The Agenda: Global Dominance through Financial Exploitation?.
It is said that there exists “no accidents” but controlled events knitted into a fog of distraction for focus avoidance. Given the economic crises are we to simply believe that <?xml:namespace prefix = st1 />UK PM Brown didn’t know or understand through ignorance what was occurring, he after all being a former Chancellor of the Exchequer whom once joked that there were "two types" of chancellors: those who fail and those who get out in time. In Britain parallel events have shaped the economy in stripping Wealth from the Nations Taxpayers.
On one hand the New Labour Government increasingly farms-out Public Services in passing their responsible/accountable onto the shoulders of others whom reach ever deeper into taxpayers pockets and purses in award themselves fat bonuses. Parallel to that and more destructive came the combination that allowed financial deregulation whereby taxpayers were allowed to walk the high-wire in having easy long term loans to which the safety net wasn’t a requirement in terms of endowments etc to repay such loans. Although signing to a loan provider “selling-on” such debt earns profitable commissions while others within the Financial Sector could profit too from purchasing Credit Default Swops (CDS) in “gambling” behind peoples backs that particular beneficiaries would default on their repayments after which a Bank would then credit a CDS holder with an amount perhaps equivalent or more towards the Assets worth – perhaps even becoming its new outright owner.
In June 2007 it was recognised that British households were living beyond their means and that the economy was skating on thin ice while across the Atlantic in 2008 the US Depository Trust & Clearing Corporation (DTCC), the biggest Bank in the World and registered owners of 99% of all paper (stocks, Bonds, Securities etc ), announces a public clearing facility for credit default swops (CDS), which will be linked to DTCC's Trade Information Warehouse. So if borrowers (beneficiaries of assets) defaulted on loan repayments CDS holders could become the registered owners of such assets. On the 11 January 2008 Northern Rock sold a £2.2 billion pound portfolio of mortgages to US investment bank JP Morgan while JPMorgan Chase by 15th January 2009 became the largest U.S. bank by market value.
What must ordinary people and businesses in the US, UK and Europe think in being “Wealth-stripped” financially by those whom rub their hands together with glee through their failure?. Chancellor Darling sited Oil prices as the real cause of the economic crises while shovelling billions of taxpayers money into Northern Rock “holed” through debt. Somebody somewhere is perhaps owed trillions of Dollars and could use a CDS on a CDS gaining even more profits should Banks default in paying up on the original debt!.
Global Dominance – events?.
- People become poorer They(?) take control of assets Consumerism rises – everything becomes a rental as factories quicken output to replace. No physical money – contact less card technology adopted. Banking first into Super Markets such that Credits from employment or benefits can be spent and debits by an automated tax system trawling all accounts. Globalisation – People and systems fully digitally monitored/regulated. Homes technologically adapted such the Service providers [ Doctors, Care facilitators etc ] will be knocking on doors quicker than people can dial their numbers.
As Mr Brown sits in his G20 chair he should perhaps give a thought towards his paymasters, that of British Taxpayers, whom have to accept “spin”, press reports and Government Departmental leaks in assessing constantly as to what is actually happening as to a Nation and their welfare!. Although the G20 is about finding a Financial Solution to a current crises it also must raise questions as to the fitness of the Government itself in receiving loans whilst in the employ of taxpayers which surely is a conflict of interests!. Transparency is about communication but given the lengths to which the Government will go to in hiding its expenses from Public view it must serve to demonstrate both protectionalism and greed through self regulation.
1930’s The U S great depression. Currency devaluations used to increase the competitiveness in exports to reduce balance of payments deficits-worsened National deflationary spirals, resulting in plummeting National Income, shrinking demand, mass unemployment and a decline in trade.
1944 Bretton Woods agreement signed. From that the International Bank for Reconstruction and Development (IBRD) was born along with the International Monetory Fund ( IMF ) in 1945. Main features - currency exchange rates would not fluctuate by more than +/-1% and GOLD was designated as the base “reserve currency”.
1945 After WW2 Britain borrowed $3.8 Billion from the U S to rebuilt its destroyed Industries and France (De Gaulle) reluctantly borrowed One billion dollars in return that France promise to curtail Gov subsidies etc to its exporters that provided advantages in World Trade Markets.
1971 The U S system collapsed and subsequently the Dollar became the reserve currency to which other Nations simply had to accept. The Dollar was now effectively the World currency.
1997 New Labour elected - Brown took over as chancellor and almost immediately granted the Bank of England independence from the government. He also set up the Financial Services Authority (FSA).
1997 Credit Default Swops (CDS). A team working for J P Morgan invents CDS which is signed into US Law by President Clinton (Law(106-554)) on the 21st Dec 2000.
19 07 2001 Unison unhappy with the Government whom cannot let go of their Thatcherite obsession with privatisation.
15 04 2007 Brown lost £2bn selling UK's gold. He to face parliament after selling off more than half the country’s gold reserves (400 tons of bullion) at rock bottom prices. The Sunday Times has established that The Bank of England, which has managed Britain’s gold reserves for more than 300 years, was never asked for its advice.
27 06 2007 Analysts are keeping a close eye on rising debt levels, the effects of higher interest rates on households, which are starting to struggle to repay mortgages, and the heavy reliance on financial services for growth. Government expenditure rose to 42.2 percent of gross domestic product in 2006 from 40.8 percent in 1997. "It remains open to debate whether the U.K. has profited from the borrowing to invest," said Philip Shaw, an economist at Investec in London. Ernst & Young, the accounting firm, said in April that Brown was leaving the Treasury "on a high" of economic growth but that he would also pass on an economy that is "skating - not to say wobbling - on thin ice." "We are all living beyond our means," said Peter Spencer, chief economic adviser to the Ernst & Young group that prepared the report. Households are saving less and people are borrowing money to finance current spending, the report said
26 09 2007 UK TAXPAYERS 31.6 million taxpayers; the nation taxed £152 billion on its income, £95 billion on national insurance and £80 billion on VAT. According to the Institute of Fiscal studies, families pay £5,600 more tax in real terms than families in 1996-97. According to official estimates, the Monarchy costs the taxpayers £37.4 million each year while other estimates place this figure at £150 million per year in accounting for security costs, grants, unpaid tax and the local cost of a royal visits. The war in Iraq costs almost £1 billion each year. According to figures from the BBC, the war in Iraq costs British and American taxpayers £2,000 a second. European Union: from Ukip figures membership costs every taxpayer the equivalent of £1,632 per year. 87 MEPs of the European Parliament earn £60,277 per year and are also allowed £19,500 for accommodation, £2,170 travel allowance and £150 each day they attend parliament. The government received £8.1 billion from tobacco, £2.2 billion from spirits and £1.4 billion from betting and gambling duties. If everyone in the UK quit smoking, drinking and gambling, other taxes would have to rise by £403 per person per year to compensate. Taxpayers spend £150 million each year on the 646 members of parliament and their staff, according to the House of Commons - around £4.74 each person. MPs are allowed to draw £87,276 each year for staffing, £20,440 for office expenses and £22,110 for additional costs. Around £75 billion is lost each year due to tax evasion and fraud, according to HM Revenue & Customs' evasion estimate. An additional £10 billion is lost due to tax avoidance. It takes an average of five months work to meet the UK’s tax burden.
30 11 2007 Woe for Brown as police start funding probe. Scotland Yard has been asked to take over the inquiry into revelations that property developer David Abrahams, a millionaire tycoon, had channelled 600,000 pounds to Brown's Labour Party through intermediaries. Electoral laws require those making donations on behalf of others to give details of the source of the money and Brown has said that the money from Abrahams had not been lawfully declared and would be returned.
2008 U S Depository Trust & Clearing Corporation (DTCC) announces a public clearing facility for credit default swops (CDS), which will be linked To DTCC's Trade Information Warehouse.
11 01 2008 Northern Rock sells UK Mortgages to US Bank for £2.2 billion.
Troubled mortgage bank Northern Rock has sold a £2.2 billion pound portfolio of mortgages to US investment bank JP Morgan. The bank has said it will use the cash to repay the Bank of England, having already borrowed around £26 billion.
18 03 2008 World markets plunge after buy-out. The rollercoaster US session came after JP Morgan Chase & Co's government-backed buy-out of Bear Stearns at the weekend and has had a knock-on effect on other markets worldwide, including the London Stock Exchange.
08 04 2008 Brown branded - worse than Blair - in new poll. Gordon Brown is regarded as a worse prime minister than Tony Blair by nearly a third of voters, according to a poll.
11 05 2008 Prescott told Blair - sack Brown. John Prescott has revealed how he challenged Gordon Brown to quit as Chancellor over Tony Blair's broken promises to make way for him as Prime Minister.
19 05 2008 670 jobs under threat at Citigroup. US-based Citigroup, which also owns the Egg credit card business in the UK . Earlier this year US bank Morgan Stanley announced its Cheshire-based Advantage Home Loans business would be shutting, with the loss of 160 jobs.
24 05 2008 Blair's bills woe revealed. Details of prominent MPs' expenses have been made public after a three-year legal battle - and they revealed Tony Blair failed to pay his household bills on time. Mr Blair and his successor Gordon Brown were also revealed to have spent almost £15,000 of taxpayers' money between them on doing up their kitchens. Commons authorities gave up a £100,000 legal bid to keep them secret on Monday
03 07 2008 Brown faces grilling on the economy. Gordon Brown's blueprint for saving the UK economy from the ravages of global turbulence is to come under intense scrutiny at the hands of senior MPs. New Bank of England deputy governor Charlie Bean told MPs there was "not very much that we can do about that as a nation" without increasing productivity to offset global factors.
21 9 2008 U.S. Congress examines bailout plan. Showing more deals may still be in the works, Morgan Stanley's board was scheduled to meet on Saturday to consider a possible takeover by Wachovia Bank or selling a bigger stake to China Investment Corp.
24 09 2008 Thousands of Lehman employees face Barclays' axe. Barclays, the UK bank that bought parts of Lehman Brothers' US businesses, may cut as many as 5,000 jobs at the bankrupt company, Wall Street recruiters said. JPMorgan Chase & Co decided to keep 45pc of Bear Stearns' 14,000 employees after it bought the investment bank in March. JPMorgan also fired 4,000 of its own employees during the merger.
25 9 2008 Dire warnings from US leader. Yet in recent months he has authorised the effective nationalisation of the insurance company AIG and encouraged the merger of the banks JP Morgan and Bear Sterns.
4 10 2008 Mandelson back in UK Gov. Gordon Brown said he wanted the best talent to tackle the economic crisis. But some MPs have not welcomed Mr Mandelson's return - one cabinet member is thought to have tried to prevent it. The move triggered controversy among MPs not only because Mr Mandelson has twice been forced to resign, but because he and the prime minister are known to have been locked in a long-running feud.
28 10 2008 City expecting bumper BP oil profit. BP is set to post a bumper profits haul more than 50% ahead of last year as the oil giant reaps the benefits of record prices. £4.4 billion in underlying profits for the July-September period, is 52% above last year's third quarter. Output CUT by 1.5 million barrels a day in an attempt to prop up prices!!!.
02 11 2008 Brown seeks IMF boost. 'KNOCK-ON EFFECTS' IN ASIA
Analysts said the surprise move showed Indian concern that strains on its economy were quickly becoming more severe. "These actions were necessary (and had) to be taken on the liquidity front ... the situation was getting worse," said Vikas Agarwal, a strategist at JP Morgan.
12 11 2008 Sainsbury profit at top end of forecasts. profit before tax and one-off items rose 13 percent to 272 million pounds in the 28 weeks to October 4. "Boring," said JP Morgan analysts, about the first-half results.
18 12 2008: OIL now BELOW $40 a barrel from July at $147. Now given that New Labour has driven BRITISH ENERGY COMPANIES TO COMPETE in signing LONG TERM AGREEMENTS for THEIR SUPPLIES THEY have CREATED “demand” riding on the back of expected profits. As DEMAND rises so do PRICES to the CUSTOMER on which VAT REVENUE to the GOV also rises. So former Mr Blair was RIGHT in saying that “CHOICE” was good – GOOD TO A NEW LABOUR GOVERNMENT and not the Public whom pay THEIR wages.
06 01 2009 Tony Blair will receive America's highest civilian award - the Presidential Medal of Freedom - from George Bush next week. Mr Blair received that honour in July 2003, shortly after the invasion of Iraq, but has not collected it.
06 01 2009 Short-Selling ban to be lifted despite objections from MP’s. The FSA said it would let the ban expire on 16th January ignoring a plea from John McFall, chairman of the Treasury Select Committee. About borrowing shares in Companies to sell in the hope of buying them back at a lower price!.
15 01 2009 Banking crisis deepens as U.S. mulls Bank of America aid. Rival JPMorgan Chase <JPM.N>, now the largest U.S. bank by market value, also moved up its earnings report by six days to Thursday.
11 02 2009 Eight Banks' CEOs Grilled by Congress on TARP Funds. Mr. Lloyd C. Blankfein, Chief Executive Officer and Chairman, Goldman Sachs & Co. Mr. James Dimon, Chief Executive Officer, J.P. Morgan Chase & Co.
08 03 2009 World's biggest banks to meet in London. Invitations to the meeting of bankers had been sent to leading institutions including JPMorgan Chase and HSBC
14 03 2009 U S reliance on Chinese borrowing. Premier Wen is concerned about the huge amount of money “lent” to the U S. China has a $1.946 trillion stockpile of foreign reserves.
01 04 2009 Obama nominee admits to tax errors. Kathleen Sebelius for Health Secretary had recently corrected her tax returns and paid almost $8,000 (£5,560) in back-taxes for 2005-2007!. Obama's first choice as health secretary, withdrew over questions about his taxes after it emerged that he had failed to pay some $140,000 to the Internal Revenue Service.