Our allies are being bold and you are seeing more evidence of their work to bring out the truth, and to put in action the long overdue plan to clear out the dark Ones. It shall continue and become more widespread, and it is revealing to us who amongst you are still under their influence. It is fear and favour that keeps others under their control, and we are intent on changing such situations. As you are also seeing, political parties from all over the world are revealing their true colours with little compassion or action to deal with the heavy burden being placed upon the people, resulting from the criminal activities within the banks. We shall introduce the forgiveness of debt, as it is clearly the only way to enable every country and those individuals worst effected to recover and start anew. That will come with new technologies and other innovations that will put your feet firmly in the New Age.
The Internet continues to be your best source of information, but people are still taken in by disinformation websites. Dear ones if the information they give does not ring true set it aside, and also if it advocates the use of violence it is certainly not of the Light. Stick to what you have found to be reliable and well tried and tested. In time you will not need as much reliance on the Internet as you do now, as it will not be too long before we can give our own broadcasts. Everything is ready for such advancements, and as usual it is a matter of timing. Your involvement in these matters is important, but if it became a necessity, we would go ahead alone as the changes must soon commence as planned. However, whatever situation comes up it presents no real problem to us, as we allow for all possibilities.
The issues that are presently expressed through religion, will need a complete re-assessment if you are ever to progress. On the one hand you do not necessarily need teachers as all knowledge is within, but because you have not been given the truth it will help to guide you onto the correct path. As it stands you are getting nowhere fast, and still bound by inaccuracies and absolute falsehoods. There are many decent and loving souls within the churches, and their true potential will not be released until they can break away from religious controls. Your time and energy will be better used furthering your own understanding. This is not to infer that all religious teachings are unhelpful, but they are confusing and misleading compared to the truth. You have freewill choice and it will be up to you to decide how your future development proceeds.
We come to you for many reasons and we make a point of informing you that we are all One. We may be from quite different civilisations and in some respects appear different to you, but like you we are experiencing life as you also do for your spiritual evolution. At a higher level there is no difference at all as we come from the same Source, but have simply elected to follow different paths. Like myself as a Sirian, quite a few of the Galactic Federation of Light members are directly linked with you, as you came to Earth from their civilisations to be of service. You will find that “service to others” are the key words once you move out of duality into the higher dimensions. We are One in all we do, not just for the millions upon millions of souls in the Universe, but for all life including the planets, as they also have a high level of consciousness. It is not without reason that you talk of the Earth as Mother Earth, and when you understand her role pay her due respect and gratitude for what she does for you.
There are many subjects that up to know [now] have not been fully explained, as there has to be an appropriate time when your level of consciousness is ready to receive advanced knowledge. It would be no good overloading your brain with material that was too far ahead of your present understanding. Up to now spiritual evolution has come slowly and allowed you through personal experience to integrate it into your understanding. These processes have however been speeded up to hasten your progress towards Ascension. It is because there are those amongst you who have moved ahead, and ready to go much further.
Duality has in some ways sorted out the wheat from the chaff, and we do not mean that in a derogatory way but there is great chasm between those who have advanced themselves, and those who have not. Clearly the time has come for the Ascension of those who are ready, and should no longer be held back. Having the intent to ascend is a start but it must continue with an expanding consciousness. Thus your vibrations are lifted up and as long as your sights are focused on bringing more Light to yourself, you are certain to be one who ascends. That opportunity has been open to every soul, and it is no disgrace if you have not yet reached that point. There is no limit to the time you can take to prepare yourself, and it would not be expected that everyone would reach the same level together. That is where your freewill comes in although you are naturally encouraged to raise your vibrations at every opportunity. As a group your experiences are not complete until the very last soul has returned.
You presently have no way of knowing what a marvellous achievement you have made in having overcome the attention of the dark Ones. They have tried every trick in the book to prevent you ascending and rising up again into the Light. It would be true to say that things were loaded against you, but that was by design and it was known that it would be hard going. However, it was also realised that if you won the battle your gains would be enormous. That Dear Ones is where you stand now, and have achieved a wonderful expansion of consciousness, that will remain with you. Not all ascended Beings have taken the same remarkable path as you have chosen. Now do you see why in your Universe you are looked upon as very special souls. It is not egotistical to accept such adulation, as you are entitled to give yourselves a pat on the back for your achievements.
I am SaLuSa from Sirius, and would confirm that as slow as events are unfolding they are nevertheless taking off, and will continue to escalate until the momentum proves to be unstoppable. We send our love to you Dear friends and fellow co-workers, because that is what you are.
The second Barclays announced its $450 million Libor settlement, it was all over – the lawyers smelled not only blood, but what may be the biggest plaintiff feeding frenzy of all time. Which is why it was only a matter of time: “State attorneys general are jumping into the widening scandal over whether banks tried to manipulate benchmark international lending rates, a move that could open a new front against the top global banks. A handful of state attorneys general said they are looking into whether they have jurisdiction over the banks, and are starting preliminary discussions to determine what kind of impact the conduct involving the Libor rate may have had in their states.”
“Our office is aware of the allegations around the manipulation of the Libor, and we are working with other state agencies to determine whether Massachusetts has suffered any losses as a result,” a spokesman for Massachusetts Attorney General Martha Coakley said. A spokesman for Florida Attorney General Pam Bondi said his office is aware of the recent settlement reached by British bank Barclays with U.S. and UK authorities and “will look at the case to the extent that our office might have any jurisdiction in the matter.”
A spokeswoman for the Massachusetts transportation authority, MassDOT, said the agency “is actively investigating its portfolio for the purpose of determining if it was underpaid on its bonds due to the brewing Libor situation,” as are many other issuers of debt whose rate is governed by Libor.
Lawyers for several states have had early discussions about whether they might pool investigative resources and launch a broader, multi-state effort, but no formal consortium has been established yet, people familiar with the discussions said. New York might be expected to lead such an effort, since most of the banks’ U.S. operations are based there. A spokesman for the New York attorney general declined comment on whether the issue is being looked at.
Some municipalities, including the city of Baltimore, and funds including the Frankfurt-based Metzler Investment GmbH, which manages 47 billion euros ($59 billion) in assets, have already sued more than a dozen banks, arguing they were bilked of potentially billions of dollars.
How many potential lawsuits are we talking about here? Quite a bit in fact as the FT explains:
There are at least 900,000 outstanding US home loans indexed to Libor that were originated from 2005 to 2009, the period the key lending gauge may have been rigged, investigators have said. Those mortgages carry an unpaid principal balance of $275bn, according to the Office of the Comptroller of the Currency, a bank regulator.
Also, as explained here before, not only is this a legal bonanza, but it will be a political feast for the Congressional circus to earn numerous C-SPAN brownie points.
“I think the US government should be just as aggressive in getting to the bottom of this scandal as the United Kingdom has been,” said Senator Sherrod Brown, chair of the bank regulatory subcommittee on the Senate banking committee.
“This was not isolated to London, but affected tens of millions of investors, borrowers and taxpayers in our country as well,” Mr Brown added.
NEW YORK — The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case.
Share prices for both — as well as Bank of America, which has not said if it was asked for information — have fallen sharply this week amid worries they could be in line for the type of heavy fines laid on Britain’s Barclays Bank, at the center of the scandal.
Barclays has been fined $452 million (360 million euros) by British and US regulators for attempted manipulation of the markets for Libor and Eurobor benchmark interest rates between 2005 and 2009.
Three top Barclays executives have resigned and on Friday Britain’s Serious Fraud Office said it would formally investigate the case, which has dented London’s reputation as a top financial center.
But speculation runs to other banks because the Libor rate is set based on information from 16 international banks, and many think that manipulating it would take more than one bank.
The issue affects not just banks but commercial and retail borrowers around the world — in the United States, the payments of a floating rate home mortgage loan are often tied to the Libor base rate.
With news breaking in the last 24 hours that there is now a coordinated effort to print money globally, I thought it appropriate to mention one of the most outspoken economists who has helped me to understand how this must play out. To understand what is now transpiring in the global financial markets, you must turn to one of the key players who has elucidated in great detail this exact phenomenon – in advance.
His name is Jim Rickards, and in 2011 he wrote the book Currency Wars which predicts a de-facto return to the Gold standard due simply to his conclusion that all paper money will be printed into worthlessness. Jim is clear that this will happen whether we like it or not; it will either be a conscious transition or a chaotic collapse.
Jim is extremely well versed on the technical aspects of this, but is still able to eloquently explain the mechanics so those of us who aren’t academics can understand. A cursory review of his Wikipedia page should interest anyone who is seeking technical reasons as to why the central banks of the world are now acting in such a globally coordinated way to lower interest rates despite already being at historic lows.
Rickards worked on Wall Street for 35 years.[8] In 2001, he began using his financial expertise to aid the U.S. national security community and the U.S. Department of Defense.[9] From 2002 to 2006, he advised clients of an impending financial collapse, of a decline in the dollar and of a sharp rise in the price of gold, years before any of these events took place.[10]
Rickards is now the senior managing director for market intelligence at Omnis, Inc.,[7] a consulting firm.[3] On March 24, 2009, Rickards presented his view at a symposium at Johns Hopkins, that the U.S. dollar is vulnerable to attack from foreign governments through accumulation of gold and establishment of a new global currency.[11] The same week, Zhou Xiaochuan, governor of the People’s Bank of China, called for a new currency to be introduced and operated by the International Monetary Fund to replace the dollar as the basic unit of international commerce.[11]
On January 29, 2012, on Bob Brinker‘s radio program, Rickards stated his belief that the U.S. has been in a depression since 2007. He backed this assertion by pointing out the existence of a major component of previously seen U.S. depressions, the prolonged high rate of unemployment.
13 Investigates has learned the tables are turned on a federal agency feared for its ability to audit taxpayers. The IRS is now the focus of a year-long audit, thanks to federal employees who are blowing the whistle.
Howard Antelis does not look intimidating.
The soft-spoken, gray-haired Midwesterner wears khakis and drives an old SUV. He spends most of his free time on a softball diamond, playing with his dogs and delivering meals to the elderly.
But behind the laid-back, guy-next-door image is a longtime federal employee with a dogged personality and a tenacious sense of duty.
And right now, Howard might just be the IRS’s worst nightmare.
“I’m horrified and ashamed and embarrassed by what I’ve seen. It’s not supposed to be like this,” he told 13 Investigates. “We’re supposed to protect taxpayers, so somebody had to say something.”
Abuse and fraud
Howard is a tax examiner at the IRS’s ITIN processing center in Austin, Texas.
The large, unmarked building in south Austin is where the IRS decides whether to issue an Individual Taxpayer Identification Number to the millions of illegal immigrants who apply for them. An ITIN allows undocumented workers to file tax returns and pay taxes, a legal requirement for those who earn income in the United States … even those who come to the country illegally.
But 13 Investigates discovered the ITIN system is plagued by abuse and fraud.
A four-month Eyewitness News investigation documented how many illegal immigrants use ITINs to get tax credits and refunds they’re not entitled to. WTHR also exposed how millions of undocumented workers get their ITIN applications approved using phony documents.
After seeing WTHR’s investigations, Howard contacted 13 Investigates to say the problems inside the ITIN processing center are more serious and systemic than originally reported.
It’s escalating. Following the resignation of Barclays’ Chairman this morning, the government announced a twin probe into the Libor system and banking standards; and Bob Diamond (Barclays CEO) is threatening, according to the FT, to reveal potentially embarrassing details about Barclays’ dealing with regulators if he comes under fire at a parliamentary hearing on Wednesday over Lie-borgate. Unlike his almost-namesake Jamie Dimon who suffered through the indignity of a congressional probing,
Bob has gone all Mutually Assured Destruction with confrontational tactics that could further aggravate the fraught relations between the bank and the authorities. “If he is attacked, he will fight back” seems to be well understood and the key aspect – as we have pointed out – is that if this is pursued too vehemently then the whole house of cards could come down as [regulators and politicians] “likely knew perfectly well those rates were not the ones where banks were prepared to lend to each other”. So much was made at the time of several of these short-term liquidity measures as indicative of ‘no’ stress to the ignorant investing public when credit market participants were well aware of the state of reality – perhaps it is worth a glance at the current levels of Lie-bor (especially relative to EUREPO
and CDS curves) to get a sense of just what could happen if the truth was ever allowed out into the public eye. M.A.D. indeed.
I was having a bit of writer’s block yesterday, actually going so far as to do a 15 minute audio recording last night that I ended up not liking. Fact is, the information seems to be coming so fast now I am just having a delay in processing time as I digest the news. Everyone seems to feel an acceleration, a quickening of events so it’s important to step back and fit the puzzle pieces together. Some call this the “big picture,” and we’ve been hearing some lofty claims of very positive shifts happening…SOON. Turns out I posted an article in haste which has so many gold nuggets buried, it took a day for them to shine through.
At the bottom of this post, Drake has posted a new note regarding the GREENLIGHT he issued which has been discussed since he began giving broadcasts. This was given officially around 8:20 EST Wednesday night, and is posted at his blog American National Militia. Before you read it though, try and keep these key points in mind, as I think they must be telling us something critical.
It’s the economy, silly!
Yesterday I posted an article from Reuters which has been mentioned in many places but didn’t receive quite the attention I thought it should, especially for all those “aware” of the mass arrest scenario. If you haven’t read this article, take 20 minutes and really read it over carefully. It took me 2 or 3 read overs to fully grasp the immensity of what it was suggesting;
Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.
The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. The living wills could be as long as 4,000 pages
Did I hear that right? End too-big-to-fail bailouts by the government? They continue…
Since the law allows regulators to go so far as to order a bank to divest subsidiaries if it cannot plan an orderly resolution in bankruptcy, the deadline is pushing even healthy institutions to start a multi-year process to untangle their complex global operations, according to industry consultants.
“The resolution process is now going to be part of the cost-benefit analysis on where banks will do business,” said Dan Ryan, leader of the financial services regulatory practice at PricewaterhouseCoopers in New York. “The complexity of the organizations will shrink.“
For those scared of the world bank and the international corporate banking institutions – well – we’ve already had that haven’t we? This is what we want to deconstruct. That’s been the mechanism so far, and here it is in mainstream news that there is some kind of July 1 Deadline, whereby a 4,000 page document is being tendered to shrink the complexity of these organizations. Follow me?
But wait, there’s more…
JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N), Goldman Sachs & Co (GS.N) and Morgan Stanley (MS.N) are among those submitting the first liquidation scenarios to regulators at the Federal Reserve and the Federal Deposit Insurance Corp, according to people familiar with the matter.
The five firms, which declined to discuss their plans for this story, have some of the biggest balance sheets, trading desks and derivatives portfolios of financial institutions in the United States.
This is a stunning statement! The biggest banks on the planet are the first to submit 4,000 page plans for liquidation scenarios but declined to comment on them! Why isn’t CNN, FOX, or MSNBC going crazy over this? I believe Drake said in his broadcast that things will get so immense, “they won’t have a choice.” Alex Jones, Gerald Celente and many others have covered the derivatives mess for years. When it comes to financial tyranny, derivatives are THE WEAPON OF CHOICE for enslavement and takeover – also known as the housing bubble and foreclosure crisis, IMF bank loans et al. Yet in this one article this seems to be addressed:
If the extensive planning and review process works as proponents hope, big banks will become less hazardous to the public and regulators will be more confident that they can let wounded institutions die without wrecking the economy.
In congressional hearings earlier this month, JPMorgan CEO Jamie Dimon said that the bank’s contingency plan for going out of business would let it fail without cost to taxpayers.
Skip to 5:40 for the quote
I’m no fan of JP Morgan and certainly not Jamie Dimon, but this is a stark contrast to what we heard from similar figureheads in 2008…
The tune has changed. The tables, turned.
PLAN FOR TWO WAYS TO DIE
Under the Dodd-Frank Act, banks and regulators must imagine liquidations in two different ways. The first is through bankruptcy courts with banks negotiating with their creditors. This is the going-out-of-business method planned in the living wills due July 1. The living wills must include how subsidiaries in foreign jurisdictionswill be liquidated.
These gems keep shining through and help corroborate a lot of what Drake has been saying. More specifically, he has said they will be seizing control of the collateral accounts which are the basis upon which the whole fiat debt system has been propagated. These accounts, which are specifically addressed in the Neil Keenan lawsuit are amounts of historic Gold and other “prosperity funds” that were stolen from we the people, and Reuters makes mention of it right here in black and white!
The second way is through a new kind of liquidation process in which the FDIC takes control of putting a financial giant down. This method has more flexibility than is allowed in bankruptcy courts, but still uses critical information collected in the banks’ living wills, such as where exactly to find collateral.
One of the other key points in “the plan” as I understand it, is that eventually the top of the pyramid would actually step forward and announce who they are, a la Nuremberg trials or as Ben Fulford puts it, a “truth and reconciliation committee” in a semi-televised manner. Again, Reuters reports:
The rules for crafting the living wills are 74 pages long, including an explanatory supplement. The plans could even include drafts of press releases showing how the banks would announce that they are going out of business, Herring said.
Bearing all this in mind, there are so many other key economic bullet points which indicate a very bumpy next few days.
Recently Lord Christopher Monckton reported that the G20 meeting in Rio de Janeiro was focused not on humanitarian efforts, but instead how they will go about clamping down the entire planet. This tiny group of people are struggling to maintain their suppression of a growing and rapidly awakening humanity. Watch Monckton break it down below:
In no less dramatic fashion, Lyndon Larouche released an audio blog on June 26, entitled “Our Enemies Could End Civilization This Weekend.” Give it a listen or continue on below for my comments.
Yes, he was referring to June 28-July 1, 2012.
Larouche has long been a proponent of reinstating Glass-Steagall which is specifically referenced in the aforementioned Reuters article. This rule was the original safety mechanism which prevented the banks from becoming gambling houses, as they have become in recent years. LaRouche writes and speaks of this particular rule as a way to sever the US monetary system from the private foreign central banking system and re-establish a national credit system. Yet again, Reuters reports that these regulations would take ques from this exact rule!
Lyndon has some pretty strong things to say about what might be a crummy weekend, even going so far as to say “stock up on toilet paper” and cites the imminent plans between Geithner and Bernanke to seek additional printing of money to bail out Europe. This would come in the form of a long predicted stimulus program called Quantitative Easing 3 or QE3. His report is detailed here. This program has been LOUDLY anticipated by a whole host of extremely well respected analysts including Peter Schiff, Jim Sinclair, James Turk, Eric Sprott and others. This “stimulus” is the only facility available to provide the funds necessary to prop up the Eurozone. This was always the plan! Destroy Europe, and have Americans pay for it.
Geithner and Bernanke Demand New Mega-Bailout of Europe:
Capitol Hill sources have confirmed that Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke are demanding that Congress prepare emergency legislation for yet another hyperinflationary bailout of the hopelessly bankrupt trans-Atlantic financial system. For the past week, the two men have been meeting secretly with leading Congressional Democrats and Republicans, demanding that they draft new legislation to bailout the banks on an even larger scale than after the 2008 collapse.
What’s Next for the Dollar? QE3?
According to several congressional sources, Geithner and Bernanke have pledged that they will do everything in their power to flood European banks with bailout funds through the Federal Reserve, but they candidly admit that it may be impossible, and that congressional action may be required. If the crisis hits, they warn, there must be legislation already prepared, because the speed and magnitude of the crisis may require extraordinary intervention to “save the system.”Continue Reading…
The implications of China paying for Iranian oil in gold is the most important event in the modern history of gold
1. It is reasonable to assume that China has been threatened with total or at least selective exclusion from the SWIFT system if it pays in any currency for Iranian oil.
2. Gold has been decided by China as the means of making payment for massive international purchases free of the SWIFT system.
3. Other Asian and Middle Eastern nations will now see the gold they hold as money free of Western economic interference.
4. Gold now is not only money free of liability, but also free from interference regarding settlement by the long arm of Western influence.
5. The SWIFT system is becoming ever more a weapon of Western international political will.
6. In case of war anywhere, it is now demonstrated for all to see that only gold will buy the materials required. Paper currencies are under the SWIFT system’s control in settlement.
7. Far from being a barbaric relic, gold is now clearly the money of state survival in every sense.
8. It is reasonable and possible for the supply of physical gold to fall far behind the size of the massive short positions now common to algorithm and hedge fund paper shorts. That will make an effective cover at a reasonable price as compared to a certain day’s close impossible the following day on an exogenous event.
9. It may not be possible to use TA of any nature to determine a price of overvaluation for gold. Should the USA decide to take on China in full out economic war with the physical market totally illiquid, such as through isolation from the SWIFT system, consider the gold price that might result.
Make up your own mind.
All I know is that the anticipation in the air is so thick you could nearly cut it with a butter knife. Whether you are fully conscious or still very much asleep, a momentous point in time is now undeniable for the majority of people. Ultimately 2012 will be about finding your own individual truth amidst peaceably fitting it in with the collective. Then, we can co-create as one…
With that said, a Native American proverb seems apropo;
It was expressed to me through ‘channels’ to state the following :
A – The Cavalry is coming.
B – If needed we will be contacted.
C – Sit back and watch the fireworks
There are two parts to this:
– First are the actions to be taken by our military in support of FREEDOM. This will be extraordinary in all ways. It does involve extremes in tacticalas well as logistical implementation. You may see some troop movement and supporting roles in public.
There may be minor delays in the usual traffic flows. The design is to make sure as much as possible is taken care of without problems.
– Second was the statement made that all of us are to be on full Alert. Engage drones and any troops under U.N. insignia. This is still in effect.
Be absolutely sure of your target. Do not engage our military.
IF needed our military will contact us. In the field this will be a couple of troops, an NCO, and an officer, lieutenant, captain, major, or colonel. They should be saying hello, or some other greeting, telling you they are there and want to talk.
Otherwise, sit back and watch the fireworks.
~~~~
I suggest we remain fully alert and vigilant just in case.
According to the information that has been given, we beat their time table. Plus it seems that our military has won its battle/argument internally, the good guys won and are now in charge.
The three items above are what was given to me to broadcast.
The last item was the call of GREEN LIGHT.
There are TWO green lights. One as stated about the above (tactical) and the other deals with financials. Two commands, both acting according to what was decided as the best way to handle both.
Each being as complicated as they are, separation of these two was the best tactical maneuver because of the acceleration or move up of our enemies’ plans of execution. This had been considered before, but left alone because both were to take place at the same time. Obviously that changed according to the enemy moving their plans ahead of their original schedule.
I was told that a tactical GREEN LIGHT was to be called if asked about it, and I did so. We are still waiting for the secondary GREEN LIGHT of finance. I look for this very soon.
Those who are experienced should be followed, as it is these people who demonstrate calm and cool under extremely intense situations. This can be anyone with this ability. Military personnel offer the ability to operate effectively under extremes and know how to offer the structure for success where any objective or mission is possible. Pay attention to them.
What we have before us is the awesome responsibility of freedom. Most have no idea as to the changes this will bring about at all levels, personal, social, and publicly. Everyone will discover that we all need each other, talents, professionally, and personally. Some hard places to get past are defined as race, creed (beliefs), and superiority.
I have never been prejudiced, as I didn’t see a lot of difference between people. Sure, some people are different looking than me, but, other than that, the person inside was the same. Most people I’ve ever gotten to know, all had their own personal beliefs, no matter what church they attended. A sort of peace made between a person and their belief in a superior entity.
Superiority is going to be directed by what a person is able to do. A specific talent should be respected in that the person who knows and works with it, should be given a superior respect within that area.
Due to the changes in operation and the outing of this information, it should be obvious that plans of any kind need to be fluid in order to remain viable. Just as a football play may be changed on the field, tactics change to maintain advantage. Bear in mind that this is our last chance and all of us need to make sure we win.
Reporting on this is silly in a way, because it has always been postulated that the “$2 billion” trading debacle that had Jamie Dimon in front of congress might actually be for a much larger, undisclosed amount.
Well, here’s confirmation that those initial reports were true – however it remains to be seen whether even more losses will be uncovered. As Max Keiser has reported, these banks are simply insolvent and it is only the artificially intelligent trading platforms that are giving the system any semblance of stability. Undeterred, the cabal continues on as it is now being reported that JP Morgan is down 5% before trading opens as it has been revealed their trading loss has been unwound a bit and now totals 9 Billion! Interesting development given the greenlight by Drake as well as the report from yesterday detailing a series of “living wills” developed by the biggest banks in case they fail. Read on for the official piece:
(Reuters) – JPMorgan (JPM.N) (JPM.F) shares fell 5.3 percent in Frankfurt on Thursday after a newspaper reported that losses from a bungled credit derivatives trade could reach $9 billion in a worst-case scenario.
The U.S. bank’s shares in New York are also trading down 5.4 percent in pre-market trading.
The story was “likely disappointing today” for the shares, Evercore Partners said in a research note.
JPMorgan said in May that it had lost $2 billion on the trades, but these losses have mounted in recent weeks as the bank has unwound its positions, the New York Times reported on Thursday, citing people briefed on the situation.
An internal report at the bank projected in April that the losses could reach $8-9 billion, assuming worst-case conditions, the newspaper said.
(Reuters) – Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.
The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. The living wills could be as long as 4,000 pages.
Since the law allows regulators to go so far as to order a bank to divest subsidiaries if it cannot plan an orderly resolution in bankruptcy, the deadline is pushing even healthy institutions to start a multi-year process to untangle their complex global operations, according to industry consultants.
The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve System by congressional investigators — a major move that lawmakers said is designed to bring accountability to the murky workings of the independent central bank.
The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful presidential campaign slogan and whose criticism of the Fed’s monetary policy drew hundreds of thousands of voters into the political process.
It passed by voice vote, signaling the growing sense among lawmakers that the time has come for a full review.
“Clearly the Fed must be made too big to fail, and too big to fail requires a considerable amount of oversight,” said Rep. Darrell E. Issa, California Republican, who is chairman of the committee.
Federal law right now specifically prohibits such a broad audit, and opponents fear undermining the independence of the Fed.
The bill would direct the Government Accountability Office to complete a broad audit that presumably would include a peek at the Fed’s decision-making and many of its lending policies.
The committee defeated an amendment sponsored by Rep. Elijah E. Cummings, Maryland Democrat, that would have prevented auditors from getting a look at the minutes of internal board discussions.
“This whole idea about ‘Well, we can’t touch the Fed‘ is baloney,” said Rep. Dennis J. Kucinich, Ohio Democrat. “We have to be able to have control over the Fed because it’s controlling every aspect of our economy.”
The Federal Reserve consists of a board of governors and 12 regional banks, which act as lenders of last resort to the country’s banking system.
Last year, a more limited audit by GAO found that the Fed repeatedly invoked emergency authority to expand its lending during the Wall Street crisis in 2008 and 2009, including major loans to prop up the housing market.
The audit also found that the Federal Reserve Bank of New York, which had a major role in the lending, did not have sufficient controls to prevent conflicts of interest for its employees.
Our allies are being bold and you are seeing more evidence of their work to bring out the truth, and to put in action the long overdue plan to clear out the dark Ones. It shall continue and become more widespread, and it is revealing to us who amongst you are still under their influence. It is fear and favour that keeps others under their control, and we are intent on changing such situations. As you are also seeing, political parties from all over the world are revealing their true colours with little compassion or action to deal with the heavy burden being placed upon the people, resulting from the criminal activities within the banks. We shall introduce the forgiveness of debt, as it is clearly the only way to enable every country and those individuals worst effected to recover and start anew. That will come with new technologies and other innovations that will put your feet firmly in the New Age.
His name is Jim Rickards, and in 2011 he wrote the book 
The Golden Rule 