According to international investigative journalist Daniel Estulin, the following quote came directly from a high-placed member of the infamous Bilderberg group during their 2009 annual conference held, that year, in Greece. Accordingly, this sentiment was said to represent a broad consensus of those who attended the conference. Estulin's sources, which have been proven accurate in the past, said the group was divided on whether to put into motion, “Either a prolonged, agonizing depression that dooms the world to decades of stagnation, decline and poverty … or an intense-but-shorter depression that paves the way for a new sustainable economic world order, with less sovereignty but more efficiency."
It's been several years since the global economy was considered to be strong, at least in the minds of an unsuspecting public that trusts their government, and the setbacks and misfortunes suffered by, not only the U.S. economy, but essentially the world's doesn't seem to be getting to much better. Sure, it doesn't seem like we're on the brink of fiscal disaster anymore, but make no mistake that, under the circumstances, the global economy will never be strong again in a fashion that truly benefits the people rather than just the government and corporations. That might be skeptical, but consider the facts.
The world financial system is a total fraud that's been deliberately perpetrated against all the people of the world. It is one huge Ponzi scheme, no better than the one Bernie Madoff used to swindle his friends and neighbors, and thousands of times worse if you add up the total number of victims 'the system' has ripped off over numerous generations. Compared to the international 'banksters', Mr. Madoff is, for all intents and purpose, a people's saint.
The primary difference between the two schemes is that Madoff was acting outside the law while the international banking cartel has persuaded generation after generation of monarchs, presidents and prime ministers to provide legislative protection for their repeated, criminal larceny.
The bank's Ponzi scheme is alarmingly simple, yet immensely effective. They lend the same money to several people or institutions at the same time and collect interest on it from each party. What the banks really lend, however, is their credit, and what they take back in compensation for that privilege is a debt that must be repaid with interest.
The number of times they lend the same money is known as 'leverage'. The practice is as old as religion but for our purposes we can start with when the goldsmiths of Lombard Street in London, England, began accepting deposits for which they issued certificates redeemable on demand. They paid their depositors a nominal interest rate on the understanding that they could lend the money to their customers at much higher interest rates. They soon found that they could lend more than they had in their vaults because only a few depositors came in to redeem their gold or silver at any one time. The scam begins...
Nevertheless they got away with it for a long time and eventually the scam was made legitimate when the Bank of England was chartered to help King William finance his war. The 'wealthy elite' invested £1,200,000 in gold and silver, as seed capital, to found the bank, which then was lent to the government at 8 percent. To show his appreciation, the good King allowed the bank to print £1,200,000 in banknotes and lend them at high interest rates. In essence, the bank was allowed to lend the same money twice – once to the government and once to the people.
Over the years, due to the close-fistedness on the part of the banks and the stark complicity of the willing politicians, their 'leverage' has increased significantly and dramatically. In the early days of the 20th century, federal chartered U.S. banks were required to keep gold reserves of 25 percent. That meant that they were allowed to lend the same money four times. In Canada, there was a time when Canadian banks were required to keep on hand a cash reserve of 8 percent which meant they were allowed to lend the same money a staggering 12 1/2 times.
Today, thanks to Milton Friedman’s drastic change of heart from being a proponent of 100% cash reserves to the opposite extreme of zero reserves, and the adoption of his ideas by the major central banks of the world in 1974, multiples have increased dramatically – in some cases to as much as 20 to 1 or more. Banks only keep enough cash on hand to meet day-today demands for those few customers who go in and request it, and consequently the fraud is virtually total.
Here's an example of how the system actually works nowadays. Consider that you want to borrow $20K to buy a new vehicle. You would proceed to visit your friendly neighborhood banker and request a personal loan. The banker will ask you for collateral, such as stocks, bonds, a second mortgage on your house, or alternatively, if you are unable to put up adequate assurance, a co-signature of a financially stable friend or relative is also a viable option. Once the collateral requirement is met you will then be asked to sign a note for the principal amount with an agreed upon rate of interest. Once the paperwork is completed, and the note signed, your banker will make an entry on the bank’s computer and, out of thin air, a $20K credit will appear in your bank account. The critical point is that just moments earlier the money that was 'loaned' did not exist and was literally created out of thin air with the stroke of a key.
Banking, for all intents and purposes, is a complicated, troubled system of double-entry accounting where your note becomes an asset on the bank’s books, and the new money that was deposited to your account is a liability or instrument of debt. The bank's profit comes from the difference between the lower rate of interest, if any, you would be paid on your deposit if you didn’t spend the borrowed money immediately, and the much higher rate you would be required to pay on your note. Banks call this term 'the spread'.
At some point, however, you have to pay off your loan as well as any interest owing on the debt. Not only you, in fact, but everyone else who has borrowed the same “money” from banks and this roster includes governments which, incidentally, own the exclusive right to print money but that have irresponsibly handed the right over to an elite group of private banksters. Deafult is not an option in this new world of finance. Not even the government is immune to these influences. Accordingly, individuals or entities who default will have their assets pledged as collateral duly seized by the bank. A government that is in danger of defaulting is often forced to borrow from the International Monetary Fund, which will then tell that government how to run its affairs including cutting back on services and selling off public assets to the international vulture capitalists. This is a perfect example of how the saying that 'money controls the world' comes into play.
In reality, then, the banks have turned the world into one giant loan-sharking organization. You pawn your stocks, bonds, house, business, or country, and the banks will give you a loan based on the value of the collateral. A world system where all the money is created as debt is a perpetual catastrophe in the making and can't possibly end on a good note. It is like an protracting balloon that the banks pump full of debt. The balloon gets more and more immense until the debt load becomes too heavy to burden, and the balloon bursts. The financial system crashes and thousands or even millions of innocent people lose their jobs, homes, businesses, and, in some cases, the will to move forward.
The broad damage spurred on from the recent financial calamity has been staggering, relentless, and life-altering to a lot of hard-working people. The U.S. Bureau of Labor estimated that 8.4 million jobs have been lost in the U.S. alone over the past three years. Most countries around the world experienced similar profound losses, some worse and some not quite as bad. The reduction in the value of assets worldwide has been estimated at $25 trillion U.S. dollars or more, yet not one single person has served time, nor has any banks or corporations been held to account. It's astounding that a system so vulnerable to manipulation would ever have come into existence in the first place, but it did. To be sure, the evolution of the global financial crisis did not happen by accident. Many people believe that the entire situation has been engineered by the likes of George Soros and the rarely-visible Rockefeller family. Further, these parties, along with Scottish born Adam Smith, all joined forces in the early 1950s and established the super-secretive, global steering committee that's become known as the Bilderberg group. This is an elitist organization that still meet annually while the mainstream media ignores their existence.
The long term repercussions of the banking cartel is incalculable, but their end game is obvious and exploits every single industrial nation on the planet. The biggest coup perpetrated, to date, by the wealthy elitist banksters was the establishment of the Federal Reserve System in the United States. The existing banking establishment really didn't like the idea of real competition, so a small group held a secret meeting at the private resort of J.P. Morgan on Jekyll Island, off the coast of Georgia, to devise a new deception to shove down the public's throat. Their scheme, subsequently adopted and passed by Congress, amounts to no less than a legal private monopoly of the U.S. money supply operated for the benefit of the few under the guise of protecting and promoting the public interest.
It's even more mind-boggling to consider the skill and tenacity of the international bankers in that they were able to draft a bill, revise it, change its name, and make some final compromises to get it adopted by Congress just before Christmas when many Representatives weren't even in attendance due to the holiday season. At that time, only Charles Lindberg Sr. seemed to understand the essence of what was happening. He said, "To put it frankly, the Congress transferred its sovereign constitutional right to create money to the sole, exclusive custody of a group of private bankers."
Former Democratic whip William Jennings Bryan also once said, after the fact, “In my long political career, the one thing I genuinely regret is my part in getting the banking and currency legislation enacted into law. (Federal Reserve Act of 1913)”
President Woodrow Wilson, just three years after passage of the Federal Reserve Act, also forwarded his opinion and wrote, “A great industrial nation is controlled by its system of credit. Our system of credit is concentrated (in the Federal Reserve System). The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world.”
Despite the high-level protests, the bill was never repealed and almost 100 years later the sell-out legislation is still the law of the land. It's even more strange that anyone who expresses any dissenting views about the federal reserve is quickly shot down and labelled a 'conspiracy nut'. Not only did these nefarious few pull the proverbial wool over everyone's eyes, but they went one step further by indoctrinating the public into thinking the current system is legitimate.
The people in charge of the original deception were very prolific in their planning. They cleverly realized that when future governments had to borrow from them they would need a constant income stream to pay the interest on the bonds. So they persuaded the government to introduce income taxes, first as a temporary measure, but later permanently, so it would be able to meet its obligations to the bondholders. In fiscal year 2005 total individual income taxes in the U.S. totalled $927 billion. Of that staggering amount $352 billion, or 38%, was required just to pay interest on the federal debt.
The banksters, as they were often labelled, then decided that an independent press might eventually catch on to their surreptitiousness nature. Something had to be done and new plan was hatched. Callaway is reported in the Congressional Record of February 9, 1917, making the following statement:
“In March, 1915, the J.P. Morgan interests, the steel, shipbuilding, and powder interests, and their subsidiary organizations, got together 12 men high up in the newspaper world, and employed them to select the most influential newspapers in the United States and sufficient number of them to control generally the policy of the daily press of the United States. They found it was only necessary to purchase the control of 25 of the greatest papers. The 25 papers were agreed upon; emissaries were sent to purchase the policy, national and international, of these papers; an editor was furnished for each paper to properly supervise and edit information regarding the questions of preparedness, militarism, financial policies, and other things of national and international nature considered vital to the interests of the purchasers [and to suppress] everything in opposition to the wishes of the interests served.”
Baron Stamp, a former director of the Bank of England, once gave us a rare snapshot of reality when he said, “Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create money, and with a flick of the pen they will create enough money to buy it back again. However, take that power away from them and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But if you wish to remain the slaves of Bankers, and pay the cost of your own slavery, let them continue to create money.”
In the most recent financial downturn of 2007/2008, the Federal Reserve acted fast, shoring up support from both sides of the political spectrum, to prevent the bankster's Ponzi pyramid from disintegrating completely. Their solution was to literally print trillions of dollars to bail out the banks and a few more critical industries that were highly indebted to banks.
But, what did the Federal Reserve do for the taxpayers, the real people, whose money was so uncontrollably adulterated to save the banks and corporations? To most people, the answer is absolutely nothing. The sad truth is that millions of people lost their jobs, their farms, their houses, their businesses, their hopes and dreams, and their dignity as a result of dire circumstances beyond their control. Taxpayers trusted the Fed and rescued the banks but got absolutely nothing in return. The same is true of governments who came so quickly to the rescue in that as a result of the meltdown, revenues were decreased so they were forced to incur or increase their deficits, as well as to start cutting back on essential services. This is no way to manage the economy, but this is exactly what's happening in the present with no end in sight to the madness.
It’s all part of the boom and bust cycle inherent in our infinitely defective, slanted monetary system set up to benefit the few and damn the rest.
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