Is the "credit crunch" a scam?

By Joan Veon

I think this whole “credit crunch” thing is a scam, a trumped-up crisis that international bankers are using to deceive us. I think it’s part of the bankers’ plan for their “new world order,” in which they exchange our national regulatory laws for standardized international regulatory laws—all under the bankers.

I think the dollar devaluation is part of an overall plan to level all currencies so they can easily be under central control. Global government through a global bank.

The dollar has been dropping ever since the twin 1973 currency crises, which sent then Assistant Treasury Secretary for International Monetary Affairs Paul Volcker around the world to hammer out a new regime for “floating currencies.”

The signs of transferring national banking sovereignty to global sovereignty are everywhere. In 1980, the central bankers got Congress to pass the Monetary Control Act, which lifted all restrictions on how much interest that U.S. banks could pay or charge investors/creditors. It also put ALL banks under the Federal Reserve, no matter how small or local.

The trumped up liquidity and credit crunch was orchestrated by the key international bankers: Goldman Sachs, Barclays, BNP Paribas, Bear Stearns, Citigroup, JP Morgan Chase, and Bank of America.

They’re all in bed together, yet they say they would not buy commercial paper from one another, or lend to one another?

Puh-leese.

Last month, Goldman Sachs made $300M from the rescue of one of its own hedge funds. They injected $2B of their own money, while billionaire friends injected another $1B to save it (Financial Times, 9/16/7, 6). The fund was up 15% before the Fed bailout!

It’s a standard insiders’ game designed to scare everyone into dropping U.S. regulations and adopting global regulations, always under the central banks.

The U.S. is the only major country not to have all regulators under one roof. There are separate regulators for commodities and derivatives. Once the U.S. Security and Exchange regulator has been folded into one agency (like Britain’s Financial Services Authority) the world will go back to calm—for a little while. The regulatory laws in various nations will be harmonized. Then, quickly, we will hear that the world needs a global financial regulator. There are already calls for such a regulator.

In the meantime, they call it a "national crisis," but the subprime market is actually a very small percentage of our total economy. In fact the losses from the Savings and Loan Crisis in the 1990s were much higher.

According to Fed Chairman Ben Bernanke, “About 7.5 million first-lien subprime mortgages are now outstanding, accounting for only 14% of all first-lien mortgages. So-called near-prime loans (loans to borrowers who typically have higher credit scores than subprime borrowers, but have other higher-risk aspects) account for an additional 8 to 10 percent of mortgages” (speech 5/17/07). Six months ago, there were $1,300B of subprime loans, or about 13% of all outstanding mortgages, while the total residential mortgage market is more than $20,000B.

The mortgage market has also gone global. The days are long gone when banks held on to mortgages until the mortgages were paid off. Now mortgages and loans of every type (auto, credit card, etc.) have been securitized (packaged into group of mortgages), and then repackaged in a collateralized debt obligation bond (CDO) and sold to a hedge fund that bought it on leverage (David Hale, FT, 8/14/7, 11).

The bottom line is that the smaller banks no longer carry mortgages or the risk—they basically act as conduits. It is the market—now the global market that carries the risk. And the central bankers control the market. Smaller banks really are not concerned about the risk in the loans they make, because all loans are now sold in the bond markets to pension funds, mutual funds, and others.

The Federal Reserve could have solved this problem two months ago by lowering interest rates--but it had another agenda. The central bankers want to frighten Congress into passing laws that will put everything under increased global control.

At the international level, all of the international organizations (the Bank for International Settlements, the International Organization of Security Commissions, the Group of Seven finance ministers, and the Financial Stability Forum) are talking about the need to have capital markets that are globally integrated.

It is true that all countries need to adopt global accounting standards. Unfortunately, one these standards are adopted, it opens the door to a global financial regulator.

If the IMF is suppose to become a Global Central Bank, then perhaps the Financial Stability Forum is a forerunner of what might be suggested next month when the G7 reports on the problems of the supposed credit crunch. All this drama just to integrate world markets and stock exchanges! The ruse is now global!

People need to see beyond the lies, deceit, deception, and distortion so that they stop operating in fear and begin living in truth.

Source:

http://www.newswithviews.com/Veon/joan49.htm