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DODD-FRANK KILLS:
HOW THE U.S. JOINED THE INTERNATIONAL BAIL-IN REGIME
by Leandra Bernstein
May 26, 2013
Hearings continue taking place in the House and Senate to review what exactly was voted into law with the 2010 Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) even as the rules for implementing the law are still being written. According to LaRouchePAC and EIR sources on Capitol Hill, there is little to no recognition of the key fact of Dodd-Frank. Namely, Title II of the Act to establish an Orderly Liquidation Authority, vests the FDIC with the authority to conduct a European-style bail-in. The preamble to the Dodd-Frank Act claims "to protect the American taxpayer by ending bailouts." This is done, however, through bail-in, a critical feature of the internationally established regime of what is called cross-border bank resolution.
Bail-in, in its simplest terms, is the inverse policy of what was done under Franklin D. Roosevelt's Glass-Steagall Act and the 1933 Banking Act generally. Under bail-in the bank survives, the depositors do not. As is stated in an IMF review of the policy from April 2012, "The statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed institution." In the case of resolving a distressed globally active, systemically important, financial institution (GSIFI), bank creditors, specifically those whose assets exceed the FDIC insurance cap, will be subject to expropriation. This is not normal bankruptcy. Accounts and assets are seized and/or converted to stock under the resolution authority. The institution is prevented from failing. Values of securities are not written down through sale on the open market. And this is done to guarantee the continued operation of the financial institution and the "stability" of the financial system.
This report provides the evidence, primarily using the text of laws, charters, and the language of the administrators of the bail-in regime, to demonstrate that the United States of America is being subject to the premeditated scheme of an international syndicate to establish laws and treaties contrary both to the interests of the United States, and the spirit and the law of the U.S. Constitution. The Dodd-Frank Act, as currently written, has no evident provision that would prevent the overall effect of mass economic deprivation of the targeted subjects, the American citizenry. Such deprivation across the spectrum of economic activity would invariably lead to a sharp increase in the nation's death rate, as a direct consequence of the enactment of this law. If this Act is not nullified, the result of its enactment will be the mass destruction of U.S. citizens through economic means. The fact that this has not been stated openly, other than in the following report, does not improve the arguments of those who fail to annul this law.
Before this law goes into effect, as a result of any among a vast variety of financial crises waiting to happen, Dodd-Frank must be overridden by the passage of Glass-Steagall. The 2010 Dodd-Frank Act must be nullified immediately by its repeal and the simultaneous passage of the Glass-Steagall Act as drafted in Senate Bill 985 and and House of Representatives Bill 129.
Anglo-Dutch Empire Is the Structure of Evil and The Only Real Enemy Of Mankind
May 30th, 2013 • 2:23 PM
Prince Philip.
If the American people can understand the true intentions of the Dodd-Frank bill, they are half-way to understanding that the true enemy of mankind is the British Empire, with its policy of willful genocide. Anyone considering the absurdity of the bail-out and bail-in policies embedded in Dodd-Frank and the Fed's quantitative easing, can easily see that all the money targeted for looting doesn't come even close to covering the more than a quadrillion dollars in pure gambling debt that has been accumulated since 2001.
The real intention of these fake measures is mass genocide. Do not second-guess the Queen. The policy of the British Crown is to wipe out more than 80 percent of the human race in the fastest and most efficient manner possible. It is a matter of life and death for all Americans to understand the nature of this oligarchical beast known as the Brutish Empire. To facilitate this vital proposition, LPAC will be producing a series of graphic displays of the true nature of the British Empire, from the evil Bitch on down to the lowly tools like Barack Obama, Tony Blair, Al Gore, etc., who occupy the lowest rungs of Hell.
The structure of the Empire starts at the top with the Crown. The Queen actually exercises power over a vast global imperium. Under the British Commonwealth, over 50 nations, occupying 1/3 of the landscape of the planet, 1/3 of the world population, and a higher percentage of the vital strategic mineral and energy resources, are controlled to one degree or other by the Crown. In 16 countries, the Queen is the absolute sovereign.
This formal structure of the Empire is but one tentacle of the global power. The City of London is the headquarters of a global financial system that extends to every continent, with offshore havens. It is the system of private oligarchical finance that is the dominant system ruling the planet. Since the dismantling of FDR's Bretton Woods System and Glass-Steagall, all of the leading financial institutions, from the IMF and the World Bank to the Federal Reserve, the ECB, and all of the TBTF banks, are part of a single looting system that has built up a derivatives pyramid of an estimated $1.4 quadrillion.
Since Maastricht and the Bush and Obama Administrations, there has not be an iota of true national sovereignty in the trans-Atlantic region. So, the issue is not loss of sovereignty. The issue is genocide.
The British Empire deploys a vast structure to carry out this genocide.
You have the worldwide environmental movement, which was openly described in the immediate postwar period as the revival of eugenics under a more benign name. The greatest source of genocide in the world today is the green policy, which, for example, turns food into kerosene at a time when the planet is facing severe food shortages. Major parts of Africa are WWF run game preserves which are staging grounds for provoking tribal wars and other genocide, assassinations of any independent-minded political leaders, and other mischief.
The British Empire is also behind every element of worldwide terrorism. Dope, Inc. is one arm of the genocide, fueling narco-terrorism on every continent, while also promoting direct menticide through drug addiction. The drug money feeds the offshore financial system and is now an indispensable part of the imperial financial system.
For the past 400 years, the British Empire has maintained a vice grip of control over the Arabian Peninsula, dating back to the East India Company heyday when the emirates were the critical ports of call en route to India. Since Sykes-Picot the British control over the Persian Gulf region, as well as Israel, has been a dominant factor. Now, the British are exploiting their merger with the Saudi Royals and the Wahhabi clergy to promote a new Hundred Years War pitting Sunni against Shi'ites across all of Eurasia and Africa.
Under the Bush and Obama presidencies, the British have accelerated the outright destruction of the U.S. economy. The two legislative "accomplishments" of Obama — Obamacare and Dodd-Frank — have been nothing but mass kill programs. The power of Wall Street money and lobbying over the U.S. Congress is another shameful element of the long reach of the City of London and its Manhattan and Boston appendages.
The British Monarchy Controls the Bailout Process
May 31st, 2013 • 9:23 AM
Queen Elizabeth II.
When the global financial blowout exploded into public view in September 2008, the British Monarchy moved quickly to take control of not only the bailout process, but also of the reorganization of the global system that would take place behind it. Representatives of the Queen, the Bank of England, and the powerful banking interests of the City of London met to form the apparatus which would, under the guise of "saving the money," lure the world over a genocidal cliff.
The command center for the operation was the London executive offices of Standard Chartered Bank, a bank which — much like HSBC — grew out of the British Empire's opium, slavery, and looting operations. The team included investment bankers from UBS (the new home of S.G. Warburg), the Queen's stockbroker JPMorgan Cazenove, and Citigroup, the UK Treasury, and Privy Councillor Baroness Shriti Vadera, among others. The group devised a plan to inject capital directly into the banks, an approach which had been rejected by U.S. Treasury Secretary Hank Paulson in favor of having the government buy troubled assets. Under pressure, Paulson capitulated, and the U.S. went with the British plan.
To head the operation the Monarchy selected Credit Suisse and its chief in the UK, James Leigh-Pemberton. The selection of Leigh-Pemberton gives insight into the relationship between the Monarchy and the City, and how the British Empire is actually run. He is the son of former Bank of England Governor and Order of the Garter member Robin Leigh-Pemberton, and is the Receiver-General of Prince Charles's Duchy of Cornwall, where he continues his family's long ties to the Royal Family. Prior to joining Credit Suisse, James Leigh-Pemberton spent 15 years at S.G. Warburg (where he was a protege of Sir Siegmund Warburg). He is also a director of Lord Jacob Rothschild's flagship RIT Capital, and thus is tied to two of Britain's most powerful banking dynasties, both of which have long-standing ties to the Monarchy.
The chairman of Standard Chartered at the time, Mervyn Davies, was also chairman of Fleming Family & Partners, the "family office" of the powerful Fleming Family dynasty, which sold its own bank, Robert Fleming & Co., to Chase Manhattan in 2000. The Fleming family has long been close to the Keswicks, of Dope, Inc. infamy, and produced Ian Fleming, the spook turned author who created James Bond. Additionally, FF&P director Lord Renwick of Clifton was vice-chairman of investment banks at JPMorgan in London, and FF&P director Lord Waldegrave of North Hill was vice-chairman of investment banking at UBS and chairman of the Rhodes Trust (the estate of Cecil Rhodes).
Thus, the bailout has, from the beginning, been run by the oldest and dirtiest elements of the British Empire, and the same elements which created the global casino in the first place. This incestuous cabal is what controls the Federal Reserve, the BIS, the ECB, the IMF, the Financial Stability Board, and other supranational agencies, and is using the collapse of the financial system to impose a global genocidal dictatorship.
Glass-Steagall Resolution Introduced in New York State Assembly!
May 29th, 2013 • 5:24 PM
This afternoon, the resolution, K490, sponsored by Assemblyman Phil Steck (D-Schenectedy), was introduced. K490 currently has 19 co-sponsors, including 3 Republicans. It has been referred to the Committee on Banks.
The resolution urges the U.S. Congress to support the efforts to "reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act, and to support H.R.129 - the Return to Prudent Banking Act of 2013."
The Resolution states:
WHEREAS, An effective money and banking system is essential to the functioning of the economy; and
WHEREAS, Such a system must function in the public interest, without bias; and
WHEREAS, The Federal Banking Act of 1933, commonly referred to as the Glass-Steagall Act, was written, as stated in its introduction: to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes; and
WHEREAS, Since 1933, and for 66 years, the Glass-Steagall Act protected the public interest in matters dealing with the regulation of commercial and investment banking, in addition to insurance companies and securities; and
WHEREAS, The Glass-Steagall Act was repealed in 1999, permitting members of the financial industry to exploit the financial system for their own gain in disregard of the public interest, contributing to the greatest speculative bubble and worldwide recession since the Great Depression of 1933; and
WHEREAS, The worldwide recession has left millions of homes in foreclosure; has cost the loss of millions of jobs nationwide; and has put severe financial strains on states, counties and cities, exacerbating unemployment and loss of social services; and
WHEREAS, Many of the financial industry entities were "bailed out" by the United States Treasury at a cost of hundreds of billions of dollars to American taxpayers; and
WHEREAS, Within the high-hundreds of pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act, there are no prohibitions that prevent "too big to fail" commercial banks and bank holding companies from investing in, or undertaking, substantial risks involving speculative securities and trillions of dollars of derivatives exposure;
and
WHEREAS, The American taxpayers continue to be at risk for the next round of bank failures; and
WHEREAS, The United States Senate and House of Representatives have been making efforts to restore the protections of the Glass-Steagall Act; and
WHEREAS, Congresswoman Marcy Kaptur (D-OH), and Congressman Walter Jones (R-NC) have introduced H.R. 129, known as the Return to Prudent Banking Act of 2013, which calls for reviving the separation between commercial banking and the securities business in the manner provided in the Glass-Steagall Act; and
WHEREAS, In the previous 112th Congress, the Return to Prudent Banking Act of 2011 (HR 1489) had listed as co-sponsors from New York: New York Congressmen and Congresswomen Louise McIntosh Slaughter (D-NY), Edolphus Towns (D-NY), Rep. Charles Rangel (D-NY), Yvette D. Clarke (D-NY), Paul Tonko (D-NY), and Maurice Hinchey (D-NY); and was endorsed by The Port Jervis City Council, The Rochester & Genesee Valley Area Labor Federation AFL-CIO, The Common Council of the City of Buffalo, NY, and The United Federation of Teachers, representing the 5 boroughs of New York City; and
WHEREAS, The reinstatement of Glass-Steagall, and H.R.129 also has widespread national support from prominent economic, banking, labor, academic, legislative and business leaders, many of the major and respected national newspapers and many others; now, therefore, be it
RESOLVED, That the Congress of the United States be and hereby is respectfully memorialized by this Legislative Body to support H.R.129, and enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act, prohibiting commercial banks and bank holding companies from investing in stocks, underwriting securities or investing in or acting as guarantors to derivative transactions, in order to prevent American taxpayers from being called upon to fund hundreds of billions of dollars to bail out financial institutions, as well as secure a safe American banking system, which can protect deposits, and supply needed credit for a productive economy; and be it further
RESOLVED, That copies of this Resolution, suitably engrossed, be transmitted to the President of the Senate of the United States, the Speaker of the House of Representatives, to each member of the Congress of the United States from the State of New York, and Congresswoman Marcy Kaptur.
An Israeli Grenade in British Hands Could Start World War III
May 31st, 2013 • 9:11 AM
Benjamin ("Bibi") Netanyahu.
High-level Israeli intelligence officials flew to Moscow on Tuesday to press the Putin government to cancel plans to send sophisticated S-300 air defense systems to Syria. Those systems would be capable of intercepting Israeli fighter jets inside Israeli territory. Top officials of the Netanyahu government have threatened that they would destroy the S-300 systems before they could be installed.
In effect, Israel is threatening to take military action against Russia, given that Russian technicians will be involved in every step in the installation and manning of the SA-300 systems. Yival Steinitz, Minister of Strategic Affairs and Intelligence in the current Netanyahu government, told reporters in Jerusalem on Tuesday that "We don't want to get involved in the [Syrian] civil war, but we will defend ourselves as we always did." An unnamed Israeli diplomat interviewed by the Guardian, today, betrayed a degree of strategic insanity, telling the Guardian's Phoebe Greenwood, "I don't know how upset the Russians would be if, at some point between payment and the installation of this technology in Damascus by Russian experts, something was done to damage the weaponry. As long as no Russians were hurt and they got paid, I don't think they would care."
Yesterday, Ha'aretz reported that, last week, Netanyahu's national security advisor, Yaakov Amidror, briefed the 27 European Union ambassadors to Israel about the Israeli plans to prevent the Russian S-300s from being deployed. According to one of the participants in the closed-door briefing, Amidror made clear that Israel would take action to "prevent the S-300 missiles from becoming operational." In his own meetings with European foreign ministers, Prime Minister Netanyahu had said that "If the missiles are provided and become operational, Israel's entire airspace will become a no-fly zone. The missile transfer is a significant security challenge to Israel, and we will not be able to stand idly by."
The reality, as Lyndon LaRouche has been warning for some time, is that any such Israeli strike on Russian S-300s inside Syria could be the trigger for a global war — a war that would wind up as a thermonuclear war.
Leading military analysts have come to the same conclusion. Col. W. Patrick Lang, the former head of all DIA operations in the Middle East, who now runs a widely-read blog, wrote today about the Israeli threats to attack the S-300s.
"What a great way to start WW3 this would be. Israel attacks Russian missile deliveries, kills Russians, Russians attack Israel... Presto! The Guns of July. Guess who would lose the most in that deal. What the hell are we playing at?"
Lang also denounced the folly of the Obama Administration and Congress's bungling of the Syria mess. "And then there are the two Johns. McCain can't help himself. He has become a raving madman bent on war everywhere against anyone available. Kerry is just pathetic, a bumbling, conceited fool who thinks charm is the touchstone that will open all doors for him."
There are conflicting reports out in the Arab press that President Assad told reporters that Syria has already received the initial shipments of S-300 systems.
LaRouche, Schiller Institute Conference Featured in Russian Weekly "Zavtra"
May 31st, 2013 • 9:14 AM
May 30, 2013 (EIRNS) — This week's issue of the Russian weekly newspaper Zavtra has a front-page article, with a full-page jump on page 2, on the April 13-14 conference of the Schiller Institute, held in Floersheim, Germany, near Frankfurt. Presented from the standpoint of the participation of the Russian Izborsk Club delegation of Alexander Nagorny, Andrei Fursov, and Mikhail Delyagin in the conference, the coverage features extensive quotations of Lyndon LaRouche on the existential war danger to all humanity, the threat from the British Queen-orchestrated genocide policy, and Glass-Steagall as the beginning of a way out. The Frankfurt conference resolution on Glass-Steagall and a Hamiltonian credit system is quoted.
Zavtra has a print circulation of 100,000 copies, as well as its following on the web. It is widely read in influential circles, from the State Duma to the Kremlin. Its coverage of the conference emphasized the contributions of the Izborsk Club members, while providing a link to the now-complete posting of the conference videos on the Russian-language site of the LaRouche movement (http://www.larouchepub.com/russian/video/index.html).
The front-page lead article reads as follows, under the headline "Humanity's Last Chance: from the Schiller Institute Conference in Franfurt-am-Main":
"An international conference of the Schiller Institute took place in Germany on April 13-14, dedicated to a new paradigm for the survival of mankind, with panels on 'Hope for the Future,' 'Energy Security in the 21st Century,' 'Eurasian Integration,' and 'Life after the Euro.' Representatives of 27 countries took part, among them a delegation of the Izborsk Club composed of Alexander Nagorny, Mikhal Delyagin, and Andrei Fursov. We offer our readers a brief summary and some of the proceedings of the conference, which may be seen in full on the Schiller Institute sites [1].
"Opening the conference, Helga Zepp-LaRouche stated that mankind is better than today's oligarchy can imagine, and deserves a better fate than the catastrophe being prepared for it. 'Our goal," she said, 'is to inspire a new paradigm in the history of mankind,' based not on the power of money, but 'reflected in the true identity of the human species, man as a cognitive being whose identity is that of a creative species.'
"'We're in a situation now, where mankind is in the greatest danger of virtual extinction of the species ever known to us in historical times. ... [N]ever before, since prehistorical times, has mankind ever faced a danger to the human species as great as the world as a whole faces today,' said Lyndon LaRouche. He explained that billions of people are doomed to die of hunger or disease, unless we change the current global system by which mankind is ruled. 'It's an insane thing not to use nuclear power,' he said, since nuclear power can provide mankind with the energy it needs to solve all the tasks confronting it.
"LaRouche said that the energy deficit is being created artificially. 'And the rate of production of necessities is falling, and it's falling at an accelerating rate,' he added. He said that Weimar hyperinflation was nothing, compared with what faces us now. 'The policy being implemented ... is to reduce the world's population to somewhat on the order of magnitude of 1 or 1.2 billion people. That policy is a policy of deliberate genocide.' LaRouche said that Barack Obama was implementing precisely this policy, worldwide, including the the USA, Russia, and the Middle East. He added that the Queen of England, through her puppets in the European Union, and through the euro itself, was imposing the same policy on the nations of Central and Southern Europe.
"The solution, LaRouche said, is to immediately halt the emission of 'empty' money, and instead link money to real assets by adopting laws analogous to the Glass-Steagall law in the USA, which had been in effect from 1933-1999, until its repeal during the Clinton Administration. He said that full use must be made of nuclear power, with a transition to thermonuclear fusion power, which will free mankind to realize his creative potential.
"Also noteworthy were the presentations by Jacques Cheminade (France), Daisuke Kotegawa (Japan), Cui Hongjian (China), Natalia Vitrenko (Ukraine), Craig Isherwood (Australia), Nino Galloni (Italy), and Eduardo Greaves (Venezuela), which provided a comprehensive ideological, political and socioeconomic vision of an alternative conception of the global development of humanity. The conference adopted a resolution, expressions support for the reinstitution of the Glass-Steagall law in the USA, as well as the adoption of similar legislation in other countries, as a mandatory condition for overcoming the dictatorship of global 'financial fascism,' as Jacques Cheminade put it."
The page 2 full-page jump includes Mikhail Delyagin's speech "The Global Crisis: Why Mankind Needs Russia" (see EIR, May 3) in full, in addition to excerpts from the presentations by Nagorny and Fursov. Zavtra deputy editor Nagorny supplemented his text with this explanation of the Izborsk Club perspective:
"We realize full well that the current power system in Russia, including the 'vertical power structure' that has been established, is far from corresponding to the parameters needed for getting out of the current dead end, and that they are very far from even understanding the tasks before them.... But we believe that the logic of historical development will take the upper hand over narrow group and clan interests within the upper echelons of the Russian leadership, and that it is possible and doable to transform the 'vertical power structure.' And one of the main goals of our activity is to promote such a transformation in every possible way, by word and deed."
The Zavtra package concludes with this excerpt from the Frankfurt Resolution:
"We must also replace the present monetary system with a public credit system in the tradition of Alexander Hamilton, based on national banking, in order to finance reconstruction of the world economy. That implies each country's sovereignty over its own currency.
"If mankind is to have a future, we must end the present policies of conflict resolution through war, and agree on the common aims of mankind, such as overcoming poverty on Earth, and defending the planet against the very real dangers from outer space through the policies of the Strategic Defense of Earth.
"The immediate implementation of Glass-Steagall is the absolutely irreplaceable mandatory first step, without which none of the other objectives has any chance of realization."
Lyndon LaRouche's May 31st, 2013 Webcast
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