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This globally trumped up liquidity and credit crunch was orchestrated by the key players: the international bankers: Goldman Sachs, Barclays, BNP Paribas, Bear Stearns, Citigroup, JP Morgan Chase, and Bank of America. They would not buy commercial paper from one another or lend to one another...

 

THE CREDIT CRUNCH THAT NEVER WAS, IS OVER

 

 

 

By Joan Veon
September 24, 2007
NewsWithViews.com

The ruse that has been played out in the stock, bond, and credit markets for the last two months is one of the biggest scams of the century, after the crash of the NASDAQ. At stake is the cementing together of a global economic structure that will not be able to be dismantled.

At the core of the trumped up credit crunch were a handful of international bankers that helped create a big enough deception which will ultimately lead to Congress exchanging our national regulatory laws for standardized international regulatory laws. Sadly, I have seen the pattern of creating a problem so you can solve it according to your hidden agenda, over and over again in the 27 years I have spent in the investment business. For those who think it is about a new low in the value of the dollar, they are wrong—the dollar has been dropping ever since the twin 1973 currency crises which sent then Assistant Treasury Secretary for International Monetary Affairs Paul Volcker around the world to hammer out a new regime for floating currencies (what a great way to transfer wealth and control countries: currencies). Every time the dollar drops, it is new and historic. For those who think the past two months was about the Rothschild's cornering the global gold market, no way. They and the same core of international bankers that own the Bank of England, the Federal Reserve, and other major central banks control the value of gold. When central banks sell gold as they did in the late 90s, it is only title that changes, not the owners.

In the fall of 1983, my husband and I purchased our first home. Several months later he got a job in another city but we were straddled for 2 ½ years with a house we could not sell because interest rates climbed to 22% with mortgages as high as 14-16%. Years later, I found out that our Congress changed "old and outdated" banking laws to render to national and international bankers, one of the most major coups of the century! The law which Congress passed is called the Depositary Institutions Deregulation and Monetary Control Act (1980 Deregulation Act), which basically lifted all restrictions on U.S. banks as to the amount of interest they could pay or charge investors/creditors. At the time this was heralded as being "good" for America since banks would have to pay market rates on savings, which conveniently rose to 22% for a short period of time. That was not a bad short-term price to pay for banks being able to pay very low rates for savings and charge usurious rates for credit cards from 9 ½% to 35% with home equity lines of credit being tied to prime. The high interest rates were appreciated by the serfs who have ceased to remember their joy.

This globally trumped up liquidity and credit crunch was orchestrated by the key players: the international bankers: Goldman Sachs, Barclays, BNP Paribas, Bear Stearns, Citigroup, JP Morgan Chase, and Bank of America. They would not buy commercial paper from one another or lend to one another. Come on. This was reported as being shocking when in fact, it was the standard insiders game designed to facilitate major changes to U.S. regulations by scaring Congress and the rest of the country first. Once the Security and Exchange regulator has been folded into one agency—like Britain's Financial Services Authority, instead of having separate regulators for commodities and derivatives, the world will go back to calm—for a little while. The next thing you are likely to hear is that the world needs a global financial regulator. But before that can happen, the national regulatory laws have to be harmonized to prepare the way.

The supporting players were the hedge funds and complex investment instruments. It is not Joe Average who can afford to invest in these animals. Hedged funds known as "Quants" attempt to profit from price inefficiencies identified through mathematical models. These send buy/sell signals on small variations in price between different securities (Financial Times-FT, 8/13/07). Most of the international bankers have quant funds. In fact while they were crying the blues over a 30% drop in August and external investors lost 20% of their investment, it was reported that Goldman Sachs made $300M last month from the rescue of one of their troubled hedge funds. They injected $2B of their own money while billionaire friends injected another $1B to save it (FT, 9/16/7, 6). The fund was up 15% before the Fed bailout! What great math!

The investment instruments are no doubt terribly complex. They are called derivatives ($400T in a world where the entire GDP is $40T), off-balance sheet structures known as conduits ($1,400B), and SIV' or structured investment vehicles.

The pawns were those who took a sub-prime mortgage and bit the apple in the same way Eve did. According to Fed Chairman Ben Bernanke, "About 7.5 million first-lien subprime mortgages are now outstanding, accounting for 14% of all first-lien mortgages. So-called near-prime loans—loans to borrowers who typically have higher credit scores than subprime borrowers but have other higher-risk aspects—account for an additional 8 to 10 percent of mortgages" (speech 5/17/07). Six months ago, there were $1,300B of subprime loans or about 13% of all outstanding mortgages while the total residential mortgage market is more than $20,000B. In other words, the subprime market is a very small percentage of our total economy. In fact the losses from the Savings and Loan Crisis in the 1990s were much higher.

Regarding the mortgage market, it should be noted that the practice of banks selling mortgages they use to hold until maturity is over. In the 1980s when there was a mortgage default, it was the bank that took the hit. Now mortgages and loans of every type (auto, credit card, etc.) have been securitized (packaged into group of mortgages), then repackaged in a collateralized debt obligation bond (CDO) and sold to a hedge fund that bought it on leverage (David Hale, FT, 8/14/7, 11). The sophistication and complexity of how you sell mortgages has evolved since the 1980s. Bottom line is that the banks no longer carry mortgages or the risk—they basically act as conduits. It is the market—now the global market that carries the risk. The banks really are not concerned about the risk in the loans they make because all of them are now sold in the bond markets to pension funds, mutual funds, and others.

While there is much more that could be said about this whole trumped up charade of loss of liquidity, the bottom line is that the Federal Reserve could have solved this problem two months ago by lowering interest rates. They are the ones who create the business cycle and market highs and lows by the amount of money they inject into the banking system. Just like in the 1980s, interest rates could have come down at any time, but there was another agenda. Can the Fed solve the problem of the sub-prime mortgages, no. Congress will have to deal with the inequities.

At the international level, all of the international organizations: the Bank for International Settlements, the International Organization of Security Commissions, the Group of Seven finance ministers, and the Financial Stability Forum are talking about the need to have capital markets that are globally integrated since no one Central Bank could determine how to proceed. The U.S. is the only major country not to have all of their regulators under one roof (just like the British system which is used in many countries around the world). All countries need to adopt global accounting standards (the US is in the process of moving in that direction, there has been agreement between GAAP and the IASB) and countries must implement the BASEL II Capital Accords (which are new rules for international banks on how much they need to have in reserve for protection), the U.S. is in the process of implementing them. Then once these things are put in place, the world is ready for a global financial regulator! 

Just days after the Fed reduced interest rates by ½ of 1%, it was announced that the Dubai Stock exchange will acquire just under 20% of the Nasdaq stock exchange and 28% of the London Stock Exchange while the Nasdaq purchases the Nordic stock exchange, OMX. Do we see the handwriting on the wall? 

If the IMF is suppose to become a Global Central Bank, then perhaps the Financial Stability Forum is a forerunner of what might be suggested next month when the G7 reports on the problems of supposed credit crunch! All this drama just to integrate world markets and stock exchanges! The ruse is now global! People need to see beyond the lies, deceit, deception, and distortion so that they stop operating in fear and begin living in truth. Lastly, all of the volatility created allowed those in the know to make lots of extra money at the expense of those who sold low and those who lost their homes. Be prepared for more of these trumped up vignettes, they have been occurring from the beginning of time. This one is in our generation.

© 2007 Joan Veon - All Rights Reserved

Order Joan Veon's book;
"The United Nations'
Global Straitjacket"





Joan Veon is a businesswoman and international reporter, having covered 75 Global meetings around the world in the last ten years. Please visit her website: http://www.womensgroup.org. To get a copy of her WTO report, send $10.00 to The Women's International Media Group, Inc. P. O. Box 77, Middletown, MD 21769. For an information packet, please call 301-371-0541

E-Mail: jveon@adelphia.net

http://www.newswithviews.com/Veon/joan49.htm
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arkygirl
There are many who think that this "crisis" was specifically engineered in order to introduce the "Amero" and chuck the dollar. (Google it if you are unfamiliar with the term).

We have a sitting president who was actually heard to utter the term "New World Order". IMO more had happened to bring that about in the past few years than ever in my lifetime....scary stuff. If people all over the planet don't take steps, we will all ultimately be controlled by the bankers.

Putting my tin foil hat back on now....

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I agree Arkygirl no need for the tin foil hat analogy though, Nafta, Cafta, the Spp, the Amero, IMF, World bank and the drive for globalization are far from conspiracy theories they are just plain fact. It's far from secret as well.

The elites want us to work for as cheap as possible, pay them as much interest as possible, and control as many resources and marketing channels as possible along with having as much control over the government and judicial system as possible.

To think otherwise would be extraordinarily naive and foolish as thinking the elites have a plan to create freedom and prosperity for the illegal immigrants by granting them rights, special privileges and financial assistance - both private and governmental.

We can only speculate as to the actual thoughts of the elites but certainly allowing trade deficits, devaluation, inflation and creating racial, class, gender, religious and other social tension including allowing illegal immigrants to loot the assets of the country by helping bankrupt the schools, medical system, other social services and infrastructure, create a crime wave, and language barriers will help to create a problem so big it seems unsolvable by anything other than a merger between at the least Mexico and the U.S. in terms of the monetary system as well as political.

Creating problems in order to solve them have a long historical precedent in governments, industry and the financial services. Globalization and one world government is no conspiracy theory either. Larouche wants to create a trans-Siberian railway and highway to exploit the resources of Russia for benefit of corporate elitists and bankers under the guise of providing jobs for the working class as well as making us renters of our own homes.  We all know the flood of immigration is no accident and neither is the corporate looting of the U.S.

There is much nutty conspiracy info on the Internet but we can't allow the elites and the government paint a picture of everyone who confronts the very  real Corporate criminals, bankers, and their political accomplishes 
as a paranoid nut case. Some of the information out there is false but some is very real we need to be wise, methodical, and verify sources of information and fit the pieces of the puzzle together as well as we can.

Our country is being looted, our homes are being stolen and we are losing our property rights, and legal rights it's no accident and it only make the rich richer and the poor poorer, the people with vacation homes and Ferrari's are not our enemies unless they are corporate crooks as the politicians would like us to believe it's the elite class that actually controls the monetary system and resources.

The politicians have diverted our attention to blaming the upper middle class, calling them the rich and greedy and using the government to strip them of assets when they could have been providing us with jobs and creating prosperity and shielding us form the control of the true elites. This is precisely what Abraham Lincoln predicted and they do it by whipping people into a divisive battle among each other though liberal v conservative and religious propaganda.

The war between classes and the Democrat v Republican agenda is a divide and conquer strategy meant to defeat us. Truthfully, the elites are very afraid of us because roughly 80% of the people are sick of the 2 party system stabbing all of us in the back.

I'm certainly on board the blame Citi, Bank of America and Bear Stearns train, although the big picture is certainly more complex than the above scenario.  The Bank of England collapsed the economy on purpose too, but property for cheap is well demonstrated in historical record and is the model for the Fed fractional reserve system. The arms, unaffordable loans, and manufactured default play a huge part in the economic crises and it's very intentional.

Ms fraud is a major key in proving foreclosures for profit, but we must prove the mechanism for profiting from foreclosures. Many people still believe the lenders lose money on foreclosures and therefore do not believe our story in the first place or is anything more than a comedy of errors.

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arkygirl
Aha, a fellow conspiracy theorist! There are lot of sort of "nutty" sites about this on the internet, most of which I ignore. One only needs to read MSM to see that power is being consolidated daily into the hands of the bankers.

My question has always been this, Greg. "And then what?"

Once you own everything, what do you do then? You could never rest because once it becomes clear who owns us and everything else, conditions are ripe for a worldwide revolution. It would be a worldwide insurrection, putting all other wars to shame in its scale and scope. I do not believe that people are willing to live in abject slavery forever.

Those coming into this position of power will have to have bodyguards, food tasters, and live in fear for their lives all the time. Everyone will hate them and many will try to unseat them. They will be isolated and unable to trust anyone. It sounds like a bleak existence to me so I have never understood the drive for ultimate power.

Wonder if it can be stopped? Maybe by returning to a sound money system and pulling in American tentacles from all over the globe and disengaging the tentacles of others that are in America? I heard some politician talking about that just recently......

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Ron Paul is addressing the issue of sound money and he has a long history to prove he puts his money where his mouth is. I have met with him twice now.
His plans are very realistic and easily implementable and have intelligent fail-safes for us. If the banks implode they still hold the titles of homes and businesses which we provided the equity for they have a financial incentive to
create boom and bust cycles as they make the most amount of money off of turbulence and collapse or near collapse. Options, derivative, and stocks all have much higher payouts with increased volatility. The fact that when we get a loan on a home the lender is really brokering our equity and if there is a recession of depression they get the homes for free with the equity is the incentive to create economic failure.

Someone else on this forum asked well if that is true how does the seller get paid the answer is we have a fractional reserve fiat money system where the money is created out of monetized debt. If the lenders lend 8 or more times deposits that blows the theory that the lender is paying the seller from assets. It might be disturbing to many that the lender is charging them interest for money that is really theirs in the first place and that if a a large percentage of money was requested all at once the banks would have to admit they did not really have any money or at least not very much of it but that is the way it is.

Many economists say we need this system to create economic expansion and jobs, but if it is all based on debt we do not gain wealth and economic stability we are just mortgaging our future to gain short term artificial prosperity.

Many people think that if we did not have this system to create big cash flow it would be like the stone age with a tiny amount of assets. This is not so, we would have a saving based economy and we would accumulate wealth to the point where businesses could finance themselves and we could pay cash for homes we would not need all these government safety nets and poverty alleviation schemes because we would not be poor. This is not an economists theory is cold hard reality and the only ones who loose are those who make money from interest and corporate monopolists who use government welfare and protection to survive, you would not think a save the financial parasites foundation would be so popular all around the world but people seem to be far more concerned with saving the banks and the corporate dictators ships than themselves and their families. It's so popular here in the U.S. we are willing to give them 400 billion per year or roughly about what our person income taxes are. People seem to get shocked outraged and scared when we come up with ideas to cut the money changers out of the picture, so much so they will attack us instead of the criminals as we have all experienced here first hand. Why are so many people so obsessed with paying interest for almost their whole adult lives so the banks can use the equity we provided them to get rich of the interest and derivatives?

What strikes me as really bizarre about the government plans for disaster is all the emphasis on saving the president and the top level officials, especially in the case of nuclear holocaust. How much sense does it make dedicate the countries last remaining resources into preserving the person who blew the world up especially someone too stupid to even figure out how to say the word nuclear let alone begin to comprehend the consequences.

The main point here is we have all sorts of emergency and contingency plans for government officials yet almost are all dependent on "money" for survival and we have no contingency plan for the other 300 million of us.

I don't think we need to use the word conspiracy theory it's just a historical fact and cold hard reality the ultra rich manipulate things to their advantage.
I actually believe thay have a right to become wealthy and protect their interests but I believe it is they who are paranoid we will rise up and destroy them.

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