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Bank of America – FDIC Robbery In Progress with Toxic Derivatives

Bernanke is OK with BoA looting the FDIC - Geithner ???

BofA Putting $79 Trillion in Toxic Derivatives Onto Taxpayers Backs

 

by  Jim W. Dean,  VT editor

 

A new attack on the US has begun. It is not nuclear, no planes hitting buildings, no secret terror cells, not as we know them anyway but the results, we may wish for a nuclear attack.  It might be more survivable. 

The target is the FDIC, one of the rolling targets of remaining capital that the bankster coalition is seeking after having pushed America into full collapse during the Bush years of “looking the other way.”

No conspiracy theory can come close to matching the very real scope of the Bush era derivative fraud, hundreds of trillions of dollars of worthless securities created out of thin air, more money than a thousand world wars would cost, more money than social security checks for the entire world for a thousand years.

Derivatives Taking America's Wealth Down a Black Hole

This week, Bank of America and its subsidiary, Merrill Lynch was caught trying to launder its admitted $79 trillion dollar debt.

One bank, bordering on collapse owes 5 times more than America’s national debt.

The problem?  They are involved in a “stealth” or “end run” program, aided by the Republican Party, to push this debt inside America’s national debt, pushing it onto the American people although it is certain to collapse the dollar.

The other Wall Street banks, though surrounded by protestors, hold well over $400 trillion more in worthless toxic derivatives. We suspect this number could be even higher.

If you wonder how the “1%” made its billions (trillions), they did it the old fashioned way.  They stole it. “Toxic” is a euphemism for “counterfeit.”

A “toxic derivative” is a “thing” a bank claims it has that is worth something when, in actuality, it is nothing at all.  A derivative has no money behind it, no company that makes things, no gold or silver, not even vacant land on one of the moons of Saturn.

Bernie Madoff with Carlo Ponzi

Years ago there was  a famous banker named Carlo Ponzi.  People would give him money and he would return that and a good profit, perhaps too good a profit.  What he was doing, of course, was paying his first investors money he stole from suckers who got in at the back of the line.

Banks lent out money they said they had, based on “toxic derivatives,” and made huge profits on the interest they got when people paid back the money that actually never existed in the first place. In certain circles this is known as an ‘air deal’.

Nobody believed that every major bank in America would lie about something this simple or be allowed to commit such brazen crimes.

After all, were there laws and regulations?  Oh, you say such regulations are “socialism” and restrict the free use of capital.

So the banks invented $500 trillion dollars and, finally, when the money coming in wasn’t enough to hide the fact that the banks assets were imaginary, it all exploded.

We have been getting briefings on this massive Wall Street fraud that went critical during the Bush II reign. Cracks in the dam are beginning to show again, their validity evidenced with the tepid mass media coverage, more a systematic coverup than “coverage.”

It seems that mega counterfeiting has been where all the big money was to be made on Wall Street. And of course the phony money, assets, have to be laundered into the the real stuff at some point to cash out, a la Ponzi.  But we have two huge bank fraud stories for you today.

'Clean Harry' Markopolis and His Anti-Fraud Team

Harry Markopolos is famous for having broken the Madoff scam years before our paid SEC protectors did.

Last week  his anti-fraud group went public on two custodial banks who have been cheating their pension and trust clients on every trade for decades. This routine theft increased their profits by 30% a year.

In the interview Harry stated that he would not be surprised if  that all the other custodial banks had been doing the same as it was considered a bullet proof scam.

What they did is internally book all of their client trades at the end of the day so they could pick the high or low point of the stocks involved and pocket the buy or sell spread for the bank’s account.

Commodity traders also did something similar for many years, using straddles. If you wanted to juice a politician you match him in straddle trades with suckers the new guys brought in and give the winning side to the politician to get $25, 50, 100,000 to them. If you will remember Hillary Clinton had an Arkansas trading account that started with $2000 and went to $100,000. But she was probably just lucky.

Both the Bank of New York Mellon…and State Bank deny the charges but are delaying going to trial. Markopolos says insiders brought him the paperwork to nail them in coffins. The government is primed and ready.

I was surprised to learn that the regulators will not bring criminal charges in these bank fraud cases it would ‘kill the bank’ and wipe out the ‘innocent’ shareholders. The thieves know this of course so they negotiate to buy their way out of it using the banks/stockholders money. This is where the term ‘license to steal’ came from.

The Big Derivatives Bomb is Hanging Over All of Us

On Monday we find Bank of America with a big tummy ache from the toxic derivatives bomb that came from their takeover of Merrill Lynch.

With BoA’s recent credit rating recently downgrades they decided to move $79 trillion in toxic derivatives over to their FDIC insured unit. Bernacke at the Fed seems to be saying ‘Okay’, and the FDIC saying ‘No way Jose!!’

That was just the warm up. Now for the really bad news. Our National debt is at round $15 trillion. It will never be repaid of course. It is a Ponzi scheme now, also.

The real question is whether the interest can actually be paid once interest rates go up a couple of points as inflation cranks up from the money presses running and the economy continues contracting.

Lee Wanta went semi-public years ago. His Reagan era currency trading secret mission that brought down the Soviet economy down netted his companies about $27 trillion in trading profits, which he was planning to give back to the American people, repaying them the costs of the Cold War and theoretically defending the world from communism.

But our Intel sources tell us the banksters moved in, including the Bush family and began looting the accounts. Claims were made that no such sum could possibly exist. Wanta was sent to jail on trumped up state income tax charges of $15,000 when he had accounts with huge amounts under his control. This really happened folks. We have the documents.

Lee received a 22 year sentence for taxes he had paid twice, and this made looting his accounts that much easier. Fortunately, bank surveillance footage still exists of some very high ranking political/government figures going in and out of these respective banks when looting these funds.

Lee Wanta - Ronald Reagan's National Intelligence Director

Subsequent to a later court case Wanta was awarded $4.3 trillion and the Federal Reserve Bank of Richmond ordered to disburse it to him. But surprise, surprise…they have not.

So it appears that of the money that did not exist, at least this last part does and someone seems to want to steal this also.

By now you might have noticed that mass media has not covered this story. Welcome to the reality of our free press.

Fast forward now to BoA wanting to foist their $70 trillion of toxic derivatives onto the FDIC so any losses would just clean out that fund.

Our banking sources tell us that these derivatives are basically worthless, as mentioned above, legal counterfeit assets. BoA/Merrill, the Bush gang and other Banksters are holding about 500 trillion of this funny money, most of it created during the orgy of Wall Street fraud of the Bush years.

The Federal Reserve Ponzi Bank

The Obama administration temporarily stopped the ongoing creation of more of these toxic derivatives. Treasury Secretary Tim Geithner was the drive behind protecting the public from more pillaging but has not gotten the credit he deserves for it.

But now Wall Street, with 100% backing from the Republicans is lobbying to go back to the good old days where some new marks can be found to launder the funny money for real.

The only way to save themselves is to have their derivatives government guaranteed, and the last place for them to really rob any real cash from in the FDIC. Are you still with me?

As these derivatives crash and the fund is drained, the premiums that participating FDIC insured banks have to pay would skyrocket even higher. They are so high now many banks have withdrawn from the system, leaving their depositors uninsured. Most are not aware of this, and their Congressman certainly have not told them.

The Banksters Prefer to Send Us Over the Cliff - Surprised?

The exodus from these banks has already begun. The game is simple. The banksters are going to pull another ‘too big to fail’ end run again.

With the $500 trillion hanging out there they will  blackmail the government into covering the early losses, say $15 trillion to ‘save the world from financial collapse’, one that they are causing.

That would double the national debt…double the interest having to be paid, and of course crashing the U.S. dollar as it gets converted into toxic money. The only way to ever pay the interest would be through simply printing the money.

Who will win in the end? Simple, everybody holding any non monetary commodity that you simply have to have, food, fuel, etc. They will just keep raising their prices accordingly as the money value goes down. Everyone’s savings, pension funds, and any deferred compensation will be sucked down the black hole. I will let you guess where that will be.

It’s time to break up these big banks folks. We got hustled on the War on Terror. It’s been right here the whole time and our own people have been doing it to us. If the public is going to put trillions on the line we might as well open a new banking system and let the old one go down.The Frankenstein’s need to be put down, wherever they are found.

Our SEALS Are Part of the 99%

If the public is going to be on the hook for their huge losses anyway, what do we need banksters for? We know who has all the stolen money and we still have our SEAL teams to go and get it.

The bad guys know that, too, so they have been staffing up their own killers in anticipation of the cookie crumbling. And yes, they have already been at work.

"We Found Lee Wanta's Money - Finders Keepers, Right?"

Call your Congressman and chew their butts out. And you Repubs out there, your Congressmen have sold you down the river. They are all with the banksters.

Once they are done squeezing every dime they can get out of us, third worlding us all, then they will eat their ‘losses’ by agreeing to take their remaining funny money assets out of the game, a la ‘sharing the pain’. I will chip in all of my Monopoly money…I promise.

But they will still own just about everything as they will have acquired all of those commodity assets from the losers at fire sale prices.

In Gordon Duff’s earlier piece with the Ziggy Brzezinski video, he mentioned that these secret trillionaires need to be publicly identified, some of whom have not paid any taxes in generations. I think more is needed.

The bad guys want it all folks. And it’s not the Soviets doing a pay back on us for taking them down. It’s the real international gangsters.

And to really put them where they belong and confiscate all their stolen assets, we are going to need an emergency prosecution and judicial system.

Forget thinking that the current one is going to save us. They will save themselves. As Gordon wrote earlier, it’s regime change time. Maybe a New World Order is the answer…but just a different one than they had planned.

Read Them and Weep Folks - This Did Not Happen to Us Overnight

 

 

 

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52 Comments for “Bank of America – FDIC Robbery In Progress with Toxic Derivatives”

  1. 1) From the moment you deregulate, get commercial banking mixed up with “investment” banking, you are asking for trouble, by opening the door for open ended crooked financial engineering schemes,

    2) When you staff the controlling institutions with ex bankers or executives from Wall Street Banks, then you will be riding a bobsled you can’t stop at all, until it finally crashes by itself.

  2. Check out the three Maiden Lane companies established by the NY Federal Reserve to take over the toxic derivatives from Bear Sterns and especially AIG. Maiden Lane is one of the addresses of the NY Fed. I believe Maiden Lane III took over some of the bets on bets on bets involving speculation over pipeline routes in Eurasia, regime change in the region, drugs deals, arms deals etc,– all the stuff kept secret in the name of “national security” from those left to foot the bill for the failed Ponzi schemes. Check out chapter 15 of my “Earth into Property.”

    • Wonder if Zbig hedged against his “Grand Chessboard” Israeli route. OOOps, he failed to include that one in the book. No mind, it was the first pipeline constructed into western Iraq, Jordan, then Israel. Shocking omition!

  3. A recent classified State Department report (leaked) places the total amount of derivatives at $1.45 quattrillion.

    You do understand that we could buy the planet Saturn with this?

    g

    • But are the real estate taxes high there. That’s the catch…land is cheap but they nail you on the other stuff like in Florida where there is no state income tax so they tax you out the wahzoo on everything else :-)

      • Ohhhhh boy, you got that one right. Should have brought a dump truck with me to the DMV instead of my wallet. Want a motorcycle endorsement on your license? 3 days of classes, $375. In Colorado, $30, half hour.

    • Rothschildes own the mortgage on that. They’re raping the Cassiopeians
      to the tune of 30%, plus back charge on the surcharge.

  4. Jim, I don’t pretend to understand the intricacies of the national and international banking syndicates or their byzantine schemes for stealing all of the gold… but their objectives are obvious, even if their methods and techniques are not!

  5. to Jim W. Dean: “Brzezinski had a good idea it terms of public identification of the hucksters, but he knows that tracking wealth today takes a major countries intelligence service to really put that out.

    You might notice that they never do that. And one of the reasons they don’t is others might reveal huge holdings that American ex-officials are holding offshore in nominee accounts and corporations. Because they all do it, they are hesitant to bring the game down around their ears.”

    I watched the t.v. interview with Brzezenski posted by G.Duff and was in awe of the audacity of such a suggestion, you elucidated clearly what those implications are in what I pasted in from your earlier comment here in my resposne, I for one would love to see us employ all of our current high tech spying and intel collections organs of state turned on those dark masters of the universe hidden from view.

    • Snart, The good news is that there is a growing segment of the Intel community that is onboard this line of thought…that these mega criminals are national security risks to EVERYBODY…yet they are getting basically a free pass. And I can tell you that retired Intel people from around the planet have been talking about a group effort to take them on.

      Of course step number one is to expose the political Intel leadership for hiding this from their respective publics…and that that is an act of disloyalty in itself. I have written about the hiding of Israeli Intel operations here, how extensive they are because not publicizing it actually aids and abets their doing it.

      It even helps them recruit as their helper have no fear if getting caught and prosecuted. It’s hard to believe that this goes on and is allowed to, and our Intel services give themselves slaps on the back for protecting the country. The fork is the road is who are then loyal to…the people, or the regime. That is the paradigm we need to change.

      They have never really had that put on the table before…never a major campaign issue, because the corruption on this goes deep down into Congress and both political parties…who have their own ‘loyalty’ problems.

      The bad news is they have powers now, the Patriot Act, that are scarier than most folks know. They can charge you and you are not even allowed to admit it…doing so being another felony…the justification being that your co-conspirators would then be tipped off so they could start covering their tracks and melting their hard drives, etc. People have been held (not a lot fortunately) on military bases here and not been able to say why. Not even their lawyer can.

      We need a push for the secrecy oaths be released for all counter intelligence people so they can come forward and expose all the stuff that will reveal the depth of the corruption. The system of course would say this would kill people’s faith in their government, and thus be a national security threat, and hence triggering no release of this information.

      What we need is, allow me to coin a term…an ‘Intelligence Spring’. And we need this world wide as the scum bags are doing this all over the planet. Thanks for your comment…proof that people do ‘get it’…which means there is hope. God only knows we need to build up our numbers strength in this to be able to put the proper feet in the fire.

      • What is the alleged name of the freedom fighters in the FBI Jim? There is supposedly a cell of “trash collectors” in the FBI taking out corrupt agents -or so I’ve been told by semi-reliable people. Eagle Team or something? Know of it?

  6. That was the proverbial “car tire” around the neck. We have to negate all this debt, it’s not our debt, before they used stealth, now they spit in your face. I only see one outcome from all this and it is bloody. So be it. Wipe the entire debt clean, wipe congress clean, wipe the military clean, FBI, CIA. Just enforcing the Logan act would clean half the country up. To play this debt game by their rules is obviously ruinous and impossible. Winnings are taken in privately, losses are for the masses, pure fascism.

    • The reason the fascist Mussolini ended upside down, beaten to death with clubs by his own people will in the end, come to explain the reaction we are now witnessing to the neo fascist movement to consolidate wealth and power. They will always loose in their attempt to gain the world.

      They are already dead, and don’t even know it.

  7. Patricia Campbell

    It would go a long way to repair American integrity if Bush and Rumsfield where arrested and tried for their war crimes.

  8. So Mister Moneybags Wanta rips Russia a new one for a hundred trill or so but he still can’t manage to scrounge up a measly 35 grand to pay off that pesky little personal loan from Mr. Story? Rather convenient for Leo that Christopher had to go bye-bye………………. can you guys be serious??
    DETAILED BACKGROUND TO THE EDITOR’S $35,000 WANTA LOAN -scroll down
    http://www.worldreports.org/news/232_wanta_a_financial_terrorist_working_from_within

    • Christopher had a long history of very prolific reporting. I am not aware of the early stuff but some of the later is bizarre, but it might be his writing style, which to call it confusing would be kind.

      He lists all these topics indicating he has the ‘story’ and then often never closes the deal, moving on instantly to another topic. I have an 85 year old relative that does this to where it is almost impossible to ever resolve any issues with them. Some stuff Story covers in depth, and others he brushes off with a few sentences, which makes you wonder why he put them in the title in the first place.

      But there are voluminous court records over the last batch of Wanta funds. I certainly have not exhaustively investigated the whole story but I easily see a correlation of getting him stuck in the can while these accounts were looted…not the first time that has even happened which you all know. It’s kind of like the New York City troublesome police detective where they find an ounce of cocaine in his locker one day. No more troublesome detective and a message sent out to all the others “Don’t F__K with us!”

      The death notice from Story’s family was the typical one for an elderly person. No hint of anything suspicious.

      Wanta was woven into this story with the tie in that these huge sums of money that are parked around all over the place…in the past the people who have them did not even want their existence known as it would obviously trigger questions about where they had come from. There is a very high, well known, and well respected American government official that if I told you how much he (family) had stashed overseas you simply would not believe it. But it time you might.

      Ten years ago if you had predicted that derivatives traders could have a non transparent trading pool many times the value of all the world’s securities, you would have been call a loon, even by bankers. Such a pool would give the main holders tremendous ability to move markets like cheating in a children’s board game.

      Even with the derivatives negotiations going on now, the traders are going along with reporting and tracking transactions AFTER they are done, but they are fighting hard over not having any disclosure DURING the trading formulation itself. That is a dead giveaway that they have something very important to hide there.

      And like a choir they chant in unison, ‘we don’t want to damage markets with a loss of liquidity’, ie. prices would go down from inflated valuations, puffed up valuations…which is what they have suckered the Pols and regulators into going along with them on the scam.

      The best analogy I can think of is the Zio PR scam they pulled with ‘What’s good for Israel is good for the United States as we have the same interests’. Remember that one?

      We are not posing a theory to you all. We have been briefed by people have done this…how it works. And even they are primarily aware of the specific area they work in, as there are infinite variations of the construction of these derivatives.

      That is the key part of the scam. They construct them in a way that only they know what the valuation really is.
      They have not yet trotted out the tried and true ‘trade secrets’ which they don’t want to publicly disclose. They have agreed that ‘threatening the liquidity of the markets’ should be enough to terrify the right folks.

      • That’s all well and good, Jim, but in posting that particular link I was rather specifically pointing to Story’s own “story” or account, if you will, about personally sticking his own neck out for Wanta to the tune of $35,000 and getting royally screwed in return, in which he speaks rather abundantly and clearly to the issue of Wanta’s reliability, which both you and Duff appear to vouch for.

  9. Joe in San Francisco

    No wonder President Obama’s hair is going gray so fast. I saw him on TV this morning making his Ghaddafy comments and he looked as thin as the proverbial rail and not too healthy either. Why he would want to undertake a second term that could see him presiding over the collapse of the global financial system and even greater domestic unrest than we now have is beyond me. Let’s hope he is gathering a very strong and well-armed posse that will go after the Black Hat bad guys and bring a measure of peace and stability to these disturbed times.

  10. Good article. I suppose it doesn’t matter to some, but wouldn’t it be wise to point out that these “banksters” and their associates are mostly Jews, and the leadership is all, or nearly all (probably all) Jewish. Isn’t the Bush family pretty low down the totem pole in the Rothschild crime racket? Just loyal retainers, I mean?Certainly not holding much decision-making responsibility? If you respond that “all Jews are not to blame for this,” I’ll agree with you, but will point out that nevertheless, those in the top ranks are all Jews.

    • There are Jews who are innocent, of course. Namely, the ones who have renounced that filthy so-called “religion.”

      The only good Jew is an ex-Jew. It’s their own damn choice, however. If this sounds extreme, I recommend people do some research into the basic tenets and beliefs of Judaism.

      It ain’t pretty, for anyone with a conscience.

    • No it is not wise to point out what may be statistically obvious…but has nothing to do with combating the problem. What do you propose…a surtax on Jewish bankster transactions.

      Actually this mis-emphasis hurts putting a counter program together. The problem is systemic now..and institutional. Whether Eskimos or Jews are doing it…the current laws have allowed it to happen and political corruption and stupidity have played a key role.

      Brzezinski had a good idea it terms of public identification of the hucksters, but he knows that tracking wealth today takes a major countries intelligence service to really put that out.

      You might notice that they never do that. And one of the reasons they don’t is others might reveal huge holdings that American ex-officials are holding offshore in nominee accounts and corporations. Because they all do it, they are hesitant to bring the game down around their ears.

      There are lots and lots of folks that would go down with them. That is a key part of their safety net. Do you think that Bloomberg and now Rahm Emanuel being Mayor or Chicago is not part of a long term plan?…more hands on the levers of power?

      This is standard operating procedure for mega hoods, no mater who they are. This is what they do. So what tribe they are is secondary. They are all in somebody’s tribe..including political ones. Maybe I missed something but is there one that is not corrupt and won’t steal?

      • Some are worse than others, my friend. The Mafia and the Nazis were bad. The zionists are worse, much, much worse. They are the Mafia and the Nazis turned pro. Practice makes perfect.

        The zionists have survived as long as they have by virtue of the age-old “We’re being unfairly persecuted, everyone else is doing it, why shouldn’t we?” nonsense. It then becomes a game of historical manipulation, facts-mincing, fast-talking, finger pointing, self-pity and just plain lying.

        As a simple example, the “Jews” have less historical claim to Palestine than my French brothers have claim to the palace of Versailles. Hell, our claim is only 400 years old, not 2,000….. and that’s assuming the zionists were telling the truth in the first place, which they ain’t. They just don’t want to try to defend the “God’s Chosen People” and their “Promised Land” lies in a public debate. They can’t, of course.

        Then there’s the old “you stole America from the Native Americans, why shouldn’t we be allowed to steal Palestine from the natives, there?” crap. Well, tell you what, there’s no force on Earth that could have stopped the natural migration of people from Europe to North America, once sea travel became technologically possible. Even bacteria will migrate from crowded places to not-so-crowded places, pure natural law. That’s what happened in North America. Not so, Israel. Precisely the opposite, in fact.

        Don’t even get me started on their manufactured “G_d” (the dir^&^gs won’t even spell it) who fancies war, violence, human and animal sacrifice, land deals and slaughter for “his” chosen people……

        My point is, about three ounces of critical thinking will go a LONG way towards exposing the zionist motormouths for the liars that they are.

      • I agree with you on the above, about the logistics of it all. With all due respect, isn’t it necessary (and wise) to know the history of a problem before you try to devise a program to combat it? This problem has ancient roots — far older than “Jews,” but for our purposes, doesn’t it all begin with Herr Rothschild’s bogarting of the funds the Elector of Hess earned by farming out his subjects to fight with the British redcoats against the American Revolutionaries? Didn’t he then used all that wealth to finance and set up the crooked nexus of rackets that is still with us and has developed until it has wiggled its slimy, culture distorting tentacles into every modern thing from banking to law to medicine to education to building codes and zoning and so on ad ad infinitum?

        Captain David Astle’s book, “The Babylonian Woe” and another book titled “The Sumerian Swindle” are both available free online as PDFs; and both in somewhat different ways show the long history of this tribe of con artists… even before they were “Kahn” arists (you could say). Anyhow, I contend that you won’t come up with any workable solution until you’ve examined the roots and history of the problem. And one large problem is going to be the religious angle, because many won’t care to face the facts on the reality and origin of their “belief” systems. Astle breaths only a hint or two about that, but the fellow who wrote “The Sumerian Swindle” goes into great detail.

        • I agree that the roots of any given problem are history of that problem. HOWEVER, I also agree with a famous anthropologist’s axiom that “If you want to understand a people’s culture and history, look first at their religion” pretty well sums it up. The “religion” comes first, the justifications, wars, empires, slaughter, etc. etc. comes later.

          I’ll try to read some of your sources, but in the meantime, I am compelled to argue on the basis of common sense and observation.

          “The Sumerian Swindle” sounds interesting. I’ll try to get to that one….. soon.

      • SaveThe Future911

        Jim W. Dean,
        The problem is systemic now..and institutional. Whether Eskimos or Jews are doing it…the current laws have allowed it to happen and political corruption and stupidity have played a key role.
        Agreed, the guilty are already known,
        Gentiles and otherwise

        • Now you’re talking. So all we need now is to do something about it. What if that something could begin at a local level, instead of being a top-down solution that would probably only be yet another swindle we wouldn’t learn about completely for eighty years.

          What if the first step was to avoid getting conned into replacing the fed, etc, with a gold standard. That would be an awfully good start. Have you ever noticed how when people spend their money at the corporate stores, it goes back to the bank immediately and is not circulated through the local area or neighborhood? Instead, it’s sucked out of the system. What if you took $100 bills and everybody could contribute a certain amount each year, and an Auditor would be elected or selected to record the serial numbers, and then these specific $100 bills would be valued 10 percent more each year that passed since they were put the “pot” or what have you. So long as people didn’t return them to the corporate system, these paper things would gain in value, and would thus be more and more valuable to the people who decided to join the group and circulate this new (and real) money, which would be based upon something already “of value” (albeit a mistaken value). Of course, if you spent one of the things at Walmart, you’d only get face value. So people wouldn’t do that. And you could use other denominations too, I suppose. This is just a teaser of what is possible, but it all must start at the local level, with real people.

          Because…

          Given that there are plenty of people with skills, and willing to work…. and plenty of resources, acres of land, etc. It’s nonsense to believe the bankers bs that we must get our money from them and pay interest. Or even get it from a government. Admittedly, the above scenario is a bit old fashioned and cranky. You could probably do much better with an Internet version, so long as it was local.

      • They’ve done it once that I remember and it exposed an Australian Fed bank governor and a few others of note. I believe that was a Swiss charade’. Of course, we never found out what happened to the elites that got caught hiding money. Besides, I don’t think anyone should pay federal taxes. I’d free any man that was prosecuted for cheating on “taxes”. Taxes are slavery, but inflation is tax in that it’s the real demon they use to steal from us. Bernanke is a criminal beyond account when you factor in what’s comming and the incalculable pain, misery, and death inflicted through hyperinflation.

    • Has anybody ever said speaking the truth would be easy? http://www.bollyn.com/index.php#article_13302

  11. Oh and yes, B of A’s maneouvre stinks to high heaven.

  12. Some of this article is a bit mixed up. Fractional reserve banking is a ponzi scheme yes, but derivatives in the main aren’t. They are really bets that have been used to game the system, but there’s no money in the counterparties.

    The banks need to be seized, unwound and reopened as government utilities. And yes the men behind the curtain need to be stripped of their ill gotten wealth.

    • johng, The derivatives are worse. There is actually nothing behind them…and yet they can be used as collateral for someone to give you semi-funny money from the fractional reserve system.

      What these banksters saw and jumped on as that they could have their own ‘Bankster reserve’ system where they too could create money to lend and earn income from…which is why I used the term ‘air deal’.

      And they also saw that they could get so big that taking them down would take they whole dollar based world economy down with it. So the homework assignment for everybody is to figure out who would/could benefit from such a disaster. The list is a short one.

      • Not really. Some derivatives give fake credibility to some “assets” that can be leveraged, but the derivatives themselves aren’t an asset on a balance sheet in my understanding.

        It doesn’t change the gist of what you are pointing out is a great danger, but if the government was to grow some balls and sieze the banks, it would mean that they can be cancelled without a systemic knock on effect.

        As it stands, the problem is one of bank power over the political system, rather than a real economic problem. (In the derivatives specifically.)

        I agree that the counterparties are fictional.

      • John,
        I worked in banking for years. I have a SWIFT machine on my desk.
        I could create a billion dollars during lunch, derivatives, based on assets that were “bets” and underwrite huge bond offerings with it.

        My tendency was to NOT do that.

        I was yelled at, considered a fool.

        What you aren’t seeing is that these “bets” are imaginary assets, “whole life settlements” or other “futures” which do not originate from sources that hold “positions.”

        No “position,” then you have an “imaginary” asset collateralizing an imaginary instrument underwriting an imaginary bond.
        g

        • I’m not sure you’re talking about the same derivatives as B of A is transferring here. CDOs etc are “assets” but IRS, CDS and especially all the naked versions aren’t. They are positions rather than assets.

          There is a difference in how they could be resolved and removed from the system. It isn’t that they aren’t just as dangerous.

          I can’t see how your access to SWIFT is in any way relevant.

    • I got stinking drunk with a Brit who deals in derivitives, he couldn’t explain them, no one can, there’s 30 million differing types, purposely. Thank ole Slick Willie for that one. He nearly made it possible for K-mart to insure you, house you, and bet on the stock market.

  13. I wish I still had the tape of my Radio Free America show where I went off on derivatives for the entire hour;
    I didn’t, and still don’t understand derivatives, but being opposed to the Fed fraud, I attacked on the word alone. “What the hell are thes derivatives derived from,” I recall. The word had just come out in certain press accounts at the time (Mid 90s). Peons like me were not privy to bankster lingo then. But words have meaning; derivatives my ass!

    • I don’t claim to understand derivatives, other than they are an insurance policy, purchased from banks by evildoers in case they get caught or otherwise lose their shirts, then re-sold and traded on the open market. No products made or services rendered ANYWHERE in sight. Pure speculation on the part of the people who buy these things as to whether the insurer will have to pay out, or not.

      The banksters and insurance companies have sold these things like there’s literally no tomorrow. Now, all these “insurance policies” for European and other financial instituions that are about to explode have been transferred by B of A to their “banking” division from their Speculating Division, Merrill Lynch, where they are now backed up by the Government, that is, OUR taxpayer dollars.

      As soon as the Eurozone tumbles, which will be any day now, we’ll be on the hook for $79 TRILLION in bad bets by people (mostly banksters) who are “too arrogant to fail” and this will make the $13 trillion total cost of OUR bailouts look like chump change.

  14. At the bottom of derivatives is the issue of fraud. Fraud is the intent to get someone to pay for something that is relatively worthless or to claim that something is owed that is not. William Black the Federal Investigator of the Savings and Loan scandal states that Fraud is: “I create trust in you, and then I betray that trust, and get you to give me something of value.” Alan Greenspan has admitted that what has happened leading up to 2008 was fraud in an interview a few years ago and he’s was part of the problem that led to the financial meltdown.

    Obama says that nothing that was done on Wall Street was criminal and that is why no Bankers, Hedge Fund managers and culprits have been prosecuted. Well being a lawyer himself and making such a statement tells you exactly what his Administration is in nature. But he surrounded himself with all the Criminals that cause the problem so to think they were going to fix or prosecute anyone was naive to say the least.

    But the problem really has its roots in Regulatory Agencies. In Jonathon Emord’s book the “Rise of Tyranny” he states that in the 1930’s FDR, Bankers and Big Industries (Industrialist) got together and created Corporate Fascism through the implementation of Federal Regulatory Agencies. The regulatory agencies write their own laws and enforce them without the oversight of the US Congress. So when Big Pharma, Banks, Big Oil, Big Agra etc… need to squeeze out the competition, they simple write a clever law and implement it to eliminate competition. David Rockefeller said “Competition is a sin” and with US Regulatory Agencies, you have mini Dictators enforcing Global Corporate policies.

    Back to why no one goes to prison and nothing on Wall Street these days is criminal is every bit to do with Regulatory Agencies that simply are revolving doors for Industry to Government back to Industry. They all know each other and no one is going to end the gravy train. Those who dare to stand up and actually do their jobs and possibly regulate or prosecute are dealt with. First through pressure, then transferred and if they dare to blow the whistle they are framed, imprisoned or financially ruined.

    Last, this fraudulent way of implementing government policy (Corporate Regulation) also allows for crony capitalism to flourish so that when a Congressman Actually writes a law (something worthwhile), he can take all the credit for writing it, but the Federal Regulatory Agencies enforce it and the Congressman can simply distance himself from its damage during the next election. So Congressmen are never held accountable for the Laws that the sponsor.

    • Yes, it’s built into the system, I never try to explain these things anymore, no one cares or listens. America is definately doomed in it’s present shape and form. Will it be good or bad after the SHTF? I have a hunch the henchmen have a few ideas and we aren’t included post-apocolypse. People speak passionately about all kinds of things but fail to grasp there is no accountability or penalties. Without penalties you no longer have civilization, that’s tenet #1. Rule of law? Wake up, we’re far past laws. They only apply to you. Get that in your head and start thinking about how to prosecute someone under that umbrella of reality, then your ideas will start to make sense and actually help. Look at Issa right now. He’s purposely shaping this enquiry in one direction. If he made one simple little adjustment he’d have Holder dead cold, instead he subpeona’s without teeth. It’s done on purpose, believe me. Holder will leave, but he won’t goto prison I assure you. My niece could prosecute this one. She’s 8. If you really want to watch how this is all done, watch Issa. Oh the Righteous indignation! I can see it all now…

  15. Thank you Mr. Dean! I wonder how this will affect the Occupy protests once word of this spreads? Something tells me it’s not going to go over too well.

    • Thanks Kelli, Spread the word. People need to know this stuff and cover their behinds as best they can.

      Pass this around to friends and relatives. Hell, we are all going to have to become macro economist interns just to survive…while we are canning vegetables :-)

      • A prominent economic historian has predicted a big time Great Depression for the United States. In an article he began offering advice about how to deal with it, I thought he was going to mention buying gold and sliver or perhaps short the stock market at the appropriate time, nope he stunningly suggested people should by land hidden in the hills to grow their own food.

        • Yes, an insider would invest heavily in arms sales….

          • Jim,

            Yes, “W” and his criminal organization made certain some big smoke canisters were thrown out before they made their getaway. Just now starting to clear up a bit…..

  16. From an article:

    The danger to the global financial system posed by derivatives is so great that Warren Buffet once called them “financial weapons of mass destruction”.

    The following is how a recent Bloomberg article defined derivatives….

    Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates.

    The key word there is “speculation”. Today the folks down on Wall Street are speculating on just about anything that you can imagine.

    The following is how Investopedia defines derivatives….

    A security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes. Most derivatives are characterized by high leverage.

    A derivative has no underlying value of its own. A derivative is essentially a side bet. Usually these side bets are highly leveraged.

    Brian: An example of a derivatives bet is two people betting on whether the five-year U.S Treasury Note or the ten-year U.S. Treasury Note will have the higher increase in interest rates in a specific time frame.

  17. Jim, really good article.

    From the article:

    As these derivatives crash and the fund is drained, the premiums that participating FDIC insured banks have to pay would skyrocket even higher. They are so high now many banks have withdrawn from the system, leaving their depositors uninsured. Most are not aware of this, and their Congressman certainly have not told them.

    Brian: I’m going to have to call someone at the banks where I have accounts. I hope they don’t tell me my money is kind of, sort of, maybe insured.

    • My mother tells me that her Massachusetts bank has a State fund insuring. I have not seen the paperwork on this set up to see if it is another ‘air deal’ guarantee, as Mass must be as broke as the other states. And last I heard they do not print money. So these usual deals are they can pay until they run out of money.

      That said it has been work OK so far. The banks that get taken over do not have zero balance sheets. Another bank takes them over there may be some Fed money that helps to recapitalize…or the new owners get some of the 1/4 % money to lend out.

      The thing was designed for smaller banks where problems were easy to spot. So what we have now is they are so big the auditors can hardly no what they are doing, circles within circles…and one bank can clean out the whole thing.

      That is why giving them all the leverage that they had was so crazy. It turned a basically safe system into a roulette wheel on where a ‘double zero’ was added to the outcome risk. The simplestic cover for this, which still seems to be going on is, ‘not endangering liquidity’ in the ‘markets’.

      The catch of the Pols here is that that could push interest rates up with a shortage of credit, and then a contraction of the economy with a recession, which they would be blamed for politically. I think the bankers have played them like flute on this, especially George W. Bush, for whom I would have loved to have heard the ‘simple sentences’ used to explain all this to him.

      The international feedback that is already coming in privately on the article is that a lot of the liquidity in the ‘markets’ HAS BEEN this funny money for a long time…the banksters playing a game of chicken with the Pols to call them on it.

      And there are always those idiots who believe that computer models have ‘eliminated any significant loss potential’. It appears that we have large numbers of adults who are still writing letters to Santa.

      You almost have to pinch yourself to hope that this is all a bad dream, that intelligent educated people could never be herded like this. But alas…..

      I am not a money adviser, but I would keep my money in a credit union that does not engage in hanky panky. Because they don’t, most I believe they have their own depositor insurance where they are not sitting ducks for the doo doo avalanche…hence the premiums are not as high, because the risk is not.

      • Remember that it wasn’t too long ago the Credit Unions were bailed out from their mischief, to the tune of several billion dollars, I seem to recall. The Keating Five ring a bell?

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