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Investment Pools meltdown, Subprime infection   top
  • Bank Information Center provides info to NGO's and social groups on IMF
  • Citizenworks Stipanovich, Abramoff
  • Credit default swaps are contracts to protect bondholders against default. An increase indicates worsening perceptions for credit quality.
  • EIR Florida land bubble of 1926 was warning to 1929 crash, Great Depression, and leading the way in 2007 mortgage bubble meltdown,  counties and municipalities tax receipts down, sinking home prices, real estate taxes, mass foreclosures, value of short-term investments of state agencies' funds collected but not spent, backed by MBS, evaporating ... and EIR
  • Global Policy search
  • Guardian, short term public investment default, downgrade
  • Guardian, Standard Chartered
  • SeeingTheForest
  • Citigroup, off balance sheet, SIV,  'legal' fraud.  
  • Citigroup, bankrupt? SIV accounting fraud, Bloomberg Bloomberg
  • Public Citizen Bush, Enron, Stipanovich, 2002 article  "Coleman Stipanovich, brother of J.M. "Mac" Stipanovich, a Republican political consultant and lobbyist who ran Bush’s gubernatorial campaign in 1994..."
  • Sourcewatch Blackwater USA, mercenaries, DeVos
  • Sourcewatch Blackstone Group
  • notes, Blackstone Group FGIC, Illinois Housing Development Agency dropped bond insurer FGIC, Frank J. Bivona, CEO, higher risk, so bonds could be sold at lowest interest rate.  Quarterly results, derivatives, loss, volatility in structured credit markets, Howard Pteffer, president, excellent results from non-US operations, uses three non GAAP measures, Core Net Income, Adjusted Book Value, Adusted Gross Premiums, refunding activity, cost recognized, timely, loss expenses, case reserves, watchlist reserves, default probable, impaired, negative, deterioration, Hurricane Katrina, credit enhancement, infrastructure finance, monoline financial guarantors, guarantees the scheduled payments of principal and interest on an insurer's obligation, Moody's rating is AAA, SIV, offshore companies created by banks and other firms to sell low-yielding shor-term debt to buy higher-yielding mortgage securities and finance company bonds.
  • Vulture Capitalist, ...beware. ... $$$ to limited hangout news websites.  His $$ support of  'left' sites do affect the news.  No reporting on reopening 911 investigation, Russian Israeli mob, 'left' gatekeeper,  and see  Carnaby CIA murder in Houston. 
  • Enron, Bush, campaign contributions, Florida's state pension program lost $335 million, because of Enron holdings, Jeb Bush one of three trustees, Richard Kinder, Enron president, deregulate Florida electric utilities, Alliance Capital Management, continued to buy Enron shares even after SEC probe started, after Fastow ousted bought another $16 million, rode it down to 28 cents, Coleman Stipanovich was deputy executive director of the pension fund 1999 (Enron losses) New York Times
  • notes: ABX Index ... "Understanding the ABX At a time when almost nothing about subprime securities seems certain, the ABX index is a key point of reference for investors navigating the world of risky mortgage debt. ... The ABX, launched in January 2007, serves as a benchmark of the market for securities backed by home loans issued to borrowers with weak credit. ... Ben Logan, a managing director at Markit Group, a London-based company that specializes in credit derivative pricing and administers the index. ... Underlying the mortgage mess has been the fact that "no one knows what subprime securities are really worth ...  Underlying the mortgage mess has been the fact that "no one knows what subprime securities are really worth ...  Underlying the mortgage mess has been the fact that "no one knows what subprime securities are really worth ... betting tool, gauge of demand ... Underlying the mortgage mess has been the fact that "no one knows what subprime securities are really worth ... The ABX has five separate indices based on the rating of the underlying subprime securities, ranging from AAA to BBB-minus. A new series is issued every six months to reflect the 20 largest current deals. ... tracks S&P Banking index. CNN
  • Ambac, the second-biggest bond insurer, guarantees $546 billion of securities. MBIA stands behind about $652 billion of municipal and structured finance bonds, while FGIC Corp., parent of Financial Guaranty Insurance Co., insured $314 billion.
  • Moody's, Fitch and S&P, criticized throughout the credit slump for giving excessively high ratings to asset-backed debt, took a second look at the bond insurers in the past few weeks after sweeping downgrades of CDOs. The companies had issued reports as recently as October that said the insurers were unlikely to face capital constraints because of the subprime mortgage crisis.  Bloomberg
    • Summary, Meltdown
    • LGIP - Florida Local Government Investment Pool locked down, to avoid mass redemptions, discovery of SIV infection. The fund's value is 'undetermined'.  Bloomberg and Bloomberg, Stipanovich, Lehman, Jeb Bush cesspool file
    • $2 billion was quarantined out and the fund was reopened with limits. New York Times
    • Jeb Bush one of trustees of State Board of Administration when SIVs purchased  from Lehman Brothers, Jeb Bush then hired Lehman as consultant after he left office in Aug 07... Forbes
    • Coleman Stipanovich was the deputy director of the Florida State Pension fund when it lost $335 million from Enron losses.  His brother is J. M. Mac Stipanovich who ran the Jeb Bush 1994 gubernatorial campaign.  Public Citizen  He recently resigned from the SBA  under Blackrock Inc. plan. New York Times
    • California, SIVs face downgrades, $460 million ...not as volatile as Florida? Bloomberg and 
    • Massachusetts $134 million, face downgrade, not as volatile as Florida?
    • Montana
    • Connecticut  $100 million was invested in an SIV known as Cheyne Finance, that has defaulted. no mass withdrawals.
  • Accrued Interest. blog, money markets, smelled bad, CDOs, 
  • Economic Research   Paris, London, NY, Tokyo economists
  • AccessMyLibrary PMI
  • BillingsGazette, Florida, Montana, investment pool meltdown
  • Bloomberg  LGIP, Florida, 
  • Bloomberg fire sale and 
  • go to NFU poverty, billionaires page
  • Bloomberg Connecticut, Montana
  • Chron, Arizona investments 'safe'
  • Congress, Credit Rating Agency Reform Act, from Enron meltdown, gave SEC authority to designate, regulate and investigate rating agencies, prohibits notching, the threat of unsolicited bad ratings unless an agency is hired to assess a security,  disclose conflict of interest.
  • Florida, Government Investment Pool, FGIC, assets fell 48%, shut down, Crist,   Sink and McCollum are the trusties.  ... had $2 billion in defaulted SIVdebt, 2A-7 rules, many funds bought asset backed commercial paper, ok, FSBA
  • Financial Security Assurance, FSA, minimal exposure to asset-backed securities,  and CDOs, 
  • Florida Retirement System, owns more than $1 billion of defaulted debt, subprime infection FSBA  School districts and towns relied on SBA to boost returns on funds that pay pensions, home insurer and treasury also at risk, 
  • Florida State Board of Administration and its Local Government Investment Pool, Trustees, not accept or process deposit or withdrawal requests, LGIP advisory committee, other funds include FRS Pension Plan, FRS Investment Plan, CAT fund, Pooled Funds, Chiles Endowment, 
  • Florida CFO, Chief Financial Officer, Alex Sink,  Attorney General William,  McCollum, $25 billion state treasury, unknown risk
  • Financial Times
  • Flapolitics, blog
  • Financial Times Alphaville, bond insurers default
  • GlobalEconomicAnalysis Florida, SIVs, State Board of Administration
  • Housing Derivatives blog, ABX index
  • Inside B&C Lending, industry newsletter
  • InvestorWords
  • Markit, ABX Index  and CNN ABX
  • New York Times Enron, Bush, Florida's state pension fund lost $335 million from its Enron holdings, 2002
  • Northern Rock may be nationalized if no buyers found
  • Reuters 
  • Stew Webb, Blackstone, Iraq, MI6, Sensenbrenner, Abramoff, money laundering scheme not investigated by Congress.  Hillary Clinton
  • TampaBay "Stipanovich, who has worked for the state since 1999, earns $181,964 as executive director of the state Board of Administration. ... he began his professional career as a sheriff's deputy in Gainesville ... " and blog Stipanovich, Crist, Rubio
  • Teamsters Local 282 Pension Trust Fund, sued Moody's, New York district court,  misled investors,  ... rating opinions are protected by the free-speech provisions of the First Amendment, Constitution, 
  • Toomre Capital Markets
  • Washington State bonds, Ambac, FGIC, Blackstone
  • Wikipedia Blackrock Inc
  • Wikipedia Blackstone Group
  • Wikipedia Blackwater USA
  • notes: Jeb Bush involvement?, Florida, government money market crisis, majority of paper sold to SBA my Lehman Brothers, Bush served on three-member board that oversaw the SBA, Florida has weak disclosure laws, many other states have weaker still disclosure laws.  Orange County was one of early withdrawers, $370 million, Crozier Bank, Riggs Bank, MZM, EDS,
  • Is there a connection between Clinton, Bush, Florida,  Blackwater, IHT  Rupert Murdoch, News Corp, Hillary Clinton.





  • Giuliani, Mukasey, Kerik, Blum, Feinstein, Advent, Adelson, Schumer  research,

  • ABC News, owned by Disney
  • 'Your money is 'safe', 'the bank is 'open'.
  • ACA, FGIC and Security Capital Assurance, smaller than MBIA, Ambac, bond insurers, risk of default higher.
  • Accenture, Arthur Andersen, Enron
  • Ambac Insurance downgrade ? by Fitch ... FGIC Corp downgrade possible and CIFG Guaranty downgrade possible, sending interest rates through the roof
  • AIG, Hank Greenberg
  • American Enterprise Institute
  • Axon Financial Funding LLC, downgraded, cut to junk,  in Florida LGIP,  
  • BlackRock Inc, largest publicly traded money manager, FGIC hired it to analyze / salvage the fund, temporarily manage it. 
  • Blackstone Group, parent of FGIC, capital injection
  • Bloomberg  CDS, Credit Default Swaps, fancy name for insurance on mortgage backed securities default, Lehman (Richard Fuld), Goldman Sachs
  • Cato Institute  
  • Conservative Republicans, Bush has killed the Republican brand name
  • Centauri Corp's CC USA Inc  issued Orange County CP under review
  • Center for Global Development partially funded by Citigroup, CP, Microsoft, World Bank
  • CIFG Guaranty downgrade possible ? sending interest rates through the roof, registered in Bermuda,
  • Citigroup, Five Finance Inc, issued Orange County CP under review, 
  • CNN
  • CNN 101 dumbest executives
  • Costa Mesa, Quick Loan Funding, California, Daniel Sadek
  • Countrywide, bankruptcy ? Market Oracle
  • Cypress, parent of FGIC
  • Fed, 
  • FGIC Corp downgrade possible, Financial Guaranty Insurance Company downgrade ? 4th largest bond insurer.  parents: Blackstone, Cypress, PMI, registered in New York, 
  • Fitch Ratings,  owned by Paris-based Fimalac SA, spokesman James Jockle, Bloomberg,  Fitch, S&P, Moody's  bond ratings were a joke, rated about 51% of subprime, 
  • Forbes   'Where was Jeb?'
  • Harris, Kathryn, 2000 Bush election stolen: "“Katherine Harris ...moves ...” said J.M. “Mac” Stipanovich, a Republican strategist who advised Harris during the 2000 presidential recount."
  • Hill & Knowlton, Niger  offices in Vatican City, Prague, Czech and Washington, D.C.
  • KKR Atlantic Funding Trust, cut to default by Fitch, in Florida LGIP. 
  • Lehman Brothers, sold majority of paper to Florida LGIP,  Jeb Bush hired as consultant.  about $900 million of Florida debt in default.  Stipanovich, fund manager resigned as part of Blackrock Inc. plan.
  • video
  • Marketwatch funds risk, soaring international bank lending rates pared demand for higher yielding assets, 
  • MarketWatch, Dow Jones company, watch for a stock market rally right at the beginning of the recession. Oct 2007
  • MBIA, largest bond insurer symbol MBI
  • McGraw-Hill Cos, S&P is one of their units, issued ratings on 98% of subprime mortgage bonds, 
  • Minyanville
  • Moody's Investor Service   Bloomberg,  Fitch, S&P, Moody's  bond ratings were a joke
  • Morgan Stanley Cyclical Index, 
  • National Review  search, Greenspan, Bush family, CIA, 
  • NBC News owned by GE, General Electric Corp.
  • News Corp, Rupert Murdoch
  • New York Times, Run on Montana fund
  • Olive Group, Blackstone
  • Ottimo Funding, cut to default, in Florida LGIP
  • PMI  parent of FGIC, largest stockholder,
  • SEC, Chairman in 2006 Christopher Cox, 
  • SEC Executive Compensation Reader
  • Sedna, Citigroup.  SIV, off-balance sheet vehicles set up mainly by banks, issue a mixture of short-term senior and longer-term subordinated debt and invest the proceeds in long-term securities, mainly bank debt and asset-backed securities.  Reuters
  • Senate Committee on Banking, Housing and Urban Affairs, 
  • Standard & Poors, rated as sound billions in loans to people with no jobs, assets ...  Bloomberg,  Fitch, S&P, Moody's  bond ratings were a joke
  • ShortSalesMagic
  • Standard Chartered PLC's Whistlejacket Capital Ltd, Orange County, California, CP, under review.
  • Tango Finance Corp, issued Orange County CP under review
  • Thompson Financial earnings 4th quarter 2007 on 1.4/% increase, worst in 5 years.
  • USNews, Recession that didn't happen
  • Washington Mutual, Cuomo issued subpoenas, information about Fannie and Freddie, improper pressure on appraisers to provide inflated values.
  • According to the most recent Treasury International Capital report, a monthly reading on foreign investment flows, net foreign purchases of long-term U.S. securities were $69.1 billion in December, down from net purchases of $70.3 billion in November and $118 billion in October.  If this trend continues and overseas investors actually start selling more securities than buying, that could hurt the economy since a sell-off in Treasuries would lead to higher long-term bond rates. That would be a problem since longer-term bond yields have an influence on mortgage rates. Bond prices and yields move in opposite directions.


  • WMR November 28-29, 2011 -- MF Global tip of iceberg in Chicago commodities fraud   ...   The word from WMR's sources in Chicago is that the financial collapse of the commodities trading firm MF Global is merely the tip of the iceberg in commodities trading fraud, especially in gold, and that a major cover-up of the extent of the fraud by the Obama administration, including by Attorney General Eric Holder, is currently underway.    ...   As much as $1.2 billion in what was supposed to have been carefully-segregated MF Global customer accounts may be missing and there is a strong suspicion that the former Goldman Sachs executives in charge of MF Global, former MF chief executive officer Jon Corzine, the former Democratic U.S. Senator from and Governor of New Jersey and former MF President Bradley Abelow, are using their political connections to President Obama, Treasury Secretary Tim Geithner, and Holder to ensure a go-slow approach to the investigation of the missing money.    ...   The federal Commodity Futures Trading Corporation and Justice Department fraud investigators can merely express the fact that they are mystified and astonished over the loss of the MF Global customers' money. There has also been suspicion expressed by Chicago Mercantile Exchange (CME) traders over the federal court appointment of James W. Giddens of Hughes Hubbard and Reed as the liquidation trustee for the bankrupt MF Global. Hughes Hubbard and Reed maintains a major office in Jersey City in the Merrill Lynch Building, near the Goldman Sachs Tower. Giddens was the court-appointed liquidation trustee for the collapsed securities firm Lehman Brothers in 2008. Giddens has served as a financial adviser to Goldman Sachs and as a corporate restructuring adviser to Merrill Lynch and JP Morgan Chase.    ...   WMR has learned that the recent extra security posted on the CME's trading floor in Chicago is not the result of nearby Occupy Wall Street protesters but from outraged defrauded MF Global customers who have threatened "the Merc." Many traders in the Treasury and Standard & Poors pits are also openly wondering about who will be "suicided" in the MF Global scandal. The former Democratic chairman of House Financial Services Committee, Massachusetts Representative Barney Frank, and its current ranking member, has suddenly announced his retirement after 16 terms in Congress. The Financial Services Committee is the House's oversight body over Wall Street and Chicago commodities trading.

  • Truthout  and  By Dan Molinski, Dow Jones Newswires; 201-938-2245.  Former US Treasury Secretary Henry Paulson (pictured), then-New York Fed official Timothy Geithner, Goldman Sachs CEO Lloyd Blankfein and Fed Chairman Ben Bernanke made the initial decision to bail out AIG. (Photo: Elizabeth Dalziel / AP) It's not the bonuses. It's that AIG's counterparties are getting paid back in full. Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars? ... For the answer to this question, we need to go back to the very first decision to bail out AIG, made, we are told, by then-Treasury Secretary Henry Paulson, then-New York Fed official Timothy Geithner, Goldman Sachs CEO Lloyd Blankfein, and Fed Chairman Ben Bernanke last fall. Post-Lehman's collapse, they feared a systemic failure could be triggered by AIG's inability to pay the counterparties to all the sophisticated instruments AIG had sold. And who were AIG's trading partners? No shock here: Goldman, Bank of America, Merrill Lynch, UBS, JPMorgan Chase, Morgan Stanley, Deutsche Bank, Barclays, and on it goes. So now we know for sure what we already surmised: The AIG bailout has been a way to hide an enormous second round of cash to the same group that had received TARP money already. ... Also see below: Hedge Funds May Be Getting a Bailout via AIG's Payments • It all appears, once again, to be the same insiders protecting themselves against sharing the pain and risk of their own bad adventure. The payments to AIG's counterparties are justified with an appeal to the sanctity of contract. If AIG's contracts turned out to be shaky, the theory goes, then the whole edifice of the financial system would collapse. ... But wait a moment, aren't we in the midst of reopening contracts all over the place to share the burden of this crisis? From raising taxes - income taxes to sales taxes - to properly reopening labor contracts, we are all being asked to pitch in and carry our share of the burden. Workers around the country are being asked to take pay cuts and accept shorter work weeks so that colleagues won't be laid off. Why can't Wall Street royalty shoulder some of the burden? Why did Goldman have to get back 100 cents on the dollar? Didn't we already give Goldman a $25 billion capital infusion, and aren't they sitting on more than $100 billion in cash? Haven't we been told recently that they are beginning to come back to fiscal stability? If that is so, couldn't they have accepted a discount, and couldn't they have agreed to certain conditions before the AIG dollars - that is, our dollars - flowed? ... The appearance that this was all an inside job is overwhelming. AIG was nothing more than a conduit for huge capital flows to the same old suspects, with no reason or explanation. ... So here are several questions that should be answered, in public, under oath, to clear the air: What was the precise conversation among Bernanke, Geithner, Paulson, and Blankfein that preceded the initial $80 billion grant? Was it already known who the counterparties were and what the exposure was for each of the counterparties? What did Goldman, and all the other counterparties, know about AIG's financial condition at the time they executed the swaps or other contracts? Had they done adequate due diligence to see whether they were buying real protection? And why shouldn't they bear a percentage of the risk of failure of their own counterparty? What is the deeper relationship between Goldman and AIG? Didn't they almost merge a few years ago but did not because Goldman couldn't get its arms around the black box that is AIG? If that is true, why should Goldman get bailed out? After all, they should have known as well as anybody that a big part of AIG's business model was not to pay on insurance it had issued. Why weren't the counterparties immediately and fully disclosed? Failure to answer these questions will feed the populist rage that is metastasizing very quickly. And it will raise basic questions about the competence of those who are supposedly guiding this economic policy. Hedge Funds May Be Getting a Bailout via AIG's Payments Wednesday 18 March 2009 New York - The fact that some payments made by American International Group Inc. (AIG) to hedge funds are coming from government bailout money raises a question: Are hedge funds receiving a de facto bailout? ... If the answer is yes, it would signify the first taxpayer money yet to reach hedge funds since the financial crisis began back in late 2007. Hedge funds - investment pools made up primarily of high net worth individuals, pension funds and university endowments - have suffered like most during the crisis, but have pointed out with pride that as of yet their industry hasn't requested any government handouts. ... Officially, of course, any payments made by AIG to hedge funds wouldn't change that fact. It was AIG that requested the bailout, not the hedge funds. The insurance giant is now simply meeting its contractual obligations. ... In some cases, AIG has already paid out fairly hefty amounts to hedge funds with U.S. taxpayer funds. AIG said in a press release Sunday that it paid $200 million each in "public aid" to Citadel Investment Group and Paloma Securities. These payments were made to settle short-term trades last year in which the hedge funds loaned AIG cash in exchange for bonds. ... Also, as reported Wednesday in The Wall Street Journal, AIG reportedly may be paying out many different hedge funds for bets in which the hedge funds waged that the housing market would crater against AIG's bets that it would remain robust. ... It isn't clear how much in total that hedge funds stand to gain through the AIG payments, but the payments call into question the government's decision, whether out of haste or for any other reason, to allow the AIG bailout money to be dispersed to any counterparties, including hedge funds. ... "Taxpayer money is being paid to hedge funds by a Treasury that could have limited the payments to domestic banks but decided not to risk letting anyone big fail," said John Coffee, a professor of securities law at Columbia University. "In short, everyone of importance is being protected." ... Not all observers see a problem. While Edward Altman, a professor of finance at New York University's Stern School of Business, questions the use of taxpayer funds to pay huge bonuses to AIG executives (another controversy surrounding the AIG bailout), he doesn't see a problem with the hedge-fund payments. ... "The 'bailout' funds are doing exactly what they were intended off [ AIG's] bills on a timely basis so as not to cause any further harm to the system," he said. "Otherwise, what's the purpose of the bailout? It should have been clear that this involves [payments to] hedge funds."

  • CNN KPMG improper accounting practices Michael J. Missal concluded that New Century engaged in at least seven improper accounting practices that led the company to report incorrect financial information to Wall Street for fiscal 2005 and the first nine months of 2006.  Missal also found that senior management at the Irvine, Calif.-based lender failed to take appropriate steps to manage rising risks caused by the company's aggressive approach to originating loans, often to borrowers who couldn't afford them.  "New Century had a brazen obsession with increasing loan originations, without due regard to the risks associated with that business strategy," Missal's report said. "The increasingly risky nature of New Century's loan originations created a ticking time bomb that detonated in 2007."  In addition, the examiner found that New Century's accounting firm, KPMG LLC, enabled some of the improper accounting practices to continue.  "As an independent auditor they're supposed to look very skeptically at any client, and here they became advocates for the client and in fact even suggested some improper accounting treatment that ultimately started New Century down the road it's taken," Missal told The Associated Press.  The accounting also led to higher bonuses for key executives, the report said.  

  • notes: subpoenas, New York, Wall Street firms face NY probe, violation of law, packaging and selling debt tied to high-risk mortgages, AG Andrew Cuomo, Merrill Lynch, Bear Stearns (started it all), Deutsche Bank, high ratings not substantiated, underwritings, due diligence firms, securities firms, credit-rating firms all suspect.  Bloomberg  Fitch, Moody's, Standard & Poors bond ratings a joke.  S&P Chief Economist David Wyss, and Managing Director Thomas Warrack, Managing Director Susan Barnes, responsible parties during this period, and Bear Stearnes, Deutsche Bank, Lehman Brothers sold $1.2 trillion in subprime securities in 2005 and 2006.  The big three credit ratings firms had to be complicit.  80% of the subprime debt carried AAA ratings, the same as U. S. Treasury bonds.  Implied that they couldn't fail.  the trust is gone.  Ratings agencies are not impartial, 

  • Depression 2009 coming  Boycott ABC, Boycott NBC, Boycott CBS, Boycott Fox    Between 1929 and 1933, U.S. GDP growth declined by around 30 percent, the stock market lost almost 90 percent of its value, and a whopping 40 percent of the nation's banks failed

  • Bloomberg: "Among the places caught up in the SIV and subprime snarls are Connecticut, Florida, Maine, Montana and King County, Washington. Public funds hold $1 billion of defaulted asset- backed commercial paper, including $273.5 million from SIVs."

  • Financial Times "Florida fund freeze leaves schools body 'flat broke' By Andrew Ward and Stacy-Marie Ishmael in New York.   Dec, 2007 ... School districts and local governments in Florida are scrambling to raise cash to pay wages and bills after state officials suspended their access to a state-run investment fund. Counties, cities and school districts across Florida had entrusted as much as $27bn (£13bn, €18bn) to the Local Government Investment Pool, which is managed by the Florida State Board of Administration.  But the pool has now shrunk to around $15bn, as investors worried about its exposure to subprime-tainted securities demanded their money back.  ... The Florida fund invested $2bn in so-called structured investment vehicles and other debt linked to the stricken subprime mortgage market.  Around $1.5bn of these securities have since been downgraded to levels which do not meet the fund's minimum investment standards.  On Thursday, board trustees led by Governor Charlie Crist voted to halt redemptions, hoping to stem the tide of withdrawals and prevent the forced sale of assets. ... And Montana, run on the fund New York Times

  • Conduits, trouble...  what are they? Conduit debt: setup to provide debt financing to borrowers, asset collateralized, off-balance sheet unless investors stop buying the debt, similar to CDOs, and demand has now shrunk (Dec 2007), every major bank has exposure, but they're mum, see 'variable interest entities', VIE, see FIN 46-R, sham reporting, and see Asia Times and terms: the first investors to withdraw funds get %100, last get less, ...state-run  investment pools,  Local Government Investment Pool, run on the fund, no one who takes money out will put it back in,  Hillsborough County Public Schools, public accounts, modeled after private money-market funds, 'safe', liquid, short-term debt, State Board of Administration, Crist, Sink, McCollum, 

  • WMR  "From 1989 to 1996, Jackson was President of the Housing Authority of Dallas. Jackson's predecessor at HUD was Mel Martinez, now a Republican Senator from Florida. Jackson and Martinez are both long time supporters of George W. Bush and Jeb Bush campaigns, respectively. Jeb Bush has been involved in a number of questionable land deals in Florida, mostly involving the influential St. Joe Company, the Growth Management Study Commission (members appointed by Jeb Bush), and various home building companies. During the 1980s, the Reagan-Bush administration transformed HUD into a political slush fund. Under HUD Secretary Samuel Pierce and Deborah Gore Dean (nicknamed "Robin HUD"), private contractors embezzled $4 billion from HUD. HUD became a "political reward program." Under Martinez and Jackson, HUD has reverted to its 1980s persona with the only difference being the increase in embezzlement, from $4 billion to $56 billion."

  • and  WMR  Jessica Mixon, FDLE, "But there may be much more to this story . . . which implicates Jeb Bush's banana republic regime and his major supporters. The scandal is the one surrounding native American casinos and Florida-based "cruise to no where" casino ships in the Gulf of Mexico and Atlantic and the laundering of cash into political campaign coffers of top GOP officials, including Tom DeLay, Rep. Charles Taylor (R-NC), Jeb Bush, Rep. Tom Feeney (R-FL), and others, most notably GOP lobbyist Jack Abramoff. Taylor has been discovered to be the owner of Ivanovo Bank in Russia. Many Russian banks have been linked to organized crime activity involving the RUIM (Russian-Ukrainian-Israeli Mafia). Florida investigators are focusing on how gambling ships operating in an area of the Gulf of Mexico known as the "Flower Gardens" were illegally used to raise cash for GOP campaign coffers. Stay tuned on this one. This could be the financial Watergate of the Republican Party."   go to Tom DeLay page or more

  • Wikipedia "A credit default swap (CDS) is an instrument to transfer the credit risk of fixed income products. Using technical terms, it is a bilateral contract, in which two counterparties agree to isolate and separately trade the credit risk of at least one third-party reference entity. The buyer of a credit swap receives credit protection. The seller 'guarantees' the credit worthiness of the product. In more technical language, a protection buyer pays a periodic fee to a protection seller in exchange for a contingent payment by the seller upon a credit event (such as a default or failure to pay) happening in the reference entity. When a credit event is triggered, the protection seller either takes delivery of the defaulted bond for the par value (physical settlement) or pays the protection buyer the difference between the par value and recovery value of the bond (cash settlement). Simply, the risk of default is transferred from the holder of the fixed income security to the seller of the swap. For example, a mortgage bank, ABC may have its credit default swaps currently trading at 265 basis points (bp). In other words, the annual cost to insure 10 million euros of its debt would be 265,000 euros. If the same CDS had been trading at 7 bp a year before, it would indicate that markets now view ABC as facing a greater risk of default on its mortgage obligations. ... Credit default swaps resemble an insurance policy, as they can be used by debt owners to hedge, or insure against credit events such as a default on a debt obligation. However, because there is no requirement to actually hold any asset or suffer a loss, credit default swaps can also be used to speculate on changes in credit spread. ... Credit default swaps are the most widely traded credit derivative product.[1] The typical term of a credit default swap contract is five years, although being an over-the-counter derivative, credit default swaps of almost any maturity can be traded."

  • Alternet "A generation of conservative propaganda, arguing that markets make wiser decisions than government, has been destroyed by these events. The interventions amount to socialism, American style, in which the government decides which private enterprises are "too big to fail." Trouble is, it was the government itself that created most of these mastodons -- including the all-purpose banking conglomerates. The mega-banks arose in the 1990s, when a Democratic President and Republican Congress repealed the New Deal-era Glass-Steagall Act, which prevented commercial banks from blending their business with investment banking. That combination was the source of incestuous self-dealing and fraudulent stock valuations that led directly to the Crash of 1929 and the Great Depression that followed."

    • 2008 big ideas
    • Virgin Money
    • Electric Cars
    • Greener charcoal, Bagazo
    • Aircraft internet, Aircell
    • Biodynamic vineyard
    • Real Estate at end of 2008
    Bloomberg, sub-prime Bond Risk text
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  • Witwatersrand, South Africa, largest world deposits of gold, minors paid less than industry standard, legacy of racism in SA, 
  • Subprime, CDO, SIV, fraud, foreclosure, Israel, Citigroup notes: Markets & Banking business, Salomon Smith Barney, Citibank N. A. Tel Aviv, 2000, Citi, first foreign bank to be fully licensed in Israel, leading underwriter, issue equity and debt securities, global markets, illegal off balance sheet books, mergers, acquisitions advisory, mortgage backed securities, subprime exposure, Global Wealth Management, private banking, high net worth client base, offshore banking, international personal banking, Tel Aviv Stock Exchange, damaged share price,
  • Turkish Press, Charles Prince, $11 billion dollars in writedowns, Michael Hanretta, Merrill, Stan O'Neal, replace Sandy Weill, October 2003, Robert Rubin, former Goldman Sachs chief, executive committee, Vikram Pandit, Gary Crittenden, names mentioned in shake-up after credit crisis.  
  • Lehman

Fannie Mae, Franklin Raines case   top
  • TopBlacks Raines
  • Mail Tribune  "Raines names as task force members Assistant Treasury Secretary Wayne Abernathy; presidential economic adviser Keith Hennessey; Kevin Warsh, a special assistant to President Bush for economic policy; Jeffrey Kupfer, who served in 2003 as special assistant to Bush's chief of staff; Associate White House Counsel Reginald J. Brown; and Stephen S. McMillin, an official in the president's budget office.  ... He accuses the task force of influencing an investigation by the Office of Federal Housing Enterprise Oversight. Raines is also seeking documents related to former White House Chief of Staff Andrew Card."
  • Wikipedia Horatio Alger 
  • Notes: Fannie Mae, charge fees on loans that thy have securitized into MBS bonds, no government guarantee of being repaid, 
  • 80% of Christian right voters vote for Bush ... only about 5% of Blacks vote for Republicans, GOP ... 
  • CNN Raines names as task force members Assistant Treasury Secretary Wayne Abernathy, Associate White House Counsel Reginald J. Brown and members of the National Economic Council.   file   Raines  accuses the task force of influencing an investigation by the Office of Federal Housing Enterprise Oversight
  • CEI Fred Smith, president, 
  • JewishWorldReview, Fannie Mae, Freddie Mac, 'homebuyers' best friend', American Dream, feeding on the public trough, subsidized, created during the Depression, 1938, they expand the pool of money for home purchasers by buying the loans that lenders make to homebuyers,  creating mortgage-backed securities, for investors 
  • Lehman Brothers, Jeb Bush, Florida, Stipanovich?
  • CNN The former chief executive officer of Fannie Mae says the Bush administration helped orchestrate an accounting scandal that cost him his job and that he wants to use White House documents to defend himself in a shareholder lawsuit.  Franklin Raines, who served as President Clinton's budget director, argues in court documents that the Bush administration felt the quasi-government agency wielded too much power in the mortgage industry.  His attorneys say the White House pushed regulators to weaken Fannie Mae and triggered a $6 billion accounting scandal.  Raines subpoenaed the White House for documents in July.  Justice Department lawyers will go before a federal judge Thursday to fight it.
US Federal Reserve   top
  • Lawful Path Ownership of the Federal Reserve
  • News With Views Federal Reserve to begin hiding information pertaining to the U.S. dollar money supply
  • WMR: December 22, 2010 -- A national security embed on the Federal Reserve Board

    An informed U.S. intelligence community source has told WMR that a member of the Federal Reserve Board of Governors serves as the eyes and ears of the U.S. intelligence community within the organization that has become the bain of Americans who accuse the bank of being an uncontrolled and unanswerable overseer of U.S. economic policy. The member is Dan Tarullo, a key member of then-President Clinton's "principals" group of national security and economic security advisers.     ...    Tarullo became a member of the Federal Reserve Board on January 28, 2009, just eight days after President Obama was inaugurated. Tarullo served on Clinton's National Economic Council, as well as the National Security Council and also served as Assistant Secretary of State for Economic and Business Affairs from 1993 to 1996. He also was President Clinton;s personal envoy to the G7/G8 and is a member of the Council on Foreign Relations.     ....    Tarullo, taught at both Harvard and Georgetown Law Schools and also served as a chief counsel to Senator Edward Kennedy. He also was a key interlocutor between the intelligence community and private industry in pushing the Clinton administration's unpopular encryption key escrow system that would have given the government the key to break any encrypted communications.      ...    Tarulloi also chaired the economic committee of the Princeton Project on National Security, co-chaired by former Secretary of State George Schultz and former Clinton National Security Adviser Anthony Lake. The Princeton Project is supported financially by the Ford Foundation, Princeton's Woodrow Wilson School of Public and International Affairs, the Hewlett Foundation, and David Rubenstein, the co-founder of The Carlyle Group.      ...    Tarullo was one of three national security advisers under Clinton who provided justification for the approval of sensitive missile technology exports to China by Loral Corporation. Loral's boss, Bernard Schwartz, was a major contributor to Clinton and the Democratic Party. Joining Tarullo in defending the Loral exports were national security adviser Sandy Berger and White House congressional liaison Larry Stein.      ...   WMR was told that when his resume is compared to the other members of the Fedeal Reserve Board, Tarullo is clearly on the board for other reasons, not merely having to do with economic policy.

 (dumping)   US Dollar     top
  • Economic Policy Institute
  • GodLike Productions Dollar devaluation ONE BIG PROBLEM …. UNEMPLOYMENT and WAGES! A wage earner earning $20 per hour would now (post devaluation) possess the purchasing power of a $10 per hour earner. If the $20 per hour wage earner could purchase 10 lbs. of sugar prior to the devaluation with $20, post the devaluation said wage earner could only purchase 5 lbs. of sugar with his $20 … the wage earner has lost the purchasing power of 5 lbs. of sugar per hour. Where did the 5 lbs. of sugar per hour go? A 50% dollar devaluation acts as a massive tax on the entire economy to bailout the “To Big To Fails,” namely the Federal and State governments, the banking system and residential/commercial properties which act as the underlying asset class for U.S. Treasuries and the manufacture of fiat money, at the expense of labor and wage earners …. It acts as a massive transfer of wealth from one class to another by suppressing wages through price inflation!
  • Information Clearing House Saudi Arabia, South Korea, China, Venezuela, Sudan, Iran, Russia among first countries to sell dollars, fall 2007 
  • ISANet International Studies Institute
  • Madison Institute, the
  • Nation search renmimbi, yuan. news.
  • NeitherCorp News
  • New Economy Index  Progressive Policy Institute
  • New Left Review analysis, reviews
  • Bloomberg "India's central bank unexpectedly ordered lenders to set aside more reserves for a fourth time this year to prevent ``unacceptably high'' inflows of foreign cash from reigniting inflation. The Reserve Bank of India raised the ratio of deposits lenders must put aside by half a point to 7.5 percent, up from 5.25 percent at the start of the year. Interest rates were kept unchanged, the central bank said in a statement in Mumbai today.  ...  The increase follows steps last week by India's stock market regulator to check foreign investment that drove the share index to a record and pushed the rupee to a 9 1/2 year high. Governor Yaga Venugopal Reddy said inflows rose after the U.S. Federal Reserve cut rates to stem subprime mortgage defaults, increasing the risk of ``financial contagion.''  more terms: Sensitive index, Bombay Stock Exchange, Sensex,  restricting bank lending to prevent asset bubbles, barred issuance of offshore instruments tied to derivatives, spread between 2-year Indian government bonds and similar U. S. Treasury Notes, discourage arbitrage, India has prevented its state-run refiners from raising local fuel prices even as crude oil has risen 47%. 
  • KYIVPost "As the US Dollar continues its slide, Ukraine’s central bank is likely to strengthen the country’s national currency, a move that would boost the purchasing power of average Ukrainians while taking a bite out of the margins of export-oriented big business tycoons."



above: M2, M3, raw data comparison, enlarge above: M3, M3 calculated comparison, enlarge
Calculate, Construct, Reveal, un-Hide, Bring Back, M3
How to calculate M3. Measure of the U.S. money stock that consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at aHowll banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. (FRB, San Francisco, glossary   

The way we calculate the M3 is by adding the totals of M2, the Institutional Money Funds as well as four factors from the H.8 [Security loans and leases, Interbank loans, the repurchase agreements and ‘large time deposits’]   Eurodollars are no longer published. To calculate the Eurodollars, we use a constant multiplier of 0.75 and apply it to the total of the Interbank loans and reverse repurchase agreements.   H.8 - (Lines 11, 13, 17? and 20)

The formula used has over five nines (.9999946 – 1.0 being perfect) correlation to the original data back going back to 1980, and is taken directly from the Federal Reserve’s definition of M3.

Sources:  Paul van Eeden (for the above explanation)

Below: comparison of discontinued M3 and calculated M3, & analysis Latest Calculated M3 data 09/22/07
M2 7377.1
Institutional MM funds 1657.6
Security loans, H.8 286.7
Interbank loans H.8 396.2
Large time deposits, H.8 1849.5
EuroDollars (Interbank *.75) 297.2
Repurchase agreements? H4.1 a
Total: 11864.3
go to charts.
Black - S&P 500,  Red - repurchase agreements Repurchase agreements? H4.1 Comments welcome at 
Definitions, source FRB, San Francisco, glossary    more definitions, & see H.6
M1. Measure of the U.S. money stock that consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions.

M2. Measure of the U.S. money stock that consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account(IRA) and Keogh balances at depository institutions and money market funds.

M3. Measure of the U.S. money stock that consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions  FRB

The large-denomination time deposit component of M3 includes time deposits with balances of $100,000 or more. Certificates of deposits (CDs) held by MMMFs as well as the nontransaction deposits of the U.S. government, U.S. and foreign depository institutions, and foreign official institutions are subtracted from gross large time deposits at commercial banks. Gross large time deposits are reported on the FR 2900, and, for institutions that do not file an FR 2900 report, are estimated using quarterly Call Reports. The nontransaction deposits of the U.S. government, U.S. and foreign depository institutions, and foreign official institutions are estimated using the quarterly Call Reports. Monthly data on CDs held by MMMFs are collected by ICI from approximately 700 funds.10  FRB

The RP component of M3 includes those repurchase agreements that are issued by depository institutions and purchased by: (1) nonbank brokers and dealers in securities; (2) individuals, partnerships, and corporations (including bank holding companies and their nonbanking subsidiaries); (3) nonprofit organizations; (4) nondepository financial institutions; or (5) state and local governments in the U.S. and their political subdivisions. RPs are reported on the "Report of Repurchase Agreements (RPs) on U.S. Government and Federal Agency Securities with Specified Holders" (FR 2415; OMB No. 7100-0074), shown in Attachment 7. This report collects one data item: Repurchase agreements in denominations of $100,000 or more, in immediately-available funds, on U.S. government and federal agency securities, transacted with specified holders. The FR 2415 is filed by depository institutions at one of three reporting frequencies (weekly, quarterly, or annual). In general, the larger the respondent's level of RPs, the more frequent its reporting. The weekly panel reports daily data once each week. The quarterly panel reports daily data for four one-week reporting periods that contain quarter-end dates. The annual panel reports daily data only for the week encompassing June 30 each year.  FRB

The Eurodollar component of M3 includes Eurodollar deposits payable to nonbank U.S. addressees. The primary data source for this component are the reports of foreign offices of U.S. banks that are filed weekly or quarterly. The "Weekly Report of Eurodollar Liabilities Held by Selected U.S. Addressees at Foreign Offices of U.S. Banks" (FR 2050; OMB No. 7100-0068), shown in Attachment 8, contains two data items:

(1) nonnegotiable liabilities payable in U.S. dollars only to U.S. addressees other than depository institutions and MMMFs, regardless of maturity ("nonnegotiable Eurodollars"); and

(2) negotiable certificates of deposit payable in U.S. dollars only that are held in custody accounts for U.S. addressees other than depository institutions and MMMFs ("negotiable term Eurodollars").

The "Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks" (FR 2502q; OMB No. 7100-0079), shown in Attachment 9, collects data from a broader range of foreign offices than the weekly panel. The only item from this report that is used in the construction of the monetary aggregates is nonnegotiable Eurodollars. Additional Eurodollar data are obtained from the Bank of England and the Bank of Canada. The Bank of England provides quarterly data on dollar-denominated liabilities of all banks in the United Kingdom, to U.S. nonbank residents. The Bank of Canada provides monthly data on chartered banks' dollar-denominated liabilities booked in Canada, to U.S. nonbank residents.  FRB
M3, calculated, alternative    top    
WMR " Now, here is where we go full circle back to Bush and Florida. According to IRS Form 8872, filed by the Americans for Free Speech, a GOP Political Action Committee (PAC) located at 2020 Pennsylvania Ave. in Washington, DC, between Aug. 8, 2004 and September 30, 2004 -- right in the middle of the presidential election campaign between George W. Bush and John Kerry, affiliated PACs, including Americans for Jobs, Families for Conservative Values [also located at 2020 Pennsylvania Ave.], and Taxpayers for Conservative Government and Floridians for Conservative Values [both located in Tallahassee, Florida] contributed a little less than $1 million to Americans for Free Speech. The Americans for Free Speech laundered the money to other right-wing political committees [South Florida Community Council in Coral Gables; People for Fairness and Equality and Citizens for Safer Streets in Tallahassee; and Alliance for Protecting Seniors in Washington, DC] which, in turn, made contributions to various candidates, mostly Republicans but also a few Democrats. One of these recipients was Stephen Meadows, a Democrat, but the Bush family's hand picked successor to Florida State Attorney Jim Appleman in the 14th Judicial District of Florida. Meadows would continue to look out for the interests of the Bushes in the Florida Panhandle as Appleman had for the Iran-Contra and S&L frauds. The Americans for Free Speech also listed an interesting recipient of its expenditures: a Northern Trust office in North Palm Beach, Florida received payment for handling the money wires from and to the GOP PACs.  ...    On April 18, 2005, The Chicago Tribune ran a story on George W. Bush's 2004 Federal Income Tax Return. Bush listed his address as: Post Office Box 803968, Chicago, Illinois, 60680. The post office box is the downtown post office box of -- Northern Trust -- the financial group that held Enron's pension and other financial assets. It is also the holding company that maintains George W. Bush's blind trust. Bush money, Enron money, GOP right-wing PAC money, and God only knows what covert action funds, all handled by the same company. It does sound all so familiar. Enron is dead and so is Ken Lay. Long live the new Bush slush fund -- Northern Trust. The question remains. What did Ken Lay know about Northern Trust? One can assume plenty. For the Bushes, its better that one dead man is now in a position to keep their secrets."
follow up, the act of following up. 2. an action or thing that serves to increase the effectiveness of a previous one, as a second or subsequent letter, phone call, or visit. 3. Also called follow. Journalism. a. a news story providing additional information on a story or article previously published. b. Also called sidebar, supplementary story. a minor news story used to supplement a related story of major importance. Compare feature story (def. 1), human-interest story, shirttail. –adjective 4. designed or serving to follow up, esp. to increase the effectiveness of a previous action: a follow-up interview; a follow-up offer. 5. of or pertaining to action that follows an initial treatment, course of study, etc.: follow-up care for mental patients; a follow-up survey. fol·low –verb (used with object) 1. to come after in sequence, order of time, etc.: The speech follows the dinner. 2. to go or come after; move behind in the same direction: Drive ahead, and I'll follow you. 3. to accept as a guide or leader; accept the authority of or give allegiance to: Many Germans followed Hitler. 4. to conform to, comply with, or act in accordance with; obey: to follow orders; to follow advice. 5. to imitate or copy; use as an exemplar: They follow the latest fads. 6. to move forward along (a road, path, etc.): Follow this road for a mile. 7. to come after as a result or consequence; result from: Reprisals often follow victory. 8. to go after or along with (a person) as companion. 9. to go in pursuit of: to follow an enemy. 10. to try for or attain to: to follow an ideal. 11. to engage in or be concerned with as a pursuit: He followed the sea as his true calling. 12. to watch the movements, progress, or course of: to follow a bird in flight. 13. to watch the development of or keep up with: to follow the news. 14. to keep up with and understand (an argument, story, etc.): Do you follow me? –verb (used without object) 15. to come next after something else in sequence, order of time, etc. 16. to happen or occur after something else; come next as an event: After the defeat great disorder followed. 17. to attend or serve. 18. to go or come after a person or thing in motion. 19. to result as an effect; occur as a consequence: It follows then that he must be innocent. –noun 20. the act of following. 21. Billiards, Pool. follow shot (def. 2). 22. follow-up (def. 3). —Verb phrases23. follow out, to carry to a conclusion; execute: They followed out their orders to the letter. 24. follow through, a. to carry out fully, as a stroke of a club in golf, a racket in tennis, etc. b. to continue an effort, plan, proposal, policy, etc., to its completion. 25. follow up, a. to pursue closely and tenaciously. b. to increase the effectiveness of by further action or repetition. c. to pursue to a solution or conclusion. —Idiom26. follow suit. suit (def. 13). fol·low·a·ble, adjective —Synonyms 3. obey. 4. heed, observe. 8. accompany, attend. 9. pursue, chase; trail, track, trace. 19. arise, proceed. Follow, ensue, result, succeed imply coming after something else, in a natural sequence. Follow is the general word: We must wait to see what follows. A detailed account follows. Ensue implies a logical sequence, what might be expected normally to come after a given act, cause, etc.: When the power lines were cut, a paralysis of transportation ensued. Result emphasizes the connection between a cause or event and its effect, consequence, or outcome: The accident resulted in injuries to those involved. Succeed implies coming after in time, particularly coming into a title, office, etc.: Formerly the oldest son succeeded to his father's title. —Antonyms 1. precede. 2, 3. lead. 4. disregard. 9. flee.  news follow up
NM Rothschild   back

In the late 18th century and early 19th century, Mayer Amschel Rothschild rose to become one of Europe's most powerful bankers in the principality of Hesse-Kassel (Hesse-Cassel) in the Holy Roman Empire. In pursuit of expansion, he appointed his sons to start banking operations in the various capitals of Europe, including sending his third son, Nathan Mayer Rothschild, to England. Nathan Mayer Rothschild first settled in Manchester, where he established a business in finance and textile trading. He later moved to London, where he founded N M Rothschild & Sons in 1811, through which he made a fortune with his involvement in the government bonds market.

According to historian Niall Ferguson, "For most of the nineteenth century, N M Rothschild was part of the biggest bank in the world which dominated the international bond market. For a contemporary equivalent, one has to imagine a merger between Merrill Lynch, Morgan Stanley, J P Morgan and probably Goldman Sachs too — as well, perhaps, as the International Monetary Fund, given the nineteen-century Rothschild's role in stabilising the finances of numerous governments."

[]Early 19th century

During the early part of the 19th century, the Rothschild London bank took a leading part in managing and financing the subsidies that the British government transferred to its allies during the Napoleonic Wars. Through the creation of a network of agents, couriers and shippers, the bank was able to provide funds to the armies of the Duke of Wellington in Portugal and Spain. In 1818 the Rothschild bank arranged a £5 million loan to the Prussian government and the issuing of bonds for government loans. The providing of other innovative and complex financing for government projects formed a mainstay of the bank's business for the better part of the century. N M Rothschild & Sons' financial strength in the City of London became such that by 1825, the bank was able to supply enough coin to the Bank of England to enable it to avert a liquidity crisis. Like most firms with global operations in the 19th century, Rothschild had links to slavery, even though the firm was instrumental in abolishing it by providing a £15m gilt issue necessary to pass the Slavery Abolition Act of 1833.

[]Late 19th century

Nathan Mayer's eldest son, Lionel de Rothschild (1808–1879) succeeded him as head of the London branch. Under Lionel the bank financed the British government's 1875 purchase of a controlling interest in the Suez Canal. Lionel also began to invest in railways as his uncle James had been doing in France. In 1869, Lionel's son, Alfred de Rothschild (1842–1918), became a director of the Bank of England, a post he held for 20 years. Alfred was one of those who represented the British Government at the 1892 International Monetary Conference in Brussels.

The Rothschild bank funded Cecil Rhodes in the development of the British South Africa Company and Leopold de Rothschild (1845–1917) administered Rhodes's estate after his death in 1902 and helped to set up the Rhodes Scholarship scheme at Oxford University. In 1873 de Rothschild Frères in France and N M Rothschild & Sons of London joined with other investors to acquire the Spanish government's money-losing Rio Tinto copper mines. The new owners restructured the company and turned it into a profitable business. By 1905, the Rothschild interest in Rio Tinto amounted to more than 30 percent. In 1887, the French and English Rothschild banking houses loaned money to, and invested in, the De Beers diamond mines in South Africa, becoming its largest shareholders.

[]20th and 21st centuries

The First World War marked a change of fortune and emphasis for Rothschild. After the War, the Rothschild banks began a steady transition towards advisory work and finance raising for commercial concerns, including the London Underground. In 1938, the Austrian Rothschilds’ interests were seized by the Nazis, bringing to an end more than a century at the heart of Central European banking. In France and Austria, the family was scattered for the duration of theSecond World War. After the war, the British and French banks committed themselves to further developing their new operation in the United States, which was eventually to become Rothschild Inc, and increased focus on mergers and acquisitions and asset management.

In the twentieth century, Rothschild developed into a preeminent global organisation, which enhanced its ability to secure key advisory roles in some of the most important, complex and recognizable mergers and acquisitions. In the 1980s, Rothschild took a leading role in the international phenomenon of privatisation, where the company was involved from the beginning and developed a pioneering role which spread out to over thirty countries worldwide. In recent years, Rothschild advised on nearly a thousand completed mergers and acquisitions, having a cumulative value in excess of US$1 trillion. Next to this, Rothschild also advised on some of the largest and most high-profile corporate restructurings around the world. Today the price of gold is still fixed, twice a day, at 10.30 am and 3.00 pm at the premises of N M Rothschild by the world's main Bullion Houses: Deutsche Bank, HSBC, ScotiaMocatta and Societe Generale. Informally, the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. Every day at 1030 and 1500 local time, five representatives of the banks meet in a small room at Rothschild's London headquarters on St Swithin's Lane. In the centre is the chairperson, who is traditionally appointed by the Rothschild bank, although the bank itself has largely withdrawn from trading.



Rothschild is consistently in the top 10 global investment banks for mergers and acquisitions (M&A) advisory. According to Thomson Financial data, Rothschild ranked as 6th biggest mergers and acquisitions adviser for completed deals worldwide in 2011.[5] The firm is particularly strong in Europe, especially in the UK, France, Germany, Italy, and the Benelux countries, in each of which Rothschild consistently holds a top league table position. Rothschild's strength also extends to Eastern Europe, Asia, and the Americas Latin America.

The firm competes against a wide range of investment banks, from conglomerates like Goldman Sachs and JPMorgan, to other M&A specialists like Lazard,Greenhill & Co. and Houlihan Lokey in M&A valuation and restructuring advisory services.


Rothschild operates through three divisions:

  • Global financial advisory
  • Corporate banking
  • Private banking and trust

Next to these three main divisions, Rothschild is also active in real estate, venture capital, and asset management.

[]Corporate structure

In the twentieth century, the London banking house continued under the management of Lionel Nathan de Rothschild (1882–1942) and his brother Anthony Gustav de Rothschild (1887–1961) and then to Sir Evelyn Robert de Rothschild (b.1931). In 1970, the firm converted from a partnership to a limited liability company.[6] In 2003, following Sir Evelyn's retirement as head of N M Rothschild & Sons of London, it merged with Paris Orleans SA under the leadership of the Swiss-based Rothschild Continuation holdings, chaired by Baron David de Rothschild.

The Rothschild group went through a major restructuring the early twenty-first century. N M Rothschild & Sons is now the operating company in the UK. It is indirectly controlled by the main Rothschild holding company, Rothschild Continuation Holdings AG, registered in Zug, Switzerland. 72.5% of Rothschild Continuation Holdings is[7] controlled by the Dutch-registered Concordia BV. Concordia is wholly controlled by the English and French Rothschilds. Until 2008, the only non-family interest was Jardine Matheson, a hong which holds the other 20% of Rothschild Continuation Holdings. The stake was acquired in 2005 from Royal & Sun Alliance through the Jardine Strategic subsidiary, which specializes in leveraging stakes to protect family owners. Jardines acted as Rothschilds' China agent from 1838 onwards. However, on 19 November 2008, Rabobank announced it intended to acquire 7.5% of Rothschild Continuation Holdings, ostensibly to cement an alliance in food and agricultural finance. FT Alphaville claimed that the move was intended to help Rothschild gain access to a wider capital pool, and enlarge its presence in East Asian markets.

[]New Court headquarters

Rothschild's headquarters in London have been continuously located at the same site over the past two centuries, at New Court, St. Swithin's Lane. In the 1950s, the firm outgrew its New Court headquarters and took up space in nearby Chetwynd House. Eventually, in October 1962, at the suggestion of Evelyn Robert de Rothschild, the firm demolished New Court and built a 6-story glass-and-steel building on the same site.

In the 1980s and 1990s, Rothschild outgrew its New Court headquarters for a second time, and now operates out of several buildings on St. Swithin's Lane, including 1 King William Street, which was originally the site of the first Gresham Club.

As before, the firm decided in 2005 to demolish the New Court and build a taller 15-story glass-and-steel building, again on the same site. This third incarnation of New Court was designed by Rem Koolhaas and his Office of Metropolitan Architecture (OMA) and provides 20,992 square metres of office space in a building of 75 metres height (with associated plant, servicing and car parking). The new building opens up views of St Stephen Walbrook church from its lobby, and views of the London skyline from a roof-top "sky pavilion". Construction took place over a 30-month period from March 2008 to August 2010, so the building was completed shortly after Rothschild celebrated its 200-year anniversary.

[]Office locations


Rothschild has received many awards in recognition of its M&A and restructuring advisory in various countries from Acquisitions Monthly, Financial Times Mergermarket, Financial News, and Euromoney.

[]Notable current and former employees

(excluding many notable members of the Rothschild family)


[Politics and public service

[]Armed forces



4thMedia  The Truth About Federal Reserve Bank: AMERICA and the WORLD DECEIVED

Pursuant to your request, I will attempt to clear up questions you have about the Federal Reserve Bank (FED). I spent much time researching the FED and these are the shocking and revealing conclusions.
Article 1, Section 8 of the Constitution states that Congress shall have the power to coin (create) money and regulate the value thereof. Today however, the FED, which is a privately owned company, controls and profits by printing money through the Treasury, and regulating its value.
The FED began with approximately 300 people or banks that became owners (stockholders purchasing stock at $100 per share – the stock is not publicly traded) in the Federal Reserve Banking System. They make up an international banking cartel of wealth beyond comparison (Reference 1, 14). The FED banking system collects billions of dollars (Reference 8, 17) in interest annually and distributes the profits to its shareholders.
The Congress illegally gave the FED the right to print money (through the Treasury) at no interest to the FED. The FED creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The FED also buys Government debt with money printed on a printing press and charges U.S. taxpayers interest. Many Congressmen and Presidents say this is fraud (Reference 1,2,3,5,17).
Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed:
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam
Chase Manhattan Bank of New York
(Reference 14, P. 13, Reference 12, P. 152)
These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt (Reference 4, 22).
The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank. (Reference 22)
First National Bank of New York
James Stillman National City Bank, New York
Mary W. Harnman
National Bank of Commerce, New York
A.D. Jiullard
Hanover National Bank, New York
Jacob Schiff
Chase National Bank, New York
Thomas F. Ryan
Paul Warburg
William Rockefeller
Levi P. Morton
M.T. Pyne
George F. Baker
Percy Pyne
Mrs. G.F. St. George
J.W. Sterling
Katherine St. George
H.P. Davidson
J.P. Morgan (Equitable Life/Mutual Life)
Edith Brevour T. Baker
(Reference 4 for above, Reference 22 has details, P. 92, 93, 96, 179)
How did it happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson’s campaign for President. He had committed to sign this act. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas when much of Congress was on vacation (Reference 3, 4, 5). When elected, Wilson passed the FED. Later, Wilson remorsefully replied (referring to the FED), “I have unwittingly ruined my country” (Reference 17, P. 31).
Now the banks financially back sympathetic candidates. Not surprisingly, most of these candidates are elected (Reference 1, P. 208-210, Reference 12, P. 235, Reference 14, P. 36). The bankers employ members of the Congress on weekends (nickname T&T club -out Thursday…-in Tuesday) with lucrative salaries (Reference 1, P. 209). Additionally, the FED started buying up the media in the 1930′s and now owns or significantly influences most of it Reference 3, 10, 11, P. 145).
Presidents Lincoln, Jackson, and Kennedy tried to stop this family of bankers by printing U.S. dollars without charging the taxpayers interest (Reference 4). Today, if the government runs a deficit, the FED prints dollars through the U.S. Treasury, buys the debt, and the dollars are circulated into the economy. In 1992, taxpayers paid the FED banking system $286 billion in interest on debt the FED purchased by printing money virtually cost free (Reference 12, P. 265). Forty percent of our personal federal income taxes goes to pay this interest. The FED’s books are not open to the public. Congress has yet to audit it.
Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913.
Congressman Henry Gonzales, Chairman of a banking committee, introduces legislation to repeal the Federal Reserve Banking Act of 1913 nearly every year. It’s always defeated, the media remains silent, and the public never learns the truth. The same bankers who own the FED control the media and give huge political contributions to sympathetic members of Congress (Reference 12, P. 155-163, Reference 22, P. 158, 159, 166).
We, the People, are at fault for being passive and allowing this to continue.
Rep. Louis T. McFadden (R. Pa.) rose from office boy to become cashier and then President of the First National Bank in Canton Ohio. For 12 years he served as Chairman of the Committee on Banking and Currency, making him one of the foremost financial authorities in America. He fought continuously for fiscal integrity and a return to constitutional government (Reference 1). The following are portions of Rep. McFadden’s speech, quoted from the Congressional Record, pages 12595-12603:
The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve banks acting together have cost this country ENOUGH MONEY TO PAY THE NATIONAL DEBT SEVERAL TIMES OVER.”
About the Federal Reserve banks, Rep. McFadden said, “They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; the rich and predatory money lenders. This is an era of economic misery and for the reasons that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable.”
On the subject of media control he state, “Half a million dollars was spent on one part of the propaganda organized by those same European bankers for the purpose of misleading public opinion in regard to it.”
Rep. McFadden continued, “Every effort has been made by the Federal Reserve Board to conceal its power but the truth is the Federal Reserve Board has USURPED THE GOVERNMENT OF THE UNITED STATES. IT CONTROLS EVERYTHING HERE AND IT CONTROLS ALL OUR FOREIGN RELATIONS. IT MAKES AND BREAKS GOVERNMENTS AT WILL.
No man and no body of men is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal Reserve banks. These evil-doers have robbed this country of more than enough money to pay the national debt. What the Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people.”
“Our people’s money to the extent of $1,200,000,000 has within the last few months been shipped abroad to redeem Federal Reserve Notes and to pay other gambling debts of the traitorous Federal Reserve Board and the Federal Reserve banks. The greater part of our monetary stock has been shipped to foreigners. Why should we promise to pay the debts of foreigners to foreigners? Why should American Farmers and wage earners add millions of foreigners to the number of their dependents? Why should the Federal Reserve Board and the Federal Reserve banks be permitted to finance our competitors in all parts of the world?” Rep. McFadden asked.
“The Federal Reserve Act should be repealed and the Federal Reserve banks, having violated their charters, should be liquidated immediately.
Rep. McFadden concluded (Reference 1, contains an entire chapter on Rep. McFadden’s speech).
If the media is unbiased, independent and completely thorough, why haven’t they discussed the FED? Currently, half the states have at least a grass roots movement in action to abolish the FED, but there’s no press coverage. In July, 1968, the House Banking Subcommittee reported that Rockefeller, through Chase Manhattan Bank, controlled 5.9% of the stock in CBS. Furthermore, the bank had gained interlocking directorates with ABC.
In 1974, Congress issued a report stating that the Chase Manhattan Bank’s stake in CBS rose to 14.1% and NBC to 4.5% (through RCA, the parent company of NBC). The same report said that the Chase Manhattan Bank held stock in 28 broadcasting firms. After this report, the Chase Manhattan Bank obtained 6.7% of ABC, and today the percentage could be much greater. It only requires 5% ownership to significantly influence the media (Reference 14, P. 56-57). This is only one of 300 wealthy shareholders of the FED. It is believed other FED owners have similar holdings in the media. To control the media, FED bankers call in their loans if the media disagrees with them (Reference 25, P. 134-137).
Rockefeller also controls the Council on Foreign Relations (CFR), the sole purpose of which is to aid in stimulating greater interest in foreign affairs and in a one world government. Nearly every major newscaster belongs to the Council on Foreign Relations. The Council on Foreign Relations controls many major newspapers and magazines. Additionally, major corporations owned by FED shareholders are the source of huge advertising revenues which surely would influence the media (Reference 14, P. 56-59). It can be no wonder why groups such as FED-UP(tm) receive minimal, if any, press attention.
How do taxpayers stop financing those whose purpose it is to destroy us? First, expose their activity, then demand change.
Currently all we do is exchange FED money (interest attached) for real U.S. money (interest-free) dollar for dollar as Kennedy tried to do. We should not be required to pay interest on our own currency. According to Benjamin Franklin, this was one of the primary reasons we fought the Revolutionary War. Today we are still fighting the same family of bankers (Reference 4, Reference 1, P. 211, 212).
The U.S. Government can buy back the FED at any time for $450 million (per Congressional record). The U.S. Treasury could then collect all the profit on our money instead of the 300 original shareholders of the FED. The $4 trillion of U.S. debt could be exchanged dollar for dollar with U.S. non- interest bearing currency when the debt becomes due. There would be no inflation because there would be no additional currency in circulation.
Personal income tax could be cut if we bought back the FED and therefore, the economy would expand. According to the Constitution, Congress is to control the creation of money, keeping the amount of inflation or deflation in check. If Congress isn’t doing their job, they should be voted out of office. Unfortunately, voters can’t vote the FED or its Chairman out of office.
If the government has a deficit, we could handle it as Lincoln and Kennedy did. Print money and circulate it into the economy, but this time interest-free. Today the FED, through foreign banks, owns much of our debt and therefore controls us. The FED will cease to exist as taxpayers become informed and tell other taxpayers. The news media and Congress will have no choice but to meet the demands of grass roots America. (Reference 1, P. 17, 22)
By law (check the Congressional record), we can buy back the FED for the original investment of the FED’s 300 shareholders, which is $450 million (Reference 1, P. 227, Reference 17, P. 36). If each taxpayer paid $25, we could buy back the FED and all the profit would flow into the U.S. Treasury. In other words, by Congress allowing the constitutionally illegal FED to continue, much of your taxes go to the shareholders of the FED and their bankers.
Note: The people who enacted the FED started the IRS, within months of the FED’s inception.
The FED buys U.S. debt with money they printed from nothing, then charges the U.S. taxpayers interest. The government had to create income tax to pay the interest expense to the FED’s shareholders, but the income tax was never legally passed (Reference 20 shows details, state-by-state why it was not legally passed). The FED is illegal, per Article 1, Section 8 of the United States Constitution. Not one state legally ratified the 16th Amendment making income tax legal.
Currently, fewer and fewer Americans are being convicted for refusal to pay income taxes. In IRS jury trials, the jury, by law, must decide if the law is just. If taxpayers do not believe the law is just, the jury may declare the accused innocent. Judges are legally bound to inform juries of their right to determine the fairness of a law. Judges often do not disclose this information so they can control the court outcome. Luckily, more and more citizens are becoming informed. If one juror feels the law is unfair, they can find the defendant innocent (Reference 19). In Utah, the IRS quit prosecuting taxpayers because jurors verdict is not guilty. Please tell your friends and sit in the next jury.
If we eliminate the FED and uphold the Constitution, we could balance the budget and cut personal income tax to almost nothing. In Congressional hearings on September 30, 1941, FED Chairman Eccles admitted that the FED creates new money from thin air (printing press), and loans it back to us at interest (Reference 17, P. 93). On June 6, 1960, FED President Mr. Allen admitted essentially the same thing (Reference 22, P. 164). If you or I did this we would go to jail.
It is time to abolish the FED! Tell your friends the truth and win America back. We don’t even need to buy back the FED. We only need to print money the way the Constitution requires, not the new proposed international money. We want to keep our sovereignty and print real U.S. money.
Why has Congress allowed the FED to continue? If a Congressperson tries to abolish the FED, the banks fund the Congressperson’s opponent in the next election (Reference 17, P. 35). The new Congressperson will obviously support the FED. When Congresspeople retire, political campaign funds are not taxed. Get elected and be a millionaire if you vote right.
By the way, the profit of the FED is not taxed either (Reference 1, 9). Once America understands, and takes action, Congresspeople will then gladly abolish the FED. In 1992, Illinois Congressman Crane introduced a bill, co-sponsored by 40 other Congressman, to audit the FED. This is a step in the right direction.
America is a great nation. As “We the People” become informed, the media and Congress will be forced to buy back the FED, balance the budget, significantly cut taxes, and stop allowing bribes to determine voting strategies. I have already heard from politicians who claim they will change their platform to include abolishing the FED if enough people become informed.
The FED hopes you will be passive and not act on this information. We believe in grass roots America – we are waking up America. Ultimately, the battle plan is to inform all Americans and demand change in the media and Congress. True Americans should run for office and throw out the politicians who allow this fraud to continue. Congress may refuse to deal with this issue. That’s why each person needs to go to their local county/state government with the proper paperwork and ask them to abolish the FED. With the proper documents, they are legally obligated to do it.
Consider this fact. Most of the given sources in this booklet show how the blood line of family bankers who own the FED funded both sides of all major wars. They created fake colonial money to destroy the Americans during the Revolutionary War and tried to finance both sides in the American Civil War. Abraham Lincoln refused and the South accepted.
Many publications show that these bankers financed World War I, World War II, and the Russian Revolutionary War, which helped Napoleon, Lenin, and Hitler come to power. They financed both sides from money created from nothing and profited greatly. These same bankers created a number of American depressions to change the U.S. legislation and seize our wealth. Read the sources for details. This is why our forefathers wrote in the Constitution that only Congress can issue money – not private banks (Reference 18).
More wars create more debt which means more profit to the bankers (Reference 1, 21). These bankers planned three world wars so people would welcome United Nations intervention to govern the world in peace, not war. (Reference 22 gives specific details on World War I and World War II, showing exactly how the bankers were responsible for the beginning and continuation of these wars for their profit).
The banks have publicly announced they will force us to a cashless society by 1997. Furthermore, they plan to create a one world government through the United Nations headed by the FED, Trilaterals, and the Council on Foreign Relations (Reference 3). By the definition of treason, they have committed treason! This means you lose your rights under the Constitution and Bill of Rights.
Does this sound far fetched? Twenty-four U.S. Senators (two of them presidential candidates, Harkin & Tsongas) and 80 Representatives have signed a “Declaration of Interdependence.” This Declaration, designed to make a one world government, is treason to the oath of office they took. The media remained silent.
The FED announced publicly that their first objective was to get nationalism out of the American people’s heads because patriotism to a country would not be of value in the future. The media makes us think the U.N. has all the answers, and to “think globally.” Congress passed a law stopping certain individuals from being tried for this treason (Reference 6, Reference 1, P. 191-198).
Why pass this law if no treason was committed? State Department document 7277 calls for the disarming of America, thus turning our sovereignty over to a one-world government. Again, the media is pushing to eliminate guns. Our forefathers believed that the right to bear arms would prevent a takeover of our government. History shows that before any government took over, they disarmed the citizens. Hitler did it, and before our Revolutionary War, King George told us to disarm – good thing we didn’t!
Under the Federal Reserve Bank Act, the bankers control our economy. The FED controls interest rates and the amount of money in the economy. These factors determine either economic prosperity or the lack thereof. Bankers are now pushing for a one world government and a cashless society. Why cashless? No cash means no money for drugs, no theft, and the ability to collect taxes on the underground economy.
Anyone who wouldn’t support a cashless society must be a drug dealer, thief, or tax evader, right? What a cashless society really means is the banks can now control you. Today you fear the IRS. In a cashless society, if you disagree with the bankers’ political goals, you’ll find your money gone via computer error. (For additional information on a cashless society, read Reference 13, P. 174; Reference 3; Reference 14, P. 9-12; Reference 15, P. 136; Reference 25, P. 216).
If you could accurately predict future interest rates, inflation and deflation, you would know when to buy or sell stocks and make a bundle of money. The FED has secret meetings (per Congressional Record) to determine future interest rates and the amount of money to be printed.
The Securities Exchange Commission (SEC) by law, stops insiders from profiting by privileged information. Congressional records prove that FED bankers routinely hold secret meetings to profit by manipulating the stock market via interest rates and the amount of money they create.
FED bankers also profit greatly from economic disasters like the Depression (Reference 22, P. 56). The bankers create inflation, sell their stocks before the market crashes, then buy up stocks at cheaper prices. Bankers admitted this to Congress. This violates the law, yet Congress does not act because these bankers are large political contributors (Reference 17, P. 96-98; Reference 1, P. 162-163; Reference 22, P. 114-170 & P. 136). Thomas Jefferson predicted this scenario if we ever allowed a private bank, like the FED, to create our currency (Reference 1, P. 247).
FED Chairman Burns states “Killing can be made simply by knowing the next few months newspapers ahead of time.” Congressman Patman said “The FED officials own more than 100 million dollars (of stocks) while making decisions influencing these stock prices…” (Reference 24, P. 123). History proves that banks profit from bankrupting a nation (Reference 22, P. 56).
Congress consistently defeats balanced budget amendments. In the past 30 years, Congress has raised our taxes 56 times and balanced the budget only once. We need the sound banking system our forefathers wanted us to have. History proves that banking systems like the FED don’t work. Major world powers have been destroyed over similar banking systems (Reference 1). If we don’t change this system NOW, in five years the only thing our taxes will pay is the interest on the national debt.
Section 7 of the Federal Reserve Act, passed December 23, 1913, states that much of the profit of the FED should flow into the U.S. Treasury. In 1959, new legislation allowed the FED to transfer bonds to commercial banks at no cost to the bank. Now the FED receives less interest income and less profit for the U.S. Treasury because the money is diverted to other banks through an accounting entry (Reference 17, P. 115-130). Congress and the IRS do not have access to the financial records of the FED.
Every year Congress introduces legislation to audit the FED, and every year it is defeated. The FED banking system could easily be netting 100s of billions in profit each year. Through “creative accounting” profit can easily be reclassified as expense (Reference 14, P. 20, Reference 17, P. 239). Within the first few years, the shareholders of the FED received their initial investment back with no risk.
All the income is tax-free, except for property tax, according to the Federal Reserve Act. When are the profits of the FED going to start flowing into the Treasury so that average Americans are no longer burdened with excessive, unnecessary taxes? Clearly, Congress cannot or will not control the FED. IT IS TIME TO ABOLISH IT!
* Buy back the FED and have the U.S. Government collect all profits.
* Abolish the FED by printing real U.S. dollars as President Kennedy attempted (Executive Order 11.110, 1963) (Reference 4).
* Request your county/state to use their Constitutional powers to abolish the FED. This is the BEST SOLUTION. Nearly half the states are attempting or considering this action (Reference 5). Congress has had 80 years to follow the Constitution, and has refused to abolish the illegal FED. The state/county effort is working faster than any other method. We need your support to start a local chapter of FED-UP(tm) Inc. and petition your county.
Congress and the media may want to require the FED to return the required profits into the U.S. Treasury (per the Federal Reserve Act, 1913). The problem is that with “creative accounting” techniques, profit can be easily masked as expense. The FED has expensed items illegally to lower profit (Reference 17).
“We the People” have pushed the following states to pass or introduce legislation calling for an end to the FED: Arizona, Washington, Arkansas, Idaho, Oregon, Indiana, and Texas. We still need your signatures on petitions, even if you live in these states.
Many other states are considering such action due to your petitions. These states and a few honest Congresspeople are powerless until all Americans become informed and demand change. Please pass out the petition. Once we demand change, the media will have to report the whole truth and not just push their own agenda. FED-UP(tm) challenges the media to expose the facts on prime time talk shows or news programs.
By abolishing the FED, we would not pay interest on Federal Reserve Notes. Until it is abolished, the FED has a monopoly on profit on our currency and whether our money supply will be increased or decreased, inflation or depression. The banks are capable of controlling business by controlling who can or cannot obtain a loan.
WE’VE DONE OUR PART – NOW IT IS UP TO YOU TO SPREAD THE WORD. Please take the brochure (Cutting taxes $6,000 per family per year) to VFW, Moose/Elk Lodges, Bars, Union Halls, Churches, and Association groups. Make copies of the “single-page” brochure for everyone at work and ask your friends to do the same.
Ask small business owners in your community to tell other business owners and spread the brochure and petition through the local Chamber of Commerce. CPAs should be interested in saving their clients taxes.
Ask your CPA to mail the brochure and petition out to his/her clients. Upon receiving this petition, many presidents of large corporations made this brochure and petition available to all employees. Once people are informed, we can force a change. People will have more money to spend, the economy will be strong, and we can keep our Constitutional rights, liberties, and freedoms.
Contact your library for the names and addresses of your local and federal Congresspeople. MAIL THEM AN ENVELOPE WITHOUT YOUR NAME AND ADDRESS ATTACHED. In the envelope, say “FED-UP(tm) Inc. Abolish the FED.” Also enclose one teabag (Boston Tea Party). Ask your friends to do the same (give them the addresses). Politicians are aware of the “Teabag Protest.” If you don’t mail it in, they’re going to believe that we’re not organized or we just don’t care. IF YOU DON’T DO IT NO ONE ELSE WILL!
Many Congresspeople want to make this change, but can’t without the support of the people.
“Allow me to control the issue and the nation’s money and I care not who makes its laws!” The above quote has long been attributed to the 18th century banker Amshell Rothschild (his blood line controls the FED). For if one unscrupulous group is allowed to print a nation’s money – it can eventually use that money to gain control of the press AND the politicians – and thus gain control of making the nation’s laws – and finally – control of the nation itself. (Reference 4)
If you will take the time to read the reference material listed which has been researched by Professors of Universities, Congresspeople, etc, you will turn up information that might frighten you. For instance, in 1921 the stockholders of the Federal Reserve financed an organization called the “Council on Foreign Relations” (CFR).
Harpers magazine called this the most powerful organization in the United States. Ninety percent of the people in the State Department and key positions in the Executive Branch are members of the CFR. The CFR publishes a magazine called “Foreign Affairs.” Read it if you want to know what is going to happen in coming years. The CFR is in favor of a New World Order (Reference 3).
Congressman Patman re-quoted Thomas Jefferson showing that our founding fathers knew this banking principle very well. “I believe that banking institutions are more dangerous to our liberties than standing armies….” “Already they have raised up a money aristocracy that has set the government at defiance. The issuing power (of money),” he said, “should be taken from the banks and restored to the people to whom it properly belongs.”
The American Revolution was a struggle to wrest control of wealth from the Bank of England and to restore the centers of power to the People where it “properly belongs.” The Constitution is specific about the authority of the People, through their elected officials, to control the money, and thus, the affairs of their government. (Reference 5, P. 32).
Ben Franklin said in his autobiography that the inability of the colonists to get the power to issue their own money permanently out of the hands of George III and the international bankers was [one of] the PRIME reason[s] for the Revolutionary War. (Quoted in Reference 4)
Thomas Jefferson stated, “If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered.” (Reference 1, P. 247)
Congressman Charles A. Lindbergh of Minnesota said: “This [Federal Reserve] Act establishes the most gigantic trust on Earth. When the President [Wilson] signs this bill, the invisible government of the Monetary Power will be legalized… the worst legislative crime of the ages, perpetuated by this banking and currency bill.” (Reference 5, P. 33)
Robert H. Hemphill (Credit Manager, Federal Reserve Bank in Atlanta): “We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system.
When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It [the banking problem] is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects are remedied very soon.” (Reference 1, P. 247)
Napoleon, a sympathizer for the international bankers, turned against them in the last years of his rule. He said: “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” (Reference 4)
Congresspeople have referred to Federal Reserve Notes as “FIAT” (no- backing) money. (Reference 1, P. 128, 169)
In 1879 the Supreme Court declared that the U.S. Government can legally issue United States Notes, debt and interest-free, just as Lincoln and Kennedy attempted.(Reference 1, P. 233)
A bank that attempted to repossess property on the basis of default faced Judge Mahoney in a jury trial. Jerome Daly was found innocent. The bank could not foreclose on the property because it created the loan money from thin air, as many banks do. Use this as a precedent the next time any bank tries to foreclose on your house. (Reference 17, P. 82, 83 for court records)
The FED violates Security & Exchange Commission (SEC) rules. (Reference 17, P. 96-98)
California 9th Circuit Court declared FED banks are private, not government. (Reference 17, P. 273)
Mr. Marriner Eccles, who was Chairman of the board of Governors of the Federal Reserve System longer than any other man, testified before the Joint Economic Committee in August 1962. When Chairman Rep. Wright Patman asked whether it was not a fact that the Federal Reserve System has more power than either the Congress or the President, Eccles replied: “In the field of money and credit, yes.” (Reference 1, P. 206)
Dr. Hans F. Sennholz, Chairman of the Department of Economics at Grove City (PA) College stated: “The Federal Reserve System facilitates the government’s own inflationary financing in “periods of emergency.” It makes easy the inflationary financing of budget deficits and the inflationary refunding of government loans.
It stabilizes the government bond market through inflationary methods and manipulates this market to the advantage of the government. It does all this by wrecking the purchasing power of the dollar; by subtly stealing from the people of this country what it thus provides for the government, through a process exactly on par with the coin clipping of ancient kings but much less visible.” (Reference 1, P. 250, 251)
Source: Banking Act of 1935, Hearings before a Subcommittee of the Banking and Currency Committee, U.S. Senate, 74th Congress, 1st Session, on S.1715, May 1935, pp 871-2. “The Federal Reserve System is in the wrong hands. No Constitutional republic can function when the government’s money powers are in the hands of the financial oligarchy such as New York financiers.
A Republican Senator, who preferred to remain unnamed, stated: “Congress is too much motivated by fears and anxieties concerning pressure groups and the “non election.” (Reference 1, P. 210)
By controlling Congress, the FED has been able to control the nominating conventions of both political parties. In this way, it has been able to hand-pick the presidential nominees so that no matter which party wins, their nominee for President is under definite obligations to the FED… (Reference 1, P. 210; Reference 22)
In 1975, the Rockefeller Foundation Report discussed the “Interdependence” of the countries of the world on each other. It stated we are one world and America shall become a nation-state under one government. They also say we must reach a zero state population growth. The Rockefeller Foundation stated that they have in excess of 747 million dollars to achieve this with. (Reference 3)
Congressman John R. Rarick states that the Council on Foreign Relations CFR) is dedicated to a one world government. The media remains conspicuously quiet. The CFR wants to convert the U.S. from a sovereign, constitutional republic into a servile member state of a one world dictatorship. On February 17, 1950, CFR member James Warburg (banker, and architect of the Federal Reserve System) stated before a Senate Foreign Relations Committee, “We shall have one world government whether or not you like it, by conquest or consent.”
Again, the media remained silent. In the April 1974 issue of the CFR journal, “Foreign Affairs”, page 558, Richard Gardener states that the new world order “will be built… but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old fashioned frontal assault.” Congressman McDonald, Heinz and Tower stated that this is a conspiracy. Again, the media remained silent. (Reference 14, P. 17, 18, 32, 33).
In a letter to Thomas Jefferson, John Adams wrote: “All the perplexities, confusions, and distresses in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit, and circulation”.
British bankers have stated “Those that create and issue money and credit direct the policies of government and hold in their hands the destiny of the people”. (Reference 1, P. 200-214)
Adams, Jefferson, and Lincoln believed that banker capitalism was more dangerous to our liberties than standing armies. In a republic, banks would lend money but could not create or manufacture it. (Reference 1, P. 215)
Later, Jefferson used stronger language and denounced the institution as “one of the most deadly hostilities against the principles and form of our Constitution.” Some have said that Jefferson did not favor a strong central bank. What he did not favor was the delivery of our monetary system into private hands to be run for private profit. (Reference 1, P. 230)
President James A. Garfield said: “Whoever controls the money in any country is absolute master of industry [legislation] and commerce”. (Reference 1, P. 247, Reference 4)
Without the Federal Reserve System, there can be no continuing march towards socialism, and with it there can be no free economy. (Reference 1, P. 251)
By controlling our own money, Thomas Jefferson expected that the government would incur no debt, as had occurred in the European system. (Reference 1, P. 243) European banks are like the FED.
The FED system is the death of our Constitution. (Reference 1, P. 250)
* England lost the Revolutionary War.
* England nearly destroyed the Colonies by creating fake Colonial money and hyper-inflation.
* Rothschilds who control the Bank of England (Like our FED) said that by controlling the issue of money (printing it) you can control the government.
* The authors of the Constitution understood private banks” control over governments. The Constitution gives only Congress the right to print money.
* From the beginning of the United States to present there have been two ways to issue new currency:
The first way is to have the government print the money, debt and interest- free, and circulate it through the economy for use as a medium of exchange. There is no tax levied to pay interest on the currency in circulation because it is debt and interest-free. This is the system Lincoln used with his “greenbacks”, a system Kennedy desired, and Jefferson demanded.
The second method is: The Citizens allow the bank to print $500 billion in currency (cash). The bank pays for printing costs, ink, and paper. The Citizens do not charge the bank any interest for use of the $500 billion in printed currency. The bank uses the $500 billion cash to buy a $500 billion government bond which pays the bankers interest.
The bank keeps some of the bonds and sells, for a fee (10%), some of the bonds to the public. The bank can buy back the bonds from the public simply by printing more money. The bankers can create inflation and depressions by manipulating the amount of currency in circulation. The FED operates exactly like this today. It also prints money (through the U.S. Treasury) and uses this printed money to buy loans from other banks. This money has created our inflation. We give the bank cash interest-free, then they charge us interest on our own currency.
Take a look at our history in view of the two banking systems:
From the autobiography of Ben Franklin as reported by Gertrude Coogan in Money Creators:
…the inability of the colonists to get the power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War. (Reference 4).
Ben Franklin answering a question about the booming economy of the young colonies: “That is simple. In the colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportions to the demands of trade and industry.” (Colonial Scrip had no debt or interest attached.) (Reference 4)
International bankers saw that interest-free scrip would keep America free of their influence, so by 1781 banker-backed Alexander Hamilton succeeded in starting the Bank of America. After a few years of “bank money”, the prosperity of “Colonial Scrip” was gone. Benjamin Franklin said, “Conditions were so reversed that the era of prosperity had ended and a depression set in to such an extent that the streets of the Colonies were filled with the unemployed!” Bank money was like our FED money. It had debt and interest attached.
By 1790 Hamilton and his bankers had created a privately owned central bank and converted the public debt (interest-free) into interest bearing bonds, payable to the bankers. When Hamilton’s bank charter expired in 1811, the international bankers started the war of 1812. By 1816, another privately-owned U.S. bank was started with $35 million in assets – only $7 million of that was owned by the government. This bank lasted for 20 years. U.S. history shows that currency with debt and interest attached created a depression. (Reference 4)
When the 1816 charter expired in 1836, Andrew Jackson vetoed its renewal. It was then that he made two famous statements: “The Bank is trying to kill me – but I will kill it!” Later he said “If the American people only understood the rank injustice of our money and banking system – there would be a revolution before morning…” (Reference 4)
President Lincoln needed money to finance the Civil War, and the international bankers offered him loans at 24-36% interest. Lincoln balked at their demands because he didn’t want to plunge the nation into such a huge debt. Lincoln approached Congress about passing a law to authorize the printing of U.S. Treasury Notes. Lincoln said “We gave the people of this Republic the greatest blessing they ever had – their own paper money to pay their debts…”
Lincoln printed over 400 million “Greenbacks” (debt and interest-free) and paid the soldiers, U.S. government employees, and bought war supplies. The international bankers didn’t like it and wanted Lincoln to borrow the money from them so that the American people would owe tremendous interest on the loan. Lincoln’s solution made this seem ridiculous. (Reference 1, P. 46, 47; Reference 4)
Shortly after Lincoln’s death, the government revoked the Greenback law which ended Lincoln’s debt-free, interest-free money. A new national banking act was enacted and all money became interest bearing again. (Reference 4)
The late Thomas A Edison explained the matter of issuing currency this way: “If our nation can issue a dollar bond (interest bearing) it can issue a dollar bill (interest-free). The element that makes the bond good makes a bill good also. The difference between the bond and the bill is that the bond lets money brokers collect twice the amount of the bond and an additional 20 percent, whereas the currency pays nobody but those who contribute directly in some useful way.
It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay: But one promise fattens the usurers (interest collectors) and the other helps the people.” (Reference 1, P. 46)
The FED is owned largely by foreign banks that control our economy and Congress through the power of money and the media which they bought with profits generated with profits generated by artificial debt.
If we can convert U.S. dollars that are debt and interest-free to interest bearing currency, we can change it back just as easily. Both the media and the banking system will probably claim that such a change will cause hyper- inflation. The answer however, can be found in history. Lincoln printed debt and interest-free Greenbacks (cash) to finance an entire war.
With added production you can add currency without having hyper-inflation. Lincoln proved it. John F. Kennedy – a President with vision! On June 4, 1964, President Kennedy issued Executive Order 11110. This Executive Order called for the issuance of new currency – the United States Note. At the time, $4,292,893 of this currency was put into circulation.
This new currency was to be distributed through the U.S. Treasury and not the Federal Reserve System. Furthermore, it was to be issued debt and interest-free. Upon Kennedy’s assassination, this currency was withdrawn from circulation, never to be issued again. The media remained silent on how Kennedy would have eliminated the debt and interest payments, and therefore eliminated the FED.
Interest-free United States Notes do not result in hyper-inflation. By issuing United States Notes, interest-free, we have less interest expense, and less taxes. With less taxes people spend more and buy more. This result is added production, and therefore, you can add dollars without inflation.
Either Rockefeller and his people will spend your tax money into the economy or you get to spend your own money by paying less taxes. The bankers want you to think you’ll have mass inflation by changing the system. This is only true if you add dollars to the economy without added production. For example, look what happened in post World War I Germany.
They merely printed money without increasing production. The result was hyper-inflation. Another example: In the entire economy, if you have only 10 loaves of bread and only $10, each loaf would sell for $1. If you print an extra $10, now you have $20 and the 10 loaves which would sell for $2 each. This is only true if we don’t have added production.
By cutting taxes, people will spend more and buy more bread. If we print more money and bake more bread, we have $50 and 50 loaves, so each loaf still sells for $1. As long as you monitor production with increased cash, inflation will not occur. Under the FED system, the price of bread has dramatically increased since 1913. If we cut taxes and YOU spend your money instead of the BANKERS spending it, you will have more bread, cars, and wealth than the bankers. SOMEONE will spend your money – it might as well be YOU!
A FED-like banking system has destroyed other governments. In five years the only thing taxes will pay is the interest on the debt. Clearly, the FED must be abolished before we’re demolished! Already laws are set up to have a dictatorship when we have the economic crisis (Federal Emergency Management Act, or FEMA).
Under the FED system, when a new dollar is issued, we pay taxes to pay for the dollar as the principal (debt) plus interest on the dollar. We pay for each new dollar twice, and who gets most of the money? The bankers, who control this money. Taxpayers should only pay taxes for the paper, ink, and printing costs of new money. Why should we give bankers the right to print money on a printing press, charge them no interest on this money, and then let them exchange their “free” money for a government bond that pays them interest??
England never gave up on owning the United States. They are still silently fighting the same Revolutionary War. The Bank of England, through the Rothschilds, owns and controls the FED (Reference 22). We have been robbed of our wealth, and in five years we will be bankrupt if there is no change. The FED bankers will LEGALLY OWN OUR NATION; OUR HOUSES, OUR CARS, OUR BUSINESSES, just as Thomas Jefferson predicted.
U.S. history proves that issuing debt and interest-free currency allows our economy to prosper, as long as Congress controls the amount of money created. You can add printed dollars into the economy as you add production, and there will be no inflation. With today’s sophisticated computers, we can easily monitor the printing of money and inflation.
Congress needs to buy back the FED and/or abolish it. Any government debt they own would be automatically eliminated. All remaining debt could be paid as needed with the same type of currency Kennedy issued (debt and interest-free United States Notes). United States Notes are backed by the full faith of the best government in the world -
The United States of America. This is no different than the backing of today’s Federal Reserve Notes. U.S. citizens collect only a small fraction of the interest income on Federal Bonds and Bills. Foreigners benefit from this interest, but we pay the tax so that they collect interest on our currency. This makes sense to bankers and Congress people who receive money from bankers and foreign lobbyists.
As we pay less interest, government spending will decrease and so will taxes. Less taxes mean that people buy more goods and services and our economy expands. An expanded economy means more jobs and higher profits for businesses. More profit means increased state/federal business taxes. Businesses continue to pay taxes while personal taxes decrease.
People will have more money to spend, will buy more, and therefore pay increased state sales tax. This allows the states to balance their budgets without raising real estate taxes. As history proves, we will prosper.
For 80 years the FED has destroyed our economy. It will take years to undo this damage. Just as Congress appoints a Postal Service, we will have Congress appoint an agency to monitor inflation as we exchange our retiring government debt for debt and interest-free United States Notes (cash). We need to break up all Central Banks created by the FED and return to the Constitution of the United States. We have to return the power of the citizens’ money back to the people.
* Inform all Americans of this report and collect signatures on the petition.
* Demand that Congress and the media support “We the People’s” rights to uphold the Constitution and abolish the illegal FED.
* Write to your local newspaper, show them this report and ask them to keep freedom of the press alive, support the Constitution and abolish the FED. Freedom of the press should not be limited to those who own it.
* Write to CNN and other media. Tell them you want to see FED-UP(tm) on their programs.
* Ask your State/County Representatives to use their Constitutional powers to enforce your rights under the Constitution to have the FED abolished. Write to Reference 5 for detailed paperwork to be given to your local government.
* Call in on TV and radio talk shows and discuss why the FED should be abolished.
* Support businesses who distribute the petition and display the sign “FED-UP”. If they don’t, please ask them to.
* Ask candidates if they plan to introduce legislation to abolish the FED and uphold the Constitution which they are obligated to defend. Make candidates take a stand! Have the politician sign a contract with “We the People” enacting legislation to abolish the FED by a certain date or the politician must resign from office. The Democratic Congress and President promised the people “no FED” before the election. Thirteen months later, they passed the FED.
* Display your bumper sticker to show support and inform people.
* If 5,000 people distribute 2-3 brochures daily, we can inform half a million Americans monthly. Roughly 10% of these half a million people will make copies and inform others. Our goal is to inform 70 million adult Americans. Public opinion will soon be on our side. Once 10% of the population know, the other 90% will follow.
* Pray and ask God to return us to “One nation under God.”
It is our recommendation that you research the references listed, support all organizations that re trying to stop this fraud, and help us in our goal to get every American to sign this petition.
(1) “The Federal Reserve Bank”, by H.S. Kenan, published by The Noontide Press
(2) National Committee to Repeal the Federal Reserve Act, P.O. Box 156, Westmont, IL 60559
(3) “The New World Order,Saving America”, P.O. Box 1205, Middleburg, FL 32050-1205
(4) “Bulletin”, February 1989 & November 1991 issues, P.O. Box 986,
Ft. Collins, CO 80522 (Newsletter; $3 each)
(5) “The Most Secret Science”, Betsy Ross Press, P.O. Box 986, Ft.
Collins, CO 80522 (Book) States attempt to abolish the FED. $12.00
(6) “Insider Report”, P.O. Box 84903, Phoenix, AZ 85071
(7) “Phoenix Journal Express”, P.O. Box 986, Tehachap, CA 93581
(8) $16 trillion in government and private debt, much of which the FED
printed and collected interest on (Reference 3)
(9) Northpoint Tactical Team, P.O. Box 129, Topton, NC 28781
(10) Christian Defense League, Box 449, Arabi, LA 70023
(11) “Bulletin”, June 1992 issue, P.O. Box 986, Ft. Collins, CO 80522
(Newsletter; $3 each)
(12) “Savings and Loan Unethical Bailout” by Rev. Casimir F. Gierut
(13) “Dark Secrets of the New Age” by Texe Marrs
(14) “En Route to Global Occupation” by Gary H. Kah
(15) “One World” by John Amkerberg & John Weldon
(16) “The Spotlight”, Liberty Lobby, 300 Independence Ave. S.E.,
Washington, D.C. 20003 (Newspaper)
(17) “Repeal the Federal Reserve Banks” by Rev. Casimir Frank Gierut
(18) The Constitution of the United States
(19) “Walls in Our Minds” by M.J. Red Beckman, Common Sense Press, P.O.
Box 1544, Billings, MT 59103. A must read book – $2.50
(20) “The Law That Never Was” Volume I, Bill Benson & M.J. Red Beckman,
P.O. Box 1544, Billings, MT 59103 or write to Bill Benson, P.O.
Box 550, South Holland, IL 60473. Proof that the 16th Amendment
(income tax) was never properly ratified.
(21) “New World Order: The Ancient Plan of Secret Societies” by William
T. Still
(22) “The Secrets of the Federal Reserve” by Mullins
(23) “The Social Security & Pension Conspiracy” by Metz
(24) “The History of the Federal Reserve. How to Replace It or How to
Reform It” by Metz – for references 23 & 24 write to Howard Metz,
P.O. Box 341, Malverne, LI 11565
(25) “The New World Order” by Pat Robertson. On page 131 he states
that we must abolish the FED.
(26) “Operation Vampire Killer 2000″, highly recommended book. $6.00 ($8.00 for 2) from ACLA, P.O. Box 8712, Phoenix, AZ 85066 This is a must read book with quotes from well known people. This book proves conspiracy. Your local police needs to read this book so they will protect you – not become United Nations Agents against you. This book will stop the New World Order plan to take over the U.S.A.
By the “America Betrayed” Center For Action
Address: 652 N. Glenview, Nesa, AZ 85213
For references 1, 12, and 17, contact The National Committee to
Repeal the Federal Reserve Act (Reference 2)
The original article was posted on December 19, 2005.
The truth about the federal reserve

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