-- Posted Sunday, 17 May 2009 | | Source: GoldSeek.com
By R. D. Bradshaw
Talk about a smoke and mirrors report from the Fed and its colleague Geithner, we have recently been bombarded with a series of them over the so-called findings of the Geithner Stress Test. For days now, we have been told that ten of the 19 major banks involved only need $75 billion more in capital. But since some of the banks are disputing the Geithner findings, even this figure is now suspect.
Then a follow up flap from the Wall Street Journal by David Enrich, Robin Sidel and Deborah Solomon said: “The federal government projected that 19 of the nation's biggest banks could suffer losses of up to $599 billion through the end of next year if the economy performs worse than expected…
“The Federal Reserve's worst-case estimates of banks' total losses and capital shortfalls were smaller than some had feared. Optimists interpreted the Fed's findings as evidence that the worst is over for the industry. But questions remain about the stress tests' rigor, in part since the Fed scaled back some projected losses in the face of pressure from banks.”
Per this Fed-Treasury dog and pony show, some 19 of the largest US banks can have losses up to $599 billion; but Geithner’s stress test says that only ten of them need additional capital of $75 billion (thus suggesting that they have enough capital to absorb the projected losses). So there is some obvious conflict between Geithner’s Stress Test and what the Fed says about losses up to $599 billion. Apparently, Bernanke and Geithner did not get together on their media pitches. Since they both work for and serve the Rothschild Cabal, it looks like they would be on the same page.
But There Are More Problems
Back on Apr 22, 2009, analysis-news.com had a report from the New York Times by Mark Landler which said that the IMF puts bank losses at $4.1 trillion. Of this $4.1 trillion, some $2.7 trillion involved US loans. This means that while Geithner says that they only need $75 billion and Bernanke says that their losses could be $599 billion the IMF comes out with a predication of $2.7 trillion in US loan losses (most of which will involve the big US banks). Again, since the IMF, Bernanke and Geithner all work for and serve the same Rothschild Cabal it looks like they could get together on their numbers.
Yet, all of these so-called needs being thrown out by so-called authorities seem to be substantially off base when one examines the real extent of the derivative problem as published recently by the US Office of the Comptroller of the Currency.
Back on Apr 5, 2009, analysis-news.com had a report from Geopolitics-Geoeconomics (via rense.com) on a story by E. William Engdahl on Geithner’s Dirty Little Secret which indicated that the Geithner scheme is to pour even more hundreds of billions into the leading banks.
The Engdahl story said that “Today five US banks according to data in the just-released Federal Office of Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activity, hold 96% of all US bank derivatives positions in terms of nominal values, and an eye-popping 81% of the total net credit risk exposure in event of default. The five are, in declining order of importance: JPMorgan Chase which holds a staggering $88 trillion in derivatives (€66 trillion!). Morgan Chase is followed by Bank of America with $38 trillion in derivatives, and Citibank with $32 trillion. Number four in the derivatives sweepstakes is Goldman Sachs with a ‘mere’ $30 trillion in derivatives. Number five, the merged Wells Fargo -Wachovia Bank, drops dramatically in size to $5 trillion. Number six, Britain’s HSBC Bank USA has $3.7 trillion.”
As Engdahl noted, after the top five, the US bank exposure to the derivatives falls dramatically. It’s not hard to add up the derivative numbers and see at once that the top five US banks are on the hook for something near $200 trillion in derivatives. It’s not clear how much of this $200 trillion is bad but it’s far more than any $75 billion or $599 billion or even $2.7 trillion.
Take for example the situation with JP Morgan Chase, a leading Rothschild player. Per the US Comptroller of the Currency, this outfit is on the hook for $88 trillion in derivatives. Of this, how much is bad—10%, 25%, 50% or 75%? Whatever the amount, we can bank on it that the Rothschild Cabal fully intends to saddle most or all of those losses on US taxpayers. For the some $200 trillion in the big five US banks, we could easily be talking about $100 trillion.
I read a report some days ago that in 1998 the Rothschild family members personally owned some $100 trillion in wealth while the cartel it controls owned something over $300 trillion. Of course, these numbers are up today. And regardless of how much wealth the Rothschild Cabal owns or controls, why is that the US taxpayers are expected to bail out the Cabal? Is it possible that they think we are all idiots? Why can’t the Rothschild Cabal banks absorb their own losses?
More to Come
Back on Apr 12, 2009, rense.com had a story by Mike Whitney on Economic Crisis – No End in Sight which said that the current situation is worse than the Great Depression. Whitney reported: “The deteriorating economic conditions have taken their toll on consumer confidence and forced businesses to lay off employees that won't be needed during the slowdown. The system is bursting with overcapacity. Demand is falling faster than any time since the 1930s. Inventories will have to be trimmed and budgets cut to muddle through the down-times. Foreign trade has slowed to a crawl, auto sales are down by 40 percent or more, and unemployment is rising at 650,000 per month.
“Policymakers have pushed through a $800 billion stimulus plan, but it won't be nearly enough to stop the steady rise in unemployment or take up the slack in an economy where industrial output has been cut in half, new home construction has dropped to record lows, and manufacturing has fallen off a cliff. Economists warn that when governments don't step in and provide stimulus to increase aggregate demand, consumers cut back sharply on spending and push the economy deeper into depression.
“Treasury Secretary Geithner and Fed chief Bernanke have lent or committed $13 trillion trying to keep the financial system functioning, but they've only managed to plug a few holes and avoid a system-wide collapse. The financial system is hobbled and unable to provide sufficient credit to generate growth. Every sector has suffered cutbacks, layoffs and slimmer profits. The problems go beyond toxic assets or complex derivatives. The system is plagued with stagnation, overcapacity and redundancy…”
I’m not sure how Whitney calculated the $13 trillion but I do know that besides the stimulus payoffs to the big banks that the Fed has been pumping money to them right and left. So already, we have been out trillions and the problems are not fixed yet. Obviously, with $13 trillion either now delivered to the big banks or still in the pipeline to the banks, the US taxpayers are going to have to shell out more and more to the Rothschild Cabal and regardless of the dog and pony shows given to the American people by Bernanke and Geithner.
The Bottom Line
Several conclusions are inescapable. First, the US taxpayer bailouts to the big banks have only started. Much, much more is on the way as soon as the Cabal is able to figure out a method to con this wealth out of the American people.
Two—the goal and plan of the Cabal is to transfer the remaining wealth in America to the Rothschild Cabal. When it ends, the Cabal will have it all and we will be left with mountains of debts.
Three—the big banks are not loaning their funds out to the public. They appear to be socking these bail out funds into US Treasuries, notes, bonds and other IOUs.
Four—the above cited Apr 22 story by Mark Landler from the NY Times discussed the recent meetings of the G20 group where $1.1 trillion was pledged to the Third World/undeveloped/emerging nations. Along with this $1.1 trillion, substantially more will be forthcoming. The reason for these huge IMF payoffs is because these nations are heavily in debt to the big banks. When the IMF shells out trillions to these nations, it allows some of the loans to be paid off. This will mean more funds pouring into the big banks.
Five—as a minimum, some $13 trillion has been paid to or is on the way to the bankers (with later possibilities of $100 trillion or more). When the Cabal banks get their hands on this eventual money, they will have more trillions than even the Chinese have with their less than $2 trillion.
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-- Posted Sunday, 17 May 2009 | Digg This Article | Source: GoldSeek.com