wealth of the famous American and European families may not have been really theirs but belonged instead to the ultimate Jewish financiers in the background. Today, Google, Facebook, Tesla, Amazon, Starbucks, and many others are in this category, firms that could not possibly have attained their extent of market control without both heavy financing and intense planning originating elsewhere.

A number of studies have been done on interlocking corporate ownership and control, with consistent conclusions that as few as 400 companies, and perhaps even as few as 250 companies, own outright or at least have control of, more than 40% of all the value listed on all stock exchanges everywhere.[3]
[4]
[5]
 But behind those 400 or 250 companies is that same number of men controlling those companies. Even though most large corporations are listed as public, with sometimes hundreds of millions of shares outstanding, we cannot know where the true control lies. Increasingly, many of the shares are held by proxies like Blackrock or Blackstone or other investment groups, and we have no information on share classifications or other restrictions on voting and control.

Nor does the general public have information on interlocking directors who have absolute day to day control, including over all financial decisions. More importantly, it isn’t necessary to own a plurality of shares if you control the Board of Directors or if they are reading from the same script. These people can empty a company’s treasury to pay unlimited dividends tax-free through a tax haven, and do so without even attracting unrest from the common shareholders who seldom have much understanding of these matters.

Many European banks fall into this category, most of these Jewish-owned and tightly-held. The few dozens of Europe’s largest banks like HSBC, BNP Paribas, Lloyd’s, have a market cap in the trillions and an asset base of over €30 trillion. The major North American banks, like Goldman Sachs, Citigroup, Wells Fargo, again owned by Jews, have a market cap of well over $1.5 trillion and assets to match. Plus, we have literally hundreds of Jewish-owned banks in Switzerland and other countries that appear on no list anywhere.

Many of the world’s largest insurance and reinsurance companies are owned by Jews, with a combined market cap in the trillions, and there is no way to place a value on Lloyd’s of London, a worldwide insurance platform that is virtually priceless. Then there are the oil companies; Royal Dutch Shell alone has a market cap of over $200 billion, and there are many of these, Jewish-controlled, sufficient to control the world’s price of oil as we will see.

The two major FMCG companies, Unilever and P&G, both Jewish, have a combined market cap of over half a trillion dollars. Internet-related firms like Google, Meta, Amazon, Dell, Oracle, again all Jewish, have a combined market cap of nearly $5 trillion. The world’s fashion houses and jewelry firms, mostly Jewish-owned or controlled, firms like Swarovski, YSL, LVMH, Cartier, Hermès, Estee Lauder, L’Oréal, have a market cap of more than $1 trillion, and there are hundreds of jewelry firms, diamond cutters and merchants, gold dealers, operating behind the scenes that are also owned by Jews and worth a combined trillions of dollars.

The major armaments and weapons manufacturers, which have always had a high percentage of Jewish ownership and control, again have a market cap in the vicinity of $1 trillion. The world’s major food companies, again mostly owned by Jews, is another example. Nestlé, an entirely Jewish company, owns more than 2,000 food brands with a market cap of about 1/3 of a trillion dollars by itself. Pepsico is the second-largest food company in the world, owning hundreds of major brands, and many others like Kraft Heinz, Mondelez, Danone, Anheuser-Busch Inbev, Coca-Cola, Diageo, Starbucks, have a combined market cap of at least $1.5 trillion. The world’s largest pharmaceutical companies are all Jewish-owned, with a combined market cap of around $4 trillion.

The main North American media companies (all owned by Jews) have a market cap of over $1 trillion, with larger numbers for the European media that are also largely Jewish-owned and virtually all Jewish-controlled. And this ignores their media holdings in Latin America, Asia and Africa. And there are literally hundreds of Jewish-owned companies that don’t fit easily into the above categories, including everything from H&R Block to Mattel and Hasbro, Monsanto, Ben and Jerry’s. The list is almost endless. Collectively, their value and influence are enormous.

 

The Real Power: Family Dynasties

When we read of a Bill Gates or Warren Buffett, we tend to think in simple terms of someone starting a company with a good idea and over a lifetime building a huge enterprise that today is worth many billions. But this reasoning is simplistic because we are confining our thoughts to only one generation. The people with whom we are concerned here, are family dynasties that have been accumulating their fortunes for perhaps ten or even twenty generations. With the Rothschilds, Sassoons, and so many others, we are going back to the 1600s and 1700s, with family dynasties that have expanded enormously over the centuries and maintained control over their increasingly vast wealth through avoidance of inheritance taxes, rigid intermarriage, and shared intentions.

The greatest of all family dynasties are hidden from view, expunged from the media, deleted from the history books, and almost never attract public attention. All of these are Jewish – Rothschild, Sassoon, Sebag-Montefiori, Warburg, Lehman, Goldman, and so many names you may have never heard of. Here is a listing of a few of the Jewish bankers, representing perhaps only 25% of them, most having begun banking, financing and industrial operations in the early to mid-1800s, so an average of nearly 200 years, and many resulting in Jewish family dynasties that continue to this day, entirely out of the public eye.

Rothschild, Sassoon, Warburg, Moses Montefiori, Sebag-Montefiori, Kadoorie, Lehman, Israel Moses Seif, Kuhn Loeb, Goldman Sachs, Salomon, Schiff, Joseph Hambro, J. Henry Schroder, Samuel Montagu, Emile and Isaac Péreire, Lazard Brothers, Speyer brothers, Seligman brothers, Stern brothers, Barnato Brothers, Ernest Oppenheimer, Abraham Oppenheim, Carl Fuerstenberg, Jacob Goldschmidt, Oskar Wassermann, Hirsch, Raphael Jonathan Bischoffsheim, Hambro, Isaac Glückstadt, Levy Martin, Markus Rubin, Goldsmid, Rosenthal, A. Dunkelsbueler, Eugen Gutmann, Herbert Gutman, Wagg and Co, Mèdici family, Speyer, Speyer-Elissen, Emile Erlanger, S. Japhet, Ernest Cassel, Carl Meyer, Achille Fould, Luigi Luzzatti, Wertheimer and Gompertz, Lippman.[6]
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I have a graphic on my computer that displays the holdings of the Rothschild dynasty, displayed rather like an organisation chart with small boxes indicating holdings and lines everywhere indicating ownership and control. It is so large that to print it in the smallest readable type would require a sheet of paper half a meter in size. Rothschild recently created a new bank just to manage his land holdings confiscated from poor countries. It is difficult to obtain hard information because so much of this is done through no-name banks, agents, related companies, and run through innumerable tax havens. Rothschild owns, among other things, Sanofi Pharma with a capitalisation of $125 billion, the Economist, and IHS which is the largest mobile tower operator in Africa.[9]

Anglo American was founded by Ernest Oppenheimer, a German Jew. Headquartered in the City of London, this is one of the 250 largest companies in the world, producing gold, diamonds, other metals, and nearly half of all the world’s platinum. Their subsidiaries and investments are too many to list. When Ernest died, he was succeeded by his son Harry, who also became chairman of De Beers, so you can see how the families integrate and rationalise their holdings.

The Jewish Wallenbergs in Sweden have been in business for 200 years, where today they own most large Swedish industrial groups like Enskilda Bank, Ericsson, Electrolux, ABB, SAAB, SAS Group, SKF, Atlas Copco, and Nasdaq. As far back as 50 years ago, the Wallenberg family businesses employed 40% of Sweden’s industrial workforce and represented 40% of the total worth of the Stockholm stock market. The market capitalisation of only ten of their companies is nearly $350 billion, and much has been buried in trusts and hidden in tax havens. Swarovski, with their fake “crystal” is another 150-year-old Jewish dynasty.

For this essay, I will ignore much of the past history of these Jewish families and begin from the early 1800s, but it should be noted that these Khazar “family fortunes” began hundreds of years before this. We had the (Jewish) Dutch Tulip bubble, the (Jewish) South Seas bubble, the (Jewish) British and Dutch East India Companies and many similar. There were the centuries of slave trading, of tax farming and so much more. I will omit all of that.

India was at one time almost certainly the richest nation in the world, with stocks of gold, silver and precious gems worthy of fable and legend. The British East India Company which was eventually led by one of the Rothschilds, was unquestionably the greatest criminal enterprise in the history of the world, and the vehicle used to loot India to the bones.

Sassoon ben Salih was the chief treasurer to the pashas of Baghdad.[10]
 Exposed in an immense fraud in the early 1800s that must have involved hundreds of billions in today’s dollars, he was lucky to escape with his life (and the money). He and his two sons David and Joseph fled to India where they teamed up with one of the Rothschilds and hatched their infernal plan to force Indian peasants to grow opium for sale in China.[11]
 From the early days, they already had the young Queen Victoria firmly in their grasp. She not only supported their efforts to the extent of allocating the British military as the Jews’ enforcers of the opium, giving David Sassoon the exclusive franchise for selling opium in all of China, seizing Hong Kong for his distribution base and giving him the charter to form the HSBC. To say that the British Royal Family profited heavily from this personally, would be an understatement of some magnitude. This is where we will begin our story.

From their wholesale looting of India and the thefts from Iraq, followed by growing and selling of opium in China, Rothschild and Sassoon were reliably estimated to have accumulated wealth of more than $5 billion each, by 1835. Actually, the calculated estimates I have seen were of $6 billion and $7 billion,[12]
 and these were my estimates as well. I reduced this to $5 billion to be conservative, but the totals are still staggering. $5 billion accumulated at only 5% for the intervening 185 years, accumulates to a total in 2022, of more than $40 trillion each for Rothschild and Sassoon. And there were at least a dozen or more Jewish banking families that were not so very far behind Rothschild and Sassoon, as well as many dozens more that were very wealthy but not in this same league. That $40 trillion may seem shocking and too fantastic to be real, but reserve your judgment until the end. As you will see, that $40 trillion is almost irrelevant in the overall picture.

Leger Entry: Rothschild: $40 trillion in today’s dollars

Leger Entry: Sassoon: $40 trillion in today’s dollars

 

(1) Slavery and Forced Labor

Jews have always been heavily involved in slave trading, including both the white slaves that depopulated Ireland and much of England and the more recent black slaves, but I will ignore that part of the past and deal only with the more recent events in China. Slave trading by these same richest Jews – Rothschild, Sassoon, Kadoorie and many others, stopped only because the First World War put an end to it. We haven’t precise numbers, but the historical record tells us that many millions of Chinese were kidnapped and sold as slave labor. Countless tens of thousands of Chinese were kidnapped and shipped as slave labor to North America to build the railroads and work the gold mines, to build the Panama Railway and the Panama Canal, to work the guano mines in Peru, and in many other instances. This is why we have Chinese all over the world; even today the population of Panama is more than 10% Chinese because of this.

In many cases, the Chinese were not actually sold to others but used by the Jews as slave labor for their own projects. As late as 1904, Rothschild had around 65,000 Chinese kidnapped from Fujian Province to work his gold mines in South Africa.[13]
When these same Jews financed the building of the North American railroads and the Panama Canal, for example, kidnapped Chinese were the supply of free (and disposable) labor. Harsh conditions resulting in tens of thousands of deaths were irrelevant because the supply was inexhaustible. As well, there is credible evidence that Easter Island was almost totally depopulated by these same Jews who kidnapped most of the people to work the guano mines in Peru. There are letters from officials in the UK demanding that these Jews return the Easter Islanders to their home.

At this distance in time, it isn’t possible to construct a comprehensive tally of the totals of Chinese slave laborers conscripted by these Jews for their projects, nor to estimate the “value” of all this slave labor, but it was certainly substantial and carried on in great volume from about 1800 to 1920 and, as I mentioned above, it was only the First World War that put a stop to it. I list this because it is an important contributing aspect to the accumulated wealth of these Jewish banking families, but I do not provide a leger entry for it.

Leger Entry: $0 trillion in today’s dollars

 

(2) Diamonds

It’s not a secret that DeBeers controls the diamond production of South Africa, and also in Zaire, nor that DeBeers is a Rothschild company. Let’s not forget the origin and purpose of the Boer Wars. Diamond production statistics seem scattered, with South Africa claiming around 650 million carats of total production,[14]
 while Statista claims twice this amount. South Africa places a value on this production (at $100 per carat) at about $60 billion, but with no allowance for the compounding an average of $300 million per year over 150 years: (average of 3 million carats per year at $100 per carat). If we allow for compounding at 5%, this accumulates to about $10 trillion. To keep things simple, I have excluded all other countries from this calculation; the addition of these and other Rothschild and Jewish-owned production would at least double the total. It should also be noted that the Jewish enclave of Holland is still the center of the world’s diamond trade, the great majority of which is firmly in Jewish hands.

Leger Entry: $10 trillion in today’s dollars

 

(3) Gold

It is difficult to find comprehensive and reliable statistics on the actual annual production of gold from the Rothschild-controlled mines, but production apparently reached more than 1,000 tonnes per year 50 years ago. With 32,000 ounces in a tonne of gold, and gold selling at $1,700 an ounce, that represents many billions of dollars per year, compounded at 5% for nearly 150 years, about ten times the value of the diamond production listed above. The picture is clouded by fluctuations in both production amounts and gold prices, so definitive results are impossible to calculate.[15]
 I have assumed what I believe is a conservative estimate of only twice the diamond production and value.

Leger Entry: $20 trillion in today’s dollars

 

(4) Canals: Panama and the Suez

It is universally-known that the US built the Panama Canal – after “liberating” the Province of Panama from Columbia, but not so widely-known that it was Jewish money that paid for the canal.[16]
 We can reasonably assume that the profits from the canal for about 120 years would have accrued to those who financed it. The Suez Canal was also built with Jewish money and existed as a privately-held corporation. However, since the revenues from these two amount to only a few mere billions of dollars per year, I will omit them from the totals.

Leger Entry: $0 trillion in today’s dollars

 

(5) Cash Management

It isn’t widely-known but, as part of America’s Monroe Doctrine, the US used not only its powerful bullying “diplomacy” but also the CIA and the full force of its military to arrange for a few Jewish bankers (and the US FED) to obtain the position of “investment managers” of all the cash assets and central bank holdings of the countries under its control. This included Latin America, but also countries like the Philippines and the 50+ countries where the US overthrew a government and installed a compliant dictatorship.

The scheme was simple. These nations were forced to turn over all their liquid assets to the Jewish bankers in the US who would “prudently manage” all that cash for the benefit of these smaller nations. In practice, the Jewish bankers invested the money in New York real estate and profited in the billions while paying those nations 3% on their money. This practice was coupled with a bad American habit of invading, then forcing open and emptying, the vaults of the central banks of these same nations of all their gold. These practices are sufficiently documented to withstand challenge and, having existed for about 150 years, I think we could reasonably attach a total compounded to today of at least $1 trillion dollars, but the historical records are insufficient and so I make no leger entry for this item.

Leger Entry: $0 trillion in today’s dollars

 

(6) Germany’s Hyperinflation

It is widely accepted today that Germany was set up for this precise circumstance from the provisions of the Treaty of Versailles and the corresponding restrictions enacted by Jews to prevent Germany’s recovery. Regardless, the inflation rate was so extreme that money became literally worthless, permitting the Jewish bankers to buy up much of Germany for virtually nothing. This was one of the deep resentments harbored by Hitler toward the Jews, knowing they were behind the treaty and other restrictions that could have had only the bankruptcy and subjugation of Germany as the one possible purpose. We needn’t go into details here, but it was Hitler’s eviction of the Jews from Germany’s banking system and taking over the country’s central bank that resulted in the “miracle” of Germany’s economic recovery which, unfortunately, was not to last. There is no way to estimate the value of the looting of Germany that took place at this time, and I attribute no definitive value to it although the present value would surely be in the many trillions of dollars, all to the benefit of these same few bankers.

Leger Entry: $0 trillion in today’s dollars

 

(7) Central Banks

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European Jewish banking families, led by the Rothschilds, own or control the central banks of at least 30 nations, including the FED in the US. There are several very nasty results of this ownership, one of which is that these nations cannot print their own money but must borrow it from the (privately-owned) central banks – and pay interest on it. This is of enormous magnitude. Until the late 1970s, Canada owned its own central bank and paid little to no interest to foreigners. But then-Prime Minister Pierre Trudeau (Justin Trudeau’s father) committed an astonishing act of treason – on his own account, without even the knowledge of his own cabinet or Parliament – and committed Canada to foregoing its financial birthright to print its own currency and from then on borrowing from the European Jewish bankers. The result is that in the past 30 or 40 years little Canada has paid these bankers more than $1.1 trillion in interest for borrowing its own money.[17]
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You might especially want to watch item 22, a video of Canada’s former Cabinet Minister commenting on Banking in America.

But Rothschild and a handful of other Jewish banking families have owned the central banks of the European nations, and others including the US FED, for well over 100 years. If little Canada has paid more than $1 trillion in interest in a relatively short time, the governments of countries like England, Germany, France, Italy, Spain, Japan, South Africa, have paid much more during the past century. As one example, Italy’s debt is several times that of Canada, and many other countries are in the same position.[23]
 I have no accurate record of total interest the US has paid to the FED, but its current debt is more than $13 trillion – an amount which will never be paid off.

Working from Canada as a baseline, and counting only 30 countries, an excessively conservative estimate would be $30 trillion paid out in interest to these bankers. If we then allow for only 100 years, we can multiply this by more than three times and arrive at around $100 trillion paid in interest – entirely without need or justification. And this doesn’t allow for the US FED which could increase the total by half again. It should also be noted that those 50+ nations where the US military and CIA overthrew a government, the Jewish bankers were right behind them to take over ownership of all those central banks. In every case where information has escaped – Iraq, Libya, South Africa, the Balkans, this has been their priority and simple logic dictates that it would be very high on their list in every country where they had access. I have not included this item in my estimates. Considering all of the above, my leger entry is arguably conservative by 75% or more, but there is insufficient detail. My estimate below makes no allowance for the compounding of interest for even 100 years; to do so would multiply the total to a truly astronomical figure, and yet the real-world situation is that this amount would indeed be compounded, and for more than 100 years, to the many hundreds of trillions.

Leger Entry: $100 trillion in today’s dollars

 

(8) Recessions and Depressions

One of the nastier advantages of the foreign ownership of a country’s central bank is that the Jews have total control over those economies.[24]
 Since they control both the money supply and the interest rates, they have easily the power to whipsaw economies and profit immensely at every cycle. They do it the same way every time – by lowering interest rates to zero or nearly so, while hugely inflating the money supply, thereby creating large bubbles in debt, in the stock and housing markets, and so on. Then, they severely contract the money supply and all credit while simultaneously raising interest rates, thus bankrupting countless thousands of banks, businesses and families, and buying up for pennies on the dollar every manner of assets when the blood is running in the streets. After accomplishing their task of relieving a nation of a significant portion of its assets, they again expand the money supply and open the credit taps while reducing interest rates to give economies time to recover, then rinse and repeat. It is not a secret that all such recessions have been deliberately inflicted on Western economies by these Jewish bankers for the past 200 years or more.

The 1929 Great Depression was one such, with euphoria based on the Jewish owners of the FED expanding an almost unlimited money supply and easy credit with low interest rates, building a huge bubble which was then burst. Thousands of banks, tens of thousands of companies, and millions of families, all went bankrupt, with all those assets mostly flowing eventually to the Jewish owners of the US FED and their closest friends. This was done many times prior to 1929, and has been done many times since. The bitterly savage recession in 1983 was similarly created by the US FED – on orders from the City of London, with Volcker even boasting openly about what he was doing. The 2008 housing and financial crisis in the US was identical, and in no way accidental. It was so bad that an executive of Goldman Sachs said at the time, “Things will never return to normal after what they have done.”

The collapsing of the industrial economies in 2022 is the same. A sudden and deliberately-contrived “energy shortage”, created in large part by the sabotage of Nordstream II, a reduction in the money supply, and the stiff raising of interest rates “to combat inflation” (which was entirely self-induced), and soon blood will be once again running in the streets. And an almost unlimited number of industrial corporations, especially in Germany but also in the weaker European nations, will be facing bankruptcy and takeovers, the news of which will never reach the public thanks to the almost-total media control by these same people.

There is no accurate way to definitively calculate the looting that takes place during these contrived “recessions”. 1929 was certainly in the trillions of dollars, as was 1983, which were perhaps the two worst, but the others weren’t so far behind. 2008 was also in this category, the housing losses alone being in the trillions, which I have included elsewhere. Given the lack of detailed data, I won’t try to isolate and estimate the financial result of each contrived financial recession, and will ignore the smaller ones, but that still leaves us with 1929 and 1983 being worth a very conservative $3 trillion each. It seems unreasonable for our purposes to not compound these two amounts with interest for the 90 years and 40 years respectively, but the totals become fantastic and almost incomprehensibly large, and thus very difficult to accept as rational. At 5%, $3 trillion in 90 years (since 1929) will accumulate to $240 trillion, and even over 40 years (1983) will become $21 trillion.

Senator Robert Owen, a co-author of the Federal Reserve Act, testified before a Congressional Committee that the bank he owned received from the National Bankers’ Association the “Panic Circular of 1893.” It stated: “You will at once retire one-third of your circulation and call in one-half of your loans.” And that is how these central bankers create the recessions: an instant reduction of 35% or more in the nation’s money supply and a 50% reduction in total credit.[25]
 The inevitable result is the bankruptcies of thousands of corporations and banks, and an enormous plunge in stock market values and corporate assets of every description which are now available for pennies on the dollar. Wait ten years, and repeat. The purpose is the immense transfer of wealth available in each such cycle, and not only from small banks and corporations but from the general public as well, many of whom also lose everything they had, those assets eventually filtering up to the few oligarchy bankers who planned the events.

Leger Entry: $6 trillion in today’s dollars

 

(9) Looting the Oil Industry in 1983

As a detailed example, let’s look at the FED-induced 1983 recession and its effect on only the oil industry in North America. To begin, let’s assume we have an oil well with a constant steady production (which many are), but in this case of only one barrel per year for 40 years, with the oil price at $100 per barrel. That gives us a total value of $4,000. However, since $1 next year is worth less than $1 this year, we discount our future production at some interest rate, with this result in terms of value (if we want to sell our oil well):

• 0% – $4,000
• 3% – $2,500
• 6% – $1,500
• 10% – $1,000
• 25% – $400

Immediately prior to the 1983 recession, The New York Times proclaimed that a sudden and inexplicable “oil glut” had arrived,[26] such that oil became nearly worthless, prices dropping from US$40 to less than $10 almost overnight. Of course, if the price of oil drops by 75%, the value of our oil well drops by 75% as well, so our $4,000 oil well is now worth only $1,000. But we had a double whammy, because the FED wasn’t idle during this period. After causing a massive burst of inflation in the 1970s to prepare for this eventual result, the FED suddenly felt a need to “fight inflation” by driving interest rates up to 20% and even 25%. The result was that oil wells were then selling at a discount of 25% on cash flow, and I know because at the time I was in the oil business and was buying and selling oil properties, some quite large, at this discount rate. This means that our $4,000 oil well, which was now worth only $1,000 due the collapse in the price of oil, was then hit with the FED’s interest rate sting, and was now worth only $100. And, with the blood running in the streets, this was when our Jewish Khazar bankers in the City of London sent in their agents to buy.

Then, the “oil glut” somehow miraculously evaporated and it seems we actually had a shortage, pushing the oil price back to its original $40, and quickly on its way to $100. And then, just as miraculously, inflation seemed to have been “tamed”, and interest rates declined from 25% back down to the 6% and 3% where they had been before. And our “$100 oil well” was back up to $2,500 and on its way to $5,000. And that means that a mere handful of people purchased producing oil and gas properties for almost pennies, and then watched their “investment” multiply by maybe 50 times. That’s not bad. There are few places where we can obtain a return of 5,000% on an investment in only a few years, and with no risk whatever. When you have the power to control the price of oil, and when you have the FED controlling interest rates, you can work miracles. There is no way to calculate accurate totals, but countless thousands of small and medium-sized oil companies either went bankrupt or were taken over, and the purchases in North America alone would have been in the trillions of dollars. I have ignored the rest of the world, and assumed a conservative $2 trillion for only North America, adjusted at a growth of 5% for 40 years from 1983.

Leger Entry: $14 trillion in today’s dollars

 

(10) Looting Americans 1975 to 2022

The situation is not different with the 2008 financial meltdown in the US. We had clearly deliberate attempts to inflate the housing market to almost atmospheric levels, with nearly zero interest rates and the removal of all restrictions and requirements – to the point where unemployed homeless people were buying $500,000 homes. This was again done with the full cooperation of the FED. Then, they simply collapsed the bubble, resulting in tens of millions of foreclosures. And again, when the blood was running in the streets, firms like Blackrock and their ilk were busy buying up these foreclosed homes at perhaps half price, as rental properties – often, to the same people who lost them. There is no accurate record of the total purchases, but the buying was almost frenzied. At one point, one agent in Florida for one “investment firm” alone, was bidding on more than 200 homes per week. With even conservative estimates, the transfer of housing assets alone from the American middle class to these same few people, would have been $7 or $8 trillion, all within two or three years.

It is a surprise to me that so few people seem to want to see such events as having been planned, and yet the evidence is overwhelming and irrefutable. There is no possibility that these events, and so many similar, could possibly have occurred “by accident”. There were simply too many threads all working together to accomplish this one result, and those threads could not possibly have been independent. And it is not possible that the US government itself was unaware of the eventual outcome. Economists working for the US government are not stupid, and so many private economists were describing the events and predicting the only possible outcome. The only thesis that fits all the facts is that the 2008 meltdown was planned and that the US government, so totally controlled from the City of London, knowingly permitted it to happen. Again, in summary, a relative handful of people profited to the tune of trillions of dollars in a few years, in this one enterprise alone.

And it wasn’t only homes, and not only in 2008. In an article titled Destroyers of US Democracy[27]
, Chris Hedges quoted a RAND corporation report that stated: “These establishment politicians and their appointed judges promulgated laws that permitted the top 1 percent to loot $54 trillion from the bottom 90 percent, from 1975 to 2022, at a rate of $2.5 trillion a year, according to a study by the RAND corporation.”[28]
[29]
 For those who don’t know, RAND is a despicably Satanic corporation that spends most of its time on planning wars, designing torture regimes (Vietnam Phoenix, Guantanamo Bay, Baghram, Diego Garcia), and scheming for world political control. But the people at RAND do know how to calculate, especially considering they planned the methods for the looting they now boast about. Note that the euphemistically-named “top 1%” is not really the top 1% but a tiny group of Jewish bankers and industrialists, including the (Rothschild and other) owners of the US FED. A huge portion of this looting occurred in 2008 and subsequent years; I won’t bother accumulating this with interest.

Leger Entry: $54 trillion in today’s dollars

 

 

(11) The Great Gold Robbery – Part I – The US FED

In the early years after the creation of the Rothschild-owned FED, the US was still on a gold standard for its currency; new money could be issued by the FED only if it had at least 40% of that amount in gold. But, as the Jewish bankers have always done in every country, they issued paper currency far beyond the permitted limits, which was the prime cause of the 1929 Great Depression. By 1933, the FED had only about 6,000 metric tons of gold in its vaults, and was about 50,000 tonnes short for the paper currency it had issued. The public were aware generally of what was happening and, with concerns of US paper money becoming worthless, were spending the paper and hoarding the gold coins and bars, while small banks and companies were hoarding gold bullion. There was no way out of this trap. The FED needed a huge infusion of gold to prevent a collapse of the currency, but its owners had no intention of investing their own money to prevent the financial collapse of America. Their solution was to convince Roosevelt and Congress that the real problem was citizens preventing the economy from naturally prospering, by holding gold. On their advice, Roosevelt passed the famous 1602 provision which confiscated all the privately-held gold (in all forms) in the US, all citizens forced to turn over their gold to the FED, under penalty of a $10,000 fine plus a 10-year prison sentence. Note that the gold was not surrendered to the US Treasury Department, but to the privately-owned FED.

 

The gold was exchanged for paper money, meaning that the owners of the FED used the power of the US government to confiscate all the privately-held gold in the US, at only the cost of printing paper. According to available records, individual citizens surrendered nearly 3,000 metric tonnes of gold, mostly in coins. The amount of gold bars and bullion surrendered from the private sector is extremely difficult to determine accurately. All historical analyses focus on the gold coinage and ignore the bullion, yet this had to be by far the larger part since it was a standard clause in commercial contracts at the time that settlements would be made in gold and both companies and banks had to be in possession of large stocks of it. The historical studies go to great lengths to trace all the gold coinage produced, to estimate the amount remaining in circulation and thus the amount surrendered to the FED. It would seem the easier method would be to simply request of the FED the amount of coinage surrendered, but the FED apparently refuses to part with this information, and is dead silent on the matter of bars and bullion. My estimate for the bullion was around 6,000 or 7,000 tonnes as a minimum, for a total of about 10,000 tonnes, but Seagrave quotes credible sources claiming the FED purchased 18,000 tonnes so I will use that figure.

However, this was nowhere near sufficient to cover the 50,000-tonne shortfall, so the Jewish bankers – led by the Jew Morgenthau, who was then Secretary of the Treasury – devalued the US dollar by about 70% immediately after the gold had been confiscated, thus raising the gold price from $20 to $35, and substantially reducing the FED’s shortfall. But this was with the tragic result that Americans were not only cheated by the loss of their only real cash asset, but of the 70% loss in value. There were lawsuits of course, with the courts essentially determining that the government’s action was illegal and unconstitutional, but that citizens had no recourse.

In summary, to bail out the FED, Rothschild (or his colleagues) convinced Roosevelt to pass a law permitting Rothschild to confiscate all the privately-held gold in America and to devalue by 70% the paper given to Americans in return for that gold. Those 18,000 metric tonnes of gold had a value then of about $20 billion*, taken from the people in the middle of the worst recession in living memory, surely one of the cruelest and most inhumane acts possible at the time. A gold run on the Federal Reserve bank was imminent, and this entire act was simply to prevent the financial collapse of the FED – at the cost of further impoverishing the population and extending the Great Depression by years.[30]
[31]
[32]
[33]

* 32,150 oz. per metric tonne @ $35/oz. (roughly $1 million per tonne) times 18,000 metric tonnes. Today, that gold is worth around $1,700 per oz., or about $50 million per tonne, times 18,000 tonnes = approximately $1 trillion.

Leger Entry: $1 trillion in today’s dollars

 

 

(12) US Silver Purchase Act of 1934

They didn’t stop there. The next year, 1934, President Roosevelt implemented yet another Executive Order, number 6814, The Silver Purchase Act, that specified the seizure of all silver in the US and a huge program to purchase silver on the open market at almost three times the then market price. From any rational standpoint, this action was bizarre. The US government did indeed nationalise the US silver stocks, but by purchasing that silver from Americans at the old price of $0.45. This action vacuumed up billions of scarce government funds at the depth of the Great Depression when most Americans were struggling to survive and avoid starvation and bankruptcy.[34]

Having accomplished this, Roosevelt then even more bizarrely enforced the second part of the act which directed the Treasury to purchase silver at a price of at least US$1.29 per ounce, which was nearly three times the then market price which American citizens received. The legislation primarily authorised the Treasury to purchase silver “from foreign countries” on the open market – on the New York Futures Exchange. But this Act was totally bizarre because such purchases had never occurred, nor would they. Not even a crazy person would spend money buying something at $1.29 when that commodity was widely available on world markets everywhere at $0.45. So, what really was driving this new policy?

To this time, China had been on a silver standard for its currency for hundreds of years, the only currency in the world fully backed by precious metal, and responsible for creating a solid and stable economic base, permitting China to escape altogether the Great Depression that was ravaging the rest of the world. The American silver policy of course dealt a devastating blow to this centuries-old stability because the Americans were not purchasing silver from foreign countries on the open market, but only in China through the American banks like Citibank, Morgan and Chase because they were immune to Chinese export regulations. These US agents offered Chinese three times the market price for their silver, naturally resulting in a flood of silver flowing into these banks and from there to be shipped to the US on American military vessels. I have seen statements by historians that China had about 1 billion ounces of silver which at the time was 1/3 of the world stocks, but that is clearly untrue since Shanghai alone was losing half a billion ounces a month, and Chinese banks that normally had their currency backed 60% with silver were down to about 4%.[35]
[36]

A careful reader should have noticed that the most important piece of this puzzle is missing. Let’s recap: (1) The US government bought up all the gold existing in private hands in the US, then gave all that gold free as a gift to Rothschild and the other Jewish owners of the FED. (2) The US government then bought all the silver in the US and also gave that to Rothschild’s FED as a gift. (3) It then instituted a policy of the US Treasury buying all the silver in China at three times the world market price and gifting all that silver to Rothschild’s FED. The part that’s missing is the money. This was in the middle of most severe depression in living memory, people were starving, the US government had no money and the currency as well as the FED were in danger of collapsing. How could Roosevelt afford to buy up all that precious metal and gift it to a few Jewish bankers? Easy. They lent him the money by printing paper, and collecting not only the principal but the interest. Roosevelt didn’t have the money to buy Rothschild a Christmas gift, so Rothschild lent Roosevelt the money – at interest, to buy his gift. And that’s how the US went $33 billion into debt 1n 1933.[37]
 It isn’t possible to accurately estimate the total value of the silver extracted from the US or China, so I make no leger entry here.

Leger Entry: $0 billion in today’s dollars

 

It may occur to you to wonder why the Jewish bankers at the FED didn’t also try to buy up all the gold in China. They didn’t need to, because some of their closest friends were already on this path. See Citibank, below.

 

(13) Citibank – The Great Gold Robbery

The Chinese have always hoarded gold, individually, as security, and they were certainly doing so in 1902 when Citibank came into China on the verge of bankruptcy and needing a clever way to rebuild its asset base. Citi found it. The bank advertised throughout the nation the insecurity of keeping gold bars in a sock under the bed, and managed to convince at least 100 million Chinese to deposit their gold in Citibank’s vaults where it would be safe. After more than 40 years of this, when war clouds were gathering, Citi loaded literally dozens of US military vessels with all that Chinese gold and closed its doors without even saying good-bye. The gold, of course, would all have been turned over to the FED in return for paper. People today are still trying to recover their gold from Citibank. Since the documentation is irrefutable, US courts have permitted lawsuits, but on the stipulation that the claimants must appear in person at the trials. No problem, but the American consulates in China refuse to issue visas for these people to travel to the US. No travel visas, no court claims against Citibank, no recovery of Chinese gold. The gold was of course turned over to the US FED in return for paper.

There is much more to this story, since Citibank pulled the same stunt in perhaps a dozen countries. If it works in one place, it should work everywhere. At the same time, in 1902, that Citi (International Banking Corporation) registered itself in China, it also opened banking operations in Manila, Calcutta, Singapore, Yokohama, Brazil, Argentina, and in other countries. In Argentina, Citibank was so hated for these gold thefts that in 1927 a group of victimised “customers” retaliated by blowing up both Citibank’s headquarters and that of the Bank of Boston, and they so hated the US government (and Americans generally) for protecting Citibank that they also bombed the US Embassy and the Ford Motor company. Ignoring the thefts from all the other countries, the amount of gold stolen by Citibank (and Chase and Morgan) from Chinese citizens alone was in the tens of billions, spanning the period from 1902 to 1949, but it is almost impossible to calculate accurately, and I will make no leger entry for this.

Leger Entry: $0 trillion in today’s dollars

 

(14) The Great Gold Robbery – Part 2 – The US FED

This is one of the most staggering frauds ever perpetrated in the history of the world, one that seems to have been expunged from all our history books, to the point where I doubt one person in a million has any knowledge of it. Like all good frauds, it was simple: From 1932 until the start of World War II, the US government and the Jewish media were extravagantly fear-mongering to the entire world that either Japan or Germany would be invading every nation and inevitably looting all their central and commercial banks. The solution offered was for all the banks in all the world’s nations to turn their entire gold reserves over to the US FED for safekeeping until the war was over. And they did. Every day, the New York Times faithfully recorded shipments of millions of dollars of gold from all these nations to the US. One NYT article claimed seven US naval destroyers laden with 125,000 metric tons of Chinese gold sailed to the US in 1938, one of many such. These “deposits” were evidenced by gold certificates issued by the US Treasury, although the gold actually went to the US FED.

However, there doesn’t appear to be even a single credible instance of any of this gold ever having been returned to its owners. In every case, the FED stated that the certificates proffered were either forgeries with obvious spelling and other errors, or that they simply “could not confirm the issuance of certificates” with those serial numbers, and refused to redeem them. A journalist at the Financial Times claimed:

<BLOCKQUOTE>“It has now reached a point where you can go into one of the big banks in New York, London or Zurich, give them half a metric ton of gold in return for a certificate of ownership, walk around the block for 10 minutes, re-enter the same bank, and they’ll deny ever seeing you before, and have you arrested for presenting them with a counterfeit certificate.”</BLOCKQUOTE>

But then some very strange events. A CIA aircraft was discovered crashed in the jungle of the Philippines, containing trillions of dollars of these same certificates, and clearly originals and not forgeries. Upon that discovery, with the attendant publicity and the surfacing of redemption claims for these certificates, the FED panicked, leading to something truly bizarre: the FED suddenly decided to remelt and recast its entire holding of gold for the stated purpose of “preferring to have all their gold ingots in the same shape”. No explanation was offered, but then none was really necessary. Remelting tens of thousands of tons of gold is a huge undertaking, complicated and very expensive, and would never be done for the foolish reason of changing the shape of the bars. Whatever the FED’s stated purpose, the main result was that remelted gold no longer contains its original markings, which meant there was no longer any way to identify the original source of that gold. And that meant no one could ever prove the gold held by the FED was the gold that was – in real terms – stolen – from nearly every country in the world.

One famous instance was the gold stocks from China’s central bank. When Chiang Kai-Shek lost the Chinese civil war and fled to Taiwan, his last act was to loot all the gold from the central bank of Mainland China and the commercial banks, and take the tonnes of bullion with him to Taiwan – under the protection of the Americans. To further their protection, the US convinced Chiang to let them take the gold to the US “for safekeeping” in case China attacked Taiwan and stole “his” gold. This bullion was never returned. In fact, long after her husband’s death, and until the day she died, Mme. Chiang was arguing, fighting, begging, and suing, the US government and the FED for the return of “her” gold. She failed, and the matter died. Taiwan today has no knowledge of this.

There does not appear to exist any unified record of all the gold shipments delivered to the US FED under this scheme, but it had to have been at least in the high tens if not hundreds of billions, and this occurred in the 1930s, nearly 90 years ago now. If we assume a conservative total collected worldwide of only five times that confiscated in the US alone, that gives us around 100,000 metric tonnes, at around $50 million per tonne at today’s prices, or about $5 trillion. All of this gold went into the pockets of the few Jewish bankers who own the US FED.

To be sure this is perfectly clear; Rothschild and other Jewish bankers concocted a scheme to literally steal all the gold stocks from all the central banks and commercial banks in all countries of the world. These Jews were at the time in the process of instigating a second World War, and used the fear of this to support their plan. They employed the full fear-mongering propaganda influence of the Jewish media combined with the extensive bullying power of the US White House and State Department as well as the coercive power of the US military, to coerce all the world’s central banks and every nation’s commercial banks to turn over their gold stocks to the US FED for “safe-keeping”. There was never any intention to return any of that gold after the war. It should be obvious thatthe US government was into this criminal atrocity right up to its neck, acting as the enforcer and bag-man for the Jews, collecting and delivering all this gold not to the US Treasury but to the FED, and thus of no benefit whatever to the United States. The US government was simply obeying its master.

Leger Entry: $5 trillion in today’s dollars

 

 

How Much Gold is There in the World?

Warren Buffett says about 175,000 tonnes, but his estimate is worthless and few people agree with him, and in fact his estimate comes from the Jewish source of Thompson Reuters[38] and should be discounted on principle. Estimates range from this level to one by the Gold Standard Institute of more than 2.5 million tonnes. Part of the problem is that gold has been mined for millennia and nobody knows how much is out there. The identical problem exists in estimates of the total gold supply in various nations at various points in history. Shills for the US FED attempt to minimise the effects of their worldwide gold theft in the 1930s by grossly understating the amount of gold bullion in the US at that time, and have done the same for most other countries. We also have the problem in reverse where, according to accounts by some Jewish so-called “historians”, the Nazis looted from the Jews alone ten times the total volume of gold existing in those countries.

 

An Important Aside: the US FED

In 2013, there were media reports that were quickly buried and censored in the US, though not in Europe, about Germany’s quest to repatriate its gold holdings from the US FED. The German government had been storing about half of its gold supply in the NYC FED vaults. Germany’s central bank decided to bring home all its gold, but the FED refused the request, claiming such a move would be impossible, stating it would need until 2020 to be able to accomplish the transfer. The German government then asked to visit the FED vaults to inventory the gold and determine its actual existence, but the FED refused to permit Germany to examine its own gold. The reasons given were “security” and “no room for visitors”. Upon determined insistence at this strange turn of events, Germany did finally send some staff to the FED, who were permitted only into the vault’s anteroom where they were shown 5 or 6 gold bars as “representative of their holdings”, but were permitted to view nothing else. German officials returned a second time, with even more determination, at which time the FED apparently opened only one of 9 vaults and permitted the Germans look at the stack of gold from a considerable distance, but were not permitted to either enter or touch. After repeated insistence, Germany did recover a small portion of its gold holdings, but that was shipped from France’s central bank – owned by the same Jews who own the FED.

 

Speculation has been brewing for many years that the FED doesn’t actually have much gold, or even any gold, that it has either sold it off, lent it out, or used it as collateral for borrowings. There are repeated claims today that the gold supposedly being stored on behalf of many nations, doesn’t actually exist. Nobody, other than FED staff, have actually been permitted inside the vaults to see or inventory any of the gold, and there is no evidence that the gold actually exists.

Even worse, the situation is the same with the supposed gold depository at Fort Knox, the storage location of what is supposed to be the entire gold holdings of the US Treasury. Most people believe Ft. Knox is a government vault but, while it is built on government land, it is managed by the FED and the entire contents are the property of the FED, not of the US Treasury. It has been true since the creation of the Federal Reserve System in 1913 that the contents of Fort Knox have belonged to the FED but guarded by the US military. And nobody knows what is there.

The last audit, and the last public visit, was in 1953, just after Eisenhower took office. No outside experts were allowed during that audit, and the audit team tested only about 5% of gold there. There hasn’t been even an inventory, much less a comprehensive audit of Fort Knox in 70 years. In 1974 six Congressmen, one Senator and the press were allowed to enter Fort Knox to see for themselves if the gold was there or not. The tour showed that there was something in Fort Knox that looked like gold, but it sparked even more controversies. Only a small fraction of the gold was made available for viewing, and one Congressman published a report saying the gold bars held in the fort were less heavy than expected. During recent years, several US politicians have claimed that there is a high chance that neither Fort Knox nor the FED have any gold, and have demanded a full and public inventory and testing, but the FED have resolutely refused.

Given the near certainty of the US FED and Treasury having little gold, there has been much speculation about the location of the world’s gold holdings which exist at the FED on paper but not in reality. I do not know where the gold is, but if I had to guess, I would guess it is all sitting deep in the mountains in Switzerland, in the many hundreds of tunnels drilled deep into the rock underneath the new headquarters of the BIS – the Bank for International Settlements, which is in turn also owned by the same Rothschild who owns the FED and various other European Central Banks.

 

(15) The Spoils of War

This is a topic that seldom if ever comes to our attention – with the notable exception of the persistent stories about Germans confiscating art and other treasures from Jews. But the historical truth is rather quite different, and with much evidence that it is Jews who have done much or even most of the looting during wartime. We have been treated to about 85 years of non-stop accusations about Germans having looted Jews during two World Wars, but there has almost never been presented any credible evidence of this, and on examination the stories of Germans looting from Jews are in the same category as the tubs full of eyeballs and the melting of Jewish fat to make glycerin for explosives. No doubt some looting takes place by all sides during all wars but, as we shall see, it is the Jews who appear to have done most of the looting, covering their crimes through their control of the mass media.

As one recent example, Iraq has been accurately described as “a cradle of civilisation”. One result is that, prior to the American invasion, Iraq was full to the brim of archaeological artifacts, art treasures, scrolls and other items accumulated over the course of centuries, many of great financial value but also of immense historical significance. All have disappeared. American troops looted most of the country, with reports that all Iraqi museums today are completely empty. Valuables and historical artifacts were stolen not only from museums and libraries, but also from private homes. Iraq was looted in totality. Published estimates claimed that at least 200,000 items of art and culture, many of which were of inestimable value to the history of the world, were stolen from Iraqi museums in Baghdad, Mosul, and other cities. The US government claims these were only a few rogue actions of which it disapproved, but the facts tell us otherwise, and indeed many of these items have appeared in other museums and private Jewish collections – in Israel, among other places. There is no way to place a value on this, but the magnitude is considerable and this is only one of many such situations.

The Soviet Union insists that the US and various Jews still hold priceless collections of stolen Soviet art, seized by the Jews when they fled Russia after their failed revolution. The US and the Jews naturally dismissed this claim, but then were caught in a lie when researchers uncovered documents proving the US had indeed kept a huge amount of art treasures – which had by then disappeared into private collections by the usual group of suspects. There were also documented reports that at the end of the Second World War, the US military emptied a train of 24 cars filled with gold, silver and various expensive German art objects estimated to be worth many billions at the time, items the Germans were trying to protect from Jewish and Allied looting. As well, an additional many billions in gold disappeared from the Reichsbank at about the same time, and have never been accounted for.

The details of European treasure thefts are murky and very complicated, with claims and counterclaims, being easy and tempting to dismiss treasure-hunting stories about Germany as exaggerated tales of war. However, for the last 70 years we have been inundated with tales of the Germans looting precious metals and invaluable works of art throughout Europe, most particularly from the Jews, but there is a whole lot more to the story than this. For one thing, after the Jews completed their Bolshevik Revolution in Russia in 1917, they looted the entire country, beginning with all the gold in the central bank which was shipped to the US as payment to Jacob Schiff for financing the revolution. But Russia was looted of much more than gold, the relatively well-off middle class owning billions in precious metals, artifacts and invaluable works of art, as well as virtually the entire holdings of the Romanovs – the Russian Royal Family. Most of this was removed from the country, much of it to Germany and Austria, when the Bolshevik Jews fled Russia. Much of this looted treasure and gold would have almost certainly found its way entirely into the hands of the Jews in the City of London. And substantial documentation does exist to evidence claims that the US and the Jews did indeed loot Germany severely at the end of both wars. Given the facts of Operation Paperclip, this shouldn’t be a surprise to anyone.

But in terms of looting and destruction, there was something far worse, two of the greatest acts of cultural genocide in the history of the world were both perpetrated by the Khazar Jews, and both in China, another piece of history they have managed to completely bury. The one that concerns us here is the looting and burning of China’s Summer Palace, the Yuanmingyuan, which contained more than ten million of the finest and most valuable historical treasures and scholarly works gathered in one place from 5,000 years of Chinese history.

The Jews decided to punish China for refusing their opium, so Rothschild and Sassoon obtained Queen Victoria’s permission and a commitment for the use of her troops to loot and destroy the entire complex[39]
 to, in their words, “open a wound that would never heal”. The complex was so vast (eight times the size of the Vatican City) it required 7,500 soldiers nearly three weeks to loot and burn it. What could not be looted was destroyed, and the entire massive palace burned to the ground. This wanton theft and utter destruction of one of the world’s greatest collections of historical treasure was engineered by the Rothschilds and Sassoons in retaliation for Chinese resistance to their opium. Upon hearing the news, China’s emperor vomited blood and died soon after. Repeatedly, some of the most prized artifacts appear at auction today, always by Jewish sellers. You can understand why not everyone feels sympathy for the Jews if indeed the Germans did loot some of their artworks. In all likelihood, most of those had been looted by the Jews from someone else.

Since we cannot obtain the necessary detail to document the looting performed by the Jews in all their revolutions from Russia onward to Egypt, China, Iraq, Libya, nor for the looting done by the Americans in their behalf, and especially including Germany, I will make no entry for this but simply state it to register the magnitude and to emphasise that much of what has been stolen by these Jews is priceless.

Leger Entry: $0 trillion in today’s dollars

 

 

(16) Japan’s Golden Lily

However, there is another matter of looting, this one involving Japan, that is a bit more sinister and in a league of its own in terms of victors claiming spoils of war. It seems that almost everyone is aware of the looting, mostly imaginary, committed by Germany, but almost no one seems aware of the vast catalogue of almost unbelievable looting committed by the Japanese. Japan indeed looted not only the central banks but every possible source of treasure during their sweep through China and across Asia. Gold, silver, jewels, works of art, anything and everything of value was looted, including from private homes, and shipped to Japan during the early stages of the invasion. This knowledge has been totally suppressed, never having entered the mass public mind, except for brief comments made in passing.

Few today are aware of the terms of Japan’s surrender to the US at the end of World War II. It is not widely known that when the Americans drafted the documents of Japan’s surrender, they specifically prohibited war reparations claims against Japan. Article 14(b) of the treaty stated:

“The Allied Powers waive all reparations claims of the Allied Powers, other claims of the Allied Powers and their nationals (my italics) arising out of any actions taken by Japan and its nationals in the course of the prosecution of the war, and claims of the Allied Powers for direct military costs of occupation”.

Then-US Secretary of State Allen Dulles bullied and coerced the other allies and all Asian countries to sign this surrender agreement. Only China and Russia refused to be bullied into signing.

But why the prevention of reparations? The US and the Jews used war reparations to strip Germany to the bones, leaving only the skeleton of the country. Japan was far worse than Germany in every way, so why the astonishing generosity toward Japan? The Japanese heavily looted all of Asia and shipped some of that loot home to Japan but, as the spoils of war were being looted increasingly farther from home, the Japanese began assembling and storing their loot in preparation for larger shipments later. Unfortunately, as the war progressed, Japan began losing control of the shipping lanes and transfer to Japan was no longer a safe option. Operating under an incorrect assumption that the US would permit them to keep the Philippines in exchange for a cease-fire, the Japanese elected to bury most of that looted gold and other assets in the Philippines. There exists today ample documentation that Japanese officers created dozens of deep storage depots in caves or excavated underground areas, filled them with the looted treasure and destroyed the entrances with explosives. It also appears to be true that all the individuals who worked on the transport, excavation and storage of all this loot were buried inside the caverns, apparently leaving only three or perhaps four people with knowledge of either the fact of storage or the locations. This was Japan’s Golden Lily project.[40]
[41]
[42]
[43]
[44]

There has emerged substantial and irrefutable evidence that the Americans had learned of Golden Lily and had captured and tortured one of those individuals, who revealed the existence and locations of at least some of the sites. Since Japan could hardly make a claim to this loot after the war, and since the hidden billions were now essentially orphans, they were available for the Americans (and the Jews) to quietly spirit away. The problem was that this was a huge crime, even in American minds, since it was clearly a theft from friends rather than enemies, who would want their property returned. The Americans found the perfect solution – the provision for forfeiture of reparations in the treaty of Japan’s surrender would in fact mean these nations – and their nationals – renounced their claims to all treasure looted by Japan, thus serving to make the Americans’ actions “legal”, provided only that all parties signed the treaty. And all parties, save China and Russia were indeed bullied into signing.

General MacArthur, in charge of the occupation, reported finding “great hoards of gold, silver, precious stones, foreign postage stamps, engraving plates and . . . currency not legal in Japan”. There was also a US Army document containing a statement referring to “undeclared caches of these treasures [which are] known to exist”. The American occupation forces had apparently discovered at least some of Japan’s Golden Lily sites, containing billions in gold and other valuables. This much is without question, and there is documentation that MacArthur actually toured some of these opened sites and evaluated the contents.

The Japanese looted every nation to the bones and, to the maximum extent possible, every citizen, and there is no question the value had to be in the trillions of dollars. Since we don’t know the number of sites discovered nor the proportion of precious metals in each site, I will use a conservative estimate of only $500 billion recovered. And, since there is no evidence any of this loot ever entered the US, much less recorded in the US Treasury, we can safely assume it was collected on behalf of the FED. We can use one of two measures here. The gold price at the time was about $35 an ounce, with current prices (2022) around $1,700, or about 50 times, for a present value of about $25 trillion. The other method is to compound the $500 billion at 5% for 72 years from the war’s end, giving us a present value of about $15 trillion. I will use the lower figure. I must note here that the actual amount recovered is potentially many times greater than I have assumed here. Seagrave’s ‘Gold Warriors’ tells the entire story in exhaustive detail,[45]
 and should be considered mandatory reading.

Leger Entry: $15 trillion in today’s dollars

 

(17) Treasure Island

In 1999, Edward Michaud produced an excellent historical essay titled, “Corregidor The Treasure Island of WWII”,[46]
[47]
 in which he detailed the looting of the Philippines. It wasn’t called looting at the time, but that’s what it was. When the Japanese invaded the Philippines, MacArthur was forced to evacuate and take refuge in the island of Corregidor, prior to which he did two things. He ordered all munitions and war materials destroyed so as not to leave them for the Japanese, and he collected and shipped off the entire wealth of the Philippines’ central bank and all personal wealth that could be collected from local citizens, “to be sent to the US for safe-keeping” and prevent the inevitable looting by the Japanese.

According to Michaud’s report, “The Government securities alone consisted of over 51 tons of gold bullion, 32 tons of silver bullion, 140 tons of silver pesos & centavos, and millions of paper Treasury Notes, bonds and corporate stocks. The civilian property … consisted of approximately two tons of gold bullion in various sized ingots, along with an unknown amount of precious stones and foreign currency. When orders were received to evacuate the city the many paper inventories and records were still incomplete, with many private citizens not even being given receipts for their valuables. Much of it was stored in sections of the large underground complex known as Malinta Tunnel. The remaining 51 tons of government gold bullion, consisting of 2,542 ingots of 42lbs each, (20 kilos), along with the balance of the paper currency & securities, were stowed in several of the interior laterals of the Navy Tunnel on the South side of the Malinta tunnel complex.”

Virtually all of this was loaded onto whatever vessels, large or small, were available, and the entire lot transferred to Corregidor, where it was eventually loaded onto US submarines and removed to the US. Anything not able to be shipped out in time was loaded onto surplus vessels which were towed out into deeper water and sunk, this amounting to hundreds of tonnes of precious metals, some of which may have been later recovered by the Japanese but which was also recovered by the Americans. The submarines were loaded during the night when the Japanese aircraft could not attack, submerging during the daylight hours for safety. Michaud thought this Philippine treasure was transported to the US Mint, but it almost certainly ended up at the FED since the mint was almost a non-entity producing only cheap metal coins. He ended his essay by stating, “At the end of the war this securities shipment, “or at least its monetary equivalent”, was subsequently transferred back to the Philippine Government”, but the claim is nonsense. I have seen no evidence to support it, and no one is in a position to make such a claim since no accurate inventory was done in the panic to evacuate before the Japanese arrived, and nobody actually knows what was taken. In any case, from the few facts available, I have seen nothing to support statements that this wealth was ever returned to the Philippines. This was by no means the only, or the last, such event during the Second World War.

In this calculation, I have made no allowance for the “hundreds of tonnes” of gold and silver not loaded into the submarines at the first effort, and have ignored the value of all treasure other than the 53 tonnes of gold and 175 tonnes of silver bullion. Again, a relatively paltry amount in relation to the other crimes.

Leger Entry: $3.3 billion in today’s dollars

 

(18) Seizure of German Industrial Assets

It appears to be not at all known, totally expunged from the world’s history, that the US government and military have acted as hired thieves for the Khazar Jewish mafia in the City of London for at least the past 85 years, and are still doing so today. I am able to present here only a very brief summary of many very long criminal stories, those with sufficient documentation to survive in a court of law.

This topic is much too large to cover here. I have detailed the seizures of WWI and WWII at length in an E-book which is heavily annotated with references that I have not supplied here.[48]
 I urge you to read Chapter Five to appreciate the magnitude of what was done. All German industrial – and even personal – assets worldwide, were seized by the US military, primarily on behalf of these Jewish bankers although the US itself and its domestic corporations also benefited handsomely. Again, the totals would have been well into the trillions of dollars – in 1915 and 1945, not accounting for more than 100 years and 75 years of profit accumulation, but the landscape is so vast it isn’t possible to even attempt a credible estimate, and thus no leger entry for this item.

 

(a) World War I Seizures

It doesn’t appear widely-known, but these same Jewish bankers, again using the US as their “enforcer” literally plundered all German industrial assets – worldwide – after both World Wars. The extent of this was unimaginable. As one example, the entire Bayer company was sold – to a Jewish agent – for the sum of $5 million, in an “auction” conducted on the front steps of the Bayer head office. Bayer was at the time one of the largest companies in the world, producing not only chemicals but a vast assortment of medications including Aspirin which was at the time the world’s most popular drug and most valuable patent. The Jewish lawyer Seymour J. Rubin wrote that it was “clear and compelling that for reasons of justice” a victor or a conqueror should confiscate all the property and assets of the vanquished.

And confiscate, they did. They seized not only all German corporate assets worldwide, but virtually all personal assets, with listings like “three horses”, “some cedar logs”, “a few carpets”, and of course bank accounts, precious metals, artworks. It was all illegal of course, but the US passed a law permitting themselves to do it. There was a special law that “anyone of German descent” who had been imprisoned for any reason was classified as an enemy alien and subject to a total property seizure, and so they tossed nearly every German into jail on any trumped-up charge, often for only two or three days, just long enough to classify them and seize their assets. This was one of the main purposes of the war; to strip an entire race of people of all their assets, patents and property, to put down a nation that was becoming too powerful and too disobedient to the Jews.

There is no way to credibly estimate the total value of all the WWI seizures. The personal property seized in the USs alone would accumulate to about $60 billion in today’s dollars, but this was only personal property in only one country, and by far the smallest part of the seizures. The total value of Germany’s worldwide corporate assets seized would today almost certainly amount to many trillions, but the detail isn’t available to calculate, so no leger entry.

Leger Entry: $0 trillion in today’s dollars

 

(b) Operation Paperclip – WWII

This was without a doubt the second-most massive and far-reaching theft ever perpetrated in the history of the world, exceeded only by the Jews’ looting of India a century prior. As with WWI, all of Germany’s worldwide assets were again confiscated, but this time with years of planning that began even before the war.[49]
 The Jews who controlled the US government at the time, had arranged for thousands of teams with tens of thousands of individuals often only meters behind the troops entering Germany at the end of the war, and they took literally everything. They came in waves, and what one wave didn’t take, the next one did. They emptied every corporate library, every research installation, every patent office, every factory, and simply seized everything. Even the Library of Congress had its own Foreign Mission which was to locate and confiscate all books and journals published in Germany that might possibly be of interest to any part of corporate or scientific America.

In one case the German Patent Office put some of its most secret patents down a sixteen-hundred-foot mine shaft, but the Americans found it and confiscated the entire contents as US “war reparations”. The value of the more than 800,000 German patents seized was estimated at more than $30 billion, which would be well over $1 trillion in today’s dollars. As I mentioned above, American-registered firms profited handsomely from this, but many of those “American-registered” firms were owned or controlled by Jews, and the European Jewish bankers and industrialists took ownership of everything including chemical firms like I. G. Farben, auto firms like Volkswagen, major aircraft companies like Dornier and Messerschmitt, pharmaceutical firms like Hoescht. And this brief listing doesn’t include the personal seizures of art, gold and silver, precious stones and other valuables. Once again, an entire nation of people was stripped to the very bones, but this time much more viciously than in WWI and, in this case, between 12 million and 15 million Germans were killed by various means before, during, and long after, the looting. Dead Germans tell no tales of their victimisation, but live Jews have been telling stories for 75 years about how they were looted by the Germans. The truth is rather different.

The looting of Germany after WWII was so vast and so extensive, that this one category cannot be permitted to remain without a leger entry. I am therefore making an entry of $10 trillion in today’s dollars, a figure I believe is easily defensible and excessively conservative.

Leger Entry: $10 trillion in today’s dollars

 

(19) Hijacking Countries with Oil Production

It doesn’t seem widely understood or appreciated that Iraq and Libya were literally hijacked by the European Jews using the US military as the enforcer. Both countries have been taken over, with puppet governments installed, with new Jewish privately-owned central banks and, at least in the case of Iraq, virtually all the commercial enterprises featuring “new owners”. In the case of Iraq, the Jewish bankers allocated to themselves 65% of Iraq’s oil – at no charge, leaving Iraq with the revenue from only 35% of its own oil production. Moreover, much of the oil exported from Iraq is not metered, so nobody actually knows how much of Iraq’s oil is literally stolen by this method. It is only the metered amount that is shared 65/35. In the case of Libya, all of the oil is confiscated by these same Jewish bankers, again with the US military having a permanent enforcement presence. I have covered this is detail in an earlier article which I urge you to read.[50]
 With Syria, they weren’t able to hijack the entire country due to Russia’s presence, but the US military did succeed in taking full control of Syria’s oil fields on behalf of these same bankers. Syria today, like Libya, receives no revenue from the sale of its own oil.

More than this, the Jewish mafia from the City of London has installed its own privately-owned central banks in Iraq and Libya and, by this means, will loot these two countries to the extent of trillions more. Also in Iraq, much or even most of all profitable commercial activity has been taken over by these same people. There is no data source to estimate the extent of looting from these secondary sources.

It is of immense importance to note that the hijacking of Iraq and Libya and of Syria’s oil fields were done entirely by the US military acting as The Banker’s Private Army.[51]
 The US government absorbed the entire cost of the wars – with trillions of dollars borrowed at interest from these same Jews, took all the battlefield casualties, and has since acted as the full-time military enforcer of the Jews’ “proprietorship” of these nations – at no benefit whatever to the United States. All of the money and political advantage have gone to the Khazar Jews in the City of London. The US government is simply doing its master’s bidding.

Average oil prices are notoriously difficult to calculate but, for the recent periods involved here, I have taken an inflation-adjusted average of $80 per barrel. Iraq’s production was historically around 3.0 million barrels per day, now up to 3.5 million, so around $300 million per day, $200 million of which is taken by the Jewish bankers in the City of London. Around $1.5 trillion so far. Libya’s production dropped to zero after the invasion but has since averaged about 1.5 million barrels per day, or about $450 billion to date. Syria has been producing 500,000 barrels per day, of which the Jewish bankers take all. Around $150 billion so far. Adding these three, gives us about $2 trillion so far, or about $3 trillion if we account for compound interest at 5%.

Leger Entry: $3 trillion in today’s dollars

 

(20) Privatisation, Part 1

There are some who believe that turning over government services or assets to private enterprise is a wise move because, as we are told, governments are bloated and inefficient, and private companies can almost inevitably be far more efficient. In real life, I have not been able to uncover even one instance where this mythical theory has proven true. Instead, private enterprise inevitably follows the same path – that of maximising profit by raising prices and cutting services. Even worse, it seems impossible to locate an example of privatisation that wasn’t clouded with corruption and payoffs on the part of legislatures and government officials. Examples are not difficult to find.

In the UK, our Jewish banker friends arranged the privatisation of British Rail, after which point they bled it dry and ran it into the ground so that the UK government had to take it back and rebuild it. After they had reconstructed the rail system and had it operating steadily and profitably, our Jewish bankers got another kick at the can and had it privatised again. The cost to the British public was in the high billions.

Still with the UK, these same bankers arranged (or bribed) for the privatisation of the Royal Mail. However, immediately prior to negotiating the selling price, the unions at the Royal Mail became suddenly embittered at their management and proposed a long-term all-out strike, thus kicking the foundations out from under the selling price and making the Royal Mail nearly worthless in view of the serious labor strife ahead. But then, magically, as the sale took place at a much-reduced price, the unions were suddenly quite happy again and no strike ever took place. More disheartening was that somehow, inexplicably, the selling price seemed to have included only the value of the mail delivery service and omitted entirely the billions of dollars of prime property owned by the Royal Mail in downtown London. An “inexplicable oversight” but, in a democracy, nobody is to blame.[52]

 

In Canada, in the province of Ontario, government officials sold off in a 99-year lease, the busiest highway in North America, for $2 billion. A few years later, the new owners sold off 10% of their investment to some friends for $10 billion, meaning that the government of Ontario sold off a $100-billion asset for $2 billion. Even worse, the new owners raised tolls so high that all motorists attempt to use other highways, creating such congestion that the province has no choice but to build new highways. Unfortunately, they are unable to do that since the terms of their initial sale prohibit the government from constructing new highways to “compete” with the old one, unless the new ones are also turned over to the “new owners”.

In the US, the prison system was costing $20 billion per year. After privatising only a portion of it, the same system is now costing American taxpayers more than $80 billion per year, with some of the prisons so inhuman in their conditions that courts are ordering them closed. And it isn’t only the prison system but the parole system and much more, all bleeding the nation. In all Western countries, these same Jewish bankers and their friends push incessantly for the privatisation of nearly anything where money could be made. They normally fire the majority of the staff to reduce costs, and also avoid all maintenance that isn’t critical. The theory, under these long-term “leases” is to cannibalise the asset itself so that at the end of the lease period when the asset is returned, its value is precisely zero. That is the theory of profit maximisation under privatisation.

In all Western countries, everything from airports to prisons to education to communications, transportation, and every manner of government services is slowly being “privatised”, producing literally trillions in profits for the new leaseholders, and slowly bankrupting the nations. This is such an enormous program involving so many countries, so many kinds of infrastructure, and so many types of government services, that any sensible estimate of the looting is impossible. I will therefore make no entry for it, but will state emphatically that the looting here – the transfer of sovereign assets into the hands of a few bankers – is in the tens of trillions of dollars.[53]
[54]

Leger Entry: $0 trillion in today’s dollars

 

(20) Privatisation, Part 2

More than this, there are at least hundreds, and more likely thousands, of undercurrents in this business of privatisation which is more often than not conducted as outright theft. It should be emphatically noted that the 50+ nations where the US overthrew a legitimate government and installed a compliant dictator, would have very quickly undergone the same “privatisation” process, with the US military and State Department specifying to the new dictator the portions of his country’s infrastructure to be seized. None of this would have been paid for, and these occasions have occurred in many other nations. As one example, it was initially reported in the NYT, then quickly suppressed everywhere that, after the destruction of Yugoslavia, George Soros and Madeleine Albright were given “ownership” of the entire communications infrastructure of Kosovo – stated as having a value of $800 million. It is likely that all of the former Yugoslavia suffered the same fate, but the news blanket is total and no information is permitted to leak. All of Iraq and Libya have suffered this same consequence, and so many other nations are in the same position. Without a world map of this so-called “privatisation”, we can never know the true total but it must be immense.[55]

Leger Entry: $0 trillion in today’s dollars

 

(21) The World Bank and the IMF. Infrastructure and Debt

This category is a bit easier than the one above. Typically, our Jewish bankers fund government loans privately or through the IMF or World Bank, and do so when US$ interest rates are at a low. They then push increasing debt on a country until it is past any sane level, then have the US FED raise interest rates and effectively place these nations into bankruptcy. Since the countries haven’t the cash to repay their loans, our Jewish bankers take infrastructure in lieu of payment. They will also take arable land, which is what has recently happened to Ukraine although the (Jewish-owned) media seem to have no knowledge of this. There was a recent media report that Rothschild had to form a new bank just to hold all the arable land that had been confiscated by these methods. The Khazar Jews are also after the water, the president of Nestle publicly claiming that “drinking water is not a right. It is a commodity and should be priced and sold like any other commodity”. A few years back, Jenna Bush, GW’s daughter, took over for a paltry sum the ownership of the largest water aquifer in South America – on behalf of her Jewish friends. There are countries where more than 70% of all infrastructure, including railways, airlines and airports, shipping ports, banking, arable land – and water – and much more are owned by these same Jewish bankers in the City of London.

A good current example is Greece.[56]
 The situation was so pitiful, and the bankers’ greed so powerful, that Greece was forced to place the country’s entire stock of infrastructure – everything – into a “privately-owned” Luxembourg trust that was “entirely outside the power or influence” of the Greek government. The value was about $3 trillion, and it is gone at whatever price the bankers choose to pay for its parts – if anything at all. I include only Greece in this account entry, and ignore the many dozens of other nations who were placed in this position as long ago as 100 years. The totals are most assuredly in the high tens of trillions, but we haven’t the detail on which to base an estimate.[57]
[58]
[59]

Leger Entry: $3 trillion in today’s dollars

 

(22) War Financing

It is no longer much of a secret that these same Jewish bankers have typically financed both sides of most, if not all, wars in recent history. The general consensus is that the war in Iraq cost the US around $2 trillion,[60]
 and Forbes claims the cost in Libya at $2 billion per day,[61]
 all of which was borrowed from the FED. We cannot know how much money has been borrowed from the Jewish bankers in the City of London to finance all the military conflicts in recent history, and thus we cannot put a price on the interest paid, but it is of utmost importance to realise that these totals are not small. As one indication of the real cost, the British Empire was at one time the ruler of the world, an empire on which the sun never set, and “Britannia ruled the waves” for a very long time. But the Jews pushed England into two wars nobody wanted and, at the end, Britain was bankrupt and begging the US for loans to stave off “a financial Dunkirk”. England borrowed all the money to finance its part in WWI, and lost 40% of its empire to repay those loans. WWII cost Britain the remainder of its empire and left the nation in actual bankruptcy. WWI cost Britain about $7 trillion in today’s dollars, and WWII was much worse. Again, we cannot know precisely how much money was borrowed from the Jewish bankers, nor the amount of interest paid, but the magnitude of both would have been considerable since the estimated cost to all countries was nearly $50 trillion in today’s dollars.[62]
[63]
[64]
[65]

We know that when the Civil War was unleashed on the US, the London Rothschilds were backing the Union and the French Rothschilds were backing the South. Everyone made a fortune and by 1861 the US was $100 million in debt. But we haven’t information about the total of interest paid. We know that Rothschild (through Jacob Schiff) lent Japan $200 million in 1905 to finance their war with Russia. That would be about $60 billion in today’s dollars, and another set of Jewish bankers financed Russia to the same extent, both sides selling weaponry from Rothschild’s armament factories in Germany. In this case, we know the amounts borrowed but no information on the interest repayment amounts nor on the revenue and profit from selling the weapons of war. There simply isn’t sufficient public detail to determine the increases in wealth by these bankers from instigating and financing all those wars. The totals must be well into the trillions, but we haven’t a sound basis for estimation, so no leger entry.

As WWII approached, these same bankers not only pushed the US into the war but lent the Americans the money to pay for it. By the end of WWII, the US went from $33 billion to $285 billion in debt, all to help out our Jewish banker friends to launch and fight a war that no one but them wanted. It’s even worse than you imagine. These bankers needed other countries in the war, but didn’t want to lend them the money because their economies weren’t considered sufficiently risk-free, and this applied to England itself. The solution was to lend the money to the US, then push the Americans to make all those war loans, to keep the Jews happy not only by keeping all countries in the war, but by having the US effectively guarantee all their debt. Hence, the $285 billion debt which, for your comparison, would be about $12 trillion in today’s dollars. The debt has never been paid off; there are insufficient records available to document the total interest paid to the Jewish bankers in war financing, neither for the US nor for all the world’s nations, so this item receives no leger entry. In terms of magnitude, however, the amount again is most assuredly well into the tens of trillions in today’s dollars.

Leger Entry: $0 trillion in today’s dollars

 

(12) My Currency, But Your Problem

After the end of the Second War, the world’s major nations arranged what we call the “Gold Standard”, which meant that a country could not print more money than it actually had in gold reserves. This was intended to maintain stability and to avoid any excess printing of money which would lead to inflation and could destroy the international monetary system – as the Jews had done repeatedly in the past. In theory, all international debts were to be settled in gold, but in practice this was cumbersome and inconvenient. Since the US dollar existed in large volume and was – in theory – fully guaranteed to be exchangeable for gold at any time, all nations simply settled their accounts in US dollars. But the faith in doing so was predicated on the promise that any nation could, at any time, exchange its holdings of US dollars for real gold.

The system worked well enough for about 20 years, until by early 1971 the US was under enormous financial pressure from the huge sums it had borrowed to finance its military atrocity in Vietnam. The final straw came when France, not blind to what was happening and concerned about the ability of the US to maintain the dollar’s value, insisted on exchanging all its dollar holdings for gold, as per the agreement. The US gold supply was insufficient to comply, and the FED faced the very real possibility of all nations demanding an exchange. Faced with this pressure, the Jewish bankers unilaterally declared the world’s financial agreement null and void, forced the US withdrawal from its participation in the gold standard, and the FED refused to convert any nation’s foreign dollar holdings into gold. This left all the world’s countries holding countless trillions of US dollars that no longer had any fixed or guaranteed value, but that were sure to depreciate since the US was indeed printing enormous volumes of dollars to finance its Vietnam war. At the time, US Treasury Secretary John Connally told the world, “It’s our currency but it’s your problem”.

Since all nations had accumulated US dollars on good faith but now had no way to dispose of them, they had no choice but to continue using the same US dollar, now of indeterminate value, for all international transactions. This one act of Jewish predatory capitalism imposed a stunning financial penalty upon the world, devastating the values of other nations’ currency reserves. After reneging on the Gold Standard (the Bretton Woods Agreement), the FED continued to print huge volumes of money, sending the Western world into an intense inflationary spiral. From the date of the US default in 1971 to 1981 or 1982, the US dollar depreciated by more than 95%, representing an almost unimaginably huge transfer of wealth from the entire world to the Jews in the FED because all nations holding US dollars suffered that degree of loss in their foreign exchange reserves while US debts remained in heavily-depreciated US dollars, thereby repaying foreign debt at 5¢ on the dollar. In 1971, a fine home in the US cost only $25,000. By 1976, that same home was over $100,000, and by 1983 the price was about $250,000. These prices accurately represent the depreciation of the US dollar during that decade.

The benefit to our favorite Jewish bankers? Well, the gold price in 1971 when they killed the Gold Standard, was about $40 per ounce. Today, that gold is worth $1,700 per ounce. On the other hand, the paper currency that all other governments had to then accept in lieu of their gold, has depreciated by about 95% since that time. There is no accurate way to assess this. The accumulated financial damage to the national economies of the world is at least in the hundreds of trillions of dollars, if not in the thousands of trillions. The damage is so vast, so wide-ranging, and so all-inclusive, that it is impossible to even contemplate a measurement.

But let’s not lose the main point. It wasn’t the “US government” or the “US Treasury” that made this decision. Rather, it was made for them by Rothschild and the other Jewish owners of the FED and the City of London to maintain their gold holdings and protect their value. It was simply another bail-out for the Jewish bankers, in this case to the great cost of the entire world. If only we could place a number on the cost. But we cannot.

Leger Entry: $0 trillion in today’s dollars

 

 

Epilogue

“The World’s Richest Man” Conspiracy

As can be deduced from the above, the real wealth in the world has never come from corporate ownership, but from financing wars, from owning the central banks of nations, and from theft and criminal activity on a vast international scale. The large amount of Jewish corporate ownership today is not the beginning of the accumulation of wealth but merely the last step in the process. As is true with all organised crime, the trillions of dollars involved in corporate ownership noted at the beginning are merely from the reinvestment of criminal profits into legitimate enterprises.

It should be obvious from the above that people like Gates, Buffett and Bezos are not contenders for the title of the World’s Richest Man. Elon Musk with his supposed $200 billion barely qualifies as pocket change, with people like George Soros and his paltry billions not even qualifying as pocket lint. The media have lied to us for decades and sent us looking in all the wrong places. Jewish publications today have many articles on “The world’s richest Jews”[66]
 or “The most influential Jews”,[67]
 but these are all nonsense, listing individuals like Zuckerberg or Soros, or Sheldon Adelson at the peak. None of this is accidental; it is merely a way to distract attention from the real sources of money and power, and perhaps not surprising that every newspaper and magazine touching on this topic will follow the same pattern. What is surprising is that people like Bill Gates and Warren Buffett participate in this charade when they must so clearly know the truth of their own positions. None of these men can be so naive or ignorant, which definitely implies a conspiracy of silence.

As an aside, most every man who builds something of substance has an almost genetic urge to pass it on to his offspring, to perhaps create even a small family dynasty that could continue in time. But has anyone noticed that it is only people like Bill Gates and Warren Buffet who have no such urge and are determined to just give it all away at the end? Why are there no Rothschilds on this list, no Sassoons, no Kadoories, no Goldman Saches? Is this terminal philanthropy a defect only of the goyim? We can reasonably assume this tendency results from pressure, and my suspicion is that this pressure would result from obligations due to financing. That means Gates and Buffett didn’t create their empires entirely on their own; my guess is they were provided with ideas, planning, much financing, and much bullying Jewish diplomacy to have accomplished what they did. The price to be paid is that you don’t take it with you when you go. One thing Jews don’t finance, is competition for themselves.

The foundation and building of large corporate fortunes is not normally a quick process. There are always exceptions of course, but generally things take time. The conventional wisdom, which has proven true time and again, is that “it takes the first generation to make it, and the second generation to make it really big.” The Jews, functioning as an organic unit, can short-circuit this process. Consider Indigo Books & Music, begun by the Jewess Heather Reisman only about 25 years ago, it resulted in the financial bankruptcy of Canada’s largest independent bookseller and the takeover or elimination of all other competitors who suddenly encountered “financial difficulties”. Today, Indigo is Canada’s only major English-language bookstore chain and the country’s largest book, gift, and specialty toy retailer with annual revenue of more than $1 billion. Jews control the book publishing industry and can ensure your bookstore has no stock if you refuse to sell out. They collectively control much of the financing and distribution and can force takeovers or bankruptcies.  There is no defense against a determined Jewish onslaught. These people operate as gangsters and have unlimited financing available to take over an industry sector almost at will.

The important point is that the planning for these sector take-overs seldom originates with the public face of the operation. Instead, these are often connected parts of a worldwide long-term plan for control of these sectors. I covered some of this in a prior article titled ‘Today’s Jewish Corporate Heroes – Virgin Births All’,[68]
 dealing with Google, Facebook and a few others. It is apparent that neither Zuckerberg nor the Google Twins were capable of creating almost instantly a world leader in their respective sectors. To accomplish such a result requires unlimited financing and the application of enormous amounts of financial and political pressure, plus determined planning and intense media support. This applies equally to others like Wikipedia, Amazon, Starbucks, and many others who seemed to come from almost nowhere to being world leaders in a very short time. The process has been the same in all cases, and it certainly applies today to the current “Richest Man in the World”, Elon Musk.

All you have to do is think. Using Elon Musk as an example, the man appeared to come from literally nowhere and yet suddenly “owns” the world’s largest auto manufacturer. Musk at the same time began an aggressive program of launching tens of thousands of communications satellites, and then SpaceX, “Elon Musk’s private spaceflight company”, the maker of the Starship, planning International Space Station missions, no less. Then we have Musk buying Twitter for $44 billion.

In the last 100 years, anyone attempting to create a new auto company and brand has met with disaster, but Musk apparently experienced not a hiccup with the Tesla that is suddenly a world favorite. This would have required perhaps ten years of planning and design, the planning of factories and production, the creation of supply lines, the testing and certification, and so much more, but with Tesla this apparently all occurred overnight in a vacuum. Are we to believe Elon Musk designed the Tesla? There is no evidence Musk has the ability to design even a dipstick, much less an entire car, so how did all this occur and what was the source of the background billions required to bring this project to fruition? Musk played no part in the creation of the Tesla. He just somehow showed up at the end, “owning” the company.

Similarly, the aggressive program of communication satellites that “Elon Musk” has launched; this as well would require many years of planning and design, to say nothing of arranging the launch facilities and obtaining the necessary thousands of paying customers. This again would require years and billions of dollars in financing but, like Bezos’ space flight program, this one suddenly appeared in full bloom, operating, launched, and ready to go. Who did the planning for this? It certainly wasn’t Musk, so who was behind it? And the money for all this came from where? “Musk’s” Tesla has never made a profit, so where would he obtain the billions for a pie-in-the-sky system of tens of thousands of communications satellites? Nothing like this can happen without a decade or more of intensive planning and an enormous investment, and obviously none of that came from Musk.

These would be enough challenge for any man, but then we had “Elon Musk” buying Twitter for $44 billion. How would that happen? We are told that Musk suddenly has wealth of – vaguely – $200 billion, with no detail, but presumably from stock holdings in “his” Tesla. But are we to assume that Musk has an extra $44 billion in loose cash sitting in the bank to purchase Twitter? That’s not possible, and Musk isn’t selling half his interest in Tesla shares to finance it, so what is the source of the money? The media confuse this by providing only a few sound bytes but no detail, and thus we have thoughts loosely in our minds that Musk is very wealthy and could somehow afford to purchase Twitter, but all we need to do is think to realise that is impossible.

The picture is clouded because the political ambitions of the Khazar Jews cannot be separated from their financial intentions. “Musk’s” satellite system is eventually to consist of 35,000 communication satellites – military, not civilian – some of which are already being used in Ukraine. The Khazar Jews in the City of London are desperate for World War III, but they have no military of their own and must depend on the US (as the Bankers’ Private Army) maintaining military supremacy. If it hasn’t already occurred to you, the reason for this development was that the Chinese proved they can shoot down US surveillance and communication satellites, thus presenting an existential threat to US warmongering with China and Russia. The solution is clever, and also obvious: you cannot shoot down 35,000 tiny communications satellites, thus maintaining US battlefield communication supremacy. The financing is interesting because normally the Jews push the US to make all these military investments, but the US no longer has the money for all these efforts and thus they had no choice but to finance this themselves – and channel it through Musk to disguise the origin. There is no other source for the financing of such a massive project. It is obvious the financing didn’t come from “Elon Musk”, since “his” Tesla still cannot turn a profit, so where would he obtain the money for satellite development? The Jewish bankers in the City of London are the only source.

This is the same as “Mark Zuckerberg” a few years ago buying and forming companies to manufacture military drones and high-altitude balloons, the latter because dear Mark wanted everyone in the world to have Internet access. Not quite. The high-altitude balloons were not for Internet access but for military communications with the drones that “Facebook” was manufacturing, drones carrying warheads that could communicate by means of the balloons if China destroyed all the US military communications satellites. So far as I could tell, nobody wondered why “Facebook” was manufacturing military drones and their communications systems. Again, not possible to push this cost onto the US military so the Jews in the City of London ran it through Facebook to disguise it as a civilian venture and hide the true source – and intention – from scrutiny.

Back to Tesla. lf you take the time to read Musk’s high-school level treatise on hyperloop transportation[69]
 or listen to his media blurbs, it’s obvious the man hasn’t the intelligence to have attained his position independently. It’s not apparent, at least not to me, that he knows anything about anything, and I would say the same for Zuckerberg and the Google twins. These people are merely fronts for someone who really does have all the money. And the plans. But we are supposed to believe that Elon “focus-on-my-cute-8-year-old-smile-and-my-adorable-3-year-old-sideways-looking-eyes-so-you-don’t-realise-how-stupid-I-am” Musk, is suddenly The Richest Man in The World from designing cars and satellites and space ships and heaven only knows what all. What rubbish.

That latter point deserves attention. Do you see Warren Buffett posing with a stupid smile and adorable sideways-looking eyes to seduce all the mothers into encouraging their daughters to buy his company shares? What kind of a man, apparently the CEO of trillion-dollar international companies, behaves in such a foolish fashion? A mental dwarf with serious emotional problems, no one else.

Similar arguments are true for Zuckerberg, Bezos, the Google Twins and others. None have the knowledge or ability, nor the enormous financing to do the things they are supposedly doing. Neither their fortunes nor their abilities can possibly be real. It is easier to accept a Bill Gates, starting with a small Microsoft and building over 40 years into a $50 billion prize, but to pretend that an Elon Musk who, out of the clear blue sky, goes from sleeping in his car and eating leaves from trees, suddenly is designing and producing electric autos and military communications satellites and space vehicles and so much more, is too ridiculous a prospect to bother refuting.

Some claim that Elon Musk is not a Jew. Elon (אֵילוֹן), or Alon (אַלוֹן) is a Hebrew masculine name that would not occur on a list of Gentile names. Musk attended Jewish schools in South Africa. His mother, Maye Haldeman, is Jewish but listed as “Canadian”, which is hardly an ethnic group. There are Jewish family and other relations (Elon’s brother married Jen Lewin), and more. Musk’s connections with Israel and powerful Jews have a long history, Tesla’s closet relationship with Israeli tech spanning many years and its self-driving technology is 100% Jewish, originating from the Israeli company Mobileye. Musk has close and high-level contacts in Israel, having met with Netanyahu (at his private residence) on more than one occasion.

In was in the news very recently that Evelyn de Rothschild died at an old age.[70]
 The NYT wrote a thoroughly fictional obituary notable primarily for the astonishing lies, as the NYT does for every Jewish criminal who departs this world. You might care to read the NYT’s loving treatise on Madeline Albright to refresh your memory of the criminal insanity of the NYT’s editors. According to them, this Rothschild “Initially showing little promise, he eventually joined the family firm and rose to chairman, wielding vast influence in Britain’s financial and political affairs.” That part is certainly true. The man had banks, investment banks, investment subsidiaries and much more in about 30 countries, and there was no question of his “vast influence in Britain’s financial and political affairs”, since he was the primary man involved in Margaret Thatcher’s selling off all the UK assets to Jewish bankers. But then the NYT told us that Evelyn de Rothschild was worth maybe a paltry $2 billion.

So, Evelyn de Rothschild, the scion and proprietor of the greatest criminal banking dynasty in the history of the world, one with assets harvested from hundreds of years of looting and plundering, a man owning literally hundreds of banks and financial companies all over the world was so dull, so slow and dim-witted, that even a little shit like Zuckerberg could come from nowhere and in only a few years be worth ten times as much. As Buddy Holly was so fond of telling us, “That’ll be the day.”

So, who really are the richest men in the world? Well, who has been financing both sides of every war for the past 300 years? Starbucks? Who has been looting South Africa of all its gold and diamonds for the past 150 years? The President of Victoria’s Secret Underpants? Is it Mark Zuckerberg stealing trillions of Iraq oil every year? I have no doubt that Jeff Bezos is a criminal, but it wasn’t Bezos who engineered the theft of all the gold from all the world’s banks in the 1930s. Who owns as many as 75 or 80 of the central banks of the world’s nations? Some goyim from Kansas?

I am told there are 13 families in control of the entire worldwide clan, operating from the City of London. The leaders in this list are unquestionably Rothschilds, probably beginning with Jacob Rothschild, “The King of the Jews”, followed by his kin. The list would most likely include a Sassoon, a Warburg, a Goldman, a Moses Seif, Kuhn, Loeb, Salomon, a Sebag-Montefiori, with this group sharing total assets in the hundreds of trillions of dollars. We can only guess about the others, but we can be very certain that neither Bill Gates nor Warren Buffett have ever been on this list, and Elon Musk and Jeff Bezos can be dismissed with deserved contempt.

 

The purpose of this essay was threefold: (1) to bring to the attention of readers the existence of a long-standing conspiracy about the identification of “The Richest Man in the World”, (2) to dismiss from contention the current list of candidates, and (3) to document that a small number of Jewish banking families operating out of the City of London have for generations held these wealth records with fortunes that are orders of magnitude above anything we might have imagined. I trust this has been accomplished to the satisfaction of readers.

*

 

Mr. Romanoff’s writing has been translated into 32 languages and his articles posted on more than 150 foreign-language news and politics websites in more than 30 countries, as well as more than 100 English language platforms. Larry Romanoff is a retired management consultant and businessman. He has held senior executive positions in international consulting firms, and owned an international import-export business. He has been a visiting professor at Shanghai’s Fudan University, presenting case studies in international affairs to senior EMBA classes. Mr. Romanoff lives in Shanghai and is currently writing a series of ten books generally related to China and the West. He is one of the contributing authors to Cynthia McKinney’s new anthology ‘When China Sneezes’. (Chapt. 2 — Dealing with Demons).

His full archive can be seen at

https://www.bluemoonofshanghai.com/ +

https://www.moonofshanghai.com/

 

 

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BY LARRY ROMANOFF

 

You may be surprised to learn that the city of London and the City of London are two very different things, related to each other mostly by historical accident and geographical proximity, and co-existing today in a rather complicated power system in which the City of London appears gloriously victorious.

First, the City of London, a small area of about one square mile in size, was established as a haven by the Khazar “Jews” during their extermination from Khazaria nearly 1,000 years ago, and was named ‘London’ at the time. And yes, I know the Romans had been there first. The city of London, with the Bridge and Harrods, and the fish and chips and the people driving on the wrong side of the road, was established much later, adopted the same name, and gradually expanded with population until it completely surrounded the Jewish enclave of the City of London. You can see the positions and relative sizes from the map. When you read about “The Lord Mayor of London”, you are not reading about the chief executive of the city, but about the chief executive of the City. The City of London Corporation, with its square mile directly in the center of London, obviously owns some very expensive real estate, this in addition to a great deal of other property also in the city center, but this amounts to only perhaps $10 billion in total and, as we will see, is trivial.

The City of London is effectively an independent city-state * existing inside greater London.[1]
[2]
3]
 However, its nature is unique and complicated. It is not so neat and tidy as is the Vatican for example, which is clearly a separate sovereign entity nestled within the city of Rome. Still, the City of London has its own government and police force, makes its own laws and levies its own taxes. It has its own flag, crest, and ceremonial armed forces. I have seen one reference stating that the City also has its own port. I could not find an independent confirmation of this, but it would fit the pattern and the City does have some responsibilities for London ports, so this is plausible. If true, it would be stunning because that would mean that the City could bring in products of any kind including currency, precious metals, cocaine, and also people, without the permission or even knowledge of UK customs and immigration or the UK government.

* In performing a search the other day, I was first met with a notice in capital letters telling me “The City of London is not a sovereign state”, followed by a small avalanche of websites all doing “fact-checking” and “misinformation-debunking” to assure me the City of London was NOT an independent anything. There is hardly a sign more certain that we are onto something important, than when 25 Jewish websites leap up to tell us “There’s nothing to see here”.

The City is the center and home base of the world’s banking and insurance industries. It is the home of the Bank of England (which was supposedly privatised but is still Rothschild-owned), the home of Lloyd’s of London,[4]
[5]
 and the literal head office of many of the world’s major banks (some of which you know and many of which you have never heard of). It still contains the home office of the former British East India Company,[6]
[7]
[8]
 which was always a Khazar Jewish company and undoubtedly the greatest criminal organisation in the history of the world – up to that time – and whose archives are still closed to the world for good reason. The City of London is also the home of the oldest Masonic Temple in the world. Our history books tell us that the origins of the Freemasons are lost to history, but that’s not really true. Freemasonry was a Jewish cult that was formalised in the City in the early 1700s.[9]

 

GUSNOTE: THE CONSPIRACY THEORY OF THE JEWS AND THE FREEMASONS WORKING TOGETHER TO DESTROY THE ROMAN CATHOLIC'S HOLD ON THE MASSES IS OFTEN DISMISSED, YET ONE DOES NOT KNOW THE UNDERLAY OF SUCH POSSIBILITY.....

 

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https://www.unz.com/lromanoff/the-city-of-london/

 

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WHETHER THE ROBBER BARONS ARE JEWISH OR NOT, THE CITY OF LONDON IS A HUB OF CIVILISED GANGSTERS....

 

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Ellen Brown: Defusing the Derivatives Time Bomb: Some Proposed Solutions

 

 

This is a sequel to a Jan. 15 article titled “Casino Capitalism and the Derivatives Market: Time for Another ‘Lehman Moment’?”, discussing the threat of a 2024 “black swan” event that could pop the derivatives bubble. That bubble is now over ten times the GDP of the world and is so interconnected and fragile that an unanticipated crisis could trigger the collapse not just of the bubble but of the economy. To avoid that result, in the event of the bankruptcy of a major financial institution, derivative claimants are put first in line to grab the assets — not just the deposits of customers but their stocks and bonds. This is made possible by the Uniform Commercial Code, under which all assets held by brokers, banks and “central clearing parties” have been “dematerialized” into fungible pools and are held in “street name.”

This article will consider several proposed alternatives for diffusing what Warren Buffett called a time bomb waiting to go off. That sort of bomb just detonated in the Chinese stock market, contributing to its fall; and the result could be much worse in the U.S., where the stock market plays a much larger role in the economy.

 

The Chinese Derivative Crisis

A Jan.30 article on Bloomberg News notes that “Chinese stocks’ brutal start to the year is being at least partly blamed on the impact of a relatively new financial derivative known as a snowball. The products are tied to indexes, and a key feature is that when the gauges fall below built-in levels, brokerages will sell their related futures positions.” 

Further details are in a Jan. 23rd article titled “’Snowball’ Derivatives Feed China’s Stock Market Avalanche.” It states, “China’s plunging stock market is leading to losses on billions of dollars worth of derivatives linked to the country’s equity indexes, fuelling further selling as retail investors offload their positions…. Snowball products are similar to the index-linked products sold in the 2008 financial crisis, with investors betting that U.S. equities would not fall more than 25% or 30%,” which they did. 

Chinese shares rose on Feb. 6, as officials took measures to prop up the ailing market, including imposing new “zero tolerance” curbs for malicious short selling. 

 

The Greater U.S. Threat

The Chinese stock market is much younger and smaller than that in the U.S., with a much smaller role in the economy. Thus China’s economy remains relatively protected from disruptive ups and downs in the stock market. Not so in the U.S., where speculating in the derivatives casino brought down international insurer AIG and investment bank Lehman Brothers in 2008, triggering the global financial crisis of 2008-09. AIG had to be bailed out by the taxpayers to prevent collapse of the too-big-to-fail derivative banks, and Lehman Brothers went through a messy bankruptcy that took years to resolve. 

In a December 2010 article on Seeking Alpha titled “Derivatives: The Big Banks’ Quadrillion-Dollar Financial Casino,” attorney Michael Snyder wrote, “derivatives were at the heart of the financial crisis of 2007 and 2008, and whenever the next financial crisis happens, derivatives will undoubtedly play a huge role once again…. Today, the world financial system has been turned into a giant casino where bets are made on just about anything you can possibly imagine, and the major Wall Street banks make a ton of money from it. The system … is totally dominated by the big international banks.”  

 

 

The Speculators Dominate the Regulators

In a 2009 Cornell Law Faculty publication titled How Deregulating Derivatives Led to Disaster, and Why Re-Regulating Them Can Prevent Another, Prof. Lynn Stout proposed stabilizing the market by returning to 20th century derivative rules. She noted that derivatives are basically wagers or bets, and that before 2000, the U.S. and U.K. regulated derivatives primarily by a common‐law rule known as the “rule against difference contracts.” She explained:

The rule against difference contracts did not stop you from wagering on anything you liked: sporting contests, wheat prices, interest rates. But if you wanted to go to a court to have your wager enforced, you had to demonstrate to a judge’s satisfaction that at least one of the parties to the wager had a real economic interest in the underlying and was using the derivative contract to hedge against a risk to that interest.… Using derivatives this way is truly hedging, and it serves a useful social purpose by reducing risk. 

… Under the rule against difference contracts and its sister doctrine in insurance law (the requirement of “insurable interest”), derivative contracts that couldn’t be proved to hedge an economic interest in the underlying were deemed nothing more than legally unenforceable wagers. 

… Hedge funds, for example, should really call themselves “speculation funds,” as it is quite clear they are using derivatives to try to reap profits at the other traders’ expense.

The rule against difference contracts died in 2000, when the US embraced wholesale deregulation with the passage of the Commodity Futures Modernization Act (CFMA):

The CFMA not only declared financial derivatives exempt from CFTC or SEC oversight, it also declared all financial derivatives legally enforceable. The CFMA thus eliminated, in one fell swoop, a legal constraint on derivatives speculation that dated back not just decades, but centuries. It was this change in the law—not some flash of genius on Wall Street—that created today’s $600 trillion financial derivatives market. 

 

The Casino Gets Special Privileges

Not only are speculative derivatives now legally enforceable, but under the Bankruptcy Act of 2005, derivative securities enjoy special protections. Most creditors are “stayed” from enforcing their rights while a firm is in bankruptcy, but many derivative contracts are exempt from these stays. Similarly, under the Dodd Frank Act of 2010, derivative claimants have “super-priority” in the bankruptcy of a financial institution. They are privileged to claim collateral immediately without judicial review, before bankruptcy proceedings even begin. Depositors become “unsecured creditors” who can recover their funds only after derivative, repo and other secured claims, assuming there is anything left to recover, which in the event of a major derivative crisis would be unlikely. 

That’s true not only of the deposits in a bankrupt bank but of stocks, bonds and money market funds held by a broker/dealer that goes bankrupt. Under the Bankruptcy Act of 2005 and Sections 8 and 9 of the Uniform Commercial Code (UCC), “safe harbor” is provided to entities described in court documents as “the protected class.” The customers who purchased the assets have only a “security entitlement,” a weak contractual claim to a pro rata share of a residual pool of fungible assets all held in the name of Cede & Co., the proxy of the Depository Trust and Clearing Corp. (DTCC). As Wall Street financial analyst John Rubino put it in a Jan. 27 podcast:

What we used to think of as a bank bail-in where they take your deposit in order to support a failing bank, that is now spread across the entire financial economy where whatever you have in an account anywhere can just disappear, because they’re going to transfer ownership of it to these big dominant entities out there in the financial system that need those assets in order to keep from blowing up.

Derivative speculators are considered “secured” because they post a portion of what they could wind up owing as “margin,” but why that partial security is superior to the 100% security posted by the depositor or purchaser is not explained. The “protected class” is granted “safe harbor” only because their bets are so risky that to let them fail could crash the economy. But why let them bet at all?

 

The Solution of the Regulators

The fix of the G20 leaders following the global financial crisis, however, was to force banks to clear over-the-counter derivatives through central counterparties (CCPs), which stand between buyer and seller and protect either party if the other blows up. By March 2020, 60% of credit default swaps and 80% of interest rate swaps were centrally cleared. The problem, as noted in a December 2023 publication by the Bank for International Settlements, is that these measures taken to protect the system can actually amplify risk. 

CCPs tend to ask for more collateral than banks did in the pre-crisis world; and when a CCP hikes its initial margin requirement to cover the risk of default, this applies to everyone in the market, meaning cash calls are synchronized. As explained in a May 2022 Reuters article:

It’s logical that CCPs ask for more collateral during a panic: that’s when defaults are most likely. The problem is that margin calls seem to have made things worse. In March 2020, for example, a so-called “dash for cash” saw investors liquidate even prime money-market funds and U.S. Treasury securities. 

… [R]ampant margin calls have intensified a financial panic twice in as many years, with central banks effectively bailing out markets in 2020. That’s better than in 2008, when taxpayers had to step in. But the problem of margin calls remains unsolved. 

… Central counterparty (CCP) clearing houses should consider asking clients for more collateral during good times to reduce the risk of destabilising margin calls during a financial panic, a Bank of England official said on May 19.

Yet all this, as Michael Snyder observes, is to allow the big international banks to run the largest derivatives casino that the world has ever seen. Why not just shut down the casino? Prof. Stout’s suggested solution is for Congress to return to the pre-2000 rule under which speculative derivative bets were not enforceable in court. That would include reversing the “superpriority” privileges in the Bankruptcy Act of 2005 and the Dodd-Frank Act. But it won’t be a quick fix, as Wall Street and our divided Congress can be expected to put up a protracted fight. 

What If the DTCC Goes Bankrupt?

In a 2015 law review article titled “Failure of the Clearinghouse: Dodd-Frank’s Fatal Flaw?,” Prof. Stephen Lubben points to a more ominous risk from pushing all derivatives onto exchanges; and that concern is shared by former hedge fund manager David Rogers Webb in his 2024 book “The Great Taking.” The exchanges are supposed to be safer than private over-the-counter trades because the exchange steps in as market maker, accepting the risk for both sides of the trade. But in a general economic depression, the exchanges themselves could go bankrupt. No provision for that is made in the Dodd-Frank Act, which purports to decree “no more bailouts.” Still, reasons Prof. Lubben, the government would undoubtedly step in to save the market from collapse. 

His proposed solution is for Congress to make legislative provision for nationalizing any bankrupt exchange, brokerage or Central Clearing Counterparty before it fails. This is something to which our gridlocked Congress might agree, since under current circumstances it would not involve any major changes, wealth confiscation or new tax burdens; and it could protect their own fortunes from confiscation if the DTCC were to go bankrupt.

 

Other Possible Federal Solutions

Another alternative that not only could work but could fix Congress’s budget problems at the same time is to impose a 0.1% tax on all financial transactions. See Scott Smith, A Tale of Two Economies: A New Financial Operating System, showing that U.S. financial transactions (the financialized economy) are over $7.6 quadrillion, more than 350 times the U.S. national income (the productive economy). See my earlier article summarizing all that here. On a financial transaction tax curbing speculation in derivatives, see also here, here and here. 

There are other possible solutions to customer title concerns. There is no longer a need for the archaic practice of holding all securitized assets in the street name of Cede & Co. The digitization of stocks and bonds was a reasonable and efficient step in the 1970s, but today digital cryptography has gotten so sophisticated that “smart contracts” can be attached by blockchain-like distributed ledger technology (DLT) to digital assets, tracking participants, dates, terms and other contractual details. The states of Delaware and Wyoming have explored maintaining corporate lists of stockholders on a state-run blockchain; but predictably, the measures were opposed. The practice of holding assets in street name has proven very lucrative for the DTCC’s member brokers and banks, as it facilitates short selling and the “rehypothecation” of collateral. 

In October 2023, the DTCC reported that it has been exploring adopting DLT; but the goal seems only to be speedier and safer trades. No mention was made of returning registered title to the purchasers of the traded assets, which could be done with distributed ledger technology.

South Dakota’s Innovative Solution

The most readily achievable solution is probably that in a South Dakota bill filed on Jan. 29.  The bill is detailed in a Feb. 2 article titled “You Could Lose Your Retirement Savings in the Next Financial Crash Unless Others Follow This State’s Lead”, which observes:  

… [I]f your broker … were to go bankrupt, the broker’s secured creditors (the people to whom the broker owes money) would be empowered to take the investments that you paid for in order to settle outstanding debts….

To avoid a catastrophe in the future, a nationwide movement is desperately needed to alter the existing Uniform Commercial Code. Of course, that won’t be easy to accomplish, especially because bank lobbyists and other powerful financial interests will almost certainly fight kicking and screaming to stop policymakers from taking away their advantage over consumers.

The good news is, this “great taking” can be stopped at the state level. Americans don’t need to count on a divided Congress to get the job done. Because the UCC is state law, state lawmakers can take concrete steps to restore the property rights of their constituents and protect them in the event of a financial crisis. 

On Monday, South Dakota legislators introduced a bill that would do just that. The legislation would ensure that individual investors have priority over securities held by brokerage firms and other intermediaries.

It would also alter jurisdictional provisions so that cases are determined in the state of the individual investor, rather than the state of the broker, custodian or clearing corporation. This would ensure that individual investors are able to rely on the laws of their local state.

Hopefully, other states will follow South Dakota’s lead. Tennessee, for one, is reported to have such a bill in the works.

 

https://scheerpost.com/2024/02/14/ellen-brown-defusing-the-derivatives-time-bomb-some-proposed-solutions/

 

 

SEE ALSO: https://yourdemocracy.net/drupal/node/37019

 

AND "GREED ON CREDIT"..... 

https://yourdemocracy.net/drupal/node/48070

 

AND https://yourdemocracy.net/drupal/node/42040

 

https://www.youtube.com/watch?v=b86etfOd808

 

 

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FREE JULIAN ASSANGE NOWWWWWWWWWW....................

 

https://yourdemocracy.net/drupal/node/49833

 

 

MPI-TV

«The Spider's Web: The Second British Empire", is a documentary film by Michael Oswald that explains the metamorphosis of Great Britain, from colonial power to global financial power. A metamorphosis that has shaped the modern structures of the world in which we live.

Half of global offshore wealth hidden in secret UK jurisdictions

In the aftermath of the breakup of this colonial empire, the financial interests of the City of London created a network of secret offshore jurisdictions that seized the world's wealth and hid it behind a complex web of ramifications linking offshore islands. Today, almost half of the world's offshore wealth is believed to be hidden in secret British jurisdictions. Britain and its jurisdictions have thus become the main and essential intermediary in the world of international finance.

How did we get to this situation, and what is its real impact on the world today? The Spider's Web investigates in order to provide answers to these questions.

 

https://en.reseauinternational.net/la-city-de-londres-ou-le-second-empire-britannique/

 

SEE IN ENGLISH:

https://www.youtube.com/watch?v=np_ylvc8Zj8

 

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YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.