Given the People's concerns about the purchasing power of the US dollar, their interest in a secure inflation proof currency, and the States of New Hampshire ( ready to quit the private FED $ as a too private dollar, sic. ) and Nevada's recent monetary initiatives in addition to other concerned Americans action, the supporters of the a better economy with social credit invite you for an important meeting in Chicago now, to stop the FED and most of the banks destroying America.
http://www.monetary.org/2008schedule.html
http://www.iousathemovie.com/ www.michaeljournal.org
French and European President Nicolas Sarkozy is asking ti list and punish all responsible crooks. We can begin with the people who stole M. Joseph Ferraye billions of $, and among them M. Dominique Strauss Kahn, aka DSK, the director of the IMF.
Stripped of his rightful revenue by his Notary Pierre MOTTU with the connivance of Lawyers, Marc BONNANT and Dominique WARLUZEL, in Geneva – these swindlers have diverted tens of billions of Dollars. Of course, playing their part in this misappropriation of capital, are UBS SA and CREDIT SUISSE GROUP and its President Rainer E. GUT Inventor of the extinction and capping systems used to extinguish the burning Kuwaiti oil wells, Joseph FERRAYE is the victim of the embezzlement of US$ 34'000'000'000.- initiated by the French Government with the complicity of the Geneva Judiciary Authorities (Switzerland).
Pierre MOTTU is the "Notary", sworn-in by the State of Geneva, who was actively involved in the embezzlement of US$ 34'000'000'000.- which should have been rightfully destined for Joseph FERRAYE for his invention (see previous dossier).
This false individual, a professional defrauder, does not like his misappropriations to be denounced in the public arena.
It is a little known fact that at least ninety percent of the money invested in the stock market is used for speculation only.
A cartoon to explain some facts...
Two British comedians explain the subprime crisis: :D
http://www.youtube.com/watch?v=SJ_qK4g6ntM
http://www.scribd.com/doc/2459824/The-Subprime-Primer
http://bigpicture.typepad.com/comments/2008/02/how-subprime-re.html
The tetxt of the cartoon...
The Subprime Primer
(source unknown so I can't credit it)
Scene I: At the Mortgage Broker's
ACE MORTGAGE BROKERS
"We Make Your Dreams Come True"
Customer: Gee, I'd like to buy a house but I haven't saved any money for a downpayment and I don't think I can afford the monthly payments. Can you help me?
Broker: Sure! Since the value of your house will always go up, we don't need downpayments any more! And as for being able to afford the payments, that doesn't matter either—we can give you a really low interest rate for a few years. We'll just raise it later on, okay?
Customer: Sure, no problem. Umm, there's one other thing . . . my employer is a real prick and might not verify my employment. Would that be a problem?
Broker: Nope. We can get you a special "Liar's Loan" and you can verify your own employment and income!
Customer: You guys are awesome! You are really willing to work with guys like me.
Broker: Well, we don't actually lend you the money—a bank will do that—so we don't really care if you replay the loan. We still get out commission.
Customer: Wow! Let's get started!
Scene II: A few weeks later, at the Bank . . .
FIRST BANK OF BANKLAND, Inc
"Open Your Christmas Club Account Today"
Loan officer: I'd better get rid of these crappy mortgage loans. They are starting to stink up my office. Thankfully the really smart guys in New York will buy them and perform their financial magic. I'll call them right away!
Scene III: Down Wall St
RSG INVESTMENT BANK OF WALL STREET
"Trust the Really Smart Guys for All Your investment Needs"
Investment Banker Boss Guy: Phew! We'd better get rid of these crappy mortgages before they start attracting flies.
Securitised Loan Analyst: But who would buy this crap, Boss?
Investment Banker Boss Guy: I've got it! First, we'll create a new security and use these crappy mortgages as collateral. We'll call it a CDO (or maybe CMO). We can sell that CDO to investors and promise to pay them back as the mortgages are paid off.
Securitised Loan Analyst: But crap is crap isn't it? I don't get it
Investment Banker Boss Guy: Sure, individually these are crappy loans, but if we pool them together only some of them will go bad—certainly not all of them. And since housing prices always go up we really have very little to worry about.
Securitised Loan Analyst: I still don't get it
Investment Banker Boss Guy: The new CDO will work like this: it will be made up of three pieces (or "tranches") and we'll call them "The Good", "The Not-So-Good" and "The Ugly". If some of the mortgages fail, as surely some might, we will promise to pay investors holding the "Good" tranche first. We'll pay the "Not-So-Good" investors second, and the "Ugly" investors last.
Securitised Loan Analyst: I'm starting to get it. And because the "good" investors have the least risk, we'll pay them a lower interest rate than the other guys, right? The "No-So-Goods" will get a better interest rate and the "Ugly" guys will get a nice fat interest rate.
Investment Banker Boss Guy: Exactly. But wait—it gets better. We will buy bond insurance for the "Good" piece. If we do that, the rating agencies will give it a really good credit rating, in the AAA to A range. They will likely give the "Not-So-Good" piece a BBB to B rating, still pretty good. We won't even bother asking them to rate the "Ugly" piece.
Securitised Loan Analyst: So you have managed to create AAA and BBB securities out of a pile of stinky, risky mortgage loans. Boss, you are a genius!
Investment Banker Boss Guy: Yes I know.
Securitised Loan Analyst: Okay, who are we going to sell the three pieces to?
Investment Banker Boss Guy: The arseholes at the SEC won't let us sell this stuff to widows and orphans, so we'll sell it to our sophisticated institutional clients.
Securitised Loan Analyst: Like who?
Investment Banker Boss Guy: Like insurance companies, banks, small towns in Norway, school boards in Kansas—to anyone who is looking for a high-quality safe investment.
Securitised Loan Analyst: But surely no-one would buy the "Ugly" piece, would they?
Investment Banker Boss Guy: Of course not—nobody is that stupid. We will keep that piece and pay ourselves a handsome interest rate.
Securitised Loan Analyst: This is all great, but since we are only using the smelly mortgages as collateral on an entirely new security, we haven't really gotten rid of them. Don't we have to show them on our balance sheet?
Investment Banker Boss Guy: No, of course not. The guys who write the accounting rules allow us to set up a shell company in the Cayman Islands to take ownership of the mortgages. The crap goes on their balance sheet, not ours. The fancy name for it is "Special purpose Vehicle" or SPV.
Securitised Loan Analyst: That's great, but why would they let us do that. Aren't we just moving the crap around?
Investment Banker Boss Guy: Sure, but we have convinced them that it is vitally important to the health of the US financial system that investors not know about these complex transactions and what is behind them.
Scene IV: Let's drop in to see the accountants . . .
OFFICE OF THE CZAR OF ACCOUNTING
"No nit Too Small To Pick"
Concerned investor and citizen: Sir, as an investor and a concerned citizen, I demand that you force our financial institutions to show greater transparency and openness in their financial reporting!
Accountant: Blow me.
Scene V: Telephone call: Gee, we never saw it coming . . .
Norwegian Village Pension Fund Plan Trustee: Hey man, what the hell is up? We're not receiving our monthly payments!
RSG Investment Banker: Yeah, I meant to call you but it's been really crazy around here. It seems that the arseholes who took out the mortgages backing your CDO aren't able to pay them off.
Trustee: Wait a minute! We bought the Triple-A rated "Good" piece of the CDO. You know, the safe one. We're supposed to be getting paid first.
RSG Investment Banker: Well, unfortunately the loans were quite a bit crappier than we originally thought and there is very little cash coming in. Frankly, I assure you that we are as disappointed as you are.
Trustee: But you told me that housing prices would always go up and that your borrowers could always refinance their mortgages!
RSG Investment Banker: Yeah that was a bad assumption. We ****ed up, sorry.
Trustee: Bad assumption my ass! What about the AAA rating from the agencies?
RSG Investment Banker: They ****ed up too.
Trustee: But this security was insured! What about the insurers?
RSG Investment Banker: Are you kidding? There's no way they have enough money set aside to cover this mess. They ****ed up.
Trustee: Well that's just great, arsehat! What am I supposed to tell my villagers?
RSG Investment Banker: Tell them you ****ed up.
Trustee: **** you.
RSG Investment Banker: **** you.
THE END
The Home Mortgage Meltdown: The Real Reasons for the Fannie Mae/Freddie Mac Takeover
by Richard C. Cook
September 11, 2008
Fannie Mae and Freddie Mac, the twin giants of the home mortgage industry, own or guarantee assets of $5.3 trillion, almost half of the $12 trillion housing market in the U.S. These assets have been disappearing in value due to the collapse of the housing bubble.
Fannie and Freddie are government-chartered corporations. They are shareholder-owned companies required by their charters to provide low-cost capital to the mortgage industry, supposedly to further the American dream of home ownership. In recent years, as the housing bubble inflated and the mortgage industry extended more and more credit to marginal purchasers through the use of "exotic" lending instruments, Fannie and Freddie followed suit.
Many in Congress were skeptical they were overextending themselves. So they hired lobbyists. According to a September 9 report by Allan Chernoff, CNN senior correspondent, they spent $174 million in the last ten years lobbying Congress "to ensure the political climate would remain friendly." That averages out at $297,435 per senator and representative. No wonder Greg Palast titled one of his books, The Best Democracy Money Can Buy.
Under the takeover being engineered by Secretary of the Treasury Henry Paulson, the government will oversee operations through a "conservatorship." It's a fancy name for bankruptcy. Taxpayer money will be used to inject new capital into Fannie and Freddie's operations, since, having lost so much on bad loans, they are broke.
How will it work? According to the Washington Post's Steven Pearlstein:
"Under the deal they could not refuse, Fannie and Freddie directors and top executives will lose their jobs. Shareholders will lose their dividends, voting rights, and most of their ownership stake, while agreeing to pay dearly for the government's money and backing. Left unharmed will be holders of trillions of dollars in Fannie and Freddie debt -- or securities backed by mortgages that Fannie and Freddie have insured against default -- who will get all their money back, with interest."
Protection of debt holders is the key, because this includes foreign governments like China, as well as sovereignty funds, mutual funds, and pension funds worldwide. If these international investment sources dry up, the U.S. could no longer finance its enormous fiscal and trade deficits. It's the Armageddon scenario.
Thus within the overall context of the debt-based financial system run by the Federal Reserve, Fannie Mae and Freddie Mac are the most important business entities in the U.S.—more so than Exxon-Mobil, Microsoft, General Motors, GE, or IBM.
Big companies like Exxon-Mobil at least have tangible assets they use to produce real goods and services. But the financial industry—including Fannie and Freddie—have only pieces of paper that represent someone's ability to make payments in an economy going downhill, with thousands of people losing their jobs daily.
For the last decade, the U.S. economy has been built on a foundation of housing debt as its financial engine. It's a foundation of sand. The lunacy has been a long time coming, though the "rest of the story" is little known, even to experts.
You see, decades ago, the international financial elite which runs the Western world decided that the U.S. would no longer be allowed to maintain its status as the world's greatest industrial democracy.
Because the planners have always worked in secrecy through such groups as the Council on Foreign Relations, The Trilateral Commission, and the Bilderberg Group, sources are sketchy. But the information is there if you look.
The roots of the plan go back to post-World War I days, when the U.S. was making money hand-over-fist by collecting on loans made to the European World War I combatants. The financial elite, including the American Rockefellers, financed the Bolshevik Revolution in Russia. They also began to lay plans to eventually merge the U.S. with the Soviet Union in a one-world communist government.
To prepare the American mind, such non-profit groups as the Carnegie Institute, the Rockefeller Foundation, the Ford Foundation, and the Guggenheim Foundation sought to influence the U.S. educational system in favor of collectivist ideals rather than those based on the Declaration of Independence and the U.S. Constitution. The blueprint for dumbing down the masses through collectivist propaganda was provided by the Tavistock Institute of Great Britain.
Necessary for the changes in store for mankind was an environment of perpetual warfare as the only way people would accept state terrorism as "normal." In other words, there always had to be an enemy to frighten people into voluntarily giving up their rights and accepting the legitimacy of a slave society. Key to slavery was a financial system based on debt, because, after all, it was the financiers who were the architects and expected beneficiaries of the planned system.
During the 1930s and 1940s, in order to defeat Nazi Germany in World War II, the United States built an economic powerhouse that resulted in full employment and a high standard of living. But by the 1960s and 1970s, the industrial economy was being dismantled.
The 1970s was the critical decade. The financial elite, working through the OPEC nations as their instruments of change, wildly inflated the worldwide price of oil, driving the U.S. economy into stagflation. To combat the stagflation which they themselves had created, the elite, working through the Federal Reserve and its chairman, Paul Volcker, raised interest rates through the roof, causing the economy to crash.
The U.S. lost much of its producing economy during the recession of 1979-83. Since then, every period of economic growth has been a financial bubble. We had the merger-acquisition bubble of the 1980s, the dot.com bubble of the 1990s, and Alan Greenspan's housing bubble of the 2000s.
The purpose of the housing bubble was to allow George W. Bush to fight his wars of conquest in the Middle East. According to mortgage industry insiders I have interviewed, soon after Bush became president the word went out to begin the wholesale falsification of mortgage applications so people could buy houses who had no business doing so. A push by state attorneys-general to investigate the mortgage fraud was blocked by Bush's Treasury Department.
The bubble resulted in the tremendous inflation of housing and real estate prices that today is unraveling. Housing is still so overpriced, however, that many people can no longer afford to buy a home or can no longer get credit because financial institutions have become so reluctant to lend.
Housing inflation is what has powered the U.S. economy for the last decade. In its heyday it accounted for fifty percent of all economic growth. Take away the housing bubble, and the U.S. economy is dead in the water. That is why the government has taken over Fannie Mae and Freddie Mac. Unfortunately, there are no further bubbles waiting in the wings. When they gave up their homes to debt, the American people gave up the last thing they owned of value.
Obviously the takeover of Fannie and Freddie is a stopgap, probably to keep the economy afloat until after the November presidential election.
What comes next? I cover these and other issues in greater detail in a Special Report entitled, "Election 08: Crime Family Food Fight or Threat to Mankind?" which is available by subscription.
To receive this report, contact EconomicSanity@gmail.com
Interview with Francois de Siebenthal
YJ:
Francois, You are a banker from Switzerland, trained as a professional banker and economist, is that correct?
FS:
Yes.
YJ:
And you've been an economist for how many years?
FS:
For more than twenty-five years.
YJ:
Some textbooks and other sources mislead the people saying that banks lend from the depositors savings. Can you tell us the truth of how this really happens?
FS:
The truth is that credit makes deposits, and not the other way around. This means that for example, more than 90% of the money in circulation was created out of thin air. We can estimate that 99,99 % of the US dollar is created out of nothing. We call that Fiat Money, Ex Nihilo. The problem is that on the whole, they have been using the credit system to sustain the growth of the United States, to conserve the American economy at the cost of the poor of the whole world and even from USA.
Recently the financiers even used the real estate market of the United States to uphold the credit industry. They have created massive amounts of credit (Ex Nihilo from thin air) as loans for real estate, and then sold the American mortgages to investors such as Fanny Mae and Freddie Mac at huge profits. They then used the massive import of funds and savings from all over the world to tell the American people that the value of the American industry is rising all the time. But now we have reached a limit in credibility and it (the American dollar) is starting a downslide. It has lost 60% of its value already since the beginning of the Iraq war. The entire system is a lie, and it is causing a massive lack of confidence, and of faith…
When credit is created just to sustain the virtual growth of the economy, there are various ways to get out of it. One of them would be to create a general war with millions of victims, or a bloody revolution, or even a credit crunch such as Japan experienced with its liquidity trap and massive depopulation, or then again, a general collapse of the economy such as in1929.
YJ:
So this is their solution?
FS:
Yes, from my point of view the International bankers are planning new wars and revolutions. I think that the best solution would be to do as the poor people of the US did in 1929; establish local banks with 6,000 local currency systems. We can improve all those local systems and coordinate them, like a franchising chain of free and open local banks sharing the same values and open to all people of good will.
You can find such a proposition at www.pavie.ch with all the details on how to function as it already does in some poor countries.
The dollar will collapse for sure, and you need to persuade everyone to start local systems, improved LETS (Local exchange systems) with dividends and compensated discounts ( see "social credit" on internet). In fact, the dollar is collapsing faster now; its value is going down all the time. For instance, when I began in the banking business the dollar was nearly four Swiss francs to one dollar. Now it is one Swiss franc to one dollar. So it is, in fact, a massive inflation. If a Swiss, for example, wants to buy a Chevrolet, he must convert it to cheese, watches, machinery and other goods. If an American wants to buy a Swiss watch, he pays in dollars. And what is a dollar? It is a piece of paper on which is printed, "One dollar: in God we trust" or just some bits in computers.
YJ:
Do you think that the reason they want the US dollar to collapse in the United States is because they want to change the dollar for the Amero?
FS:
Yes. What they are doing is the same as they did in 1929. The banks print and open more credits to buy more assets very cheap, that way they control most of the people and you can do nothing without their consent. The Patriot Act is a method to dictatorship. They suddenly want to change all notes and put RFID devices in all the currency.
YJ:
What do you think of people who say we should exchange US dollars to Euros or Japanese Yens?
FS:
If the dollar is collapsing and the same people are behind the Euro or the Yen, it will come to the same conclusion. Let's speak about the Japanese Yen. In Japan there is a big, big problem with the population. One third of the Japanese population will disappear before 2050, It is already beginning. There will be a massive depreciation in the real estate markets and this will create a huge crisis, even bigger than the United States, because the Japanese will not allow immigration. The only solution I can foresee for the Japanese is a massive drop in the price of properties. Already I have information from Japan that they are pushing to establish euthanasia. You know the situation is nearly a war, a war against the weakest in society. They are buying a lot of robots to cope with this trend. The real truth is that they want a massive reduction in the population; by the billions…
Julian Simon said in his book " the ultimate Resource 1" that he was paid by those people to prove that Earth was overpopulated, but he wrote books and articles proving exactly the opposite.
The Ultimate Resource (now The Ultimate Resource 2) and Population Matters discuss trends in the United States and the world with respect to resources, environment, and population and the interactions between them. Simon concludes that there is no reason why material life on earth should not continue to improve, and that increasing population contributes to that improvement in the long run. Those popularly-written books develop ideas positive and foresaw the falling natural resource prices, increased world oil supply, and decline in farmland prices. His view of population economics is unique and persuasive. Discussion covers resources, environment, population growth and his analytical methods.
As said on Amazon, Julian L. Simon is the world's greatest contrarian's. The Ultimate Resource 2--an update, not a sequel, despite the title--skewers the sacred cows of environmentalism, population control, and Paul Ehrlich. In the contest between resource scarcity and human ingenuity, Simon bets the farm on the ability of intelligent people to overcome their problems. Thankfully, he is not a theorist. This book lays out convincing empirical evidence for Simon's prediction of a prosperous future. The key to progress is not state-run conservation programs, he says, but economic and political freedom. Only then can talented minds properly apply themselves to our earthly dilemmas.
To read this book, see this link.
http://www.juliansimon.com/writings/Ultimate_Resource/
He wrote in his book "Population's matters" how he was ostracized by the "rulers" of the new world disorder.
Play list for all Julian L. Simon 's videos. http://www.youtube.com/view_play_list?p=DDAF5AC211C1A0AE List of all videos http://www.youtube.com/watch?v=uLQoa_FA_zo http://www.youtube.com/watch?v=xSQw4X5ET-ohttp://www.youtube.com/watch?v=GKrmtxTclfo http://www.youtube.com/watch?v=Zn6zo8MOuwQ http://www.youtube.com/watch?v=M7P6QLQiSBIhttp://www.youtube.com/watch?v=jLdNMzcgTaY
www.ideachannel.com for more «
The members of those Clubs hate poor peoples. Most of these wealthy "New World Order people" are racist, in fact racists of the worst kind. They condition people to believe that our Earth is overpopulated. The poor are corralled like cattle into big cities such as Mexico, to control them and to prove they are right. But in fact, the rest of the Earth is empty. The world is huge and we can feed more people. Ramses of Egypt had this way of thinking and he killed all the male Jews. Now we have "white" bankers living in New York, London and Paris doing the same well-paid job; killing millions or even billions of aborted-children by (financial soft Gulags) to earn billions of dollars.
You should also all see the film: " Freedom to Fascism" from the Filmmaker Aaron Russo who has exposed his first-hand knowledge of the elite global agenda during a video interview and live on Alex Jones' nationally-syndicated radio show.
Nick Rockefeller told Russo about the plan to microchip the population, ( see Bilderberg and micro-chip on internet) warned him about 'an event that would allow us to invade Afghanistan and Iraq' some eleven months before 9/11 and foretold the fact that the 'War on Terror' would be a hoax wherein soldiers would be looking in caves for non-existent enemies. Rockefeller also tried to recruit Aaron Russo to the Council on Foreign Relations during the tenure of their friendship. Now, a picture send by the Russo family verifies that friendship and strengthens evidence of the global agenda which Rockefeller related to the filmmaker so frankly during their private conversations. Russo goes in-depth for first time on the astounding admissions of Nick Rockefeller, including his prediction of 9/11 and the war on terror hoax, the Rockefeller's creation of women's lib, and the elite's ultimate plan for world population reduction and a micro-chipped society Aaron Russo joins Alex Jones for a fascinating sit-down in depth video interview on a plethora of important subjects. In the full interview, available on Google Video, Aaron begins by describing how the draconian and mafia tactics of Chicago police woke him up to the fact that America wasn't free after his nightclub was routinely raided and he was forced to pay protection money. Aaron and Alex then cover a broad range of topics including the private run for profit federal reserve, Aaron's experience in the late 80's with the IRS when they retroactively passed laws to punish silver and gold traders, the real meaning of the word "democracy," what really happened on 9/11 and Aaron's relationship with Nick Rockefeller, who personally tried to recruit him on behalf of the CFR. Aaron also relates how Rockefeller told him that the elite created women's liberation to destroy the family and how they want to ultimately microchip and control the entire population. Rockefeller also told Russo, before 9/11, that an unexpected "event" would catalyze the U.S. to invade Afghanistan and Iraq. After you watch this, please check out the full 69-minute interview. Here's the link: http://video.google.co.uk/videoplay?docid=5420753830426590918
Plus most lies about the CO2 pollution, see: http://video.google.fr/videoplay?docid=-4123082535546754758
YJ:
Can you explain to us briefly, how money is created today and how it should be created? Then maybe we can speak about interest.
FS:
In the United States most of the money as credit bearing interest is created by the Federal Reserve Board and other private banks. The Federal Reserve is about as Federal as the Federal Express. That means that it is a private company owned by a few people. I have a list of about 12 families who are the shareholders that own the Federal Reserve. These people are using this private business for their own personal gain to generate private profits of trillions ( sic, trillions) of dollars if you add all amounts generated every year since Christmas 1913, sums hidden in various foundations and trusts in tax heaven "paradises". Wars are more "profitable" for them ), and not for the benefit of the American people. And on the credit base, which is called let's say M zero, you have a massive creation of money, and this credit is based on nothing. Alan Greenspan said that they create the money out of thin air. You have the statistics published by the Federal Reserve board. But those figures of M3 have been kept secret since 2006. We don't know how much the Federal Reserve, which is a private company, is allowing and emitting credit to the other banks or other financial vehicles.
A few months before his assassination, President John F. Kennedy was summoned by his father Joseph to the lobby of the White House. He said to him, "If you do this, they will kill you!" But the President did not deter. On June 4, 1963, he signed the Executive Order number 111 110, repealing the Act and Executive Order number 10,289, calling the production of banknotes into the hands of the state and depriving the cartel of private banks a large part of their power. After $4 billion in U.S. dollars in small denominations called "United States Notes" had already been put into circulation, and while the state was preparing to deliver larger cuts, Kennedy was assassinated on November 22, 1963. This happened 100 years after Lincoln, who had created debt free "Greenback" notes for the United States as well, was murdered by a sniper. Kennedy's successor Lyndon B. Johnson suspended the printing of the notes for an inexplicable reason. The twelve Federal Reserve banks withdrew the Kennedy banknotes immediately from circulation and exchanged them with their own acknowledgments of debt. A few of those notes are still in the hand of Imelda's Marcos because her husband was trying too to escape the system.
And now, with the sub-prime crisis, they are printing millions or trillions of dollars but we don't know exactly where the money is going, or they are going to sustain banks that are in bankruptcy. Crooks are sustaining crooks. And of course, all of this money is created with an interest rate. This interest rate is imposed on the American population mainly through taxes, on the backs of the poor. (See the LTCM 3 Trillion dollar scandal under Clinton and many others). The poor all over the world cannot eat; they are starving. And the worse problem that babies are not even allowed to live!
Their goal is to have fewer people that are more easily controlled with laws more and more stupid, such as Monsanto, which patented pigs or plants and ruin farmers to push up prices of food by making believe that they want good of humanity...
See some of Ron's Paul arguments
http://video.google.com/videoplay?docid=9109517933122868133&q=&hl=fr
The more than one trillion dollars in default, created out of nothing, now as 99,999% of all currency is currently in circulation (SIC).
There is the danger of inflation denounced by Irving Fisher who already complained in 1933 that the issuing of currency belongs to a multitude of irresponsible private agents.
The Fed began with approximately 300 people or banks that became owners (stockholders purchasing stock at $100 per share - the stock is not publicly traded) in the Federal Reserve banking system. They make up an international banking cartel of wealth without comparison. The Fed collects billions of dollars in interest annually and distributes the profits to its shareholders. The Congress illegally gave the Fed the right to print money (through the Treasury) at no interest to the Fed. The Fed creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The Fed also buys Government debt with money printed on a printing press and charges U.S. taxpayer's interest. Many Congressmen and Presidents have said that this is fraud.
McFadden , Chairman of the House Committee on Banking and Currency from 1920–31, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee, McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses.
McFadden said:
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. These twelve private credit monopolies were deceitfully and disloyally foisted upon this country by the bankers who came here from Europe and repaid us for our hospitality by undermining our American institutions...The people have a valid claim against the Federal Reserve Board and the Federal Reserve banks.
http://www.afn.org/~govern/mcfadden_speech_1932.html
McFadden was killed, as Kennedy, as Lincoln, as many opponents in history to all those usurious systems.
"Quid prodest scelus, is fecit"
"The one who takes profit from the crime has done it"
Those who have taken huge benefits ( trillions of $) from the crimes have done them or paid the hit mans who have done those assassinations, a word coming from Hashish, The Hashshashin or also Hashishin, Hashashiyyin, Hashasheen or Assassins, a copy of the sicarii, or the true terrorists.
Kennedy was against those secret societies acting in the US government.
"The presidential office has been used to establish a conspiracy to destroy the freedom of the American people, and before leaving this office, I must inform the citizens of this critical condition."
Kennedy just 10 days before he was killed. University of Columbia, 12th Nov. 1963.
JFK SPEACH ON SECRET SOCIETIES ( Illuminati)
John F. Kennedy Speech. 01:35
http://www.youtube.com/watch?v=zlghYpDx0f4
The same who paid to make disappear the most destroyed text in history, the encyclical "Vix pervenit", the text stating what are good and bad contracts in business.
http://www.ewtn.com/library/ENCYC/B14VIXPE.htm
http://en.wikipedia.org/wiki/Vix_Pervenit
Who actually owns the Federal Reserve Central Banks? The true ownership of the 12 Central banks, a very well kept secret, has been partially revealed. This is the list of some names:
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam and
Chase Manhattan Bank of New York
These bankers are all connected to London Banking Houses in the totally free City which ultimately control the Fed. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt.
The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank.
First National Bank of New York, James Stillman
National City Bank, New York, Mary W. Harnman
National Bank of Commerce, New York, A.D. Jiullard
Hanover National Bank, New York, Jacob Schiff
Chase National Bank, New York, Thomas F. Ryan, Paul Warburg, William Rockefeller, Levi P. Morton, M.T. Pyne, George F. Baker, Percy Pyne, Mrs. G.F. St. George, J.W. Sterling, Katherine St. George, H.P. Davidson, J.P. Morgan (Equitable Life/Mutual Life), Edith Brevour, and T. Baker
( source: http://www.rense.com/ufo2/fedrez.htm )
YJ:
Well, I think this interview will help the people to understand a bit more the system and what is happening today.
FS:
It is better to fight now, and create a credit club or a local system with coupons free of interests, as we wrote about in the "Michael Journal" the example of Madagascar and the Philippines, than to take your gun and fight in a new war!
Please, see http://www.michaeljournal.org/localmoney.htm
YJ:
The truth is blinding and people don't see it. They want to see a very complicated system, but in fact the solution is very simple.
FS:
During the Great Depression in the 30's the citizens started 6000 local systems, local credits all over the United States. Tell people to study the history of their country. While they were creating their own credits, the big banks were stopped. Do the same! Improve it with Social Credit systems and dividends to all to share the profits of the robots and the computers !
90 % of the workload will be done by computers and robots, the challenge is how to distribute abundance.
YJ:
Well, I think that's the plan of the Pilgrims of St. Michael, we want to start the local exchange systems all over the world. I know that in Columbia they have several systems that are working very well.
FS:
In the United States, your grandfathers were the organizers of the local systems. Ask them how it was done. You had more than 6'000 systems all over the United States. The WIR system in Switzerland has made our country one of the richest in the world. ( www.wir.ch ) . Just think of what happened in Argentina when the banks collapsed there. That can happen here now as well.
http://www.catholicauthors.org/cgi-bin/rpb455/17104.html?id=8zmNsmDz
Maurice Allais, Professor of Economics at the National School of Mining Engineering in Paris, France and the 1988 Nobel Prize Winner in Economics, had this to say in his book "Les Conditions Monétaires d'une Economie de Marché" (The Monetary Conditions of a Market Economy p. 2):
"In essence, the present creation of money, out of nothing, by the banking system is, I do not hesitate to say it in order to make people clearly realize what is at stake here, similar to the creation of money by counterfeiters so rightly condemned by law. In concrete terms, it leads to the same results."
We need to practice all five Shabbats and Jubilees, every 7 days, weeks, months, years and 49 years ( 7 times 7 years) and fight usury at all levels, because usury kills.
Please, read this extract from Louis Even.
But what about the term "usury practiced under another form" used by the Pope? Does it mean too high an interest rate? If so, of what percentage? Or is it something else, and under what form?
In a book he wrote in 1935, an English priest, Father Drinkwater, identified this "devouring usury under another form" as the monopolization of credit, which was to amount more and more to a monopolization of money, although the workings of this monopolization of credit were stll myserious, at that time, to almost everyone.
Father Drinkwater recorded that a committee based at the University of Fribourg, Switzerland, had prepared some elements for the drafting of "Rerum Novarum", and that among the members of this committee there was at least one person, from Austria, who was well aware of the money question and of bank credit. A text that this Austrian had prepared, and that was apparently approved by the committee, showed clearly how mere bank money — which is created in banks and consists basically of figures written in bank-books and ledgers, and which was already becoming the major monetary instrument for trade and industry — was nothing but the monetization of the production capacity of the whole community. The new money thus created can only be social by nature (belonging to all of society), and not the property of the bank. This new money is social because of its basis: the community, or society, and because it can buy any good or service in the country. The control of this source of money therefore puts in the hands of those who exercise it, a discretionary power over all economic life.
This text of the Austrian expert also showed that banks do not lend their depositors' money, but rather deposits that they create out of nothing simply by inscribing figures in bank-books, and that when banks lend money — no account is diminished in the bank — they do not have to extract one penny from their safes. So the interest charged on their loans is certainly usury: whatever its rate — it is actually more than 100%, since it is interest charged on a capital of zero, nil — the lender (the bank) does not have to do without the money he lends, he just creates it! This usury can rightly be described as "devouring", since banks require creditors to pay back money that has never been created, that has never been put into circulation. (Banks create the principal they lend, but not the interest.) It is therefore mathematically impossible to pay back all loans; the only way for the economy in such a system to keep going is to borrow again to pay the interest, which creates un repayable private and public debts.
What was the exact wording of this text about the monopoly of credit? One cannot know, since there is no mention of it in the encyclical. Was it suppressed in Fribourg in the final draft sent to Rome? Was it stolen between Fribourg and Rome, or between its arrival in Rome and its delivery to the Sovereign Pontiff? Or was it Pope Leo XIII who decided to put it aside? Father Drinkwater raises these questions, but gives no answer.
End of quote.
This scandal is producing absurd situation as in Canada (see 2 graphs below)
And finally,
Let us quote Mackenzie King, while he was campaigning, in 1935, to become Prime Minister of Canada: "Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile."
http://www.michaeljournal.org/images/croisdet2.gif
http://www.michaeljournal.org/images/debtcan.jpg
YJ:
We thank you for this interview with us, Mr. De Siebenthal; you are assured of our prayers and support for you and your family.
FS:
You are welcome, be assured of our prayers as well, and all the best to you. If you need any further information, please do not hesitate to ask me.
PS:
One reason of the crisis, the war between Us and Asian secret societies, see Fulford on internet.
www.prisonplanet.com/china-blames-wall-street-meltdown-on-fed-overissuance-of-currency.html
www.iamthewitness.com/Benjaman-Fulford.html
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Présent :
La femme est, comme toujours, l'avenir de l'homme, et réciproquement.
Si qua fata sinant...:-) http://www.union-ch.com/file/portrait.wmv
www.suisse-plus.com http://www.non-tridel-dioxines.com/
http://www.m-c-s.ch/ et www.pavie.ch/mobile www.pavie.ch
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French and European President Nicolas Sarkozy is asking ti list and punish all responsible crooks. We can begin with the people who stole M. Joseph Ferraye billions of $, and among them M. Dominique Strauss Kahn, aka DSK, the director of the IMF.
Stripped of his rightful revenue by his Notary Pierre MOTTU with the connivance of Lawyers, Marc BONNANT and Dominique WARLUZEL, in Geneva – these swindlers have diverted tens of billions of Dollars. Of course, playing their part in this misappropriation of capital, are UBS SA and CREDIT SUISSE GROUP and its President Rainer E. GUT Inventor of the extinction and capping systems used to extinguish the burning Kuwaiti oil wells, Joseph FERRAYE is the victim of the embezzlement of US$ 34'000'000'000.- initiated by the French Government with the complicity of the Geneva Judiciary Authorities (Switzerland).
Pierre MOTTU is the "Notary", sworn-in by the State of Geneva, who was actively involved in the embezzlement of US$ 34'000'000'000.- which should have been rightfully destined for Joseph FERRAYE for his invention (see previous dossier).
This false individual, a professional defrauder, does not like his misappropriations to be denounced in the public arena.
The 9 February 2005, this corrupt notary filed a legal complaint against the Webmaster of GOOGLESWISS.COM.
...
In response to the above, a counter claim was made to the Public Ministry of the Confederation on 16 July 2005. The "wolf" made the mistake of leaving his lair...
It is a little known fact that at least ninety percent of the money invested in the stock market is used for speculation only.
A cartoon to explain some facts...
Two British comedians explain the subprime crisis: :D
http://www.youtube.com/watch?v=SJ_qK4g6ntM
http://www.scribd.com/doc/2459824/The-Subprime-Primer
http://bigpicture.typepad.com/comments/2008/02/how-subprime-re.html
The tetxt of the cartoon...
The Subprime Primer
(source unknown so I can't credit it)
Scene I: At the Mortgage Broker's
ACE MORTGAGE BROKERS
"We Make Your Dreams Come True"
Customer: Gee, I'd like to buy a house but I haven't saved any money for a downpayment and I don't think I can afford the monthly payments. Can you help me?
Broker: Sure! Since the value of your house will always go up, we don't need downpayments any more! And as for being able to afford the payments, that doesn't matter either—we can give you a really low interest rate for a few years. We'll just raise it later on, okay?
Customer: Sure, no problem. Umm, there's one other thing . . . my employer is a real prick and might not verify my employment. Would that be a problem?
Broker: Nope. We can get you a special "Liar's Loan" and you can verify your own employment and income!
Customer: You guys are awesome! You are really willing to work with guys like me.
Broker: Well, we don't actually lend you the money—a bank will do that—so we don't really care if you replay the loan. We still get out commission.
Customer: Wow! Let's get started!
Scene II: A few weeks later, at the Bank . . .
FIRST BANK OF BANKLAND, Inc
"Open Your Christmas Club Account Today"
Loan officer: I'd better get rid of these crappy mortgage loans. They are starting to stink up my office. Thankfully the really smart guys in New York will buy them and perform their financial magic. I'll call them right away!
Scene III: Down Wall St
RSG INVESTMENT BANK OF WALL STREET
"Trust the Really Smart Guys for All Your investment Needs"
Investment Banker Boss Guy: Phew! We'd better get rid of these crappy mortgages before they start attracting flies.
Securitised Loan Analyst: But who would buy this crap, Boss?
Investment Banker Boss Guy: I've got it! First, we'll create a new security and use these crappy mortgages as collateral. We'll call it a CDO (or maybe CMO). We can sell that CDO to investors and promise to pay them back as the mortgages are paid off.
Securitised Loan Analyst: But crap is crap isn't it? I don't get it
Investment Banker Boss Guy: Sure, individually these are crappy loans, but if we pool them together only some of them will go bad—certainly not all of them. And since housing prices always go up we really have very little to worry about.
Securitised Loan Analyst: I still don't get it
Investment Banker Boss Guy: The new CDO will work like this: it will be made up of three pieces (or "tranches") and we'll call them "The Good", "The Not-So-Good" and "The Ugly". If some of the mortgages fail, as surely some might, we will promise to pay investors holding the "Good" tranche first. We'll pay the "Not-So-Good" investors second, and the "Ugly" investors last.
Securitised Loan Analyst: I'm starting to get it. And because the "good" investors have the least risk, we'll pay them a lower interest rate than the other guys, right? The "No-So-Goods" will get a better interest rate and the "Ugly" guys will get a nice fat interest rate.
Investment Banker Boss Guy: Exactly. But wait—it gets better. We will buy bond insurance for the "Good" piece. If we do that, the rating agencies will give it a really good credit rating, in the AAA to A range. They will likely give the "Not-So-Good" piece a BBB to B rating, still pretty good. We won't even bother asking them to rate the "Ugly" piece.
Securitised Loan Analyst: So you have managed to create AAA and BBB securities out of a pile of stinky, risky mortgage loans. Boss, you are a genius!
Investment Banker Boss Guy: Yes I know.
Securitised Loan Analyst: Okay, who are we going to sell the three pieces to?
Investment Banker Boss Guy: The arseholes at the SEC won't let us sell this stuff to widows and orphans, so we'll sell it to our sophisticated institutional clients.
Securitised Loan Analyst: Like who?
Investment Banker Boss Guy: Like insurance companies, banks, small towns in Norway, school boards in Kansas—to anyone who is looking for a high-quality safe investment.
Securitised Loan Analyst: But surely no-one would buy the "Ugly" piece, would they?
Investment Banker Boss Guy: Of course not—nobody is that stupid. We will keep that piece and pay ourselves a handsome interest rate.
Securitised Loan Analyst: This is all great, but since we are only using the smelly mortgages as collateral on an entirely new security, we haven't really gotten rid of them. Don't we have to show them on our balance sheet?
Investment Banker Boss Guy: No, of course not. The guys who write the accounting rules allow us to set up a shell company in the Cayman Islands to take ownership of the mortgages. The crap goes on their balance sheet, not ours. The fancy name for it is "Special purpose Vehicle" or SPV.
Securitised Loan Analyst: That's great, but why would they let us do that. Aren't we just moving the crap around?
Investment Banker Boss Guy: Sure, but we have convinced them that it is vitally important to the health of the US financial system that investors not know about these complex transactions and what is behind them.
Scene IV: Let's drop in to see the accountants . . .
OFFICE OF THE CZAR OF ACCOUNTING
"No nit Too Small To Pick"
Concerned investor and citizen: Sir, as an investor and a concerned citizen, I demand that you force our financial institutions to show greater transparency and openness in their financial reporting!
Accountant: Blow me.
Scene V: Telephone call: Gee, we never saw it coming . . .
Norwegian Village Pension Fund Plan Trustee: Hey man, what the hell is up? We're not receiving our monthly payments!
RSG Investment Banker: Yeah, I meant to call you but it's been really crazy around here. It seems that the arseholes who took out the mortgages backing your CDO aren't able to pay them off.
Trustee: Wait a minute! We bought the Triple-A rated "Good" piece of the CDO. You know, the safe one. We're supposed to be getting paid first.
RSG Investment Banker: Well, unfortunately the loans were quite a bit crappier than we originally thought and there is very little cash coming in. Frankly, I assure you that we are as disappointed as you are.
Trustee: But you told me that housing prices would always go up and that your borrowers could always refinance their mortgages!
RSG Investment Banker: Yeah that was a bad assumption. We ****ed up, sorry.
Trustee: Bad assumption my ass! What about the AAA rating from the agencies?
RSG Investment Banker: They ****ed up too.
Trustee: But this security was insured! What about the insurers?
RSG Investment Banker: Are you kidding? There's no way they have enough money set aside to cover this mess. They ****ed up.
Trustee: Well that's just great, arsehat! What am I supposed to tell my villagers?
RSG Investment Banker: Tell them you ****ed up.
Trustee: **** you.
RSG Investment Banker: **** you.
THE END
The Home Mortgage Meltdown: The Real Reasons for the Fannie Mae/Freddie Mac Takeover
by Richard C. Cook
September 11, 2008
Fannie Mae and Freddie Mac, the twin giants of the home mortgage industry, own or guarantee assets of $5.3 trillion, almost half of the $12 trillion housing market in the U.S. These assets have been disappearing in value due to the collapse of the housing bubble.
Fannie and Freddie are government-chartered corporations. They are shareholder-owned companies required by their charters to provide low-cost capital to the mortgage industry, supposedly to further the American dream of home ownership. In recent years, as the housing bubble inflated and the mortgage industry extended more and more credit to marginal purchasers through the use of "exotic" lending instruments, Fannie and Freddie followed suit.
Many in Congress were skeptical they were overextending themselves. So they hired lobbyists. According to a September 9 report by Allan Chernoff, CNN senior correspondent, they spent $174 million in the last ten years lobbying Congress "to ensure the political climate would remain friendly." That averages out at $297,435 per senator and representative. No wonder Greg Palast titled one of his books, The Best Democracy Money Can Buy.
Under the takeover being engineered by Secretary of the Treasury Henry Paulson, the government will oversee operations through a "conservatorship." It's a fancy name for bankruptcy. Taxpayer money will be used to inject new capital into Fannie and Freddie's operations, since, having lost so much on bad loans, they are broke.
How will it work? According to the Washington Post's Steven Pearlstein:
"Under the deal they could not refuse, Fannie and Freddie directors and top executives will lose their jobs. Shareholders will lose their dividends, voting rights, and most of their ownership stake, while agreeing to pay dearly for the government's money and backing. Left unharmed will be holders of trillions of dollars in Fannie and Freddie debt -- or securities backed by mortgages that Fannie and Freddie have insured against default -- who will get all their money back, with interest."
Protection of debt holders is the key, because this includes foreign governments like China, as well as sovereignty funds, mutual funds, and pension funds worldwide. If these international investment sources dry up, the U.S. could no longer finance its enormous fiscal and trade deficits. It's the Armageddon scenario.
Thus within the overall context of the debt-based financial system run by the Federal Reserve, Fannie Mae and Freddie Mac are the most important business entities in the U.S.—more so than Exxon-Mobil, Microsoft, General Motors, GE, or IBM.
Big companies like Exxon-Mobil at least have tangible assets they use to produce real goods and services. But the financial industry—including Fannie and Freddie—have only pieces of paper that represent someone's ability to make payments in an economy going downhill, with thousands of people losing their jobs daily.
For the last decade, the U.S. economy has been built on a foundation of housing debt as its financial engine. It's a foundation of sand. The lunacy has been a long time coming, though the "rest of the story" is little known, even to experts.
You see, decades ago, the international financial elite which runs the Western world decided that the U.S. would no longer be allowed to maintain its status as the world's greatest industrial democracy.
Because the planners have always worked in secrecy through such groups as the Council on Foreign Relations, The Trilateral Commission, and the Bilderberg Group, sources are sketchy. But the information is there if you look.
The roots of the plan go back to post-World War I days, when the U.S. was making money hand-over-fist by collecting on loans made to the European World War I combatants. The financial elite, including the American Rockefellers, financed the Bolshevik Revolution in Russia. They also began to lay plans to eventually merge the U.S. with the Soviet Union in a one-world communist government.
To prepare the American mind, such non-profit groups as the Carnegie Institute, the Rockefeller Foundation, the Ford Foundation, and the Guggenheim Foundation sought to influence the U.S. educational system in favor of collectivist ideals rather than those based on the Declaration of Independence and the U.S. Constitution. The blueprint for dumbing down the masses through collectivist propaganda was provided by the Tavistock Institute of Great Britain.
Necessary for the changes in store for mankind was an environment of perpetual warfare as the only way people would accept state terrorism as "normal." In other words, there always had to be an enemy to frighten people into voluntarily giving up their rights and accepting the legitimacy of a slave society. Key to slavery was a financial system based on debt, because, after all, it was the financiers who were the architects and expected beneficiaries of the planned system.
During the 1930s and 1940s, in order to defeat Nazi Germany in World War II, the United States built an economic powerhouse that resulted in full employment and a high standard of living. But by the 1960s and 1970s, the industrial economy was being dismantled.
The 1970s was the critical decade. The financial elite, working through the OPEC nations as their instruments of change, wildly inflated the worldwide price of oil, driving the U.S. economy into stagflation. To combat the stagflation which they themselves had created, the elite, working through the Federal Reserve and its chairman, Paul Volcker, raised interest rates through the roof, causing the economy to crash.
The U.S. lost much of its producing economy during the recession of 1979-83. Since then, every period of economic growth has been a financial bubble. We had the merger-acquisition bubble of the 1980s, the dot.com bubble of the 1990s, and Alan Greenspan's housing bubble of the 2000s.
The purpose of the housing bubble was to allow George W. Bush to fight his wars of conquest in the Middle East. According to mortgage industry insiders I have interviewed, soon after Bush became president the word went out to begin the wholesale falsification of mortgage applications so people could buy houses who had no business doing so. A push by state attorneys-general to investigate the mortgage fraud was blocked by Bush's Treasury Department.
The bubble resulted in the tremendous inflation of housing and real estate prices that today is unraveling. Housing is still so overpriced, however, that many people can no longer afford to buy a home or can no longer get credit because financial institutions have become so reluctant to lend.
Housing inflation is what has powered the U.S. economy for the last decade. In its heyday it accounted for fifty percent of all economic growth. Take away the housing bubble, and the U.S. economy is dead in the water. That is why the government has taken over Fannie Mae and Freddie Mac. Unfortunately, there are no further bubbles waiting in the wings. When they gave up their homes to debt, the American people gave up the last thing they owned of value.
Obviously the takeover of Fannie and Freddie is a stopgap, probably to keep the economy afloat until after the November presidential election.
What comes next? I cover these and other issues in greater detail in a Special Report entitled, "Election 08: Crime Family Food Fight or Threat to Mankind?" which is available by subscription.
To receive this report, contact EconomicSanity@gmail.com
Interview with Francois de Siebenthal
YJ:
Francois, You are a banker from Switzerland, trained as a professional banker and economist, is that correct?
FS:
Yes.
YJ:
And you've been an economist for how many years?
FS:
For more than twenty-five years.
YJ:
Some textbooks and other sources mislead the people saying that banks lend from the depositors savings. Can you tell us the truth of how this really happens?
FS:
The truth is that credit makes deposits, and not the other way around. This means that for example, more than 90% of the money in circulation was created out of thin air. We can estimate that 99,99 % of the US dollar is created out of nothing. We call that Fiat Money, Ex Nihilo. The problem is that on the whole, they have been using the credit system to sustain the growth of the United States, to conserve the American economy at the cost of the poor of the whole world and even from USA.
Recently the financiers even used the real estate market of the United States to uphold the credit industry. They have created massive amounts of credit (Ex Nihilo from thin air) as loans for real estate, and then sold the American mortgages to investors such as Fanny Mae and Freddie Mac at huge profits. They then used the massive import of funds and savings from all over the world to tell the American people that the value of the American industry is rising all the time. But now we have reached a limit in credibility and it (the American dollar) is starting a downslide. It has lost 60% of its value already since the beginning of the Iraq war. The entire system is a lie, and it is causing a massive lack of confidence, and of faith…
When credit is created just to sustain the virtual growth of the economy, there are various ways to get out of it. One of them would be to create a general war with millions of victims, or a bloody revolution, or even a credit crunch such as Japan experienced with its liquidity trap and massive depopulation, or then again, a general collapse of the economy such as in1929.
YJ:
So this is their solution?
FS:
Yes, from my point of view the International bankers are planning new wars and revolutions. I think that the best solution would be to do as the poor people of the US did in 1929; establish local banks with 6,000 local currency systems. We can improve all those local systems and coordinate them, like a franchising chain of free and open local banks sharing the same values and open to all people of good will.
You can find such a proposition at www.pavie.ch with all the details on how to function as it already does in some poor countries.
The dollar will collapse for sure, and you need to persuade everyone to start local systems, improved LETS (Local exchange systems) with dividends and compensated discounts ( see "social credit" on internet). In fact, the dollar is collapsing faster now; its value is going down all the time. For instance, when I began in the banking business the dollar was nearly four Swiss francs to one dollar. Now it is one Swiss franc to one dollar. So it is, in fact, a massive inflation. If a Swiss, for example, wants to buy a Chevrolet, he must convert it to cheese, watches, machinery and other goods. If an American wants to buy a Swiss watch, he pays in dollars. And what is a dollar? It is a piece of paper on which is printed, "One dollar: in God we trust" or just some bits in computers.
YJ:
Do you think that the reason they want the US dollar to collapse in the United States is because they want to change the dollar for the Amero?
FS:
Yes. What they are doing is the same as they did in 1929. The banks print and open more credits to buy more assets very cheap, that way they control most of the people and you can do nothing without their consent. The Patriot Act is a method to dictatorship. They suddenly want to change all notes and put RFID devices in all the currency.
YJ:
What do you think of people who say we should exchange US dollars to Euros or Japanese Yens?
FS:
If the dollar is collapsing and the same people are behind the Euro or the Yen, it will come to the same conclusion. Let's speak about the Japanese Yen. In Japan there is a big, big problem with the population. One third of the Japanese population will disappear before 2050, It is already beginning. There will be a massive depreciation in the real estate markets and this will create a huge crisis, even bigger than the United States, because the Japanese will not allow immigration. The only solution I can foresee for the Japanese is a massive drop in the price of properties. Already I have information from Japan that they are pushing to establish euthanasia. You know the situation is nearly a war, a war against the weakest in society. They are buying a lot of robots to cope with this trend. The real truth is that they want a massive reduction in the population; by the billions…
Julian Simon said in his book " the ultimate Resource 1" that he was paid by those people to prove that Earth was overpopulated, but he wrote books and articles proving exactly the opposite.
The Ultimate Resource (now The Ultimate Resource 2) and Population Matters discuss trends in the United States and the world with respect to resources, environment, and population and the interactions between them. Simon concludes that there is no reason why material life on earth should not continue to improve, and that increasing population contributes to that improvement in the long run. Those popularly-written books develop ideas positive and foresaw the falling natural resource prices, increased world oil supply, and decline in farmland prices. His view of population economics is unique and persuasive. Discussion covers resources, environment, population growth and his analytical methods.
As said on Amazon, Julian L. Simon is the world's greatest contrarian's. The Ultimate Resource 2--an update, not a sequel, despite the title--skewers the sacred cows of environmentalism, population control, and Paul Ehrlich. In the contest between resource scarcity and human ingenuity, Simon bets the farm on the ability of intelligent people to overcome their problems. Thankfully, he is not a theorist. This book lays out convincing empirical evidence for Simon's prediction of a prosperous future. The key to progress is not state-run conservation programs, he says, but economic and political freedom. Only then can talented minds properly apply themselves to our earthly dilemmas.
To read this book, see this link.
http://www.juliansimon.com/writings/Ultimate_Resource/
He wrote in his book "Population's matters" how he was ostracized by the "rulers" of the new world disorder.
Play list for all Julian L. Simon 's videos. http://www.youtube.com/view_play_list?p=DDAF5AC211C1A0AE List of all videos http://www.youtube.com/watch?v=uLQoa_FA_zo http://www.youtube.com/watch?v=xSQw4X5ET-ohttp://www.youtube.com/watch?v=GKrmtxTclfo http://www.youtube.com/watch?v=Zn6zo8MOuwQ http://www.youtube.com/watch?v=M7P6QLQiSBIhttp://www.youtube.com/watch?v=jLdNMzcgTaY
www.ideachannel.com for more «
The members of those Clubs hate poor peoples. Most of these wealthy "New World Order people" are racist, in fact racists of the worst kind. They condition people to believe that our Earth is overpopulated. The poor are corralled like cattle into big cities such as Mexico, to control them and to prove they are right. But in fact, the rest of the Earth is empty. The world is huge and we can feed more people. Ramses of Egypt had this way of thinking and he killed all the male Jews. Now we have "white" bankers living in New York, London and Paris doing the same well-paid job; killing millions or even billions of aborted-children by (financial soft Gulags) to earn billions of dollars.
You should also all see the film: " Freedom to Fascism" from the Filmmaker Aaron Russo who has exposed his first-hand knowledge of the elite global agenda during a video interview and live on Alex Jones' nationally-syndicated radio show.
Nick Rockefeller told Russo about the plan to microchip the population, ( see Bilderberg and micro-chip on internet) warned him about 'an event that would allow us to invade Afghanistan and Iraq' some eleven months before 9/11 and foretold the fact that the 'War on Terror' would be a hoax wherein soldiers would be looking in caves for non-existent enemies. Rockefeller also tried to recruit Aaron Russo to the Council on Foreign Relations during the tenure of their friendship. Now, a picture send by the Russo family verifies that friendship and strengthens evidence of the global agenda which Rockefeller related to the filmmaker so frankly during their private conversations. Russo goes in-depth for first time on the astounding admissions of Nick Rockefeller, including his prediction of 9/11 and the war on terror hoax, the Rockefeller's creation of women's lib, and the elite's ultimate plan for world population reduction and a micro-chipped society Aaron Russo joins Alex Jones for a fascinating sit-down in depth video interview on a plethora of important subjects. In the full interview, available on Google Video, Aaron begins by describing how the draconian and mafia tactics of Chicago police woke him up to the fact that America wasn't free after his nightclub was routinely raided and he was forced to pay protection money. Aaron and Alex then cover a broad range of topics including the private run for profit federal reserve, Aaron's experience in the late 80's with the IRS when they retroactively passed laws to punish silver and gold traders, the real meaning of the word "democracy," what really happened on 9/11 and Aaron's relationship with Nick Rockefeller, who personally tried to recruit him on behalf of the CFR. Aaron also relates how Rockefeller told him that the elite created women's liberation to destroy the family and how they want to ultimately microchip and control the entire population. Rockefeller also told Russo, before 9/11, that an unexpected "event" would catalyze the U.S. to invade Afghanistan and Iraq. After you watch this, please check out the full 69-minute interview. Here's the link: http://video.google.co.uk/videoplay?docid=5420753830426590918
Plus most lies about the CO2 pollution, see: http://video.google.fr/videoplay?docid=-4123082535546754758
YJ:
Can you explain to us briefly, how money is created today and how it should be created? Then maybe we can speak about interest.
FS:
In the United States most of the money as credit bearing interest is created by the Federal Reserve Board and other private banks. The Federal Reserve is about as Federal as the Federal Express. That means that it is a private company owned by a few people. I have a list of about 12 families who are the shareholders that own the Federal Reserve. These people are using this private business for their own personal gain to generate private profits of trillions ( sic, trillions) of dollars if you add all amounts generated every year since Christmas 1913, sums hidden in various foundations and trusts in tax heaven "paradises". Wars are more "profitable" for them ), and not for the benefit of the American people. And on the credit base, which is called let's say M zero, you have a massive creation of money, and this credit is based on nothing. Alan Greenspan said that they create the money out of thin air. You have the statistics published by the Federal Reserve board. But those figures of M3 have been kept secret since 2006. We don't know how much the Federal Reserve, which is a private company, is allowing and emitting credit to the other banks or other financial vehicles.
A few months before his assassination, President John F. Kennedy was summoned by his father Joseph to the lobby of the White House. He said to him, "If you do this, they will kill you!" But the President did not deter. On June 4, 1963, he signed the Executive Order number 111 110, repealing the Act and Executive Order number 10,289, calling the production of banknotes into the hands of the state and depriving the cartel of private banks a large part of their power. After $4 billion in U.S. dollars in small denominations called "United States Notes" had already been put into circulation, and while the state was preparing to deliver larger cuts, Kennedy was assassinated on November 22, 1963. This happened 100 years after Lincoln, who had created debt free "Greenback" notes for the United States as well, was murdered by a sniper. Kennedy's successor Lyndon B. Johnson suspended the printing of the notes for an inexplicable reason. The twelve Federal Reserve banks withdrew the Kennedy banknotes immediately from circulation and exchanged them with their own acknowledgments of debt. A few of those notes are still in the hand of Imelda's Marcos because her husband was trying too to escape the system.
And now, with the sub-prime crisis, they are printing millions or trillions of dollars but we don't know exactly where the money is going, or they are going to sustain banks that are in bankruptcy. Crooks are sustaining crooks. And of course, all of this money is created with an interest rate. This interest rate is imposed on the American population mainly through taxes, on the backs of the poor. (See the LTCM 3 Trillion dollar scandal under Clinton and many others). The poor all over the world cannot eat; they are starving. And the worse problem that babies are not even allowed to live!
Their goal is to have fewer people that are more easily controlled with laws more and more stupid, such as Monsanto, which patented pigs or plants and ruin farmers to push up prices of food by making believe that they want good of humanity...
See some of Ron's Paul arguments
http://video.google.com/videoplay?docid=9109517933122868133&q=&hl=fr
The more than one trillion dollars in default, created out of nothing, now as 99,999% of all currency is currently in circulation (SIC).
There is the danger of inflation denounced by Irving Fisher who already complained in 1933 that the issuing of currency belongs to a multitude of irresponsible private agents.
The Fed began with approximately 300 people or banks that became owners (stockholders purchasing stock at $100 per share - the stock is not publicly traded) in the Federal Reserve banking system. They make up an international banking cartel of wealth without comparison. The Fed collects billions of dollars in interest annually and distributes the profits to its shareholders. The Congress illegally gave the Fed the right to print money (through the Treasury) at no interest to the Fed. The Fed creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The Fed also buys Government debt with money printed on a printing press and charges U.S. taxpayer's interest. Many Congressmen and Presidents have said that this is fraud.
McFadden , Chairman of the House Committee on Banking and Currency from 1920–31, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee, McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses.
McFadden said:
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. These twelve private credit monopolies were deceitfully and disloyally foisted upon this country by the bankers who came here from Europe and repaid us for our hospitality by undermining our American institutions...The people have a valid claim against the Federal Reserve Board and the Federal Reserve banks.
http://www.afn.org/~govern/mcfadden_speech_1932.html
McFadden was killed, as Kennedy, as Lincoln, as many opponents in history to all those usurious systems.
"Quid prodest scelus, is fecit"
"The one who takes profit from the crime has done it"
Those who have taken huge benefits ( trillions of $) from the crimes have done them or paid the hit mans who have done those assassinations, a word coming from Hashish, The Hashshashin or also Hashishin, Hashashiyyin, Hashasheen or Assassins, a copy of the sicarii, or the true terrorists.
Kennedy was against those secret societies acting in the US government.
"The presidential office has been used to establish a conspiracy to destroy the freedom of the American people, and before leaving this office, I must inform the citizens of this critical condition."
Kennedy just 10 days before he was killed. University of Columbia, 12th Nov. 1963.
JFK SPEACH ON SECRET SOCIETIES ( Illuminati)
John F. Kennedy Speech. 01:35
http://www.youtube.com/watch?v=zlghYpDx0f4
The same who paid to make disappear the most destroyed text in history, the encyclical "Vix pervenit", the text stating what are good and bad contracts in business.
http://www.ewtn.com/library/ENCYC/B14VIXPE.htm
http://en.wikipedia.org/wiki/Vix_Pervenit
Who actually owns the Federal Reserve Central Banks? The true ownership of the 12 Central banks, a very well kept secret, has been partially revealed. This is the list of some names:
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam and
Chase Manhattan Bank of New York
These bankers are all connected to London Banking Houses in the totally free City which ultimately control the Fed. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt.
The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank.
First National Bank of New York, James Stillman
National City Bank, New York, Mary W. Harnman
National Bank of Commerce, New York, A.D. Jiullard
Hanover National Bank, New York, Jacob Schiff
Chase National Bank, New York, Thomas F. Ryan, Paul Warburg, William Rockefeller, Levi P. Morton, M.T. Pyne, George F. Baker, Percy Pyne, Mrs. G.F. St. George, J.W. Sterling, Katherine St. George, H.P. Davidson, J.P. Morgan (Equitable Life/Mutual Life), Edith Brevour, and T. Baker
( source: http://www.rense.com/ufo2/fedrez.htm )
YJ:
Well, I think this interview will help the people to understand a bit more the system and what is happening today.
FS:
It is better to fight now, and create a credit club or a local system with coupons free of interests, as we wrote about in the "Michael Journal" the example of Madagascar and the Philippines, than to take your gun and fight in a new war!
Please, see http://www.michaeljournal.org/localmoney.htm
YJ:
The truth is blinding and people don't see it. They want to see a very complicated system, but in fact the solution is very simple.
FS:
During the Great Depression in the 30's the citizens started 6000 local systems, local credits all over the United States. Tell people to study the history of their country. While they were creating their own credits, the big banks were stopped. Do the same! Improve it with Social Credit systems and dividends to all to share the profits of the robots and the computers !
90 % of the workload will be done by computers and robots, the challenge is how to distribute abundance.
YJ:
Well, I think that's the plan of the Pilgrims of St. Michael, we want to start the local exchange systems all over the world. I know that in Columbia they have several systems that are working very well.
FS:
In the United States, your grandfathers were the organizers of the local systems. Ask them how it was done. You had more than 6'000 systems all over the United States. The WIR system in Switzerland has made our country one of the richest in the world. ( www.wir.ch ) . Just think of what happened in Argentina when the banks collapsed there. That can happen here now as well.
http://www.catholicauthors.org/cgi-bin/rpb455/17104.html?id=8zmNsmDz
Maurice Allais, Professor of Economics at the National School of Mining Engineering in Paris, France and the 1988 Nobel Prize Winner in Economics, had this to say in his book "Les Conditions Monétaires d'une Economie de Marché" (The Monetary Conditions of a Market Economy p. 2):
"In essence, the present creation of money, out of nothing, by the banking system is, I do not hesitate to say it in order to make people clearly realize what is at stake here, similar to the creation of money by counterfeiters so rightly condemned by law. In concrete terms, it leads to the same results."
We need to practice all five Shabbats and Jubilees, every 7 days, weeks, months, years and 49 years ( 7 times 7 years) and fight usury at all levels, because usury kills.
Please, read this extract from Louis Even.
But what about the term "usury practiced under another form" used by the Pope? Does it mean too high an interest rate? If so, of what percentage? Or is it something else, and under what form?
In a book he wrote in 1935, an English priest, Father Drinkwater, identified this "devouring usury under another form" as the monopolization of credit, which was to amount more and more to a monopolization of money, although the workings of this monopolization of credit were stll myserious, at that time, to almost everyone.
Father Drinkwater recorded that a committee based at the University of Fribourg, Switzerland, had prepared some elements for the drafting of "Rerum Novarum", and that among the members of this committee there was at least one person, from Austria, who was well aware of the money question and of bank credit. A text that this Austrian had prepared, and that was apparently approved by the committee, showed clearly how mere bank money — which is created in banks and consists basically of figures written in bank-books and ledgers, and which was already becoming the major monetary instrument for trade and industry — was nothing but the monetization of the production capacity of the whole community. The new money thus created can only be social by nature (belonging to all of society), and not the property of the bank. This new money is social because of its basis: the community, or society, and because it can buy any good or service in the country. The control of this source of money therefore puts in the hands of those who exercise it, a discretionary power over all economic life.
This text of the Austrian expert also showed that banks do not lend their depositors' money, but rather deposits that they create out of nothing simply by inscribing figures in bank-books, and that when banks lend money — no account is diminished in the bank — they do not have to extract one penny from their safes. So the interest charged on their loans is certainly usury: whatever its rate — it is actually more than 100%, since it is interest charged on a capital of zero, nil — the lender (the bank) does not have to do without the money he lends, he just creates it! This usury can rightly be described as "devouring", since banks require creditors to pay back money that has never been created, that has never been put into circulation. (Banks create the principal they lend, but not the interest.) It is therefore mathematically impossible to pay back all loans; the only way for the economy in such a system to keep going is to borrow again to pay the interest, which creates un repayable private and public debts.
What was the exact wording of this text about the monopoly of credit? One cannot know, since there is no mention of it in the encyclical. Was it suppressed in Fribourg in the final draft sent to Rome? Was it stolen between Fribourg and Rome, or between its arrival in Rome and its delivery to the Sovereign Pontiff? Or was it Pope Leo XIII who decided to put it aside? Father Drinkwater raises these questions, but gives no answer.
End of quote.
This scandal is producing absurd situation as in Canada (see 2 graphs below)
And finally,
Let us quote Mackenzie King, while he was campaigning, in 1935, to become Prime Minister of Canada: "Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile."
http://www.michaeljournal.org/images/croisdet2.gif
http://www.michaeljournal.org/images/debtcan.jpg
YJ:
We thank you for this interview with us, Mr. De Siebenthal; you are assured of our prayers and support for you and your family.
FS:
You are welcome, be assured of our prayers as well, and all the best to you. If you need any further information, please do not hesitate to ask me.
PS:
One reason of the crisis, the war between Us and Asian secret societies, see Fulford on internet.
"The amount of money that has been put into the market can not fundamentally save the market," said Xiaolie, adding that the move was merely part of an agenda to "regain the trust and justify future further intervention in the economy."
On Wednesday, China's official People's Daily newspaper, the voice of the ruling Communist party, said that the US had unleashed economic "weapons of mass destruction" and set off a "financial tsunami" by allowing Wall Street lenders to trade in subprime debts and unstable financial derivatives, according to a Press TV report.
China has previously threatened to liquidate its vast holding of US treasuries, amounting to $1.33 trillion, if Washington imposes trade sanctions to force a yuan revaluation. The Communist power has also repeatedly expressed its anger at the Fed's indifference to the weakening dollar. If China were to dump the dollar it would likely set in motion a chain of events that would lead to a collapse of the greenback.
www.prisonplanet.com/china-blames-wall-street-meltdown-on-fed-overissuance-of-currency.html
www.iamthewitness.com/Benjaman-Fulford.html
SOURCES
Chaobao Financial News: http://www.usqiaobao.com/zhuanlan/2008-07/24/content_127956.htm
China Finance: http://www.caijing.com.cn/2008-09-18/110013626.html
China News: http://www.fywj.gov.cn/Article.asp?id=3219
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