ckaihatsu
7th October 2009, 17:07
CRISIS OF CAPITALISM: The Economic Recovery is an Illusion - The Bank forInternational Settlements (BIS) Warns of Future Crises
grok <[email protected]> Tue, Oct 6, 2009 at 10:43 AM
Reply-To: [email protected]
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The below allusion to the totalitarian World police state of Orwell's
"1984" is wholly apt. We can certainly expect the up-coming
"Remembrance"/"Veteran's" Day ceremonies to be in fact paeans to a
resurgent imperialist militarism that would make the likes of Hitler,
Mussolini and Tojo proud.
- -- all this right before the bombing of Iran, et al., commences.
Don't forget to 'duck & cover', huh?
As for the liberal Left and their fears of being laffingly dismissed
for believing "conspiracy theories": of COURSE the Rich conspire
against us all. Daily too. And some of us have too much personal
experience of this fact, for that matter.
Let us GET *them* -- before they DO *us*.
- -- grok.
- ----- Forwarded message
Date: Tue, 6 Oct 2009
Subject: The Economic Recovery is an Illusion - The Bank forInternational Settlements (BIS) Warns of Future Crises
> The Economic Recovery is an Illusion
>
> The Bank for International Settlements (BIS) Warns of Future Crises
>
> By Andrew Gavin Marshall
>
> URL of this article: www.globalresearch.ca/index.php?context=va&aid=15501
>
> Global Research, October 3, 2009
>
> War is Peace, Freedom is Slavery, Ignorance is Strength, and Debt is
> Recovery
>
>
>
> In light of the ever-present and unyieldingly persistent exclamations of
> 'an
> end' to the recession, a 'solution' to the crisis, and a 'recovery' of the
> economy; we must remember that we are being told this by the very same
> people and institutions which told us, in years past, that there was
> 'nothing to worry about,' that 'the fundamentals are fine,' and that there
> was 'no danger' of an economic crisis.
>
>
>
> Why do we continue to believe the same people that have, in both
> statements
> and choices, been nothing but wrong? Who should we believe and turn to for
> more accurate information and analysis? Perhaps a useful source would be
> those at the epicenter of the crisis, in the heart of the shadowy world of
> central banking, at the global banking regulator, and the "most
> prestigious
> financial institution in the world," which accurately predicted the crisis
> thus far: The Bank for International Settlements (BIS). This would be a
> good
> place to start.
>
>
>
> The economic crisis is anything but over, the "solutions" have been akin
> to
> putting a band-aid on an amputated arm. The Bank for International
> Settlements (BIS), the central bank to the world's central banks, has
> warned
> and continues to warn against such misplaced hopes.
>
>
>
> What is the Bank for International Settlements (BIS)?
>
>
>
> The BIS emerged from the Young Committee set up in 1929, which was created
> to handle the settlements of German reparations payments outlined in the
> Versailles Treaty of 1919. The Committee was headed by Owen D. Young,
> President and CEO of General Electric, co-author of the 1924 Dawes Plan,
> member of the Board of Trustees of the Rockefeller Foundation and was
> Deputy
> Chairman of the Federal Reserve Bank of New York. As the main American
> delegate to the conference on German reparations, he was also
> accompanied by
> J.P. Morgan, Jr.[1] What emerged was the Young Plan for German reparations
> payments.
>
>
>
> The Plan went into effect in 1930, following the stock market crash.
> Part of
> the Plan entailed the creation of an international settlement
> organization,
> which was formed in 1930, and known as the Bank for International
> Settlements (BIS). It was purportedly designed to facilitate and
> coordinate
> the reparations payments of Weimar Germany to the Allied powers. However,
> its secondary function, which is much more secretive, and much more
> important, was to act as "a coordinator of the operations of central banks
> around the world." Described as "a bank for central banks," the BIS "is a
> private institution with shareholders but it does operations for public
> agencies. Such operations are kept strictly confidential so that the
> public
> is usually unaware of most of the BIS operations."[2]
>
>
>
> The BIS was founded by "the central banks of Belgium, France, Germany,
> Italy, the Netherlands, Japan, and the United Kingdom along with three
> leading commercial banks from the United States, including J.P. Morgan &
> Company, First National Bank of New York, and First National Bank of
> Chicago. Each central bank subscribed to 16,000 shares and the three U.S.
> banks also subscribed to this same number of shares." However, "Only
> central
> banks have voting power."[3]
>
>
>
> Central bank members have bi-monthly meetings at the BIS where they
> discuss
> a variety of issues. It should be noted that most "of the transactions
> carried out by the BIS on behalf of central banks require the utmost
> secrecy,"[4] which is likely why most people have not even heard of it.
> The
> BIS can offer central banks "confidentiality and secrecy which is higher
> than a triple-A rated bank."[5]
>
>
>
> The BIS was established "to remedy the decline of London as the world's
> financial center by providing a mechanism by which a world with three
> chief
> financial centers in London, New York, and Paris could still operate as
> one."[6] As Carroll Quigley explained:
>
>
>
> [T]he powers of financial capitalism had another far-reaching aim, nothing
> less than to create a world system of financial control in private hands
> able to dominate the political system of each country and the economy of
> the world as a whole. This system was to be controlled in a feudalist
> fashion by the central banks of the world acting in concert, by secret
> agreements arrived at in frequent private meetings and conferences. The
> apex
> of the system was to be the Bank for International Settlements in Basle,
> Switzerland, a private bank owned and controlled by the world's central
> banks which were themselves private corporations.[7]
>
>
>
> The BIS, is, without a doubt, the most important, powerful, and secretive
> financial institution in the world. It's warnings should not be taken
> lightly, as it would be the one institution in the world that would be
> privy
> to such information more than any other.
>
>
>
> Derivatives Crisis Ahead
>
>
>
> In September of 2009, the BIS reported that, "The global market for
> derivatives rebounded to $426 trillion in the second quarter as risk
> appetite returned, but the system remains unstable and prone to crises."
> The
> BIS quarterly report said that derivatives rose 16% "mostly due to a surge
> in futures and options contracts on three-month interest rates." The Chief
> Economist of the BIS warned that the derivatives market poses "major
> systemic risks" in the international financial sector, and that, "The
> danger
> is that regulators will again fail to see that big institutions have taken
> far more exposure than they can handle in shock conditions." The economist
> added that, "The use of derivatives by hedge funds and the like can create
> large, hidden exposures."[8]
>
>
>
> The day after the report by the BIS was published, the former Chief
> Economist of the BIS, William White, warned that, "The world has not
> tackled
> the problems at the heart of the economic downturn and is likely to slip
> back into recession," and he further "warned that government actions to
> help
> the economy in the short run may be sowing the seeds for future crises."
> He
> was quoted as warning of entering a double-dip recession, "Are we going
> into
> a W[-shaped recession]? Almost certainly. Are we going into an L? I would
> not be in the slightest bit surprised." He added, "The only thing that
> would
> really surprise me is a rapid and sustainable recovery from the position
> we're in."
>
>
>
> An article in the Financial Times explained that White's comments are
> not to
> be taken lightly, as apart from heading the economic department at the BIS
> from 1995 to 2008, he had, "repeatedly warned of dangerous imbalances in
> the
> global financial system as far back as 2003 and - breaking a great taboo
> in
> central banking circles at the time - he dared to challenge Alan
> Greenspan,
> then chairman of the Federal Reserve, over his policy of persistent cheap
> money."
>
>
>
> The Financial Times continued:
>
>
>
> Worldwide, central banks have pumped thousands of billions of dollars of
> new
> money into the financial system over the past two years in an effort to
> prevent a depression. Meanwhile, governments have gone to similar
> extremes,
> taking on vast sums of debt to prop up industries from banking to car
> making.
>
>
>
> White warned that, "These measures may already be inflating a bubble in
> asset prices, from equities to commodities," and that, "there was a small
> risk that inflation would get out of control over the medium term." In a
> speech given in Hong Kong, White explained that, "the underlying
> problems in
> the global economy, such as unsustainable trade imbalances between the US,
> Europe and Asia, had not been resolved."[9]
>
>
>
> On September 20, 2009, the Financial Times reported that the BIS, "the
> head
> of the body that oversees global banking regulation," while at the G20
> meeting, "issued a stern warning that the world cannot afford to slip
> into a
> 'complacent' assumption that the financial sector has rebounded for good,"
> and that, "Jaime Caruana, general manager of the Bank for International
> Settlements and a former governor of Spain's central bank, said the market
> rebound should not be misinterpreted."[10]
>
>
>
> This follows warnings from the BIS over the summer of 2009, regarding
> misplaced hope over the stimulus packages organized by various governments
> around the world. In late June, the BIS warned that, "fiscal stimulus
> packages may provide no more than a temporary boost to growth, and be
> followed by an extended period of economic stagnation."
>
>
>
> An article in the Australian reported that, "The only international body
> to
> correctly predict the financial crisis ... has warned the biggest risk is
> that governments might be forced by world bond investors to abandon their
> stimulus packages, and instead slash spending while lifting taxes and
> interest rates," as the annual report of the BIS "has for the past three
> years been warning of the dangers of a repeat of the depression." Further,
> "Its latest annual report warned that countries such as Australia faced
> the
> possibility of a run on the currency, which would force interest rates to
> rise." The BIS warned that, "a temporary respite may make it more
> difficult
> for authorities to take the actions that are necessary, if unpopular, to
> restore the health of the financial system, and may thus ultimately
> prolong
> the period of slow growth."
>
>
>
> Further, "At the same time, government guarantees and asset insurance have
> exposed taxpayers to potentially large losses," and explaining how fiscal
> packages posed significant risks, it said that, "There is a danger that
> fiscal policy-makers will exhaust their debt capacity before finishing the
> costly job of repairing the financial system," and that, "There is the
> definite possibility that stimulus programs will drive up real interest
> rates and inflation expectations." Inflation "would intensify as the
> downturn abated," and the BIS "expressed doubt about the bank rescue
> package
> adopted in the US."[11]
>
>
>
> The BIS further warned of inflation, saying that, "The big and justifiable
> worry is that, before it can be reversed, the dramatic easing in monetary
> policy will translate into growth in the broader monetary and credit
> aggregates." That will "lead to inflation that feeds inflation
> expectations
> or it may fuel yet another asset-price bubble, sowing the seeds of the
> next
> financial boom-bust cycle."[12] With the latest report on the derivatives
> bubble being created, it has become painfully clear that this is exactly
> what has happened: the creation of another asset-price bubble. The problem
> with bubbles is that they burst.
>
>
>
> The Financial Times reported that William White, former Chief Economist at
> the BIS, also "argued that after two years of government support for the
> financial system, we now have a set of banks that are even bigger - and
> more
> dangerous - than ever before," which also, "has been argued by Simon
> Johnson, former chief economist at the International Monetary Fund," who
> "says that the finance industry has in effect captured the US government,"
> and pointedly stated: "recovery will fail unless we break the financial
> oligarchy that is blocking essential reform."[13] [Emphasis added].
>
>
>
> At the beginning of September 2009, central bankers met at the BIS, and it
> was reported that, "they had agreed on a package of measures to strengthen
> the regulation and supervision of the banking industry in the wake of the
> financial crisis," and the chief of the European Central Bank was quoted
> as
> saying, "The agreements reached today among 27 major countries of the
> world
> are essential as they set the new standards for banking regulation and
> supervision at the global level."[14]
>
>
>
> Among the agreed measures, "lenders should raise the quality of their
> capital by including more stock," and "Banks will also have to raise the
> amount and quality of the assets they keep in reserve and curb leverage."
> One of the key decisions made at the Basel conference, which is named
> after
> the Basel Committee on Banking Supervision, set up under the BIS, was
> that,
> "banks will need to raise the quality of their so-called Tier 1 capital
> base, which measures a bank's ability to absorb sudden losses," meaning
> that, "The majority of such reserves should be common shares and retained
> earnings and the holdings will be fully disclosed."[15]
>
>
>
> In mid-September, the BIS said that, "Central banks must coordinate global
> supervision of derivatives clearinghouses and consider offering them
> access
> to emergency funds to limit systemic risk." In other words, "Regulators
> are
> pushing for much of the $592 trillion market in over-the-counter
> derivatives
> trades to be moved to clearinghouses which act as the buyer to every
> seller
> and seller to every buyer, reducing the risk to the financial system from
> defaults." The report released by the BIS asked if clearing houses "should
> have access to central bank credit facilities and, if so, when?"[16]
>
>
>
> A Coming Crisis
>
>
>
> The derivatives market represents a massive threat to the stability of the
> global economy. However, it is one among many threats, all of which are
> related and intertwined; one will set off another. The big elephant in the
> room is the major financial bubble created from the bailouts and
> "stimulus"
> packages worldwide. This money has been used by major banks to consolidate
> the economy; buying up smaller banks and absorbing the real economy;
> productive industry. The money has also gone into speculation, feeding the
> derivatives bubble and leading to a rise in stock markets, a completely
> illusory and manufactured occurrence. The bailouts have, in effect, fed
> the
> derivatives bubble to dangerous new levels as well as inflating the stock
> market to an unsustainable position.
>
>
>
> However, a massive threat looms in the cost of the bailouts and so-called
> "stimulus" packages. The economic crisis was created as a result of low
> interest rates and easy money: high-risk loans were being made, money was
> invested in anything and everything, the housing market inflated, the
> commercial real estate market inflated, derivatives trade soared to the
> hundreds of trillions per year, speculation ran rampant and dominated the
> global financial system. Hedge funds were the willing facilitators of the
> derivatives trade, and the large banks were the major participants and
> holders.
>
>
>
> At the same time, governments spent money loosely, specifically the United
> States, paying for multi-trillion dollar wars and defense budgets,
> printing
> money out of thin air, courtesy of the global central banking system. All
> the money that was produced, in turn, produced debt. By 2007, the total
> debt - domestic, commercial and consumer debt - of the United States stood
> at a shocking $51 trillion.[17]
>
>
>
> As if this debt burden was not enough, considering it would be
> impossible to
> ever pay back, the past two years has seen the most expansive and rapid
> debt
> expansion ever seen in world history - in the form of stimulus and bailout
> packages around the world. In July of 2009, it was reported that, "U.S.
> taxpayers may be on the hook for as much as $23.7 trillion to bolster the
> economy and bail out financial companies, said Neil Barofsky, special
> inspector general for the Treasury's Troubled Asset Relief Program."[18]
>
>
>
> Bilderberg Plan in Action?
>
>
>
> In May of 2009, I wrote an article covering the Bilderberg meeting of
> 2009,
> a highly secretive meeting of major elites from Europe and North America,
> who meet once a year behind closed doors. Bilderberg acts as an informal
> international think tank, and they do not release any information, so
> reports from the meetings are leaked and the sources cannot be verified.
> However, the information provided by Bilderberg trackers and journalists
> Daniel Estulin and Jim Tucker have proven surprisingly accurate in the
> past.
>
>
>
> In May, the information that leaked from the meetings regarded the main
> topic of conversation being, unsurprisingly, the economic crisis. The big
> question was to undertake "Either a prolonged, agonizing depression that
> dooms the world to decades of stagnation, decline and poverty ... or an
> intense-but-shorter depression that paves the way for a new sustainable
> economic world order, with less sovereignty but more efficiency."
>
>
>
> Important to note, was that one major point on the agenda was to "continue
> to deceive millions of savers and investors who believe the hype about the
> supposed up-turn in the economy. They are about to be set up for massive
> losses and searing financial pain in the months ahead."
>
>
>
> Estulin reported on a leaked report he claimed to have received following
> the meeting, which reported that there were large disagreements among the
> participants, as "The hardliners are for dramatic decline and a severe,
> short-term depression, but there are those who think that things have gone
> too far and that the fallout from the global economic cataclysm cannot be
> accurately calculated." However, the consensus view was that the recession
> would get worse, and that recovery would be "relatively slow and
> protracted," and to look for these terms in the press over the next weeks
> and months. Sure enough, these terms have appeared ad infinitum in the
> global media.
>
>
>
> Estulin further reported, "that some leading European bankers faced with
> the
> specter of their own financial mortality are extremely concerned, calling
> this high wire act 'unsustainable,' and saying that US budget and trade
> deficits could result in the demise of the dollar." One Bilderberger said
> that, "the banks themselves don't know the answer to when (the bottom will
> be hit)." Everyone appeared to agree, "that the level of capital needed
> for
> the American banks may be considerably higher than the US government
> suggested through their recent stress tests." Further, "someone from the
> IMF
> pointed out that its own study on historical recessions suggests that
> the US
> is only a third of the way through this current one; therefore economies
> expecting to recover with resurgence in demand from the US will have a
> long
> wait." One attendee stated that, "Equity losses in 2008 were worse than
> those of 1929," and that, "The next phase of the economic decline will
> also
> be worse than the '30s, mostly because the US economy carries about $20
> trillion of excess debt. Until that debt is eliminated, the idea of a
> healthy boom is a mirage."[19]
>
>
>
> Could the general perception of an economy in recovery be the
> manifestation
> of the Bilderberg plan in action? Well, to provide insight into attempting
> to answer that question, we must review who some of the key participants
> at
> the conference were.
>
>
>
> Central Bankers
>
>
>
> Many central bankers were present, as per usual. Among them, were the
> Governor of the National Bank of Greece, Governor of the Bank of Italy,
> President of the European Investment Bank; James Wolfensohn, former
> President of the World Bank; Nout Wellink, President of the Central Bank
> of
> the Netherlands and is on the board of the Bank for International
> Settlements (BIS); Jean-Claude Trichet, the President of the European
> Central Bank was also present; the Vice Governor of the National Bank of
> Belgium; and a member of the Board of the Executive Directors of the
> Central
> Bank of Austria.
>
>
>
> Finance Ministers and Media
>
>
>
> Finance Ministers and officials also attended from many different
> countries.
> Among the countries with representatives present from the financial
> department were Finland, France, Great Britain, Italy, Greece, Portugal,
> and
> Spain. There were also many representatives present from major media
> enterprises around the world. These include the publisher and editor of
> Der
> Standard in Austria; the Chairman and CEO of the Washington Post Company;
> the Editor-in-Chief of the Economist; the Deputy Editor of Die Zeit in
> Germany; the CEO and Editor-in-Chief of Le Nouvel Observateur in France;
> the
> Associate Editor and Chief Economics Commentator of the Financial Times;
> as
> well as the Business Correspondent and the Business Editor of the
> Economist.
> So, these are some of the major financial publications in the world
> present
> at this meeting. Naturally, they have a large influence on public
> perceptions of the economy.
>
>
>
> Bankers
>
>
>
> Also of importance to note is the attendance of private bankers at the
> meeting, for it is the major international banks that own the shares of
> the
> world's central banks, which in turn, control the shares of the Bank for
> International Settlements (BIS). Among the banks and financial companies
> represented at the meeting were Deutsche Bank AG, ING, Lazard Freres &
> Co.,
> Morgan Stanley International, Goldman Sachs, Royal Bank of Scotland, and
> of
> importance to note is David Rockefeller,[20] former Chairman and CEO of
> Chase Manhattan (now J.P. Morgan Chase), who can arguably be referred to
> as
> the current reigning 'King of Capitalism.'
>
>
>
> The Obama Administration
>
>
>
> Heavy representation at the Bilderberg meeting also came from members of
> the
> Obama administration who are tasked with resolving the economic crisis.
> Among them were Timothy Geithner, the US Treasury Secretary and former
> President of the Federal Reserve Bank of New York; Lawrence Summers,
> Director of the White House's National Economic Council, former Treasury
> Secretary in the Clinton administration, former President of Harvard
> University, and former Chief Economist of the World Bank; Paul Volcker,
> former Governor of the Federal Reserve System and Chair of Obama's
> Economic
> Recovery Advisory Board; Robert Zoellick, former Chairman of Goldman Sachs
> and current President of the World Bank.[21]
>
>
>
> Unconfirmed were reports of the Fed Chairman, Ben Bernanke being present.
> However, if the history and precedent of Bilderberg meetings is anything
> to
> go by, both the Chairman of the Federal Reserve and the President of the
> Federal Reserve Bank of New York are always present, so it would indeed be
> surprising if they were not present at the 2009 meeting. I contacted the
> New
> York Fed to ask if the President attended any organization or group
> meetings
> in Greece over the scheduled dates that Bilderberg met, and the response
> told me to ask the particular organization for a list of attendees. While
> not confirming his presence, they also did not deny it. However, it is
> still
> unverified.
>
>
>
> Naturally, all of these key players to wield enough influence to alter
> public opinion and perception of the economic crisis. They also have the
> most to gain from it. However, whatever image they construct, it remains
> just that; an image. The illusion will tear apart soon enough, and the
> world
> will come to realize that the crisis we have gone through thus far is
> merely
> the introductory chapter to the economic crisis as it will be written in
> history books.
>
>
>
> Conclusion
>
>
>
> The warnings from the Bank for International Settlements (BIS) and its
> former Chief Economist, William White, must not be taken lightly. Both the
> warnings of the BIS and William White in the past have gone unheralded and
> have been proven accurate with time. Do not allow the media-driven hope of
> 'economic recovery' sideline the 'economic reality.' Though it can be
> depressing to acknowledge; it is a far greater thing to be aware of the
> ground on which you tread, even if it is strewn with dangers; than to be
> ignorant and run recklessly through a minefield. Ignorance is not bliss;
> ignorance is delayed catastrophe.
>
>
>
> A doctor must first properly identify and diagnose the problem before he
> can
> offer any sort of prescription as a solution. If the diagnosis is
> inaccurate, the prescription won't work, and could in fact, make things
> worse. The global economy has a large cancer in it: it has been properly
> diagnosed by some, yet the prescription it was given was to cure a cough.
> The economic tumor has been identified; the question is: do we accept this
> and try to address it, or do we pretend that the cough prescription will
> cure it? What do you think gives a stronger chance of survival? Now try
> accepting the idea that 'ignorance is bliss.'
>
>
>
> As Gandhi said, "There is no god higher than truth."
>
>
>
> For an overview of the coming financial crises, see: "Entering the
> Greatest
> Depression in History: More Bubbles Waiting to Burst," Global Research,
> August 7, 2009.
>
>
> Endnotes
>
>
>
> [1] Time, HEROES: Man-of-the-Year. Time Magazine: Jan 6, 1930:
> http://www.time.com/time/magazine/article/0,9171,738364-1,00.html
>
>
>
> [2] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 2
>
>
>
> [3] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 6
>
>
>
> [4] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 148
>
>
>
> [5] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 149
>
>
>
> [6] Carroll Quigley, Tragedy and Hope: A History of the World in
> Our
> Time (New York: Macmillan Company, 1966), 324-325
>
>
>
> [7] Carroll Quigley, Tragedy and Hope: A History of the World in
> Our
> Time (New York: Macmillan Company, 1966), 324
>
>
>
> [8] Ambrose Evans-Pritchard, Derivatives still pose huge risk, says
> BIS. The Telegraph: September 13, 2009:
> http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6184496/Derivatives-still-pose-huge-risk-says-BIS.html
>
>
>
> [9] Robert Cookson and Sundeep Tucker, Economist warns of
> double-dip
> recession. The Financial Times: September 14, 2009:
> http://www.ft.com/cms/s/0/e6dd31f0-a133-11de-a88d-00144feabdc0.html
>
>
>
> [10] Patrick Jenkins, BIS head worried by complacency. The Financial
> Times: September 20, 2009:
> http://www.ft.com/cms/s/0/a7a04972-a60c-11de-8c92-00144feabdc0.html
>
>
>
> [11] David Uren. Bank for International Settlements warning over
> stimulus benefits. The Australian: June 30, 2009:
>
> http://www.theaustralian.news.com.au/story/0,,25710566-601,00.html
>
>
>
> [12] Simone Meier, BIS Sees Risk Central Banks Will Raise Interest
> Rates Too Late. Bloomberg: June 29, 2009:
>
> http://www.bloomberg.com/apps/news?pid=20601068&sid=aOnSy9jXFKaY
>
>
>
> [13] Robert Cookson and Victor Mallet, Societal soul-searching casts
> shadow over big banks. The Financial Times: September 18, 2009:
> http://www.ft.com/cms/s/0/7721033c-a3ea-11de-9fed-00144feabdc0.html
>
>
>
> [14] AFP, Top central banks agree to tougher bank regulation: BIS.
> AFP:
> September 6, 2009:
> http://www.google.com/hostednews/afp/article/ALeqM5h8G0ShkY-AdH3TNzKJEetGuScPiQ
>
>
>
> [15] Simon Kennedy, Basel Group Agrees on Bank Standards to Avoid
> Repeat of Crisis. Bloomberg: September 7, 2009:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=aETt8NZiLP38
>
>
>
> [16] Abigail Moses, Central Banks Must Agree Global Clearing
> Supervision, BIS Says. Bloomberg: September 14, 2009:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=a5C6ARW_tSW0
>
>
>
> [17] FIABIC, US home prices the most vital indicator for turnaround.
> FIABIC Asia Pacific: January 19, 2009:
> http://www.fiabci-asiapacific.com/index.php?option=com_content&task=view&id=133&Itemid=41
>
>
>
> Alexander Green, The National Debt: The Biggest Threat to Your Financial
> Future. Investment U: August 25, 2008:
> http://www.investmentu.com/IUEL/2008/August/the-national-debt.html
>
>
>
> John Bellamy Foster and Fred Magdoff, Financial Implosion and Stagnation.
> Global Research: May 20, 2009:
> http://www.globalresearch.ca/index.php?context=va&aid=13692
>
>
>
> [18] Dawn Kopecki and Catherine Dodge, U.S. Rescue May Reach $23.7
> Trillion, Barofsky Says (Update3). Bloomberg: July 20, 2009:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=aY0tX8UysIaM
>
>
>
> [19] Andrew Gavin Marshall, The Bilderberg Plan for 2009: Remaking
> the
> Global Political Economy. Global Research: May 26, 2009:
> http://www.globalresearch.ca/index.php?aid=13738&context=va
>
>
>
> [20] Maja Banck-Polderman, Official List of Participants for the 2009
> Bilderberg Meeting. Public Intelligence: July 26, 2009:
> http://www.publicintelligence.net/official-list-of-participants-for-the-2009-bilderberg-meeting/
>
>
>
> [21] Andrew Gavin Marshall, The Bilderberg Plan for 2009: Remaking
> the
> Global Political Economy. Global Research: May 26, 2009:
> http://www.globalresearch.ca/index.php?aid=13738&context=va
>
>
>
>
>
> Andrew Gavin Marshall is a Research Associate with the Centre for Research
> on Globalization (CRG). He is currently studying Political Economy and
> History at Simon Fraser University.
>
>
> Please support Global Research
> Global Research relies on the financial support of its readers.
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- ----- End forwarded message -----
- --
The Financiers & Banksters have looted untold trillions of our future earnings.
Their bureaucratic police & military goons are here to make us all pay for it.
Forever.
Well FORGET THAT. Let's get it *ALL* back from them -- and more.
**Socialist revolution NOW!!**
Build the North America-wide General Strike.
TODO el poder a los consejos y las comunas.
TOUT le pouvoir aux conseils et communes.
ALL power to the councils and communes.
And beware the 'bait & switch' fraud: "Social Justice" is NOT *Socialism*...
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grok <[email protected]> Tue, Oct 6, 2009 at 10:43 AM
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The below allusion to the totalitarian World police state of Orwell's
"1984" is wholly apt. We can certainly expect the up-coming
"Remembrance"/"Veteran's" Day ceremonies to be in fact paeans to a
resurgent imperialist militarism that would make the likes of Hitler,
Mussolini and Tojo proud.
- -- all this right before the bombing of Iran, et al., commences.
Don't forget to 'duck & cover', huh?
As for the liberal Left and their fears of being laffingly dismissed
for believing "conspiracy theories": of COURSE the Rich conspire
against us all. Daily too. And some of us have too much personal
experience of this fact, for that matter.
Let us GET *them* -- before they DO *us*.
- -- grok.
- ----- Forwarded message
Date: Tue, 6 Oct 2009
Subject: The Economic Recovery is an Illusion - The Bank forInternational Settlements (BIS) Warns of Future Crises
> The Economic Recovery is an Illusion
>
> The Bank for International Settlements (BIS) Warns of Future Crises
>
> By Andrew Gavin Marshall
>
> URL of this article: www.globalresearch.ca/index.php?context=va&aid=15501
>
> Global Research, October 3, 2009
>
> War is Peace, Freedom is Slavery, Ignorance is Strength, and Debt is
> Recovery
>
>
>
> In light of the ever-present and unyieldingly persistent exclamations of
> 'an
> end' to the recession, a 'solution' to the crisis, and a 'recovery' of the
> economy; we must remember that we are being told this by the very same
> people and institutions which told us, in years past, that there was
> 'nothing to worry about,' that 'the fundamentals are fine,' and that there
> was 'no danger' of an economic crisis.
>
>
>
> Why do we continue to believe the same people that have, in both
> statements
> and choices, been nothing but wrong? Who should we believe and turn to for
> more accurate information and analysis? Perhaps a useful source would be
> those at the epicenter of the crisis, in the heart of the shadowy world of
> central banking, at the global banking regulator, and the "most
> prestigious
> financial institution in the world," which accurately predicted the crisis
> thus far: The Bank for International Settlements (BIS). This would be a
> good
> place to start.
>
>
>
> The economic crisis is anything but over, the "solutions" have been akin
> to
> putting a band-aid on an amputated arm. The Bank for International
> Settlements (BIS), the central bank to the world's central banks, has
> warned
> and continues to warn against such misplaced hopes.
>
>
>
> What is the Bank for International Settlements (BIS)?
>
>
>
> The BIS emerged from the Young Committee set up in 1929, which was created
> to handle the settlements of German reparations payments outlined in the
> Versailles Treaty of 1919. The Committee was headed by Owen D. Young,
> President and CEO of General Electric, co-author of the 1924 Dawes Plan,
> member of the Board of Trustees of the Rockefeller Foundation and was
> Deputy
> Chairman of the Federal Reserve Bank of New York. As the main American
> delegate to the conference on German reparations, he was also
> accompanied by
> J.P. Morgan, Jr.[1] What emerged was the Young Plan for German reparations
> payments.
>
>
>
> The Plan went into effect in 1930, following the stock market crash.
> Part of
> the Plan entailed the creation of an international settlement
> organization,
> which was formed in 1930, and known as the Bank for International
> Settlements (BIS). It was purportedly designed to facilitate and
> coordinate
> the reparations payments of Weimar Germany to the Allied powers. However,
> its secondary function, which is much more secretive, and much more
> important, was to act as "a coordinator of the operations of central banks
> around the world." Described as "a bank for central banks," the BIS "is a
> private institution with shareholders but it does operations for public
> agencies. Such operations are kept strictly confidential so that the
> public
> is usually unaware of most of the BIS operations."[2]
>
>
>
> The BIS was founded by "the central banks of Belgium, France, Germany,
> Italy, the Netherlands, Japan, and the United Kingdom along with three
> leading commercial banks from the United States, including J.P. Morgan &
> Company, First National Bank of New York, and First National Bank of
> Chicago. Each central bank subscribed to 16,000 shares and the three U.S.
> banks also subscribed to this same number of shares." However, "Only
> central
> banks have voting power."[3]
>
>
>
> Central bank members have bi-monthly meetings at the BIS where they
> discuss
> a variety of issues. It should be noted that most "of the transactions
> carried out by the BIS on behalf of central banks require the utmost
> secrecy,"[4] which is likely why most people have not even heard of it.
> The
> BIS can offer central banks "confidentiality and secrecy which is higher
> than a triple-A rated bank."[5]
>
>
>
> The BIS was established "to remedy the decline of London as the world's
> financial center by providing a mechanism by which a world with three
> chief
> financial centers in London, New York, and Paris could still operate as
> one."[6] As Carroll Quigley explained:
>
>
>
> [T]he powers of financial capitalism had another far-reaching aim, nothing
> less than to create a world system of financial control in private hands
> able to dominate the political system of each country and the economy of
> the world as a whole. This system was to be controlled in a feudalist
> fashion by the central banks of the world acting in concert, by secret
> agreements arrived at in frequent private meetings and conferences. The
> apex
> of the system was to be the Bank for International Settlements in Basle,
> Switzerland, a private bank owned and controlled by the world's central
> banks which were themselves private corporations.[7]
>
>
>
> The BIS, is, without a doubt, the most important, powerful, and secretive
> financial institution in the world. It's warnings should not be taken
> lightly, as it would be the one institution in the world that would be
> privy
> to such information more than any other.
>
>
>
> Derivatives Crisis Ahead
>
>
>
> In September of 2009, the BIS reported that, "The global market for
> derivatives rebounded to $426 trillion in the second quarter as risk
> appetite returned, but the system remains unstable and prone to crises."
> The
> BIS quarterly report said that derivatives rose 16% "mostly due to a surge
> in futures and options contracts on three-month interest rates." The Chief
> Economist of the BIS warned that the derivatives market poses "major
> systemic risks" in the international financial sector, and that, "The
> danger
> is that regulators will again fail to see that big institutions have taken
> far more exposure than they can handle in shock conditions." The economist
> added that, "The use of derivatives by hedge funds and the like can create
> large, hidden exposures."[8]
>
>
>
> The day after the report by the BIS was published, the former Chief
> Economist of the BIS, William White, warned that, "The world has not
> tackled
> the problems at the heart of the economic downturn and is likely to slip
> back into recession," and he further "warned that government actions to
> help
> the economy in the short run may be sowing the seeds for future crises."
> He
> was quoted as warning of entering a double-dip recession, "Are we going
> into
> a W[-shaped recession]? Almost certainly. Are we going into an L? I would
> not be in the slightest bit surprised." He added, "The only thing that
> would
> really surprise me is a rapid and sustainable recovery from the position
> we're in."
>
>
>
> An article in the Financial Times explained that White's comments are
> not to
> be taken lightly, as apart from heading the economic department at the BIS
> from 1995 to 2008, he had, "repeatedly warned of dangerous imbalances in
> the
> global financial system as far back as 2003 and - breaking a great taboo
> in
> central banking circles at the time - he dared to challenge Alan
> Greenspan,
> then chairman of the Federal Reserve, over his policy of persistent cheap
> money."
>
>
>
> The Financial Times continued:
>
>
>
> Worldwide, central banks have pumped thousands of billions of dollars of
> new
> money into the financial system over the past two years in an effort to
> prevent a depression. Meanwhile, governments have gone to similar
> extremes,
> taking on vast sums of debt to prop up industries from banking to car
> making.
>
>
>
> White warned that, "These measures may already be inflating a bubble in
> asset prices, from equities to commodities," and that, "there was a small
> risk that inflation would get out of control over the medium term." In a
> speech given in Hong Kong, White explained that, "the underlying
> problems in
> the global economy, such as unsustainable trade imbalances between the US,
> Europe and Asia, had not been resolved."[9]
>
>
>
> On September 20, 2009, the Financial Times reported that the BIS, "the
> head
> of the body that oversees global banking regulation," while at the G20
> meeting, "issued a stern warning that the world cannot afford to slip
> into a
> 'complacent' assumption that the financial sector has rebounded for good,"
> and that, "Jaime Caruana, general manager of the Bank for International
> Settlements and a former governor of Spain's central bank, said the market
> rebound should not be misinterpreted."[10]
>
>
>
> This follows warnings from the BIS over the summer of 2009, regarding
> misplaced hope over the stimulus packages organized by various governments
> around the world. In late June, the BIS warned that, "fiscal stimulus
> packages may provide no more than a temporary boost to growth, and be
> followed by an extended period of economic stagnation."
>
>
>
> An article in the Australian reported that, "The only international body
> to
> correctly predict the financial crisis ... has warned the biggest risk is
> that governments might be forced by world bond investors to abandon their
> stimulus packages, and instead slash spending while lifting taxes and
> interest rates," as the annual report of the BIS "has for the past three
> years been warning of the dangers of a repeat of the depression." Further,
> "Its latest annual report warned that countries such as Australia faced
> the
> possibility of a run on the currency, which would force interest rates to
> rise." The BIS warned that, "a temporary respite may make it more
> difficult
> for authorities to take the actions that are necessary, if unpopular, to
> restore the health of the financial system, and may thus ultimately
> prolong
> the period of slow growth."
>
>
>
> Further, "At the same time, government guarantees and asset insurance have
> exposed taxpayers to potentially large losses," and explaining how fiscal
> packages posed significant risks, it said that, "There is a danger that
> fiscal policy-makers will exhaust their debt capacity before finishing the
> costly job of repairing the financial system," and that, "There is the
> definite possibility that stimulus programs will drive up real interest
> rates and inflation expectations." Inflation "would intensify as the
> downturn abated," and the BIS "expressed doubt about the bank rescue
> package
> adopted in the US."[11]
>
>
>
> The BIS further warned of inflation, saying that, "The big and justifiable
> worry is that, before it can be reversed, the dramatic easing in monetary
> policy will translate into growth in the broader monetary and credit
> aggregates." That will "lead to inflation that feeds inflation
> expectations
> or it may fuel yet another asset-price bubble, sowing the seeds of the
> next
> financial boom-bust cycle."[12] With the latest report on the derivatives
> bubble being created, it has become painfully clear that this is exactly
> what has happened: the creation of another asset-price bubble. The problem
> with bubbles is that they burst.
>
>
>
> The Financial Times reported that William White, former Chief Economist at
> the BIS, also "argued that after two years of government support for the
> financial system, we now have a set of banks that are even bigger - and
> more
> dangerous - than ever before," which also, "has been argued by Simon
> Johnson, former chief economist at the International Monetary Fund," who
> "says that the finance industry has in effect captured the US government,"
> and pointedly stated: "recovery will fail unless we break the financial
> oligarchy that is blocking essential reform."[13] [Emphasis added].
>
>
>
> At the beginning of September 2009, central bankers met at the BIS, and it
> was reported that, "they had agreed on a package of measures to strengthen
> the regulation and supervision of the banking industry in the wake of the
> financial crisis," and the chief of the European Central Bank was quoted
> as
> saying, "The agreements reached today among 27 major countries of the
> world
> are essential as they set the new standards for banking regulation and
> supervision at the global level."[14]
>
>
>
> Among the agreed measures, "lenders should raise the quality of their
> capital by including more stock," and "Banks will also have to raise the
> amount and quality of the assets they keep in reserve and curb leverage."
> One of the key decisions made at the Basel conference, which is named
> after
> the Basel Committee on Banking Supervision, set up under the BIS, was
> that,
> "banks will need to raise the quality of their so-called Tier 1 capital
> base, which measures a bank's ability to absorb sudden losses," meaning
> that, "The majority of such reserves should be common shares and retained
> earnings and the holdings will be fully disclosed."[15]
>
>
>
> In mid-September, the BIS said that, "Central banks must coordinate global
> supervision of derivatives clearinghouses and consider offering them
> access
> to emergency funds to limit systemic risk." In other words, "Regulators
> are
> pushing for much of the $592 trillion market in over-the-counter
> derivatives
> trades to be moved to clearinghouses which act as the buyer to every
> seller
> and seller to every buyer, reducing the risk to the financial system from
> defaults." The report released by the BIS asked if clearing houses "should
> have access to central bank credit facilities and, if so, when?"[16]
>
>
>
> A Coming Crisis
>
>
>
> The derivatives market represents a massive threat to the stability of the
> global economy. However, it is one among many threats, all of which are
> related and intertwined; one will set off another. The big elephant in the
> room is the major financial bubble created from the bailouts and
> "stimulus"
> packages worldwide. This money has been used by major banks to consolidate
> the economy; buying up smaller banks and absorbing the real economy;
> productive industry. The money has also gone into speculation, feeding the
> derivatives bubble and leading to a rise in stock markets, a completely
> illusory and manufactured occurrence. The bailouts have, in effect, fed
> the
> derivatives bubble to dangerous new levels as well as inflating the stock
> market to an unsustainable position.
>
>
>
> However, a massive threat looms in the cost of the bailouts and so-called
> "stimulus" packages. The economic crisis was created as a result of low
> interest rates and easy money: high-risk loans were being made, money was
> invested in anything and everything, the housing market inflated, the
> commercial real estate market inflated, derivatives trade soared to the
> hundreds of trillions per year, speculation ran rampant and dominated the
> global financial system. Hedge funds were the willing facilitators of the
> derivatives trade, and the large banks were the major participants and
> holders.
>
>
>
> At the same time, governments spent money loosely, specifically the United
> States, paying for multi-trillion dollar wars and defense budgets,
> printing
> money out of thin air, courtesy of the global central banking system. All
> the money that was produced, in turn, produced debt. By 2007, the total
> debt - domestic, commercial and consumer debt - of the United States stood
> at a shocking $51 trillion.[17]
>
>
>
> As if this debt burden was not enough, considering it would be
> impossible to
> ever pay back, the past two years has seen the most expansive and rapid
> debt
> expansion ever seen in world history - in the form of stimulus and bailout
> packages around the world. In July of 2009, it was reported that, "U.S.
> taxpayers may be on the hook for as much as $23.7 trillion to bolster the
> economy and bail out financial companies, said Neil Barofsky, special
> inspector general for the Treasury's Troubled Asset Relief Program."[18]
>
>
>
> Bilderberg Plan in Action?
>
>
>
> In May of 2009, I wrote an article covering the Bilderberg meeting of
> 2009,
> a highly secretive meeting of major elites from Europe and North America,
> who meet once a year behind closed doors. Bilderberg acts as an informal
> international think tank, and they do not release any information, so
> reports from the meetings are leaked and the sources cannot be verified.
> However, the information provided by Bilderberg trackers and journalists
> Daniel Estulin and Jim Tucker have proven surprisingly accurate in the
> past.
>
>
>
> In May, the information that leaked from the meetings regarded the main
> topic of conversation being, unsurprisingly, the economic crisis. The big
> question was to undertake "Either a prolonged, agonizing depression that
> dooms the world to decades of stagnation, decline and poverty ... or an
> intense-but-shorter depression that paves the way for a new sustainable
> economic world order, with less sovereignty but more efficiency."
>
>
>
> Important to note, was that one major point on the agenda was to "continue
> to deceive millions of savers and investors who believe the hype about the
> supposed up-turn in the economy. They are about to be set up for massive
> losses and searing financial pain in the months ahead."
>
>
>
> Estulin reported on a leaked report he claimed to have received following
> the meeting, which reported that there were large disagreements among the
> participants, as "The hardliners are for dramatic decline and a severe,
> short-term depression, but there are those who think that things have gone
> too far and that the fallout from the global economic cataclysm cannot be
> accurately calculated." However, the consensus view was that the recession
> would get worse, and that recovery would be "relatively slow and
> protracted," and to look for these terms in the press over the next weeks
> and months. Sure enough, these terms have appeared ad infinitum in the
> global media.
>
>
>
> Estulin further reported, "that some leading European bankers faced with
> the
> specter of their own financial mortality are extremely concerned, calling
> this high wire act 'unsustainable,' and saying that US budget and trade
> deficits could result in the demise of the dollar." One Bilderberger said
> that, "the banks themselves don't know the answer to when (the bottom will
> be hit)." Everyone appeared to agree, "that the level of capital needed
> for
> the American banks may be considerably higher than the US government
> suggested through their recent stress tests." Further, "someone from the
> IMF
> pointed out that its own study on historical recessions suggests that
> the US
> is only a third of the way through this current one; therefore economies
> expecting to recover with resurgence in demand from the US will have a
> long
> wait." One attendee stated that, "Equity losses in 2008 were worse than
> those of 1929," and that, "The next phase of the economic decline will
> also
> be worse than the '30s, mostly because the US economy carries about $20
> trillion of excess debt. Until that debt is eliminated, the idea of a
> healthy boom is a mirage."[19]
>
>
>
> Could the general perception of an economy in recovery be the
> manifestation
> of the Bilderberg plan in action? Well, to provide insight into attempting
> to answer that question, we must review who some of the key participants
> at
> the conference were.
>
>
>
> Central Bankers
>
>
>
> Many central bankers were present, as per usual. Among them, were the
> Governor of the National Bank of Greece, Governor of the Bank of Italy,
> President of the European Investment Bank; James Wolfensohn, former
> President of the World Bank; Nout Wellink, President of the Central Bank
> of
> the Netherlands and is on the board of the Bank for International
> Settlements (BIS); Jean-Claude Trichet, the President of the European
> Central Bank was also present; the Vice Governor of the National Bank of
> Belgium; and a member of the Board of the Executive Directors of the
> Central
> Bank of Austria.
>
>
>
> Finance Ministers and Media
>
>
>
> Finance Ministers and officials also attended from many different
> countries.
> Among the countries with representatives present from the financial
> department were Finland, France, Great Britain, Italy, Greece, Portugal,
> and
> Spain. There were also many representatives present from major media
> enterprises around the world. These include the publisher and editor of
> Der
> Standard in Austria; the Chairman and CEO of the Washington Post Company;
> the Editor-in-Chief of the Economist; the Deputy Editor of Die Zeit in
> Germany; the CEO and Editor-in-Chief of Le Nouvel Observateur in France;
> the
> Associate Editor and Chief Economics Commentator of the Financial Times;
> as
> well as the Business Correspondent and the Business Editor of the
> Economist.
> So, these are some of the major financial publications in the world
> present
> at this meeting. Naturally, they have a large influence on public
> perceptions of the economy.
>
>
>
> Bankers
>
>
>
> Also of importance to note is the attendance of private bankers at the
> meeting, for it is the major international banks that own the shares of
> the
> world's central banks, which in turn, control the shares of the Bank for
> International Settlements (BIS). Among the banks and financial companies
> represented at the meeting were Deutsche Bank AG, ING, Lazard Freres &
> Co.,
> Morgan Stanley International, Goldman Sachs, Royal Bank of Scotland, and
> of
> importance to note is David Rockefeller,[20] former Chairman and CEO of
> Chase Manhattan (now J.P. Morgan Chase), who can arguably be referred to
> as
> the current reigning 'King of Capitalism.'
>
>
>
> The Obama Administration
>
>
>
> Heavy representation at the Bilderberg meeting also came from members of
> the
> Obama administration who are tasked with resolving the economic crisis.
> Among them were Timothy Geithner, the US Treasury Secretary and former
> President of the Federal Reserve Bank of New York; Lawrence Summers,
> Director of the White House's National Economic Council, former Treasury
> Secretary in the Clinton administration, former President of Harvard
> University, and former Chief Economist of the World Bank; Paul Volcker,
> former Governor of the Federal Reserve System and Chair of Obama's
> Economic
> Recovery Advisory Board; Robert Zoellick, former Chairman of Goldman Sachs
> and current President of the World Bank.[21]
>
>
>
> Unconfirmed were reports of the Fed Chairman, Ben Bernanke being present.
> However, if the history and precedent of Bilderberg meetings is anything
> to
> go by, both the Chairman of the Federal Reserve and the President of the
> Federal Reserve Bank of New York are always present, so it would indeed be
> surprising if they were not present at the 2009 meeting. I contacted the
> New
> York Fed to ask if the President attended any organization or group
> meetings
> in Greece over the scheduled dates that Bilderberg met, and the response
> told me to ask the particular organization for a list of attendees. While
> not confirming his presence, they also did not deny it. However, it is
> still
> unverified.
>
>
>
> Naturally, all of these key players to wield enough influence to alter
> public opinion and perception of the economic crisis. They also have the
> most to gain from it. However, whatever image they construct, it remains
> just that; an image. The illusion will tear apart soon enough, and the
> world
> will come to realize that the crisis we have gone through thus far is
> merely
> the introductory chapter to the economic crisis as it will be written in
> history books.
>
>
>
> Conclusion
>
>
>
> The warnings from the Bank for International Settlements (BIS) and its
> former Chief Economist, William White, must not be taken lightly. Both the
> warnings of the BIS and William White in the past have gone unheralded and
> have been proven accurate with time. Do not allow the media-driven hope of
> 'economic recovery' sideline the 'economic reality.' Though it can be
> depressing to acknowledge; it is a far greater thing to be aware of the
> ground on which you tread, even if it is strewn with dangers; than to be
> ignorant and run recklessly through a minefield. Ignorance is not bliss;
> ignorance is delayed catastrophe.
>
>
>
> A doctor must first properly identify and diagnose the problem before he
> can
> offer any sort of prescription as a solution. If the diagnosis is
> inaccurate, the prescription won't work, and could in fact, make things
> worse. The global economy has a large cancer in it: it has been properly
> diagnosed by some, yet the prescription it was given was to cure a cough.
> The economic tumor has been identified; the question is: do we accept this
> and try to address it, or do we pretend that the cough prescription will
> cure it? What do you think gives a stronger chance of survival? Now try
> accepting the idea that 'ignorance is bliss.'
>
>
>
> As Gandhi said, "There is no god higher than truth."
>
>
>
> For an overview of the coming financial crises, see: "Entering the
> Greatest
> Depression in History: More Bubbles Waiting to Burst," Global Research,
> August 7, 2009.
>
>
> Endnotes
>
>
>
> [1] Time, HEROES: Man-of-the-Year. Time Magazine: Jan 6, 1930:
> http://www.time.com/time/magazine/article/0,9171,738364-1,00.html
>
>
>
> [2] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 2
>
>
>
> [3] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 6
>
>
>
> [4] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 148
>
>
>
> [5] James Calvin Baker, The Bank for International Settlements:
> evolution and evaluation. Greenwood Publishing Group, 2002: page 149
>
>
>
> [6] Carroll Quigley, Tragedy and Hope: A History of the World in
> Our
> Time (New York: Macmillan Company, 1966), 324-325
>
>
>
> [7] Carroll Quigley, Tragedy and Hope: A History of the World in
> Our
> Time (New York: Macmillan Company, 1966), 324
>
>
>
> [8] Ambrose Evans-Pritchard, Derivatives still pose huge risk, says
> BIS. The Telegraph: September 13, 2009:
> http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6184496/Derivatives-still-pose-huge-risk-says-BIS.html
>
>
>
> [9] Robert Cookson and Sundeep Tucker, Economist warns of
> double-dip
> recession. The Financial Times: September 14, 2009:
> http://www.ft.com/cms/s/0/e6dd31f0-a133-11de-a88d-00144feabdc0.html
>
>
>
> [10] Patrick Jenkins, BIS head worried by complacency. The Financial
> Times: September 20, 2009:
> http://www.ft.com/cms/s/0/a7a04972-a60c-11de-8c92-00144feabdc0.html
>
>
>
> [11] David Uren. Bank for International Settlements warning over
> stimulus benefits. The Australian: June 30, 2009:
>
> http://www.theaustralian.news.com.au/story/0,,25710566-601,00.html
>
>
>
> [12] Simone Meier, BIS Sees Risk Central Banks Will Raise Interest
> Rates Too Late. Bloomberg: June 29, 2009:
>
> http://www.bloomberg.com/apps/news?pid=20601068&sid=aOnSy9jXFKaY
>
>
>
> [13] Robert Cookson and Victor Mallet, Societal soul-searching casts
> shadow over big banks. The Financial Times: September 18, 2009:
> http://www.ft.com/cms/s/0/7721033c-a3ea-11de-9fed-00144feabdc0.html
>
>
>
> [14] AFP, Top central banks agree to tougher bank regulation: BIS.
> AFP:
> September 6, 2009:
> http://www.google.com/hostednews/afp/article/ALeqM5h8G0ShkY-AdH3TNzKJEetGuScPiQ
>
>
>
> [15] Simon Kennedy, Basel Group Agrees on Bank Standards to Avoid
> Repeat of Crisis. Bloomberg: September 7, 2009:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=aETt8NZiLP38
>
>
>
> [16] Abigail Moses, Central Banks Must Agree Global Clearing
> Supervision, BIS Says. Bloomberg: September 14, 2009:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=a5C6ARW_tSW0
>
>
>
> [17] FIABIC, US home prices the most vital indicator for turnaround.
> FIABIC Asia Pacific: January 19, 2009:
> http://www.fiabci-asiapacific.com/index.php?option=com_content&task=view&id=133&Itemid=41
>
>
>
> Alexander Green, The National Debt: The Biggest Threat to Your Financial
> Future. Investment U: August 25, 2008:
> http://www.investmentu.com/IUEL/2008/August/the-national-debt.html
>
>
>
> John Bellamy Foster and Fred Magdoff, Financial Implosion and Stagnation.
> Global Research: May 20, 2009:
> http://www.globalresearch.ca/index.php?context=va&aid=13692
>
>
>
> [18] Dawn Kopecki and Catherine Dodge, U.S. Rescue May Reach $23.7
> Trillion, Barofsky Says (Update3). Bloomberg: July 20, 2009:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=aY0tX8UysIaM
>
>
>
> [19] Andrew Gavin Marshall, The Bilderberg Plan for 2009: Remaking
> the
> Global Political Economy. Global Research: May 26, 2009:
> http://www.globalresearch.ca/index.php?aid=13738&context=va
>
>
>
> [20] Maja Banck-Polderman, Official List of Participants for the 2009
> Bilderberg Meeting. Public Intelligence: July 26, 2009:
> http://www.publicintelligence.net/official-list-of-participants-for-the-2009-bilderberg-meeting/
>
>
>
> [21] Andrew Gavin Marshall, The Bilderberg Plan for 2009: Remaking
> the
> Global Political Economy. Global Research: May 26, 2009:
> http://www.globalresearch.ca/index.php?aid=13738&context=va
>
>
>
>
>
> Andrew Gavin Marshall is a Research Associate with the Centre for Research
> on Globalization (CRG). He is currently studying Political Economy and
> History at Simon Fraser University.
>
>
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- ----- End forwarded message -----
- --
The Financiers & Banksters have looted untold trillions of our future earnings.
Their bureaucratic police & military goons are here to make us all pay for it.
Forever.
Well FORGET THAT. Let's get it *ALL* back from them -- and more.
**Socialist revolution NOW!!**
Build the North America-wide General Strike.
TODO el poder a los consejos y las comunas.
TOUT le pouvoir aux conseils et communes.
ALL power to the councils and communes.
And beware the 'bait & switch' fraud: "Social Justice" is NOT *Socialism*...
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