Vítor Alberto Klein's Blog


Federal Reserve – Barclays and the Biggest financial scandal of all time?

Filed under: Atualidades — vitoralbertoklein @ 11:48
Added by guardian on July 10, 2012.
Saved under Business, Commentary, Nevada, Spotlight, U.S.

By Dirk Tejan

Source:  http://guardianlv.com/2012/07/federal-reserve-barclays-and-the-biggest-financial-scandal-of-all-time/


In what some are calling the largest banking scandal of all time, multinational banking giant Barclays and the Bank of England have been implicated in yet another massive financial scandal: the misconduct involved the fluctuating London Interbank Offered Rate (LIBOR). Simply put, this is the rate at which banks can borrow from one another and it affects not only Britain, but many banks around the world.

On Wednesday, Bob Diamond, former CEO of Barclays was forced to testify in front of British Parliament. According to e-mails, it
appears that in 2008, Paul Tucker, the Deputy Governor of the Bank of England, encouraged Diamond to artificially lower LIBOR rates, thus
effectively stealing massive amounts of money from investors all over the world. According to a recent Rolling Stone magazine article it seems that, even worse, Tucker was only following orders from his bosses, that is, those within the highest levels of British Government.

While all of this seems appalling, does it really rise to the level of “the largest banking scandal of all time” as some are saying? Of course it makes the billions stolen from investors last year by Former New Jersey Governor and MF Global CEO  Jon Corzine, look like chump change. You know, Corzine never served any jail time. Do you suppose his Goldman Sachs and political connections had anything to do with that?

Of course, we all remember the trillions in “bailout” money the taxpayers were forced to pay to the “too big to fail” international banksters. A recent audit of the Federal Reserve confirmed that the U.S. taxpayers provided a whopping $16 TRILLION in secret loans to bail out U.S. and foreign banks and businesses. According to a February 9th Bloomberg article, in 2009 every mortgage in America only amounted to $10.5 trillion! The amount of money stolen from America was enough to cover every home loan in the country.

After the Bankers lobbied (paid off) Congress to repeal the Glass Steagall act in the 90’s, the banking world became a gamblers paradise. (Paradise is defined as a place where others are forced to pay off your debts, but you get to keep all of your winnings).

But, as big as the “bailouts” were, (right now let’s not mention the massive derivative implosion that is on the way), does even the Bankster bailouts reach the level of “the largest banking scandal of all time?”

Perhaps the largest banking scandal EVER is central banks in general, such as the Federal Reserve, or the International Monetary Fund. While a quick look shows that the leadership of international banking giant Goldman Sachs and the Federal Reserve are closely intertwined, the Federal Reserve is not “Federal” and is not a “Reserve”.  That’s right; the Federal Reserve is a privately owned bank, with the protection of the power of the Federal Government behind it.

The United States Constitution originally allowed only Congress to print money. In 1913 President Wilson changed that with the Federal Reserve Act. This act allowed the privately owned “Fed” to print money and charge interest to the American people. After the dollar was de-coupled from the gold standard, the Fed was allowed to essentially print money out of thin air! For many years the “Fed” has been allowed to charge interest to America on this “Fiat” (phony) money! Meanwhile they have enjoyed their government protected monopoly status. Perhaps Thomas Jefferson was right in saying “I believe banking institutions are more dangerous to our liberties than standing armies.”

So what has been the “Largest Banking scandal of all time?” You be the judge.


2 Comentários »

  1. A bill to restore Glass-Steagall, H.R. 129, has been introduced in the 113th Congress, with 17 Congressional sponsors, thus far. Resolutions demanding Congress restore Glass-Steagall have been introduced in 7 state legislatures, so far. This must be reinstated as law, now! Here is the first part of Lyndon LaRouche’s recent warning on the hyperinflationary explosion we face. The full statement, and more, is available at http://www.larouchepac.com

    Lyndon H. LaRouche, Jr.
    Lyndon LaRouche forecast the only possible future policy direction that can result from the current ‘bail-out’ and ‘quantitative easing’ policiies under, presently, Obama and Federal Reserve Chairman Ben Bernanke. The following is excerpted from the February 15 webcast of the regular series of Friday dialogues with LaRouche. Watch the full keynote: http://larouchepac.com/node/25513

    “The key thing that faces us internationally, which is still the leading issue throughout the planet, is the question of Glass-Steagall. We have internationally, the relevant crumb-bums have all come out and threatened people over the issue of Glass-Steagall, denying it. Now, the answer is: If Glass-Steagall were to be prevented from being instituted, the result would be the greatest hatred ever conceived against the people responsible. Because what the cancellation or the prevention of Glass-Steagall would do, would cause a general breakdown crisis of the entire Atlantic system.

    “And what they’re doing, the only way it will work, is cancel the entire bailout system—just wipe it off the plate, and come in with a new system, in which people who are privileged will be brought into that system, and they will be given relatively good incomes to live on, but unfortunately the greater majority of the population will have none. This is the greatest population reduction scheme so far in known history. And that’s what the policy of the people who oppose Glass-Steagall is—whether they themselves know it or not. But they will be held accountable for the effect of that policy. And that’s where we stand. And that’s the main issue.

    “This has happened before, and what happens in a case like this: The amount of debt outstanding on account of this bailout system, a monetarist system—a financial easing, a monetary easing—it’s got to be canceled! So, there will be no such money available! There will be no such reserves. What will happen will be: an international cabal will create a new system of money, which will be much smaller, much more feasibly handled than the present one.

    “What will happen to all the people who are excluded from the use of this more limited quantity of money? They will starve to death! And that’s the intention behind what this President of the United States presently is doing. That doesn’t mean he’s the author of it; it means what they’ve signaled.

    “Because you cannot possibly pull off what they say they intend to do. There’s no way you can bail out this system— except by canceling it, and putting in an absolutely new one.

    “This goes together with the Queen’s project for reducing the population of the planet from about 7 billion people to the order of 1 billion people. That’s exactly what they have planned. And anyone who is going along with this opposition to Glass-Steagall from here on, is going to be denounced internationally by me and by others as mass- murderers! They’ll be the most unpopular people crawling around, or slithering around the planet. And that’s exactly where we’re headed.”

    — Lyndon LaRouche, 2/15/13

    Comentário por Gretchen Small — 25/02/2013 @ 12:37 | Responder

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