Interest in digital coin system spikes dramatically after banking crisis in Cyprus, nearly tripling in value since last month
The value of individual Bitcoins has hit a record high of almost $147 as interest in the cryptographic currency, which has no central issuing bank, has exploded.
Though the value fell back later on Wednesday to $117, the value of all Bitcoins in circulation is approaching $1.4bn.
Both the volume being traded and the amounts being paid have suddenly risen, apparently as interest in the system has been spiked by the banking crisis in Cyprus – which had the spillover effect of making people in some southern European countries worry that their banking deposits might not be safe.
Some are thought to have converted that money into Bitcoins, driving a rapid rise in the apparent value of the “coins” – actually cryptographic solutions to complex equations.
As a result, the value of a Bitcoin has risen from just $13.50 in January, and around $30 a month ago, to more than $140 – though the price is fluctuating rapidly. The total value of the Bitcoins in circulation only broken through the $250m mark in January. Last November, each Bitcoin was worth $10.83.
Bitcoin’s market price since last month Photograph: blockchain.infoThe maximum possible number of Bitcoins that can exist is 21m, meaning that at present prices the currency would be worth just over $3bn. Trades can be made with fractions of Bitcoins, providing flexibility that enables transactions.
The price of each Bitcoin began rising abruptly on Tuesday 19 March, going from $47 then to $72 by 23 March. That matches the period of the Cyprus bailout almost exactly: its banks shut on Friday 15 March – and then the Cypriot government announced over the next two days that they required a bailout and that all savers’ deposits would be tapped. Though that was later revoked, with only larger deposits being subject to a 10% requisition, savers in other countries with troubled finances had already acted.
Bitcoin’s usefulness is its lack of the need for a central bank – and that the peer-to-peer network backing it allows transactions to continue as long as there are people willing to exchange the coins for something of value (or to donate them). For Europeans worried about the possibility that their banks might shut, trapping their savings inside, and not open until some amount had been skimmed from them, that makes Bitcoins suddenly attractive.
A growing number of sites online accept Bitcoins as payments for items – including some electronics sites and other less legal sites, including Silk Road, which offer drugs.
The interest, and the exponential rise in value, means that it is now worthwhile for people to devote computing power to try to “mine” Bitcoins by finding the solutions to the cryptographic challenges that underlie each coin. As Bitcoins become more valuable, the return on computing power should grow – except that Bitcoins are designed so that as more come into circulation, it becomes harder to “mine” new ones. A distributed algorithm ensures that about 1 Bitcoin is created every 10 minutes – but not more.
That is reflected in the chart from blockchain.info, showing that the growth in total number of Bitcoins in circulation has actually slowed since December 2012.
Some suggest that the rapid rise in Bitcoins’ value may mean that it will become less useful as a currency, because it becomes more attractive to hoard it than to spend it – because exchanging it for any other item or service risks losing out on the rising value. That is “hyperdeflation”, argues Joe Wiesenthal of Business Insider. It is the opposite of “hyperinflation”, like that which hit the Weimar Republic in Germany after the first world war, or Zimbabwe more recently, where the currency becomes less and less valuable for transactions. By contrast, Bitcoin is experiencing a period when it is becoming less attractive to spend it – which will make it less useful as a currency for trading.
Eric Jon Phelps was again on the Decrypted Matrix show on Revealing Talk Radio, November 12, 2012 at Midnight EST / 9pm PST. During last Monday night’s show it became apparent that Decrypted Matrix host, Max Maverick, was not going to get everything he wanted in the show. After the show, the ratings, site traffic and archive hits of the show made it quite obvious that this coming show would be important.
If we wish to end the Israeli/Palestinian conflict, we need to know who created Israel and why.
In 1917 British Foreign Secretary Arthur Balfour penned a letter to Zionist Second Lord Lionel Walter Rothschild in which he expressed support for a Jewish homeland on Palestinian-controlled lands in the Middle East.
This Balfour Declaration justified the brutal seizure of Palestinian lands for the post-WWII establishment of Israel.
Israel would serve, not as some high-minded “Jewish homeland”, but as lynchpin in Rothschild/Eight Families control over the world’s oil supply.
Baron Edmond de Rothschild built the first oil pipeline from the Red Sea to the Mediterranean to bring BP Iranian oil to Israel. He founded Israeli General Bank and Paz Oil and is considered the father of modern Israel.
The Rothschilds are the planet’s wealthiest clan, worth an estimated $100 trillion. They control Royal Dutch/Shell, BP, Anglo-American, BHP Billiton, Rio Tinto, Bank of America and scores of other global corporations and banks.
They are the largest shareholders in the Bank of England, the Federal Reserve and most every private central bank in the world. They needed a footprint in the Middle East to protect their new oil concessions, which they procured through Four Horsemen fronts like the Iranian Consortium, Iraqi Petroleum Company and Saudi ARAMCO.
The Brothers Rothschild
Rothschild’s Shell and BP formed these cartels with the Rockefeller half of the Four Horsemen- Exxon Mobil and Chevron Texaco. This new alliance required a “special relationship” between Great Britain and the US, which still exists today.
Rothschild and other wealthy European shareholders could now utilize the United States military as a Hessianized mercenary force, deployed to protect their oil interests and paid for by US taxpayers.
Israel would serve the same purpose in closer proximity to the oilfields. The Israeli Mossad is less a national intelligence agency than it is a Rothschild/Rockefeller family security force.
The Rothschilds exert political control through the secretive Business Roundtable, which they created in 1909 with the help of Lord Alfred Milner and Cecil Rhodes- whose Rhodes Scholarship is granted by Cambridge University, out of which oil industry propagandist Cambridge Energy Research Associates operates. Rhodes founded De Beers and Standard Chartered Bank.
The Roundtable takes its name from the legendary knight King Arthur, whose tale of the Holy Grail is synonymous with the Illuminati notion that the Eight Families possess Sangreal or holy blood- a justification for their lording over the people and resources of the planet.
According to former British Intelligence officer John Coleman, who wrote Committee of 300, “Round Tablers armed with immense wealth from gold, diamond and drug monopolies fanned out throughout the world to take control of fiscal and monetary policies and political leadership in all countries where they operated.”
John Coleman
Rhodes and Oppenheimer deployed to South Africa to launch the Anglo-American conglomerate. Kuhn and Loeb were off to re-colonize America with Morgan and Rockefeller.
Rudyard Kipling was sent to India. Schiff and Warburg manhandled Russia. Rothschild, Lazard and Israel Moses Seif pushed into the Middle East. At Princeton, the Round Table founded the Institute for Advanced Study (IAS) as partner to its All Souls College at Oxford.
IAS was funded by the Rockefeller’s General Education Board. IAS members Robert Oppenheimer, Neils Bohr and Albert Einstein created the atomic bomb.
In 1919 Rothschild’s Business Roundtable spawned the Royal Institute of International Affairs (RIIA) in London. The RIIA sponsored sister organizations around the globe, including the US Council on Foreign Relations. The RIIA is a registered charity of the Queen and, according to its annual reports, is funded largely by the Four Horsemen.
Former British Foreign Secretary and Kissinger Associates co-founder Lord Carrington is president of both the RIIA and the Bilderbergers. The inner circle at RIIA is dominated by Knights of St. John Jerusalem, Knights of Malta, Knights Templar and 33rd Degree Scottish Rite Freemasons.
The Knights of St. John were founded in 1070 and answer directly to the British House of Windsor. Their leading bloodline is the Villiers dynasty, which the Hong Kong Matheson family- owners of the HSBC opium laundry- married into. The Lytton family also married into the Villiers gang.
Edward Lytton – Bloodlines of de Rascals
Colonel Edward Bulwer-Lytton led the English Rosicrucian secret society, which Shakespeare opaquely referred to as Rosencranz, while the Freemasons were symbolized by Guildenstern.
Lytton was spiritual father of both the RIIA and Nazi fascism. In 1871 he penned a novel titled, Vril: The Power of the Coming Race. Seventy years later the Vril Society received ample mention in Adolf Hitler’s Mein Kampf.
Lytton’s son became Viceroy to India in 1876 just before opium production spiked in that country. His good friend Rudyard Kipling introduced the swastika to India and later worked under Lord Beaverbrook as Propaganda Minister, alongside Sir Charles Hambro of the Hambros banking dynasty.
Children of the Roundtable elite are members of a Dionysian cult known as Children of the Sun. Initiates include Aldous Huxley, T. S. Eliot, D. H. Lawrence and H. G. Wells. Wells headed British intelligence during WWI. His books speak of a “one-world brain” and “a police of the mind”.
William Butler Yeats, another Sun member, was a pal of Aleister Crowley. The two formed an Isis Cult based on a Madam Blavatsky manuscript, which called on the British aristocracy to organize itself into an Aryan priesthood. Blavatsky’s Theosophical Society and Bulwer-Lytton’s Rosicrucians joined forces to form the Thule Society, out of which the Nazis emerged.
Rothschild, Rockefeller and the rest of the Illuminati bankers backed the Nazis. Max and Paul Warburg sat on I. G. Farben’s board, as did H. A. Metz, who was director at the Warburg Bank of Manhattan- later Chase Manhattan. Bank of Manhattan director and Federal Reserve Board member C. E. Mitchell sat on the board of I. G. Farben’s US branch.
In 1936 Avery Rockefeller set up a combination with the German Schroeder family, who served as Hitler’s personal bankers. Time magazine called the new Schroeder, Rockefeller & Company “the economic booster of the Rome-Berlin Axis”. Morgan Guaranty Trust and Union Banking Corporation (UBC) also funded the Nazis. UBC board member Prescott Bush is W’s grandfather.
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The WWI Veteran in the Crowd – Adolf Hitler
In 1933 at the home of banker Baron Kurt von Schroeder, a deal was cut to bring Hitler to power. Attending the meeting were brothers John Foster and Allen Dulles- Rockefeller cousins and partners at law firm Sullivan & Cromwell, which represented Schroeder Bank.
Schroeder, managing director T. C. Tiarks, was a director at the Rothschild-controlled Bank of England. In the spring of 1934 Bank of England Chairman Montagu Norman convened a meeting of London bankers who decided to covertly fund Hitler.
Royal Dutch/Shell Chairman Sir Henri Deterding helped in this effort. Even after the US went to war with Germany, Exxon Chairman Walter Teagle remained on the board of I. G. Chemical- the US I. G. Farben subsidiary. Exxon was integral in supplying the Nazis with tetraethyl lead, an important component of aviation fuel. Only Exxon, Du Pont and GM made the stuff. Teagle also supplied the Japanese with his product.
Exxon and I. G. Farben were such close business associates that by 1942 Thurman Arnold – head of the US Justice Department’s Anti-Trust Division- produced documents that showed, “Standard and Farben in Germany had literally carved up the world markets, with oil and chemical monopolies established all over the map.”
Daddy Prescott Bush had his companies seized during WWI for ‘trading with the enemy’ – but managed to get all his money back after the war, which financed the Bush political dynasty.
In 1912 railroad magnate Edward Harriman’s widow joined John D. Rockefeller in funding a eugenics research lab at Cold Spring Harbor, NY. That same year the First International Congress of Eugenicswas convened in London with Winston Churchill presiding.
In 1932 the conference was held in New York. Hamburg-Amerika Shipping Line, owned by George Walker and Prescott Bush, brought the German contingent to the gene-fest.
One member of the German delegation was Dr. Ernst Rudin of the Kaiser Wilhelm Institute for Genealogy in Berlin. He was unanimously elected president for his work in founding the German Society of Race Hygiene- a forerunner to Hitler’s race institutes.
As of 1998 there were still scores of lawsuits pending against Ford, Chase Manhattan, J.P. Morgan, Deutsche Bank, Allianz AG and several Swiss banks for their dealings with the Nazis.
At the heart of Hitler’s inner circle were the secret societies Germanordern (brothers of Yale’s Skull & Bones), the Thule Society, and Vril. The concepts “Great Masters”, “Adepts” and the “Great White Brotherhood”, which the Nazis used to justify their idea of Aryan superiority, were ancient ideas carried forth from the Egyptian Mystery Schools by the Teutonic Knights, the Illuminati, and Hebrew Cabalists.
These same concepts can be found in today’s New Age Movement, whose New Age magazine was first published by the Grand Orient Masonic Lodge of Washington, DC. Henry Kissinger was an early supporter.
Nazi occultists believed ancient German tribes were the true keepers of the Ancient Mysteries which had their origin in Atlantis, when seven races of God-men were introduced to Earth. Thule was a Teutonic Atlantis believed by the Nazis to house these long-vanquished races, who lost their godly Annunaki powers by interbreeding with humans.
At the inner core of the Thule Society were Satanists who practiced black magic. Hitler was once described as a “child of Illuminism”.
Is it time to check Hitler’s DNA?
According toDr. Walter Langer, who did a war-time psychoanalysis of Hitler for the CIA-predecessor OSS, Hitler was also a Rothschild. Langer uncovered an Austrian police report proving Hitler’s father was an illegitimate son of a peasant cook named Maria Anna Schicklgruber, who at the time of her conception was a servant in the Vienna home of Baron Rothschild.
In May 1941 Rudolf Hess parachuted into the estate of the Duke of Hamilton, saying a supernatural force told him to negotiate with the British. Hitler was ostensibly visited by this same apparition and suddenly turned vehemently against occultism.
He ordered a crackdown against Freemasons, Templars and the Theosophical Society. Suddenly the international banker crowd pulled the plug on Hitler’s finances and began to denounce him. Six months later the Hessianized US military entered WWII.
Hitler’s fate was no different than that of Saddam Hussein or Manuel Noriega. The Illuminati bankers’ modus operandi is to use men of low integrity to do their dirty work, before conveniently discarding and distancing themselves from them.
The horrific Holocaust that ensued assured sympathy for the already-planned state of Israel. Towards the end of WWII, the murderous Haganah and Stern Gangs were deployed by the Rothschild bankers to terrorize Palestinians and steal their land. Jews who escaped Hitler’s gas chambers were those of means who bought into Zionism.
For a fee of $1,000 – lots of money at that time – these right-wingers bought passage to Israel and escaped the fate of the poor Jews, Serbs, communists and gypsies. The whole bloody affair was a massive eugenics project. It had more to do with culling the herd along class lines, than it did with ethnicity or religion.
The key to this historic puzzle is to understand that the Rothschild/Rockefeller sangreal international bankers supported both the rise of the Nazis and the creation of Israel. None of this has anything to do with religion. It has everything to do with oil, arms, drugs, money and power.
The Rothschilds say they are Jewish. The Rockefellers claim to be Christian. These are irrelevant smokescreens. Any demagogue- who blames injustice a religion or race of people- is sadly misinformed. Throughout history the Illuminati Satanists have sacrificed people of all race and religion to further their agenda of total planetary control.
Israel is not a “Jewish homeland”. It is an oil monopoly lynchpin. Its citizens are being put in harms way- used by the Four Horsemen and their Eight Families-owners as geopolitical pawns in an international resource grab. No peaceful solution is possible until the stolen land is returned to its rightful Palestinian owners.
Israel is an illegal entity. Viva Palestine!
Dean Henderson is the author of four books: Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve & Stickin’ it to the Matrix. You can subscribe free to his weekly Left Hook column @ www.deanhenderson.wordpress.com
In news that is likely to surprise absolutely no one, Tim Pawlenty — who recently stepped down as Mitt Romney’s campaign co-chair in order to pursue a career as a lobbyist for the banking industry– has announced that the best way to prevent further apocalyptic financial meltdowns from occuring is to allow banks to “voluntarily” regulate themselves. (Just as a quick reminder, The Daily Dolt is not a satire website. This is an actual thing that Tim Pawlenty actually said, out loud, to other human beings who were alive during the 2008 Wall Street crisis.)
Pawlenty, the former Republican governor of Minnesota and unsuccessful presidential candidate, announced last week that he was stepping down as co-chairman of the Romney campaign in order to head the Financial Services Roundtable, a lobbying group that represents some of the largest financial services companies in the country. In his first press conference since announcing his new role, Pawlenty asked banks to “voluntarily” stop doing “stupid things”:
[Pawlenty] said he was asked while interviewing for the Roundtable job about how financial institutions can regain the public’s trust.
“I said, ‘Stop doing stupid things,’” Pawlenty said while sitting in the Roundtable’s Washington offices.
“These are large organizations with tens of thousands of employees in many cases. There is always going to be some individual doing something that’s off track. That’s human nature. But the obligation and the opportunity of the organizations is to put controls in place and a culture in place that minimizes the likelihood of that, but does it voluntarily.”
Pawlenty is not alone in his scorn for financial regulation. Mitt Romney has previously said he would “like to repeal [the] Dodd-Frank [law],” which was enacted to prevent another financial crisis like the one that occurred in 2008. “The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank,” Romney told a roundtable of 18 businessmen last year at the ironically named restaurant, The Common Man.
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Hey, speaking of capitalism, remember that thing you’ve totally been meaning to buy on Amazon recently? How about you go do that now?Because then we make money, which will allow us to quit our day job to write for the Dolt full-time, which means more political fart jokes for everyone, which in turn is good for you. See? It’s the Circle of Capitalism. Aww, Tim Pawlenty would be so proud of all of us right now.
Rampant silver manipulation? Rampant gold manipulation? Rampant LIBOR manipulation? Hiding MF Global client assets? These are all happening at JP Morgan according to an open letter reportedly written by an anonymous employee of the firm. The whistleblower also warns of a “cascading credit event being triggered” by derivatives related to Greek government debt. Unlike Greg Smith at Goldman Sachs, this whistleblower has chosen to remain anonymous for now. According to the letter, the whistleblower is still an employee of JP Morgan and has not resigned. But that does make it much more difficult to confirm what he is saying. With Greg Smith, we know exactly who he is and what he was doing at Goldman. As far as this anonymous whistleblower is concerned, all we have is this letter. So we must take it with a grain of salt. However, the information in this letter does agree with what whistleblowers such as Andrew Maguire have said in the past about silver manipulation by JP Morgan. And this letter does mention Greg Smith’s resignation from Goldman, so we know that it must have been written in the past few days. Hopefully this letter will cause authorities to take a much closer look at the crazy things that are going on over at JP Morgan and the other big Wall Street banks.
This anonymous letter was addressed to the CFTC, but unfortunately it looks like the CFTC has already chosen to ignore it.
The original letter from this anonymous whistleblower has already been taken down from the CFTC website. When you go there now, all you get is this message….
“The Comment Cannot Be Found. Please Return to the Previous Page and Try Again.”
Fortunately, there are many in the alternative media that copied this entire letter from the CFTC website.
The following is a copy of the original letter that the anonymous whistleblower from JP Morgan submitted to the CFTC….
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Dear CFTC Staff,
Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators. I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people. I am now under the opinion that we are actually putting hard working Americans unaware of what lays ahead at extreme market risk. This risk is unnecessary and will lead to wide-scale market collapse if not handled properly. With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well. I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions. It is apparent in everything they do, from the meager attempts to manipulate LIBOR, therefore controlling how almost all derivatives are priced to the inherit and fraudulent commodities manipulation. They too may have one day stood for something in the past in the client-employee relationship. Does anyone in today’s market really care about the protection of their client? From the ruthless and scandalous treatment of MF Global client asset funds to the excessive bonuses paid by companies with burgeoning liabilities. Yes, we at JPMorgan that are in the know are fearful of a cascading credit event being triggered in Greece as they have hidden derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these through counterparty risk and outright prop trading that our entire IB EDG space could be annihilated within a few short days. The last ten years has been market by inflexion point after inflexion point with the most notable coming in 2008 after the acquisition of Bear.
I wish to remain anonymous as of now as fear of termination mounts from what I am about to reveal. Robert Gottlieb is not my real name; however he is a trader that is involved in a lawsuit for manipulative trading while working with JPMorgan Chase. He was acquired during our Bear Stearns acquisition and is known to be the notorious person shorting in the silver future market from his trading space, along with Blythe Masters, his IB Global boss. However, with that said, we are manipulating the silver futures market and playing a smaller (but still massively manipulative) role in manipulating the gold futures market. We have a little over a 25% (give or take a percentage) position in the short market for silver futures and by your definition this denotes a larger position than for speculative purposes or for hedging and is beyond the line of manipulation.
On a side note, I do not work directly with accounts that would have been directly impacted by the MF Global fiasco but I have heard through other colleagues that we have involvement in the hiding of client assets from MF Global. This is another fraudulent effort on our part and constitutes theft. I urge you to forward that part of the investigation on to the respective authorities.
There is something else that you may find strange. During month-end December, we were all told by our managers that this was going to be a dismal year in terms of earnings and that we should not expect any bonuses or pay raises. Then come mid-late January it is made known that everyone received a pay raise and/or bonus, which is interesting b/c just a few weeks ago we were told that this was not likely and expected to be paid nothing in addition to base salary. January is right around the time we started increasing our short positions quite significantly again and this most recent crash in gold and silver during Bernanke’s speech on February 29th is of notable importance, as we along with 4 other major institutions, orchestrated the violent $100 drop in Gold and subsequent drops in silver.
As regulators of the free people of this country, I ask you to uphold the most important job in the world right now. That job is judge and overseer of all that is justice in the most sensitive of commodity markets. There are many middle-income people that invest in the physical assets of silver, gold, as well as mining stocks that are being financially impacted in a negative way b/c of our unscrupulous shorts in the precious metals commodity sector. If you read the COT with intent you will find that commercials (even though we have no business being in the commercial sector, which should be reserved for companies that truly produce the metal) are net short by a long shot in not only silver, but gold.
It is rather surprising that what should be well known liabilities on our balance sheet have not erupted into wider scale scrutinization. I call all honest and courageous JPMorgan employees to step up and fight the cronyism and wide-scale manipulation by reporting the truth. We are only helping reality come to light therefore allowing a real valuation of our banking industry which will give investors a chance to properly adjust without being totally wiped out. I will be contacting a lawyer shortly about this matter, as I believe no other whistleblower at JPMorgan has come forward yet. Our deepest secrets lie within the hands of honest employees and can be revealed through honest regulators that are willing to take a look inside one of America’s best kept secrets. Please do not allow this to turn into another Enron.
Kind Regards,
-The 1st Whistleblower of Many
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Another Enron?
If what this letter says is true, then the problems facing our financial system are more serious than most of us thought.
And the allegations of corruption at JP Morgan are absolutely shocking.
But this is not the first whistleblower to come forward to the CFTC with charges of rampant market manipulation by JP Morgan.
Back in 2010 I wrote about the stunning allegations that a former silver trader named Andrew Maguire presented to the CFTC. The following is an extended excerpt from that article….
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Back in November 2009, Andrew Maguire, a former Goldman Sachs silver trader in Goldman’s London office, contacted the CFTC’s Enforcement Division and reported the illegal manipulation of the silver market by traders at JPMorgan Chase.
Maguire told the CFTC how silver traders at JPMorgan Chase openly bragged about their exploits – including how they sent a signal to the market in advance so that other traders could make a profit during price suppression episodes.
Traders would recognize these signals and would make money shorting precious metals alongside JPMorgan Chase. Maguire explained to the CFTC how there would routinely be market manipulations at the time of option expiries, during non-farm payroll data releases, during commodities exchange contract rollovers, as well as at other times if it was deemed necessary.
On February 3rd, Maguire gave the CFTC a two day warning of a market manipulation event by email to Eliud Ramirez, who is a senior investigator for the CFTC’s Enforcement Division.
Maguire warned Ramirez that the price of precious metals would be suppressed upon the release of non-farm payroll data on February 5th. As the manipulation of the precious metals markets was unfolding on February 5th, Maguire sent additional emails to Ramirez explaining exactly what was going on.
And it wasn’t just that Maguire predicted that the price would be forced down. It was the level of precision that he was able to communicate to the CFTC that was the most stunning. He warned the CFTC that the price of silver was to be taken down regardless of what happened to the employment numbers and that the price of silver would end up below $15 per ounce. Over the next couple of days, the price of silver was indeed taken down from $16.17 per ounce down to a low of $14.62 per ounce.
Because of Maguire’s warning, the CFTC was able to watch a crime unfold, right in front of their eyes, in real time.
Basically, the CFTC is a government agency that appears to do next to nothing.
Another scandal involving JP Morgan has come out in recent days as well.
This one involves their credit card division. If you have a moments, you should really read the recent American Banker expose of credit card debt collection practices at JPMorgan Chase. It exposes some things that will absolutely blow your mind.
Linda Almonte, a former executive at JPMorgan Chase’s Credit Card Litigation Support Group, has revealed some incredible stuff regarding the debt collection practices at the company. Almonte says that she was shocked at what she saw when she began examining the details of a $200 million package of debt collection judgments to an outside debt collection agency….
Nearly half of the files her team sampled were missing proofs of judgment or other essential information, she wrote to colleagues. Even more worrisome, she alleged in her wrongful-termination suit, nearly a quarter of the files misstated how much the borrower owed.
In the “vast majority” of those instances, the actual debt was “lower that what Chase was representing,” her suit stated.
JPMorgan Chase issues food stamp debit cards in 26 U.S. states and the District of Columbia, and they actually want more Americans to go on food stamps so that they can make bigger profits from the division that issues them.
So now are you starting to understand why so many Americans are upset about the corruption on Wall Street?
This isn’t a “conservative issue” or a “liberal issue” – it is an American issue and the outrageous behavior of these firms has brought our financial system once again to the edge of disaster.
Over the past six months, more than 350 prominent executives have resigned from major banks and financial institutions all over the globe.
Is this a sign that the rats are fleeing a sinking ship?
Do they know something that we don’t?
What we do know is that the financial crisis in Greece is far from over and the European financial system is getting closer to a complete meltdown with each passing day.
Very few of the things that caused the financial crisis of 2008 were ever corrected and our financial system is even more vulnerable today than it was back then.
In the end, this entire pyramid of debt, leverage and corruption is going to come crashing down really hard, and the consequences are going to be absolutely catastrophic.
We’ve certainly talked quite a bit about the institutional-level corruption of the way Congress and lobbying works, but a recent This American Life episode, done in partnership with thePlanet Money team takes a much deeper dive into how lobbying works. You absolutely should listen to it. It’s really fascinating, even for folks who follow a lot of this stuff. There is also a full transcript, but hearing the whole thing is quite fascinating. Among the elements that are most interesting are the details of just how much time and effort goes into politicians raising money, and how the various fundraisers work.
But one thing that struck me in listening to it, was a comment made towards the end by (former) Senator Russ Feingold, who points out that while most people think of lobbying as bribery, they often have the picture backwards. It’s extortion:
I’ve had conversations with Democratic givers out here in the Bay Area and I’ll tell you, you wouldn’t believe the requests they’re getting. The opening ante is a million dollars. It’s not, gee, it’d be nice if you give a million. That’s sort of the baseline. This is unprecedented. And, in fact, one thing that John and I experienced was that sometimes the corporations that didn’t like the system would come to us and say, you know, you guys, it’s not legalized bribery, it’s legalized extortion. Because it’s not like the company CEO calls up to say, gee, I’d love to give you some money. It’s usually the other way around. The politician or their agent who’s got the Super PAC, they’re the ones that are calling up and asking for the money.
This is actually confirmed much earlier in the show, when former lobbyist Jimmy Williams explains that part of the job of the lobbyist is to avoid calls from politicians who are always asking for money:
Jimmy Williams: A lot of them would call and say, “Hey, can you host an event for me?” And you never want to say no. Actually, no. You always want to say no. In fact, you always want to say no. But, you could look on your phone with these caller IDs and you would be like, really? I’m not taking that call.
Alex Blumberg: Oh, so you would dodge calls for fundraising?
Jimmy Williams: Oh yeah. Every lobbyist does. Are you kidding? You spend most of your time dodging phone calls. Oh yeah.
What’s equally stunning as you listen to it, is how much everyone seems to dislike the system. The politicians hate having to spend many hours each day fundraising (which they do from phone banks across the street from the Capitol, because they’re not allowed to do it from their offices). The lobbyists hate having to focus on raising money for the politicians. The donors hate getting the calls asking for more money. One politicians talks about how he burned out all his friends:
Walt Minnick: You essentially wear out your friends and you wear out the people who are your natural supporters, because if someone writes you one check or comes to a fundraiser, they get on a list. And three or four months later you call them back again. And the best thing about being an ex-congressman is my friends now return my phone calls.
The show concludes with a fascinating discussion between Senators John McCain and Russ Feingold, who famously passed campaign finance reform a decade or so ago, only to see most of what they worked for get tossed aside by the Supreme Court’s Citizens United case. McCain explains that the Supreme Court ruled the way it did because it simply has no idea how corrupt the political system is today:
John McCain: At first, I was outraged. The day that Russ and I went over and observed the arguments, the questions that were asked, the naivety of the questions that were asked and the arrogance of some of the questioners, it was just stunning. Particularly Scalia with his sarcasm. Why shouldn’t these people be able to engage in this process? Why do you want to restrict them from their rights of free speech? And the questions they asked showed they had not the slightest clue as to what a political campaign is all about and the role of money that it plays in political campaigns. And I remember when Russ and I walked out of there, I said, Russ, we’re going to lose and it’s because they are clueless. Remember that day we were over there, Russ?
Russ Feingold: Absolutely, John. I couldn’t agree with you more. It clearly was one of the worst decisions ever of the Supreme Court. The trouble with this issue– and I think John would agree with this– is people have gotten so down about it, they think it’s always been this way. Well, it’s never been this way, since 1907. It’s never been the case that when you buy toothpaste or detergent or a gallon of gas, that the next day that money can be used on a candidate that you don’t believe in. That’s brand new. That’s never happened since the Tillman act and the Taft Hartley Act. And so, people have to realize this is a whole new deal. It’s not business as usual.
So why doesn’t it get fixed? Well, because the people in power now know how to use the system to win, so they’re afraid to mess with it, and potentially lose their ability to use the system as it stands now to succeed.
Russ Feingold: We managed to get– against all odds, we did get people. It took a lot of hard work. Now the problem is, of course, is people are reticent to do that because they got elected under the system.
Alex Blumberg: So it’s just fear of change?
Russ Feingold: Sure. When you win a certain way, your people say to you, hey, this is how we do it and this is how we won. We better not mess with success. I think that’s one of the problems in this presidential race, where not only the Republicans, but even my candidate, President Obama, has opened the door to this unlimited money through some of his people. It’s hard to get people to change something after they win that way. And that’s one of my worries about it.
It really is worth listening to the whole thing if you want to understand the institutional, unavoidable level of corruption in DC — even if it’s not the way you may have suspected it worked. The folks at Planet Money have also done some follow up stories that are interesting, including a detailing of the most and least lucrative committee assignments. In the full episode, they explain that committee assignments are all a part of the corrupt process. If you get on a “good” committee (define by its ability to raise more money from lobbyists), it also means that your party demands that you pay more money back to the party, or you may lose that lucrative committee seat. Still, it may surprise some folks that the least lucrative position is on the Judiciary Committee. That’s the committee that handled SOPA and PIPA… which involved no shortage of lobbyists. The cynical voice in the back of my head wonders if part of the SOPA/PIPA fight was really about turning the Judiciary Committee into a cash-flow positive committee, rather than a cash-flow negative committee.
If you’ve got the money, it looks like you could eat all your meals (and have some drinks) at fundraisers.
And if you’re wondering where these fundraisers happen? Planet Money has mapped those out as well. The most common locations happen to (conveniently) form a ring around the Capitol:
No reason to travel very far to collect your money, I guess…
More than $4 trillion in near zero-interest Federal Reserve loans and other financial assistance went to the banks and businesses of at least 18 current and former Federal Reserve regional bank directors in the aftermath of the 2008 financial collapse, according to Government Accountability Office records made public for the first time today by Sen. Bernie Sanders.
On the eve of Senate testimony by JPMorgan Chase CEO Jamie Dimon, Sanders (I-Vt.) released the detailed findings on Dimon and other Fed board members whose banks and businesses benefited from Fed actions.
A Sanders provision in the Dodd-Frank Wall Street Reform Act required the Government Accountability Office to investigate potential conflicts of interest. The Oct. 19, 2011 report by the non-partisan investigative arm of Congress laid out the findings, but did not name names. Sanders today released the names.
“This report reveals the inherent conflicts of interest that exist at the Federal Reserve. At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks. These conflicts must end,” Sanders said.
The GAO study found that allowing members of the banking industry to both elect and serve on the Federal Reserve’s board of directors creates “an appearance of a conflict of interest” and poses “reputational risks” to the Federal Reserve System.
In Dimon’s case, JPMorgan received some $391 billion of the $4 trillion in emergency Fed funds at the same time his bank was used by the Fed as a clearinghouse for emergency lending programs. In March of 2008, the Fed provided JPMorgan with $29 billion in financing to acquire Bear Stearns. Dimon also got the Fed to provide JPMorgan Chase with an 18-month exemption from risk-based leverage and capital requirements. And he convinced the Fed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired the troubled investment bank.
Another high-profile conflict involved Stephen Friedman, the former chairman of the New York Fed’s board of directors. Late in 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap loans from the Federal Reserve. During that period, Friedman sat on the Goldman Sachs board. He also owned Goldman stock, something that was prohibited by Federal Reserve conflict of interest regulations. Although it was not publicly disclosed at the time, Friedman received a waiver from the Fed’s conflict of interest rules in late 2008. Unbeknownst to the Fed, Friedman continued to purchase shares in Goldman from November 2008 through January of 2009, according to the GAO.
In another case, General Electric CEO Jeffrey Immelt was a New York Fed board member at the same time GE helped create a Commercial Paper Funding Facility during the financial crisis. The Fed later provided $16 billion in financing to GE under this emergency lending program.
Sanders on May 22 introduced legislation to prohibit banking industry and business executives from serving as directors of the 12 Federal Reserve regional banks.
To read a report summarizing the new GAO information, click here.
Jamie Dimon Is Not Alone
During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.
US Senator Bernard Sanders (I-Vt.)
Washington, DC
June 12, 2012
Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs.In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
Jeffrey Immelt, the CEO of General Electric, served on the New York Fed’s Board of Directors from 2006-2011. General Electric received $16 billion in low-interest financing from the Federal Reserve’s Commercial Paper Funding Facility during this time period.
Stephen Friedman. In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap Fed loans. During the same period, Friedman, who was chairman of the New York Fed at the time, sat on the Goldman Sachs board of directors and owned Goldman stock, something the Fed’s rules prohibited. He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO. During the financial crisis, Goldman Sachs received $814 billion in total financial assistance from the Fed.
Sanford Weill, the former CEO of Citigroup, served on the Fed’s Board of Directors in New York in 2006. During the financial crisis, Citigroup received over $2.5 trillion in total financial assistance from the Fed.
Richard Fuld, Jr, the former CEO of Lehman Brothers, served on the Fed’s Board of Directors in New York from 2006 to 2008. During the financial crisis, the Fed provided $183 billion in total financial assistance to Lehman before it collapsed.
James M. Wells, the Chairman and CEO of SunTrust Banks, has served on the Board of Directors at the Federal Reserve Bank in Atlanta since 2008. During the financial crisis, SunTrust received $7.5 billion in total financial assistance from the Fed.
Richard Carrion, the head of Popular Inc. in Puerto Rico, has served on the Board of Directors of the Federal Reserve Bank of New York since 2008. Popular received $1.2 billion in total financing from the Fed’s Term Auction Facility during the financial crisis.
James Smith, the Chairman and CEO of Webster Bank, served on the Federal Reserve’s Board of Directors in Boston from 2008-2010. Webster Bank received $550 million in total financing from the Federal Reserve’s Term Auction Facility during the financial crisis.
Ted Cecala, the former Chairman and CEO of Wilmington Trust, served on the Fed’s Board of Directors in Philadelphia from 2008-2010. Wilmington Trust received $3.2 billion in total financial assistance from the Federal Reserve during the financial crisis.
Robert Jones, the President and CEO of Old National Bancorp, has served on the Fed’s Board of Directors in St. Louis since 2008. Old National Bancorp received a total of $550 million in low-interest loans from the Federal Reserve’s Term Auction Facility during the financial crisis.
James Rohr, the Chairman and CEO of PNC Financial Services Group, served on the Fed’s Board of Directors in Cleveland from 2008-2010. PNC received $6.5 billion in low-interest loans from the Federal Reserve during the financial crisis.
George Fisk, the CEO of LegacyTexas Group, was a director at the Dallas Federal Reserve in 2009. During the financial crisis, his firm received a $5 million low-interest loan from the Federal Reserve’s Term Auction Facility.
Dennis Kuester, the former CEO of Marshall & Ilsley, served as a board director on the Chicago Federal Reserve from 2007-2008. During the financial crisis, his bank received over $21 billion in low-interest loans from the Fed.
George Jones, Jr., the CEO of Texas Capital Bank, has served as a board director at the Dallas Federal Reserve since 2009. During the financial crisis, his bank received $2.3 billion in total financing from the Fed’s Term Auction Facility.
Douglas Morrison, was the Chief Financial Officer at CitiBank in Sioux Falls, South Dakota, while he served as a board director at the Minneapolis Federal Reserve Bank in 2006. During the financial crisis, CitiBank in Sioux Falls, South Dakota received over $21 billion in total financing from the Federal Reserve.
L. Phillip Humann, the former CEO of SunTrust Banks, served on the Board of Directors at the Federal Reserve Bank in Atlanta from 2006-2008. During the financial crisis, SunTrust received $7.5 billion in total financial assistance from the Fed.
Henry Meyer, III, the former CEO of KeyCorp, served on the Board of Directors at the Federal Reserve Bank in Cleveland from 2006-2007. During the financial crisis, KeyBank (owned by KeyCorp) received over $40 billion in total financing from the Federal Reserve.
Ronald Logue, the former CEO of State Street Corporation, served as a board member of the Boston Federal Reserve Bank from 2006-2007. During the financial crisis, State Street Corporation received a total of $42 billion in financing from the Federal Reserve.
Some defended Goldman, however, there really is no defense. Worse yet, the problem goes far beyond Goldman to Merrill Lynch, Citigroup, Bank of America, Morgan Stanley, and for that matter everywhere else one looks.
I will get into specifics in a bit, but first consider an email from Timothy who writes
Hello Mish,
I just had to comment on your post. My dad lost 100’s of thousands in GM bonds. He was a 30 year client of Merrill Lynch.
His portfolio is always 100% invested. That’s the Wall Street psychology.
Timothy
Yes Timothy, that is the philosophy because it benefits Wall Street, not the client. Moreover, I am not surprised in the least by the pimping of GM.
Underwriters get paid to pimp garbage. They do not care what fools, pension plans, or widows on their last dime they sucker in. All they are concerned with is pimping the bond, pimping the IPO, and pimping whatever “trading” portfolio the corporation has to whatever suckers they can find.
On June 25, 2007, Wall Street powerhouse Morgan Stanleyput out a “buy” recommendation with respect to General Motors’ common stock. Robert Barry, Morgan Stanley’s star analyst, proclaimed a 52-week target price of $42 per share. Less than five months later, on November 7, 2007, Wall Street analysts were stunned by General Motors’ staggering third-quarter (9/30/07) loss of $39 billion — one of the largest bookkeeping losses in history, which was mostly related to the writedown of deferred tax assets.
Fifty-three weeks after Morgan Stanley’s buy recommendation, GM’s stock hit a 54-year low of $9.98 per share — on July 2, 2008, after Merrill Lynch’s recommendation had gone from a “buy” to “underperform” (i.e., sell) on that day. In one sweeping move overnight, Merrill Lynch analyst John Murphy cut his target price on GM by a whopping 75%, reducing the target price from $28 to $7. So how is it that GM suddenly went from respectability to mediocrity — in one analyst’s mind — overnight? In fact, why did it take until July 2008 to concede that GM was on life support? Wall Street, belatedly, is willing to acknowledge the fact that General Motors is teetering on theverge of bankruptcy.
Accordingly, key questions come to the forefront. How did any stock analyst, worth his salt, get blindsided by the aforementioned $38.3 billion writedown of deferred tax assets? Are Wall Street’s Ivy League-educated MBAs able to comprehend advanced accounting and finance? Has rigorous security analysis, on Wall Street, been supplanted by self-serving cheerleading and inane platitudes with the objective of transferring wealth from the masses to the Wall Street elites?
For Wall Street analysts to claim “surprise” at GM’s massive deferred tax asset writedown, during fiscal year 2007, and to finally discuss (in mid-2008) General Motors’ financial condition in terms of a possible bankruptcy, indicate that low-level fluff is easily passed on to Main Street “investors” under the guise of serious analysis.
The point here is that GM is so unprofitable that its top-level management realized they had to come clean and write down the value of its deferred tax assets because it became completely unpredictable as to when the company would actually return to making a profit, and thus use that tax asset against any future tax liability it incurs.
So, just how savvy are some of Wall Street’s best and brightest analysts? Nine days before GM’s deferred tax asset writedown bombshell, UBS upgraded its rating of GM to a “buy.” On September 13, 2007, Citigroup initiated coverage and issued a buy recommendation. Other Wall Street heavyweights, in 2007, that had weighed in with “upgraded” opinions of GM included Banc of America Securities, Goldman Sachs, J.P. Morgan, Lehman Brothers, and Deutsche Securities. One must heed Graham and Dodd’s words as to what purpose is behind a securities analyst’s recommendation. But then again, Wall Street analysts long ago abandoned their roles of providing independent expertise, and instead turned to selling their firm’s investment banking services.
Blatant Fraud, Not Rampant Stupidity
I invite you to read the rest of that damning exposé because there is plenty more to the story. Moreover, the story goes far beyond what is credible for a simple “stupidity” explanation.
Unfortunately, the pimping of GM stocks and bonds when GM was clearly headed towards bankruptcy is exactly the kind of “semi-soft fraud” that no one can prove.
A Word on Conflict of Interest and Bias
I am biased. So is John Hussman; So is Barry Ritholtz; So is Marc Faber; So is Jim Chanos; So is everyone else. We all are. It’s impossible to not be biased by something.
However, no one in the above group gets paid to underwrite securities. No one in the above group to the best of my knowledge gets paid commissions on transactions.
Therein lies the rub. Wall Street pimps and whores have no fiduciary responsibility to clients but they do have a vested interest to peddle compete garbage to anyone and everyone.
For that reason, I am strongly in favor of a “hard” wall between giving investment advice and offering securities to trade. Clearly the “soft promise” by Wall Street that “we won’t do it” is insufficient.
Some may suggest this goes against my Libertarian principles. I disagree. No Libertarian should be against laws that preserve property rights and no Libertarian should be against laws designed for the explicit purpose of preventing fraud.
Interestingly, independent investment advisors such as myself do have a hard legal requirement of fiduciary responsibility.
However, Wall Street pimps and whores do not have a legal requirement for fiduciary responsibility. Instead they duck and hide under “suitability” clauses.
That does not mean I will always be right, and indeed I guarantee you in advance I won’t be. However, I will guarantee you that I will not recommend anything I do not believe to be in the best interest of clients.
GM bonds, rating agency garbage, IPO mania, Beat-the-Street hype, and “Strong Buy” hysteria while insiders unload and firms actually bet against advice given to clients are proof of the pudding.
3002. Definitions
.
.
(15) “United States” means- a Federal corporation;
Obama is the President of the Corporation, and the citizens are the employees of the corporation
America is a British Colony. (THE UNITED STATES IS A CORPORATION, NOT A LAND MASS AND IT EXISTED BEFORE THE REVOLUTIONARY WAR, AND THE TROOPS DID NOT LEAVE UNTIL 1796.)
Republica v. Sweers 1 Dallas 43, Treaty of Commerce 8 Stat 116, V. New Haven 8 Wheat 464, Treaty of Peace 8 Stat 80, IRS Publication 6209, Articles of Association October 20, 1774
The King of England financially Backed Both Sides fo the Revolutionary war.
(Treaty at Versailles, July 16 1782, Treaty of Peace 8 Stat 80)
The United States Corporation did not declare independence from Great Britain or King George.
In 1604, a corporation called the Virginia Company was formed in anticipation of the iminent influx of white europeans, mostly British at first, into the North American continent. Its main stockholder was King James I, and the original charter for the company was completed by April 10th 1606.
The Virginia Company owned most of the land of what we now call the USA. The Virginia Company (the British Crown and bloodline families) had rights to50% of all gold and silver mined on its lands, plus percentages of other minerals and raw materials, and 5% of all profits from other ventures.
The lands of the Virginia Company were granted to the colonies under a Deed of Trust (on lease) and therefore they could not claim ownership of the land. They couild pass on the perpetual use of the land to thier heirs, but they could never own it. Ownership was retained by the British Crown.
MONSTER: Human Being by birth, but in some part resembling a lower animal. A monster hath no inhertable blood and cannot be heir to any land.
You own no property, slaves can’t own property. Read the Deed to the property that you think is yours. You are listed as Tenant. (Senate Document 43, 73rd Congress 1st Session)
After the first 21 years from the formation fo the Virginia Company, all ‘duties, imposts, and excises’ paid on trading activities in the colonies had to be paid directly to the British Crown through the Crown treasurer.
Queen Elizabeth controls and has amended U.S. Social Security.
(S.I. 1997 NO.1778 The Social Security)
A 1040 form is for tribute paid to Britain. (IRS Publication 6209)
Americans are slaves to the Queen and own absolutely nothing.
(Tillman v.Roberts 108 So. 62, Van Koten v. Van Koten 154 N.E. 146, Senate Document 43 & 73rd Congress 1st Session, Wynehammer v. People 13 NY REP 378, 481)
Social Security is not insurance or a contract, nor is there a Trust Fund.
(Helvering v. Davis 301 US 619, Steward Co. V. Davis 301 US 548.)
The criminal courts on the lands of the Virginia Company were operated under Admiralty Law, the law of the sea, and the civil courts were under Common Law, the law of the land. This is relevant moving forward.
The United States of America is not a country, it is a corporation owned by the same Brotherhood bloodlines who owned the Virginia Company, because the USA is the Virginia Company!
You can not use the Constitution to defend yourself because you are not a party to it.
(Padelford Fay & Co. v. The Mayor and Alderman of The City of Savannah 14 Georgia 438, 520)
“The People” does not include U.S. Citizens.
(Barron v. Mayor & City Council of Baltimore. 32 U.S. 243)
The Act of 1871 also created a separate form of government for the District of Columbia, which is a ten mile square parcel of land, and is governed with British Admiralty Law, U.C.C. “Acts of the Forty-First Congress,” Section 34, Session III, chapters 61 and 62. “An Act To Provide A Government for the District of Columbia.”
When Americans Agree to have a social security number the citizens of the united states surrender their sovereighnty and agree to become franchises of the United States (The Virginia Company of th British Crown). Americans are led to believe that there is only one United States and the Federal government is the rightful government.
THE use of lower/upper case, is make a legal statement. Have you noticed that when you recive correspondence relating to the government, law and anything to do with finance, including taxation, your name is always spelt in upper case? Check your Drivers Licsense, Stock Portfolio, Speeding Ticket, etc.
But your upper case name is not you. It is a corporation/trust set up by the ‘government’ Corporation through the treasury department at your birth. Every time a child is born, a trust/corporation is created using his or her namein all upper case.
Law Dictionary:
person
n. 1.) a human being. 2) a corporation treated as having the rights and obligations of a person
natural person
n. a real human being, as distinguished from a corporation, which is often treated at law as a ficticious person.
corporation
n. an organization formed with state governmental approval to act as an artificial person to carry on business (or other activities), which can sue or be sued, and ….
Everything in the “United States” is For Sale: roads, bridges, schools, hospitals, prisons, airports, etc. (Executive Order 12803)
Americans are Human capital. (Executive Order 13037)
The U.S. has two flags, a military flag and a civil flag for peacetime.
(the recognizable flag is the military version)
“MILITARY. Pertaining to the war of to the army; concerned with war.
See Note:
The Amendatory Act to the Trading with the Enemy Act of October 6,1917–namely the Emergency Banking Relief Act of March 9, 1933– defined the American people as the enemy, legally, of the United States Government because of the bankruptcy, through which the private, international FederalReserve System ‘became the Government’ (Creditor of the United States). See ‘Ramifications of the Bankruptcy — The Nature of the Federal Reserve Notes’.
The national flag of the United States always has a gold fringe when displayed in court or federa buildings, and this is also the case in federally funded schools and on the uniforms of US troops. Under the International Law of the Flags, a gold fringe indicates the jurisdiction of the commercial law, also known as the British Maritime Law, and, in the US, as the Uniform Commercial Code, UCC.
Bush launched a ‘war on terrorism’ on behalf of a private corporation to further the goals of that Corporation. It had nothing to do with ‘America’ or ‘Americans’, because these are very different legal entities. It is the United States Corporation that owns the United States military and everything else that comes under the term ‘federal’.
It is not the duty of the U.S. police to protect Americans. Their job is to protect the Corporation and arrest the code breakers.
Sapp v. Tallahasee, 348 So. 2nd. 363, Reiff v. City of Philadelphia, 477 F.Supp 1262, Lynch v. N.C. Dept of Justice 376 S.E 2nd 247.
There are no Judicial courts in America and there has not been since 1789. Judges do not enforce statutes and Codes. Executive Administrators enforce Statutes and Codes.
(FRC v. GE 281 US 464, Keller v. PE 261 US 428, 1 Stat. 138-178)
Sexual Intercourse:
Commerce is a term of the largest import. It comprehends intercourse for the purpose of trade in any and all its forms.
The most powerful court in America is not the United States Supreme Court, but the Supreme Court of Pennsylvania. (42 Pa.C.S.A. 502)
Pennsylvania is the keystone state.
The FCC, CIA, FBI, NASA and all the alphabet gangs were never part of the United States government. Even though the “US Government” held shares of stock in the various Agencies. (U.S. V. Strang, 254 US 491, Lewis v. US, 680 F.2d, 1239)
Americans may think that their government and legal system is pegged in some way to the Constitution, but it is not. The United States, like Britain and elsewhere, is ruled by commercial law to overcome the checks and balances of common law. Its another monumental fraud.
Britain is owned by the Vatican. (Treaty of 1213)
The Pope can abolish any law in the United States. (Elements of Ecclesiastical Law Vol. 1 53-54)
The Popes laws are obligatory on everyone. (Bened. XIV., De Syn. Dioec, lib, ix., c. vii.,n. 4. Prati, 1844) (Syllabus, prop 28, 29, 44)
Americans are the cows, the IRS is the company that milks the cows. The UNITED STATES corporation is the Veterinarian who takes care of the herd, and the British Crown is the Owner of all the farm. The farm is held in allodium by the pope.
All this is founded on Roman law, which goes back to the babylon and Sumerian law. The Illuminati bloodlines have been playing thies same game trhoughout the centuries. It was brought into england in 1066 and has been enforced by the Pope, Kings and the Christian churches ever since. It is the total and relentless mind control, people are taught to believe in things that do not exist.
VATICAN CITY, Oct 24 (Reuters) – – The Vatican called on Monday for sweeping reforms of the world economy and the creation of a ethical, global authority to regulate financial markets as demonstrations against corporate greed continued to spring up in major cities across the globe.
An 18-page document from the Vatican’s Justice and Peace department said the financial downturn had revealed behaviours like “selfishness, collective greed and hoarding of goods on a great scale,” adding that world economics needed an “ethic of solidarity” among rich and poor nations.
Urging Wall Street powerbrokers to examine the impact of their decisions on humanity, the Vatican called on those who wanted to change economic structures to “not be afraid to propose new ideas, even if they might destabilise pre-existing balances of power that prevail over the weakest.” (more…)
Bitcoin’s market price since last month Photograph: blockchain.infoThe maximum possible number of Bitcoins that can exist is 21m, meaning that at present prices the currency would be worth just over $3bn. Trades can be made with fractions of Bitcoins, providing flexibility that enables transactions.
Eric Jon Phelps was again on the Decrypted Matrix show on Revealing Talk Radio, November 12, 2012 at Midnight EST / 9pm PST. During last Monday night’s show it became apparent that Decrypted Matrix host, Max Maverick, was not going to get everything he wanted in the show. After the show, the ratings, site traffic and archive hits of the show made it quite obvious that this coming show would be important.
Because then we make money, which will allow us to quit our day job to write for the Dolt full-time, which means more political fart jokes for everyone, which in turn is good for you. See? It’s the Circle of Capitalism. Aww, Tim Pawlenty would be so proud of all of us right now. 
