Monday, October 17, 2011
By Jim Kirwan
"Do you want to know the real reason banks aren't lending and the PIIGS have control of the barnyard in Europe?
It's because risk in the $600 trillion derivatives market isn't evening out. To the contrary, it's growing increasingly concentrated among a select few banks, especially here in theUnited States.
In 2009, five banks held 80% of derivatives in America. Now, justfour banks hold a staggering 95.9% of U.S. derivatives, according to a recent report from the Office of the Currency Comptroller.
The four banks in question: JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Bank of America Corp. (NYSE: BAC) and Goldman Sachs Group Inc. (NYSE: GS).
These are four of the Big-Six Banks that people are pulling their money out of NOW. Six-Hundred-Trillion dollars is a huge payday; so WHY aren't any of the agencies responsible for protecting the people of this country, even remotely interested, in preventing this CRIME!
At the very least this is a HUGE CRIME IN PROGRESS, that has been discussed worldwide; yet our own government's criminal agencies have yet to even blink. Since seven months BEFORE 911, the FBI has occupied itself with hunting down innocent Americans, spying on us 24-7 and even creating 17 separate fake bombing stories in which they turned out to be both the originators of the idea and the agency that furnished the money & the material to supposedly catch terrorists: only to have the whole thing in each case, blow up in their filthy-un-American faces? (2)
Now this story has surfaced and AGAIN, where is the un-American FBI they're protecting the bad-guys, as usual, when what they should be doing is insuring that the public is not robbed blind: AGAIN!
"Derivatives played a crucial role in bringing down the global economy, so you would think that the world's top policymakers would have reined these things in by now - but they haven't. Instead of attacking the problem, regulators have let it spiral out of control, and the result is a $600 trillion time bomb called the derivatives market.
Think I'm exaggerating?
The notional value of the world's derivatives actually is estimated at more than $600 trillion. Notional value, of course, is the total value of a leveraged position's assets. This distinction is necessary because when you're talking about leveraged assets like options and derivatives, a little bit of money can control a disproportionately large position that may be as much as 5, 10, 30, or, in extreme cases, 100 times greater than investments that could be funded only in cash instruments.
The world's gross domestic product (GDP) is only about $65 trillion, or roughly 10.83% of the worldwide value of the global derivatives market, according to The Economist. So there is literally not enough money on the planet to backstop the banks trading these things if they run into trouble.
Compounding the problem is the fact that nobody even knows if the $600 trillion figure is accurate, because specialized derivatives vehicles like the credit default swaps that are now roiling Europe remain largely unregulated and unaccounted for." (1)
So are we to believe that there is absolutely nothing that can be done about this "Crime of the Century" that continues to unfold? The smallest of the victims here are the people who still have their accounts in these Mega-banks that are now attempting to lock out their customers and otherwise are scrambling to prevent people from taking their hard earned money out of these criminally-connected banks!
The rest of the public that has yet to act needs to begin to move very swiftly TOMORROW, to insure that they can get their money back before these Banking Monstrosities implode!
1) Derivatives the $600 Trillion Time Bomb that's set to explode
2) The Judge Accuses FBI & Our Government of being the Real Terrorists
U.S. CAN DEMAND ARBITRATION
OVER ALLEGED IRANIAN PLOT
By Sherwood Ross
“If the Obama administration truly believes it has credible evidence that Iran was behind this alleged plot to assassinate the Saudi diplomat on the streets of Washington D.C., then it must invoke the Protection of Diplomats Convention(PDC) and demand arbitration of this claim with Iran,” a distinguished American authority on international law says. The diplomat Iran is accused of plotting to kill is the Saudi ambassador to the U.S.
“In the event Iran were to reject such arbitration, then the Obama administration could sue Iran at the International Court of Justice in The Hague, the so-called World Court of the United Nations System,” says Professor Francis Boyle of the University of Illinois, Urbana-Champaign.
Boyle recalled that during the Iranian Hostages Crisis, “the International Court of Justice rendered an overwhelming victory on behalf of the United States against Iran that played an important role in the successful resolution of that crisis. So the World Court is an eminently fair institution to resolve this latest international dispute between Iran and the United States.”
On the other hand, Boyle continued, “If the Obama administration’s real motivation is to concoct and manufacture a pretext for a crisis resulting in provocations and hostilities, it will continue to argue its so-called case to the Western news media which is inherently biased against Iran, instead of resorting to this regularly established and already proven to be effective international judicial dispute settlement procedure.” The PDC was adopted by the United Nations General Assembly in 1973.
Boyle has been involved in major international cases challenging U.S. defense policy on nuclear and biological warfare activities and against its preemptive wars. He is the author of numerous books on these issues, including, “Tackling America’s Toughest Questions,” (Clarity Press), and he was responsible for drafting the Biological Weapons Convention.
The headlines about the alleged conspiracy have successfully sensationalized U.S. charges. There was no comparable publicity in U.S. media when Iranian nuclear scientists have been actually assassinated.
Over the past several years three Iranian scientists involved in that country’s nuclear effort have been murdered, the most recent this past July. (An attempt on the life of a fourth scientist was foiled.) The Times said the killings are widely believed to have been the work of Israeli agents and were conducted “with tolerance from the United States.”
Also, as the Times reported: “Both countries (Israel and America) are believed to have worked in recent years to sabotage Iran’s program to enrich uranium, smuggling damaged components into Iran’s supply chain and destroying centrifuges by planting the so-called Stuxnet computer worm.”
The goal behind those actions appears to be to continue Israel as the dominant nuclear power in the region. Israel, which declines to cooperate with the International Atomic Energy Agency, is believed to possess some 200 nuclear warheads. It has not signed the Nuclear Nonproliferation Treaty of 1996 and refuses to allow international inspection of its facilities. Iran, by contrast, has no nuclear weapons and the former head of the IAEA said recently there is no evidence that Iran is attempting to build one.
Gary Sick, an Iran expert at Columbia University told The New York Times October 15th, “The Iranians absolutely believe the U.S. and Israel have been carrying out a covert campaign against them and clearly they are right.”
Resorting to assassination, though, would be the worst possible response for Iran. Given past official Iranian statements disavowing retaliation for the murders of the three scientists, the new charges brought by the U.S. about the Saudi ambassador plot must be viewed with some skepticism. According to the Associated Press, an Iranian official has said Iran would not retaliate for the “ugly phenomenon” of the killing of their scientists. By refraining from any revenge killing for its scientists, Iran has sought to place itself on the high ground in the dispute.
(Sherwood Ross is a Miami-based public relations consultant for good causes and director of the Anti-War News Service. He formerly reported for major dailies and worked as a columnist for several wire services. Reach him at email@example.com)