Do We Really Need To Audit The Federal Reserve?

Published on Jul 31, 2012 by BenSwannRealityCheck

Ben Swann Reality Check takes a look at history and present activities of the Federal Reserve Bank and whether the Fed needs to be audited.

.

UHM – JESUIT MERCHANTS RULE THE BANK OF ENGLAND + AUDIO

May 4, 2012 19:01 THEUNHIVEDMIND

Here is supposed know-it-all David Wilcock on this video claiming that the Rothschild’s control the Bank of England.

The same old tired and false story on and on.

UHM – JESUIT MERCHANTS RULE THE BANK OF ENGLAND

By The Unhived Mind 04th May 2012

LISTEN (To the article)

MP3 FORMAT (6 MEG):

Right click, save as..

The Rothschild’s only have the Bank of England because the Jesuit Order allowed this to happen. Britain was under the Jesuit thumb since the late 18th Century. The Cecil family became subordinate to the Jesuits no later than this and some would say the Cecil loyalties were lacking in the beginning of the 17th Century. This showed as King James I was bought into power over the son of Elizabeth Ist which came from the union of the Queen and Edward De Vere. The Cecil family had the son of that union destroyed and killed, they fitted him up with charges of trying to remove the Monarchy when in fact he was trying to remove the Cecil family. The supposed Puritan-Christian Cecil family soon enough had the Geneva Bible 1560/99 destroyed and replaced with the King James Authorized 1611 Bible. That was the first phase of the destruction of Christianity and veiling of exposure of the Catholic Church. All those wonderful footnotes and more removed from the public realm entirely. The Geneva Bible became banned in the Nation by King James I himself. This should ring alarm bells but it does not mean that the King James Authorized Bible is wrong to follow to a point but the facts are its missing information of the Geneva Bible.

The Cecil family have been controlled in the region by the Pallavicini family of far greater power and who really funded Queen Elizabeth’s war machine. Other families of great power in the region are of course the Catholic Howard and Percy families along with the Powell family. You will find a lot of Powell’s have been connected with The Worshipful Company of Mercers. It took many years for the Germanic Bauer family to gain acceptance from the Cecil family of England. Eventually they earned the respect of the Cecil family and a scion was formed. The blood of both families including the Goldschmidt came about such as the line which Kate Middleton is descended from and why she is the wife of Prince William who himself is a Medici, Sforza, Stuart and Guelph.

When the Jesuits were suppressed by the Pope in 1773 they used their covert power over England to have the Rothschild family guardian over the Jesuit South American reductions wealth. The Jesuits could not store this wealth in any Catholic banking house otherwise it would be stolen since the Order was to be destroyed. This is one of the reasons the Jesuits have a stronghold in the United States as the suppression of the Order helped them hoodwink the Reformation Nations even further as you can imagine. What the suppression did do was make the Jesuits even more angry and certainly made them never want to be loyal in the slightest to the Catholic Church again. It was time to take over the Catholic Church which started in 1814 and was totally complete by 1870 when the Pope was made Infallible. The Jesuits forgot the Holy See generosity of the earlier 14th Century when the Pope allowed a few of these then Knights Templars to survive and live in Aragon. I believe this was why the Jesuits were quite loyal to the Church prior to the 1773 suppression. The Templars could not continue in Aragon under that old title but of course could become something new. These Aragon Templars became the Order of the Calatrava and Order of the Montesa not to forget the Los Alumbrados meaning the illuminated ones. The current Grandmaster of the current Calatrava and Montesa is Emperor Juan Carlos of the New Holy Roman Empire.

Since this takeover by the Jesuit Order through their 1776 creation of the Order of the Bavarian Illuminati using Giuseppe Balsamo and sheep-dipped Jesuit Adam Weishaupt. The Rothschild’s eventually became the Guardians of the Vatican Treasury all thanks to the Jesuit Order. The Rothschild’s used the Illuminati Napoleon as an aid in the take over of the Bank of England which had been created by The Worshipful Company of Mercers. This was to take over of the City of London from the Holy See and the Knights of Malta. The Holy See having controlled the region for a very long time and having handed the control of the region to the Knights Templar in 1215. This had been taken away by the Holy See in 1312 with the Ad Providam Papal Bull. So as you can see with a logical thinking mind, the Jesuits have bought back the control of the City of London under the Knights Templar continuum of themselves being the ancient Aragon continuum of the original Order.

The Knights of Malta have never been favourites of the Jesuit Order who never forgive or forget. This hatred of the Knights of Malta increased even further in 1768 when the Knights removed the Jesuits from the Island of Malta. The Jesuits sought their revenge for this one later on in 1798 using their Illuminati controlled Napoleon. The Jesuits subordinated the Knights of Malta in the same year and that was the true start of the take over of the City of London which was commanded covertly still by the Knights of Malta. Currently the so-called Protestant division of the Knights of Malta are controlled through the Alliance of the Orders of St John Of Jerusalem by the Order of Malta itself. The Order of Malta being the only true Order out of all of them although its claimed they now recognize the others as part of this Alliance.

This all aided the openness of the Order of Malta to return to England as you can see from their Blessed Adrian Fortescue and later Grand Priory of England in 1993. If you look at St John’s Wood where the Order of Malta are based, you will see its the old haunt of the Knights Templar in England since the City of London is a sovereign Nation. If you look at one of the four of the most powerful Order of Malta headquarters in Rome you will see that the Aventine Hill is another old Templar haunt which was their original World Headquarters. The Order of Malta has three main bases of power in Italy with a secret forth base which is ever changing and not known to the public, which leads me to believe this is either thee true WHQ of the Order or one used for secret commanding only.

Now can one understand the true power over the World and the Bank of England? David Wilcox is part of the Jesuit soldier Frederick Copleston SJ created conspiracy theory arena known as the so-called alternative media and set up to purposely control the minds of the more intelligent peoples but divert them elsewhere and namely into Jesuit soldier Pierre-Teilhard De Chardin SJ’s awaiting New-Age Movement pushing the Luciferian Doctrine of the likes of Alice Ann Bailey and Madame Blavatsky. You are correct that its all the same old story these agents of deception give you and its to make you run around on a wheel like a gerbil never getting to the real end or facts of the matter.

Rothschild’s are part of the problem but not thee problem they are Sabbatean Frankist hofjuden of the Jesuit controlled Papacy. The perfect example of this is Jesuit trained Shimon Peres the most powerful Sabbatean Frankist in Israel who is so loyal to the Vatican its amazing. Why would Shimon Peres and his minions give away East Jerusalem to the Vatican in 1993 via Cardinal Ratzingers Oslo Accords? You know the Accords aided by Georgetown University trained William Clinton in Jesuit Washington D.C. The land belonging to the Catholic, Pope and Carroll families being part of Virginia and Maryland giving you Virgin Mary and being known as Rome in 1663 property records. Ask yourself why do those in Israel who oppose the Oslo Accords get whacked or suppressed if they are the supposed power? Enough said, the New Holy Roman Empire rules the World its just that simple. Israel is being destroyed by the same Jesuits from the inside out using groups like The Van Leer Jerusalem Institute which is connected with the Beit HaNassi where Pere’s dwells funny enough.

Emperor Juan Carlos of the New Holy Roman Empire and Evelyn De Rothschild control your physical being which is your land or your will. They also control your soul and it is all done through the Crown Temple in the City of London connected with the Bank of England. As soon as you are born on Earth if there is a Marriage Certificate they have control over you. If there is not a certificate of marriage but the child is registered to a Birth Certificate then they once again have control over you. The Vatican claims control over you regardless if you study hard enough. The birth certificate ties you into the Cestui Que Vie Act 1666 and the Vatican Canon Law based Admiralty Law system thats been in place usurping our law of land known as Common Law since 1933. The real push for the Merchant takeover of our lands occurred from 1870 onwards when many definitions of words were usurped with admiralty definitions. Admiralty Law comes from the ancient Phoenician Empire but was perfected by the Roman Empire.

The Cestui Que Vie Act 1666 goes back the real root of the problem stemming from 1302 with the signing of the Papal Bull Unam Sanctam by Pope Boneface VIII. Also look up the Papal Bull Aeterni Regis by Pope Sixtus IV in 1481. This my friends is the complete enslavement of your soul and body being the land. The Vatican controls all the land on Earth and its most important land of all is your will which is your body and thus they control your testament being a product of your will. When you are registered a security is placed into the Bank of England of around £1.5 million maybe more today since thats a figure of around three years ago. This is then traded daily with Worldwide banks in a second economy you are not privy too. This secret system is very closely connected with the Universal Postal Union in Bern, Switzerland which is just one corner away from the powerful Papal Nuncio, Archbishop Diego Causero at the Vatican Embassy.

You have become a minor shareholder in the U.K Plc but you have no chance of claiming your dividend. This security raises profits which collect over the years of your life. When your will expires as you die then the Escheat Law is bought into play to take all of that security and profit into the hands of the City of London aka New Jerusalem. Your family never ever know about it and certainly never get a penny of the seriously large sum made. All whilst you were born into slavery working for pittance and struggling to live a decent life. Especially from now on as we enter the zero growth post industrial society plan signed in by then U.S. President Jimmy Carter. You will be lucky to be able to claim unemployment benefits and forced to jump through hoops to do so and all for a measly £67.50 per week to live on in the new peasant ville society fully controlled through the front United Nations as time goes by.

This control of the Bank of England through The Worshipful Company of Mercers is what controls the global economy. The U.S. economy is fully controlled by the Mercers and Bank of England and has been since 1868 onwards some might say since 1861 when America was turned into a corporation by Lincoln to try to pay off the Mercers for the Virginia Company of London debts for the original Settling of the region. The Jesuits using both Privy Councilors Roundell Palmer and Edward Stanley had Lincoln’s death warrant signed and executed through the payment of Catholic, John Wilkes Booth through the Bank of Montreal based in Jesuit controlled Quebec. Wilkes was paid £60 for the assassination and he is an ancestor of Catholic, Cherie Blair the current wife of Knight of Malta, Tony Blair the Catholic crusading war criminal closely tied to the controllers of the Directorate for Intelligence division of the Central Intelligence Agency known as the Deutsche Verteidigungs Dienst the Nazi continuum and major drug trafficking operator for the House of Bourbon and The Worshipful Company of Apothecaries. The City of London control the U.S. Economy through TheCityUK run by Stuart Popham of the Royal Institute for International Affairs.

TheCityUK controls the Exchange Stabilization Fund commanding the Federal Reserve of New York, World Bank and the International Monetary Fund the latter of which deals with the Nations bankrupted as of 1933. TheCityUK controls the U.S. Treasury which commands all three of those organizations through the Exchange Stabilization Fund. No different to how TheCityUK commands the economies of the Middle East through the Middle East Association fronted by Charles Hollis. A powerful family connected to the City of London control of the United States is the Spring family who took over in the region from the Payseur family who were the French Royal family continuum after the French Revolution. That line is now divided between three other families less significant in the merchant realm to the Spring’s. Welcome to New World Order!

Source

Moody's downgrades 15 major banks

21 June 2012 Last updated at 18:12 ET

Citigroup and HSBC were among the banks downgraded

The credit ratings agency Moody's has downgraded 15 banks and financial institutions.

UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC.

In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down.

BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially.

"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement.

The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.

Moody's said it recognised, "the clear intent of governments around the world to reduce support for creditors", but added that they had not yet put the frameworks in place that would allow them to let banks fail.

Some of the banks were put on negative outlook, which is a warning that they could be downgraded again later, on the basis that governments may eventually manage to withdraw their support.

The most interesting thing about the Moody's analysis is that it, in effect, creates three new categories of global banks, the banking equivalent of the Premier League, the Championship and League One”

Robert Peston

Business editor

In a statement, RBS responded to its downgrade saying: "The group disagrees with Moody's ratings change which the group feels is backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile."

The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts."

Of the banks downgraded, four were cut by one notch on Moody's ranking scale, 10 by two notches and one, Credit Suisse, by three notches.

"The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director of Southwest Securities.

Source

Obama wants new banking rules put in place soon

May 19, 2012 12:10 PM

WASHINGTON — President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations.

The $2 billion loss has renewed calls by Democratic lawmakers for tougher rules on major financial institutions.

"Without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street's mistakes," Obama said in his weekly media address Saturday. He added: "We've got to finish the job of implementing this reform and putting these rules in place."

Obama promoted rules that would require big banks or financial institutions to have more cash on hand to cover losses and that would take away big bonuses and paydays from failed CEOs.

The president said financial institutions that "aren't cheating customers or making risky bets that could damage the whole economy" have nothing to fear from reforms.

"Yes, it discourages big banks and financial institutions from making risky bets with taxpayer-insured money. And it encourages them to do things that actually help the economy — like extending loans to entrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education," he said.

Though Congress passed the tougher oversight of the financial sector in 2010, the law gave bank regulators time to write the new rules.

One focus of the financial oversight overhaul is a provision that restricts banks' ability to trade for their own profit, a practice known as proprietary trading. It is named for Paul Volcker, a former Federal Reserve chairman. But a draft of the rule has failed to satisfy either banks, which says it would disrupt some of their core functions, or advocates of stronger regulation who say it would have prevented JPMorgan's loss.

In the Republican's weekly address, Wisconsin Sen. Ron Johnson faulted what he called a "do-nothing Senate" under Democratic Majority Leader Harry Reid of Nevada for the frustrations he said he has felt in his 16 months in Congress.

Noting that the Senate hasn't passed a budget in three years, Johnson said House Republicans have fulfilled their responsibilities by passing a budget but that Senate Democrats have not fulfilled theirs.

This past week, the Senate rejected by a 99-0 vote a budget that Republicans offered up based on an Obama proposal in February. Four other budget plans also were voted down.

___

Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/gopweeklyaddress

Source

Spanish Bank Costs May Be Expensive But Manageable - Irish Minister

May 16, 2012, 6:29 a.m. ET

DUBLIN (Dow Jones)--The problems of Spain's banks will be resolved, but the recapitalization bill could be "expensive", Irish Finance Minister Michael Noonan said Wednesday.

"There is an awful lot of concern about the Spanish banking system but the new Spanish government is dealing with it quickly," he said. "My sense is there will be recapitalization requirements made which will be an expensive enough project, but I think it's relatively do-able."

Talking at a Bloomberg investment conference, the finance minister said parallels had been drawn between Irish and Spanish banks because the lenders in both countries had loaned large amounts to construction.

Turning to Greece, he said there is no pressure from the European Union on Greece to leave the euro. But it was now in Greece's "own hands" to decide its future, he said, characterizing the country's current problems a crisis for its democracy, not one of its economic system.

"It's not guaranteed that Greece is going to leave the euro," he said.

Ireland is immune from Greek market turmoil because the economic ties between the countries were weak, Noonan added.

-By Eamon Quinn, Dow Jones Newswires, +35 31 676 2189; eamon.quinn@dowjones.com

Source

4 risky places to swipe your debit card

By Claes Bell • Bankrate.com

Debit cards are different

Would you give a thief direct access to your checking account?

No? Unfortunately, you may be doing just that by regularly using your debit card. Debit cards may look identical to credit cards, but there's one key difference. With credit cards, users who spot fraudulent charges on their bill can simply decline the charges and not pay the bill. On the other hand, debit cards draw money directly from your checking account, rather than from an intermediary such as a credit card company.

Because of that, even clear-cut cases of fraud where victims are protected from liability by consumer protection laws can cause significant hardship, says Frank Abagnale, a secure-document consultant in Washington, D.C.

He cites the example of the The TJX Companies Inc.'s T.J. Maxx data breach that exposed the payment information of thousands of customers in 2007. The incident resulted in $150 million in fraud losses, and much of it was pulled directly from customers' bank accounts. While credit card users got their accounts straightened out and new cards in the mail within a few days, the case created major problems for debit card holders who waited an average of two to three months to get reimbursed, Abagnale says.

While debit card fraud is always a possibility, being careful where you use it can help keep your checking account balance out of the hands of criminals.


Read more

.

Swiss Central Bank Chairman Hildebrand Resigns

01/09/2012

Insider Trading Suspicions

REUTERS

SNB Chairman Hildebrand on Jan. 5, when he broke his silence about his wife's private currency trading.

The president of the Swiss National Bank resigned on Monday amid ongoing suspicions about a lucrative currency trade made by his wife. Philipp Hildebrand said he could not prove he didn't know about the transaction and wanted to protect the central bank's reputation.

For weeks, Philipp Hildebrand had been under fire. And on Monday, he gave in to the pressure, resigning from his post as president of the Swiss National Bank (SNB).

The move, announced in a statement by the central bank, came in the wake of news of a controversial trade made by his wife, former hedge fund trader and Zurich galerist Kashya Hildebrand. She allegedly bought some 400,000 Swiss francs ($418,000) worth of dollars on Aug. 15, three weeks before her husband directed measures to cap the rise of the franc at 1.20 per euro.

In the months prior, nervous investors had fled from the franc, driving the currency exchange rate up and threatening the economy of the export-reliant country. But after the maximum rate was set, it swiftly lost value. When Hildebrand's wife sold the currency on Oct. 4, she reportedly made a profit of some 75,000 francs.

Hildebrand's resignation came as he was about to face questioning by a Swiss parliamentary committee. Not long after the bank's statement was released, he called a press conference in Bern, telling journalists that the previous weeks had been a "difficult time," but that he was proud of his previous work, which included stints at financial institutions in Switzerland and the World Bank.

"I would like to think I have been a damn good central banker," Hildebrand told reporters. "The policy of the central bank was a success in recent years."

Informant Hospitalized

Less than one week ago, Hildebrand broke his silence over the scandal with a press conference, where he denied breaking the National Bank's rules. He also announced he would donate the tens of thousand in profits made from the trade to charity. Though he had previously said he had not been aware of his wife's trade until the day after it was made, on Monday he said he could not prove this.

The confidential Monday session with members of the Committees for Economic Affairs and Taxation was meant to determine whether Hildebrand and his wife may have also made trades from accounts other than the one held at Bank Sarasin, based in Basel, used in the currency trade. Also facing the committees was head of the SNB's supervisory council, Hansueli Raggenbass, who has also come under fire in the scandal, which has authorities questioning transparency at the bank. The SNB cleared Hildebrand of wrongdoing in the matter in December.

The IT employee at Bank Sarasin who leaked details of the trade was fired last week. On Sunday news broke that the 39-year-old informant had been hospitalized after allegedly attempting suicide. In a letter to several Swiss dailies on Monday he said he had not intended for the information to go public.

Swiss National Bank Vice Chairman Thomas Jordan will temporarily take over Hildebrand's position, the supervisory council said in a statement.

kla -- with wires

Source

Latvia’s largest bank fights off depositor run after rumors of imminent collapse

Posted on December 12, 2011

December 12, 2011 – LATVIA – Latvia’s largest bank scrambled Monday to head off a run among depositors who were gripped by rumors of the bank’s imminent ruin. Weekend rumors that Swedbank was facing legal and liquidity problems in Estonia and Sweden sent thousands of Latvians to bank machines on Sunday, with some lines reaching as many as 50 people. Latvians are particularly sensitive to speculation about banks’ health. Latvijas Krajbanka, the country’s 10th largest bank, was nationalized last month after regulators discovered evidence of massive fraud allegedly carried out by the bank’s former owner, Russian businessman Vladimir Antonov. Depositors were deprived of access to their funds for days. And three years ago the country’s second largest bank, Parex Bank, entered technical default and had to be taken over by the government, which in turn forced Latvia to appeal to international creditors and the European Union for a €7.5 billion ($10.5 billion) bailout. Prime Minister Vladis Dombrovskis told journalists that the rumors were spread maliciously with the intent to harm Latvia’s banking system, the Baltic News Service reported. Interior Minister Rihards Kozlovskis said that police have opened a criminal investigation. The rumors were contained to Latvia and did not spread to neighboring Estonia and Lithuania, which also have affiliates of the Swedish-controlled Swedbank. Maris Mancinskis, Swedbank’s Latvian chief, slammed the rumors as “absurd” and said in a statement that the bank was functioning normally and that all deposit holders would have full access to their money via bank machines and branch offices. Mancinskis told LNT television that the rumors started last week and proliferated over the weekend, culminating in Sunday’s rush to bank machines. -CBC

Source

Pope Benedict: love and solidarity in an economic world

10/12/2011 12.58.14



In a world that has been battered by the global economic downturn Pope Benedict on Saturday stressed the duty the Church has at this time to proclaim with renewed vigor the message of Christ which is hope. The Holy Father was speaking to members of the Confederation of Italian Cooperatives and the Federation of Italian Co-operative Banks in the Clementine Hall in the Vatican.

The Pope recalled how the Church down through the years has encouraged the prolific presence of Catholics in Italian society through the promotion of cooperative institutions, the development of social enterprises and many other works of public interest, characterized by forms of participation and self-management.

What has prompted members to join in a co-operative-type organizations, said Pope Benedict was not only for economic reasons, but also the desire to live an experience of unity and solidarity.

The Pope also noted the fact that these institutions had a valuable role to play in promoting evangelical ideals and the culture of life and family.

Taking inspiration from his encyclical Caritas in Veritate, the Holy Father said that even in the field of economics and finance "right intention, transparency and the search for positive results were mutually compatible and must never be separated.”

Drawing his address to a close the Holy Father urged those present to remain faithful to the Gospel and the teaching of the Church which encourages “social development, experiences of microcredit and an economy driven by a logic of communion and fraternity.”

Even in the world economy, said Pope Benedict, it is necessary to draw on our relationship with God, in order to live in love and solidarity. Listen to Lydia O'Kane's report



Source

The Pope's Three Banks In America

by Sherman H. Skolnick
July 12, 1999

from SkolnicksReport Website

Franklin National Bank Continental Bank of Chicago Bank of America

At one time the Pope owned three major banks in America, New York, Chicago, and San Francisco.

In New York, St. Peter's banker Michael Sindona, ran the Franklin National Bank as a huge gambling device and money laundry. The bank collapsed in 1974 and was taken over by a group of European banks with the Vatican losing supposedly part of their grip.

Sindona was sent to an American prison for fraudulent banking. Later, he was extradited to Italy on more charges. He began talking too much. The Pope silenced him in an Italian jail - murdered with a poisoned cup of coffee. [See: "St. Peter's Banker", by Luigi DiFonzo.]

By the way, the same method they used to murder Chicago's first black Mayor, Harold Washington, 1987 and replaced him as Mayor with the Vatican's "man of trust", Richie Daley, son of late Richard J. Daley who had been mayor for some 21 years. Harold when re-elected in 1987 said he was going to take over Commonwealth Edison, the local electric monopoly owned principally by the Vatican, and run it as municipal electricity at a very cheap price to Chicago residents.

That was one of several motives to poison Harold Washington. We were the only ones publicizing it through our Cable TV Show later on.

Sindona and his confederate successors also ran, for the Pope, the Continental Bank of Chicago [by about 1996 merged with the Pope's Bank of America]. All the Catholic Churches of the Western Hemisphere run their money through THAT bank.

After all, the Archbishop of Chicago is also the Treasurer, for the Church, for ALL OF,

• NORTH AMERICA

• CENTRAL AMERICA

• SOUTH AMERICA

In the early 1980s, Continental Bank, through their holding company owed some 20 Billion Dollars to the Japanese including their mafia, the Yakuza who had put in flight capital [hot money]. Continental could not repay, so the Japanese in May, 1984, started a run on the bank and its holding company, Continental Illinois.

Result?

A consortium of banks, headed by J.P. Morgan and Company, took over - with the Pope losing part but not all of his control. [I was the first to publicly estimate the amount of the bank run, which turned out to be quite accurate.]

The Morgan banks are the front for British Royalty and the Queen, who for over 100 prior years always had a director sitting to supervise Continental. Through Continental Bank, however, the Vatican continued to oversee Panama's General Noriega, and his joint secret business deals with George Herbert Walker Bush. So, when the U.S. invaded Panama,1989, Noriega naturally sought refuge in the Vatican papal office and branch of the Vatican Bank in Panama.

The U.S. Military used psychological warfare, including super hard-rock music, to drive Noriega out.


[In his book entitled "In God's Name", David Yallop tells how Italian newspaper editors criticized the Pope for doing nothing about Continental Bank and their links to the mafia. Yallop documents how the previous Pontiff, Pope John Paul 1st,opposing the mafia, was murdered after 33 days in office.]

The Justice Department's record-grabbers have descended on Continental Bank, seeking to destroy incriminating records that would put President Bush in the same jail cell with his CIA business partner, General Noriega.

By the way, Panama, under General Noriega, was the ONLY country in the Western Hemisphere run by a dark-skinned person. Noriega was popular with the bulk of those in Panama, who are people of color. It was only the small, white aristocracy there that wanted him removed. They used the branches of worldwide banks there to skim-off loot from dope and gun running. Noriega was really just a small-time, semi-independent tyrant.

Helping supervise Continental Bank has been the Vatican's "man of trust" [trusted to keep their business secrets], Chicago Federal Appeals Judge Walter J. Cummings, Jr. [he died about 1999].

For many years Cummings was chief judge of that Court made up primarily of banker-judges. Judge Cummings steered cases on to his fellow banker-judges who do NOT disqualify themselves in cases involving their financial interests.

Guess who wins in their crooked court? [Cummings was replaced as Chief Judge by Richard A. Posner. See our story, "Chief Crook Enters Microsoft Mess".]

For many years the major owners of Bank of America and their holding company, Bank America, were the Jesuits and the Vatican, and their long-time cronies, the Rothschilds. Like Continental Bank up to 1984, they owed tens of Billions of Dollars to the Japanese mafia, the Yakuza who own most of the other sizeable banks in California.

In the late 1980s, Bank of America was faced with a run, so they have quietly given over most of the control to the Japanese Yakuza.

Although the Pope has lost much of the control of the three banks in America, the Pontiff continues as the major owner in nuclear power utility firms in the U.S., including Commonwealth Edison and Florida Power [through a Dutch front for the Vatican, called Robeco.]

Under the Atomic Energy Act, it is illegal for a FOREIGN entity, such as the Vatican, to own nuclear facilities in America.

The law is not enforced. See: my story "The Electric Scandal".

Fuente

World economy on the brink: Spain and Italy key

By Catholic Online (NEWS CONSORTIUM)
11/21/2011
Catholic Online (www.catholic.org)


Prime ministers of both countries must act quickly and decisively to save the world economy.

To a very large degree, the fate of the world's economy is now in the hands of the Spanish and Italian governments. This realization comes as the European Central Bank (ECB) has stepped in to buy debt from both countries in an effort to bring down interest rates.

Only swift and decisive action can save the euro zone.


BRUSSELS, BELGIUM (Catholic Online) - Last week, Italy hit a financial barrier as its interest rates continue to climb. The European Central Bank came to the rescue, and purchased a portion of that country's debt effectively bringing down interest rates. On Thursday, the ECB did the same thing for Spain.

It is becoming clear to investors and economists however, that the intervention of the ECB will not be enough to save the European economy over the long haul. Instead, significant reforms will be necessary in both countries.

Among the reforms being called for by investors are, allowing the ECB to buy trillions of dollars in troubled sovereign debt, which will reduce the borrowing costs for both countries, and for those countries to adopt significant economic reforms.

The ECB purchase of sovereign debt strongly suggests that investors are shying away from both Spanish and Italian debt as an option. With investors shying away, neither country is able to borrow money at reasonable rates which they can realistically repay. Because most countries operate over budget, they are dependent on reasonable borrowing costs to fund day-to-day operations.

The European Central Bank's decision to purchase some of the sovereign debt in those countries is a strong indicator that they are teetering on the brink.

The news for Spain is particularly bleak. With 21 percent unemployment, the country's economy is forecast to shrink for at least the first six months of 2012. However, it's believed that Spain will elect a conservative prime minister on Sunday which will oust the Socialist government. A conservative can bring hope to a country where labor unions wield broad influence. Because the Spanish conservative party is reasonably distanced from the labor unions, it will become easier for the Spanish government to adopt critical economic reforms that can help the economy grow.
The new Italian Prime Minister Mario Monti who just replaced Silvio Berlusconi, is also expected to implement sweeping economic reforms. It is an expectation -- doing less could mean ruin for that country.

And the time is right for change, as both leaders are new and will likely enjoy their greatest degree of support at the start of their administrations. This is a key time to act, particularly since some reforms will be unpopular. If either leader waits too long, economic vagaries and declining popularity could shut the window of opportunity rather quickly.

If those windows close, both economies could fail and they will find themselves beyond the reach of help. If that happens, it will send shockwaves around the world and could spark recession even in healthy economies. Given this, investors and people the world over are looking to Spain and Italy to resolve their economic problems, before time runs out.

Source

Central Banks Take Coordinated Action

By JON HILSENRATH, WILLIAM LAUNDER and JEFFREY SPARSHOTT

WASHINGTON — The world's major central banks launched a joint action to provide cheap, emergency U.S. dollar loans to banks in Europe and elsewhere, a sign of growing alarm among policy makers about stresses in Europe and in the global financial system.

The Fed, ECB and other central banks took coordinated action to support the global financial system as Europe's rolling debt crisis continues to trouble markets. Vincent Cignarell

The coordinated action doesn't directly address Europe's government-debt and budget woes. Instead, it is aimed at alleviating the impact of those troubles on global markets. Moreover, it raises the prospect of other steps by central bankers to prevent a repeat of the 2008 financial crisis.

"The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," said a statement issued by the six central banks—the U.S. Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank.

Global equity markets rose sharply Wednesday in response to the show of action by central banks. The Dow Jones Industrial Average rose 322 points, or 2.8%, to 11877 in morning trading, and the Standard & Poor's 500 jumped 32 points, or 2.7%, to 1227. The Nasdaq Composite gained 69 points, or 2.8%, to 2584. The Stoxx Europe 600 rose 2.9%, while the German DAX surged 4.3% and France's CAC-40 increased 3.6%. Gold and oil prices rose and the dollar weakened.

WSJ's Charles Forelle reports several of the world's central banks joined forces to make it easier for European banks to access U.S. dollars. AP Photo.
.
The promise of cheaper funding from central banks sparked sharp rises in European bank shares and a tightening in credit spreads. Bank shares had been down Wednesday before the announcement, and the cost of insuring European bank bonds against default had soared in recent days. Early in the European afternoon, shares in Barclays PLC, Deutsche Bank AG and Société Générale SA were all up around 6.5%. The Stoxx 600 European banking index was up 4.2%.

U.S. dollar swap lines, as they are known, were launched during the 2008 crisis as the U.S. mortgage crisis spread around the globe. Under the program, the Fed makes dollars available to other central banks, which in turn make the dollars available to banks under their jurisdiction.

The central banks' action on Wednesday effectively made these loans cheaper, lowering their cost by half a percentage point.

Central banks from developed nations took coordinated action to shore up the global financial system. Dow Jones's Geoffrey Smith argues that this kind of joint action only takes places when there are serious problems.

Chinese authorities, in a move that appeared to be separate and uncoordinated, also sought to ease lending conditions by reducing the amount of reserves that Chinese banks need to hold with their central bank.

Global investors have become worried about the health of European banks because of their exposure to European government debt. Because of those worries, euro-zone banks are also facing increasingly strained access to dollars. European banks need the U.S. currency to fund loans they have extended to U.S. companies and consumers, to finance U.S. dollar-denominated securities they hold and to pay their own dollar-denominated loans, such as those on money-market funds.

Some central bankers sought to use the move to put additional pressure on Europeans for more aggressive action in their own right.

"The European debt problem can't be solved by liquidity provisions alone," Bank of Japan Gov. Masaaki Shirakawa said at a hastily arranged news conference. "The step is meant to buy time for European countries to proceed with their fiscal and economic reform."

European Union finance ministers agreed to boost the European Financial Stability Facility but not by as much as expected. Terry Roth and Katie Martin discuss whether this will reassure markets or if more is needed to prevent pressure on the euro?

Berenberg economist Christian Schulz said the move was largely a symbolic gesture aimed at restoring calm.

"With today's action, central banks signal that they are aware of the issue and prepared to act. As always in market panics with central bank action, the signal is more important than the actual size of the action," Mr. Schulz said.

Global central banks have taken coordinated action before. In March, they intervened jointly in currency markets to tamp down the rise in the yen following the earthquake and tsunami in Japan. In October 2008, leading central banks cut interest rates simultaneously to alleviate the shock to the financial system after the collapse of Lehman Brothers.

Over three years of crisis fighting, Fed Chairman Ben Bernanke and the world's other leading central bankers have developed much closer ties. In addition to instituting measures to stem the crisis, they have worked closely together in rewriting financial regulatory rules in the wake of the crisis. The new head of the ECB, Mario Draghi, has been part of this inner circle of central bankers for some time as head of the Financial Stability Board.

It is unclear whether the latest steps marked a prelude to bolder joint action by global central banks to ease financial strains and rev up economic growth.

After resisting calls to save the euro zone, the ECB may be changing its tune, and move towards more decisive action, Simon Nixon reports on Markets Hub.

Several Fed officials have made clear they are open to launching a new round of bond buying, known as quantitative easing, to bring down long-term U.S. interest rates. But they have reservations about whether such a program would be effective.

For now, Wednesday's action looks like a limited move to address a discrete problem. Dollar funding costs for European financial firms have shot up in recent weeks, a signal that Europe's woes could be spreading globally. The new program could alleviate those costs.

The rest of the world hasn't been taking the Fed up on its offer of dollar loans recently. As of Nov. 23, non-U.S. central banks had tapped the Fed for $2.4 billion of U.S. dollar loans. During the financial crisis in 2008, they tapped the Fed for $580 billion.

Under the program, the Fed makes dollars available to the ECB, which in turn lends the money to European banks. Still, market observers say foreign banks are often reluctant to use the facility because it can create the impression among their peers that they are financially strained.

"That facility was a pressure release and how far that release was tapped was closely watched to indicate how much pressure there was in the rest of the market," said Chris Clark, strategist at interbank broker ICAP. "Now that valve has been loosened somewhat we're going to see more people turning up, which is not an indication of more pressure but just that actually it makes more sense for more people to go there. We were already expecting see a fairly increased use of the facility and now we can expect even more."

The Fed faces a risk of political blowback at home for the move. Republicans in particular have attacked the Fed for making dollars available to foreign banks. Fed officials say they don't face much risk with this facility because the dollars are going to other central banks, and not directly to European banks.

The Fed sought to stress that U.S. banks aren't facing funding problems. But it also said that it was prepared to provide liquidity if needed "to support financial stability."

During the financial crisis, the Fed designed many short-term programs to support commercial-paper markets, money-market funds, investment banks and other corners of the financial system when panic led to shortages of short-term dollar funding in the U.S.

Some of the Fed's powers were restrained by the Dodd-Frank financial regulatory overhaul. For instance, it can't bail out individual banks. But it still has leeway to provide short-term credit broadly to markets if needed.

"At present, there is no need to offer liquidity in nondomestic currencies other than the U.S. dollar, but the central banks judge it prudent to make the necessary arrangements so that liquidity support operations could be put into place quickly should the need arise," the Fed said.

Write to Jon Hilsenrath at jon.hilsenrath@wsj.com, William Launder at william.launder@dowjones.com and Jeffrey Sparshott at jeffrey.sparshott@dowjones.com




Source

Report: Federal Reserve lent banks nearly $8 trillion during 2007-2009 crises

By Catholic Online (NEWS CONSORTIUM)
11/30/2011
Catholic Online (www.catholic.org)


Loan allowed banks to keep paying executives millions of dollars

Throughout the 2007 - 2009 financial crises, major American banks assured the public that everything was fine - while at the same time approaching the Federal Reserve to borrow $7.77 trillion. That mount was many more times higher than the TARP bailout. The loan allowed the banks to continue to pay out exorbitant fees - and many fear yet another crisis is on the way.

The Fed contends that the biggest financial institutions in the country were too big to fail. That phrase has become a bone of contention among lawmakers. They argue that a 'too big to fail' bank is one that's too big to exist.

LOS ANGELES, CA (Catholic Online) - A report in Bloomberg Markets says that the magnitude of the government's assistance to struggling banks allowed them to grow even bigger and continue paying executives billions in compensation.

A win in court against a group representing the banks and a FOIA request filed by Bloomberg revealed the extent of the central bank's largesse - as well as the $13 billion in profits banks earned from those bailouts.

JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley, also known as "the big six," accounted for $4.8 billion of that total, nearly a quarter of their net income during that time.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

The narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.

Until recently, those trillions were a deeply-buried secret. The highest-ranking Fed officials didn't know about the enormity of the handouts. Then-president of the Federal Reserve Bank of Minneapolis Gary H. Stern "wasn't aware of the magnitude." Unnamed sources say that even top aides to Treasury Department head Henry Paulson were denied information.

The "big six" received a total $160 billion in TARP funds. As much as $460 billion was lent from the Fed, raising the question as to how and why this nearly $8 trillion in loans, guarantees and limits remained under wraps for so long.

According to the reserve, the massive scale of banks' borrowing had to be kept secret to avoid spooking investors. They feared that if the magnitude of the borrowed funds would create a panic, or bank runs that would have had even more devastating consequences on the already battered economy.

The Fed contends that the biggest financial institutions in the country were too big to fail. That phrase has become a bone of contention among lawmakers. They argue that a "too big to fail" bank is one that's too big to exist.

Ohio Senator Sherrod Brown sponsored a bill last year that would cap a bank's non-deposit liabilities at 2 percent of gross domestic product, and crack down on workarounds banks currently use to bypass a 1994 law that prohibits any one bank from holding more than 10 percent of all deposits in the country.

Source

Timothy Geithner's Best Asset: Everybody Hates Him

NOV 14 2011, 3:31 PM ET

A lack of ideological bias has allowed him to pursue practical solutions to deal with crises

If you're a conservative, then you probably have no love for Treasury Secretary Timothy Geithner. He wanted to end the Bush tax cuts for the rich in 2010. You might think his foreclosure prevention plan was a mess. But if you're a progressive, then you probably don't love the guy either. He wasn't particularly aggressive in pursuing cramdowns or principal reductions for struggling homeowners. He also doesn't tend to be too hard on the banks. So who does like Geithner? President Obama must -- he worked to ensure that Geithner wouldn't resign earlier this year when his family moved back to New York. It isn't hard to see why: Geithner is a rare breed of high-level official who looks for practical solutions without letting politics get in the way.

Jackie Calmes at the New York Times highlights the president's surprising unwavering desire to keep Geithner around as other economic advisors departed over time. Calmes notes that both sides of the aisle have attacked Geithner's policies and positions over the past couple of years. Let's look at some of the chief reasons why people don't like Geithner.

He Went Too Easy on the Banks

Those who lean left sometimes criticize Geithner for being too friendly to the banks. Indeed, some even accuse him of having worked for Goldman Sachs. (He didn't.) In fact, Geithner's financial reform proposal that preceded Congress' legislation set the tone for many of the provisions that eventually were passed -- and we all know how much noise the banks have made about that bill. He also helped to ensure that the government got back more than it provided the banks in the 2008 rescue, as taxpayers ultimately made a profit on the bank bailout.

To be sure, he could have been harder on the banks. But don't forget: the financial crisis was a time when the banking industry nearly collapsed. The entire purpose of the bailout and subsequent stability programs was to ensure that the industry survived. Even if harsher punishment was justified, it would have been impractical until the broader economy had improved. So even if Geithner did want to go harder on the banks, he likely understood that doing so would make everyone worse off.

His Housing Policy Was Too Aggressive / Not Aggressive Enough

When I first read the Treasury's mortgage modification plan in early 2009, I thought it would result in a fairly large number of modifications. I was wrong -- it will struggle to reach the 1 million mark. The program was crafted as a way to gently persuade banks to modify mortgages without compelling them to do so with lots of carrots but few sticks. And remember, this was before we knew about all of the bank's foreclosure process flaws.

Still, critics on the right think that government-induced mortgage modifications are unfair to borrowers who dutifully pay their bills, while critics on the left want to see the government aggressively force banks to write-down principle to end foreclosures. Either option is extreme. Geithner took a moderate approach by providing incentives for banks to modify mortgages without compelling them to declare deep losses on underwater loans that could endanger stability.

He Didn't See Such a Deep Recession

Perhaps the most unfair criticism of Geithner is that he didn't realize how bad the recession would be. It's certainly true that he probably didn't expect that unemployment would be 9% 34 months into Obama's first term. But then, who did? Only a select few anticipated this much pain for the U.S. economy. None of Obama's other major economic advisors got it right either.

So to criticize Geithner for not pushing for a bigger stimulus bill in 2009 just doesn't make sense. At the time $787 billion was thought to be fairly aggressive. But more importantly, there are very real political obstacles for having made the size of the stimulus much larger. If it approached $1 trillion, a psychological boundary begins to materialize. The public can handle billions, but trillions just sounds like too much money. That's also a part of the reason why we saw $700 billion chosen for the size of the pool of funds used for the bank bailout in 2008.

A Pragmatic Approach

In all of these examples, Geithner has taken a pragmatic approach. One of the most common Republican criticisms against Geithner was his lack of private sector experience. He is a career policy guy. This can be dangerous, because if you live in policy circles for too long, your ideology can blind you to practical solutions. Despite his background, however, Geithner never fell into the partisan trap. He generally chose a practical approach.

This is the right mindset for dealing with crises. Few want to see the government bail out anyone with taxpayer money. But the chaos that would have ensued if the U.S. banking system had crumbled in 2008 was far worse than the moral hazard that a bailout created. That's why the Bush administration looked past its free market politics and intervened.

As the economy has remained in a fragile state, Geithner has taken on a similar approach, putting the most sensible solutions before the most politically convenient. And that's why nobody likes him. No matter your political persuasion, you can criticize Geithner for some policy that conflicts with your principles. But Geithner has left the politics to politicians and focused on doing the little that government could to help without making matters worse. That might not make him popular with the right or the left, but his approach should be appreciated by those of us who don't believe that either party is correct all of the time.

Image Credit: REUTERS/Jason Reed

Source

Lincoln's "Greenbacks" (And Why That Killed Him)

Lincoln's "Greenbacks"
(And Why That Killed Him)

Conspiracy Nation -- Vol. 11 Num. 34

---

Writes Dr. R.E. Search in Lincoln: Money Martyred (Omni Publications, PO Box 900566, Palmdale, CA 93590), "The struggle that was to rid the country of human slavery of the black race, however, was also to fasten upon the whole nation an economic or money slavery, which has endured to the present time..."

Abraham Lincoln and his Treasury Secretary, Salmon P. Chase (Chase Bank later named after him) went to the New York bankers "and applied for loans to the Government to carry on the [Civil] war; the bankers replying, 'Well, war is a hazardous business, but we can let you have it [the loans] at from 24 percent to 36 percent.'" (Dr. R.E. Search)

Appleton Cyclopedia (1861), page 296, states: "The money kings wanted 24 percent to 36 percent interest for loans to our government to conduct the Civil War." (qtd. in Search's book)

President Lincoln and Secretary Chase were outraged at the usurious interest, and refused the offer.

Lincoln wrote to an old friend, Colonel Dick Taylor in Chicago, and asked for advice. His friend told him to "get Congress to pass a bill authorizing the printing of full legal tender treasury notes or greenbacks." (qtd. in Search's book)

60 million dollars of full legal tender greenbacks were issued. "All were taken at par and never appreciably fell below par at any time..." (Dr. R.E. Search)

Lincoln referred to these greenbacks as "the greatest blessing the people of this Republic [have] ever had." (qtd. in Search's book)

But as soon as Lincoln began issuing the greenbacks, "the bankers and money changers saw that unless they could stop that sort of thing they were 'sunk' as far as ever being able to issue money again themselves." (Dr. R.E. Search)

The banksters "had been able to fool and hoodwink England, and keep her in bondage for 168 years, and they wanted very much to continue, and to add the balance of the world to their conquest; making the people everywhere economic serfs, working for them." (ibid.)

From the London Times:

If this mischievous financial policy [greenbacks]... should become endurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without debts. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the world. The brains and wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe. [qtd. in Search's book]

The Bank of England/Rothschilds (do not be deceived by name, "Bank of England"; Bank of England was/is a private bank) issued, and distributed to American banksters, the following document, quoted in part below:

The Hazard Circular

Slavery is likely to be abolished by the war power, and chattel slavery abolished. This, I and my European friends are in favor of, for slavery is but the owning of labor, and carries with it the care of labor, while the European plan, led on by England, is that capital shall control labor by controlling wages.

The great debt that capitalists will see to it is made out of the [Civil] war must be used to control the value of money. To accomplish this, the Government bonds must be used as a banking basis.

We are now waiting for the Secretary of the Treasury of the United States to make this recommendation. It will not do to allow greenbacks, as they are called, to circulate as money any length of time, as we cannot control that, but we can control the bonds and through them the bank issues. [qtd. in Dr. Search's book]

Slavery is but the owning of labor, and carries with it the care of labor.

A "new, improved system" of slavery was being born. Gustavus Myers (a "leftist") corroborates this in his book, History of the Great American Fortunes: "...chattel slavery could not compete in efficiency with white labor... more money could be made from the white laborer, for whom no responsibility of shelter, clothing, food and attendance had to be assumed than from the Negro slave, whose sickness, disability or death entailed direct financial loss."

"The perfect slave thinks he's free." That was the "new, improved system" for exploiting labor. (Currently, a further refinement is the use of temporary labor.)

Abraham Lincoln was "the man who first proved that government could issue its own paper money, legally, honorably, and rightfully, and make it full legal tender for all debts, both public and private..." Was Lincoln "a dangerous man from the [bankers] point of view? Could they have continued their knavery, trickery, bribery, and destructive work... if Lincoln had lived?" (Dr. R.E. Search)

Source