Thursday July 10 2008 On July 10, history will take place when the Secretary of the Treasury, Hank Paulson (who’s roots are in Wall Street) and Federal Reserve Chairman Ben Bernanke sit on the SAME panel to testify before Congress. At that time they will provide enough data to secure the Blueprint’s immediate passage. Until Congress assures these financial tyrants of its passage, the stock market will continue to drop as a warning of their all encompassing power; then miraculously the stock market will have one if its largest rallies to commemorate victory. As an international reporter, this is a pattern I have observed time and time again since 1994.
The Blueprint states “Foreign economies are maturing into market-based economies, contributing to global economic growth and stability and providing deep and liquid sources of capital outside the United States. The increasing interconnectedness of the global capital markets poses new challenges: an event in one jurisdiction may ripple through to other jurisdictions. The convergence of financial services providers [the Banking Modernization Act] and financial products has increased over the past decade. Financial intermediaries and trading platforms are converging. Financial products may have insurance, banking, securities, and futures components” (emphasis added). The Blueprint constitutes the final take-over by the Federal Reserve of our nation’s economy.
The Blueprint recommends changing the banking charter to include all financial institutions, thus effectively transferring, control over “national banks, federal savings associations, and federal [and state] credit union charters, and be available to all corporate forms, including stock, mutual and ownership structures.” When the Fed was originally given power over the banking system, they were not given power over savings and loans, state chartered banks, or credit unions. To comprehend the immense transfer that is taking place, U.S. insurers holds $6T in assets, the U.S. banking sector holds $12.6T in assets and the U.S. securities sector holds $12.4T in assets for a total of $31T. Can you see what they know? Dollar signs and control—control of our financial future, control of where we can live, and control of how we will live. This is also known as feudalism.
Moreover, the Fed is to be given an overseeing of the U.S. Payment and Settlement System thereby controlling the settlement process of a security, which is a three-day waiting period for the processing of payment, proper paper documentation and titling of the shares.
It is further stated that the Fed be given the role of Market Stability Regulator. This is highly unprecedented. By doing so, the Fed will have total control over what happens in the market; not just the amount of liquidity they put in and take out. The Blueprint states the Fed should be given responsibility to: gather appropriate information, disclose information, collaborate with other regulators [international] on rule writing and take corrective actions when necessary in the “interest of overall financial market stability”. “This new role would replace its traditional role as a supervisor of certain banks and all bank holding companies. The Fed’s responsibilities would be broad, important and difficult to undertake.”
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