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BEGGAR-THY-NEIGHBOUR CURRENCY DEVALUATIONS

POUND STERLING AND CHINESE YUAN ARE JUST THE BEGINNING

Thursday 11 December 2008 02:00

THE END OF GLOBALISATION: THE PRETEXT AND COVER FOR THE FRAUDULENT FINANCE

WORLD ENTERING LONG PHASE OF ECONOMIC DISINTEGRATION THANKS TO THE CROOKS

CRISIS IS ATTRIBUTABLE TO THE FINANCIERS OF TERRORISM: ROUND THEM ALL UP NOW!

JULIUS BAER HEAD 'COMMITTED SUICIDE': BANK HEAVILY INVOLVED IN CHENEY OPERATIONS

MORGAN STANLEY 'TERRORISM FINANCING CENTRE' EXPOSURE REVERBERATES GLOBALLY

TOP MORGAN STANLEY MERGERS & ACQUISITIONS BANKER DIES AT HIS DESK IN LONDON

FIVE 'SETTLEMENTS TRUSTEES' IN EUROPE 'DRAGGING THEIR HEELS': ARREST THEM!

TIME TO PREPARE GEORGE BUSH SR.'S NOTORIOUS LAMP POSTS FOR THEIR TASKS?

NO MORE LEEWAY FOR THE CRIMINALS IS PERMISSIBLE: LOOK AT THE PLIGHT OF BRITAIN...

REPORT EXPANDED, WITH ADDITIONAL MATERIAL ABOUT TWO SUDDEN BANKER DEATHS


By Christopher Story FRSA, Editor and Publisher, International Currency Review and associated intelligence publications and information services. See this site for details and ordering facility.

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INTERNATIONAL CURRENCY REVIEW, Volume 33, #s 3 & 4, all 972 pages of it, is making waves all over the world. It contains a blow-by-blow deconstruction of this crisis via the Wantagate plus our further analyses: and everything published therein is now well and truly ON THE GLOBAL PUBLIC RECORD. Accordingly the whole world owns a detailed, damning account of the serial criminality of the Bush-Cheney-Clinton 'Box Gang' et al., which CANNOT BE EXPUNGED.

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MICHAEL C. COTTRELL'S PROPOSALS FOR THE REFORM OF THE U.S FINANCIAL SYSTEM, AND HIS DEBUNKING OF THE IMPRACTICABLE AND EXPENSIVE 'PAULSON' PROPOSALS, PLUS OUR EXTENSIVE GLOSSARY, POSTED ON 22ND JULY AND REPOSTED ON 12TH SEPTEMBER, WERE AGAIN 'SNIPPED' BY THE NSA'S MENTAL DEFECTIVES. THE REPORT WAS REPOSTED ON 18TH SEPTEMBER 2008. THE REPORT HAS BEEN EXTREMELY WELL RECEIVED WORLDWIDE.

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NEW REPORT STARTS HERE:


The following is a slightly expanded version of an article on the British financial economy that is scheduled for publication in the January 2009 issue of Economic Intelligence Review. A reference to one of the graphic charts (Figures) that will appear in the print version of this article has been left unchanged here, because it should be obvious from the text what it illustrates.

THE HEADLONG DEVALUATION OF STERLING
The pound was clearly in free-fall when this issue was being finalised, to the consternation of some observers who ought to have known much better. Everything the Blair-Brown Labour Government has touched has been a disaster – from economic, gold, financial and social policy, to foreign and military policy and its idolatry towards British membership of the European Union Collective, which delivers nothing except aggravation for rubber-stamp consideration by an increasingly ridiculed bunch of second-rate political pygmies.

So why should UK currency management policy be any less chaotic and catastrophic?

To make matters worse, this is a radical, revolutionary Government – after all, Gordon Brown is a self-confessed International Socialist, which basically means Communist – which remains bent on throwing all the age-old furniture about the room, smashing it against the walls or throwing it out of the window, and seeing where the pieces fall.

DELUDED GOVERNMENT PRATTLING ON ABOUT REVOLUTIONARY CHANGE
The latest crass abomination at press date was that the education hierarchy propose to scrap all traditional education, replacing it by a massive state-sponsored ‘Outcome Education’ mind-bending and influence-building operation. Under this revolutionary formula, pupils are judged upon their attitudes, not on their abilities and skills. This is a recipe for the total destruction of what Britain was and stood for: which, of course, is the object of the exercise.

The controlling Manipulation Power (Tweedle) has meanwhile seen to it that the Conservative Party’s Mr Dum to the Labour Government’s Mr Dee is likewise a mind-controlled nerd, whose head is chock-a-block full of chemicals and political correctness, preconceived ‘Moral Rearmament’-type knee-jerk ‘takes’ on contemporary issues, with little depth and zero understanding of the dynamics of the World Revolution, of which he, David Cameron, is a pathetic and somewhat unhinged tool.

Given the presence of such air-heads at the top in Westminster and Whitehall, we need hardly be surprised that they have messed everything up on a scale with no historical precedent: which is the generic reason why the pound sterling has been collapsing about their ears.

But so steep is the emerging depression, brought about by the orgy of financial fraud and the continuing hijacking of the Settlements funds (the latest dialectical excuse as of 10th December being that five Trustees in Europe had been dragging their heels and thereby criminally sabotaging the Settlements), that the headlong implosion of the pound sterling is not having any discernible effect on the external bottom line, although the economic J-curve has yet to kick in here. Yet that won’t be much use if the international trading system implodes, as is most certainly on the cards.

UNFOLDING ECONOMIC AND FINANCIAL CATASTROPHE PREDICTED HERE IN 2006-2007
We predicted most of this outcome, did we not, starting with our reports dated 2nd September 2007, and the further ‘train wreck’ reports posted in July 2007; but no-one took the slightest notice, as expected. Now UK policymakers are running around like scalded cats, trying every wheeze that their scatterbrains can clasp onto, as they thrash around seeking a mountain of quick fixes to a problem so immense, and so clearly of their own careless making in tolerating the fraudulent finance all these years, that they have not an icicle’s chance in Hades of fixing anything at all.

On the contrary, our expectation is, given that the Settlements have STILL not been finalised due to the feckless, criminal intransigence of a handful of 'Trustees' (we are told, based in Europe, but of course they take their instructions from the Texas-based Evil One himself, don’t they), that the full weight of the $677++ trillion of derivatives on the roof, which is causing the ceiling to sag, will indeed collapse into the basement, unless President Sarkozy arrests the Trustees said to have been standing in the way from the afternoon of 9th December and throughout the 10th: and unless the Settlements are ‘sorted’ IMMEDIATELY.

TOP EUROPEAN LEADERS REMAIN AT LOGGERHEADS WITH EACH OTHER
And by the way, the extreme tension at the very top of the European Union Collective continues. On Monday, Mr Gordon Brown met with President Sarkozy and little Sr. Barroso, to the fury of the Germans, who were excluded. When the dimwit British media sought an explanation for Merkel's exclusion from the meeting, a German spokesman retorted:

'You should address your question to the British Prime Minister'.

Chancellor Merkel, you will recall, has long been exposed (by this service) as having been at the receiving end of payola bribes from George H. W. Bush Sr., in exchange for which she reportedly stood guard over 'his' corrupt funds, being laundered to and from Deutsche Bank via Coutts Bank as the clearing house in London, into the hands of the Vatican Bank, presided over these days, under the German Pope Ratzinger, by the former President of the Bundesbank, Dr Hans Tietmeyer: a cosy arrangement brokered by Blair with the assistance, we are informed, of Bernie Ecclestone.

JULIUS BAER HEAD 'COMMITTED SUICIDE': BANK HEAVILY INVOLVED IN CHENEY OPERATIONS
The Chief Executive of Bank Julius Baer, Switzerland's largest dedicated wealth management institution with roots dating back to the 19th century, died unexpectedly at the age of 52, Reuters reported on 5th December. A source informed Reuters that he had been told by close friends of the family of Alex Widmer that the banker had committed suicide.

The Swiss news website 20Minuten cited two unnamed independent sources as saying it was a case of suicide. A spokesman for the bank insisted that there was no link between Alex Widmer's sudden death and the bank group's current activities, the operative word here being 'current'.

According to our own sources, Bank Julius Baer has been heavily involved in financial operations associated with Vice President Cheney, which indicates what sort of activities they may have been.

Several sources have informed us, since we first posted this open information, that Mr Widmer did not commit suicide, but was murdered. Given the lethal environment 'out there' arising from the criminal exposure crisis, murder can hardly be ruled out, especially as several sources (as noted above) came forward rather quickly to 'confirm' that the death was a suicide. Hence, for practical purposes, it is probably appropriate to split the difference, and to describe this as 'a suiciding'.

TOP MORGAN STANLEY MERGERS & ACQUISITIONS BANKER DIES AT HIS DESK IN LONDON
Almost simultaneously with the above information, it was reported that Gavin Macdonald, the well-known leading mergers and acquisitions banker with Morgan Stanley, London, was found dead at his desk. This death has so far been 'hushed up'. Suicide is suspected but not yet confirmed.

In the light of the above, this sudden death may also have been a 'suiciding'.

GERMAN PAPAL MONEY-LAUNDERER BLAMES 'OFFSHORE CENTRES' FOR THE CALAMITY!
On 7th December, The Observer, London, carried an article entitled: 'Pope attacks tax havens for robbing poor: Hard-hitting Vatican report lays blame for the global financial crisis at the door of 'offshore centres''. Incredibly, the Papal report contained the following text:

'They [offshore centres] have given support to imprudent economic practices' [which of course the Vatican Bank knows all about as it is perhaps THE key player in all this fraudulent finance after the Bank of England, Deutsche Bank and the hyper-notorious US criminal enterprises such as Morgan Stanley and Citibank] 'and have also played a significant role in the imbalances of development, allowing a gigantic flight of capital linked to tax evasion. Offshore markets could also be linked to the recycling of profits from illegal activities'.

Manifestly, there are no words in the English language to characterise such blatant 'Blankfeinism' on the part of this German Pope, whose structures have been up to their eyeballs in this fraudulent finance, as reported by this service. It would be blasphemous, almost, for us to cite the relevant passages from the Word of Our Lord Jesus Christ when faced with the comparable hypocrisy of the Pharisees: but for a German who SITS IN THE PLACE OF JESUS CHRIST and diverts the faithful from a proper knowledge of The Truth through his organisation's manifold known perversions and blasphemies, to pontificate to the world about financial crimes that his own offshore bank has been egregiously committing, is enough to suggest to us that if such reprobate behaviour is replicated much longer, there may be no Pope usurping the place of Christ in Rome in a few years' time.

In the eighth century, a female masquerading as a man, was elected Pope but made the mistake of giving birth to a child while en route to 'his' coronation.

Subsequently a special chair was constructed with a hole in the seat. which was wheeled out of an attic every time a new Pope was ready to be crowned. Cardinals hid behind a curtain and placed their hands under the seat of the special chair while the Pope-Elect sat in it. This chair remains in existence, deep within the recesses of the Vatican. It might be a good idea for Ratzinger to go and sit on it with a view to contemplating the possible consequences of his quite extraordinary double-mindedness. His female Papal predecessor came a cropper when her duplicity was discovered due to 'natural causes', confirming the reality that all lies decay, like plutonium. This Pope's will, too.

IT'S ALMOST LAMP POST TIME
Should the derivative overhang indeed crash through the ceiling into the basement, none of the criminal fraternity will survive. They will all be lynched and strung up either metaphorically or in practice on George Bush Sr.’s notorious lamp posts. We wouldn’t rate highly the chances of any of these egregious high-level and Trustee financiers of terrorism enjoying a peaceful Christmas.

DAYS OF RECKONING FOR GREAT BRITAIN DUE TO ITS ESTABLISHMENT'S CORRUPTION
But to revert to the hideous prospects facing the United Kingdom of Great Britain and Northern Ireland, to which otherwise pleasant realm the American crooks exported their formula for financial fraud and global enronisation, and which was used as the primary platform, with Germany and the Vatican, for these abominations:

The City of London was a primary counterparty for the Morgan Stanley-based Terrorism Financing Centre (TFC) based in the secret room exposed in the preceding report posted by this service. Hence Britain’s involvement in unspeakable external operations, and hence the refusal of the UK Ministry of Defence to answer the Editor’s straightforward question:

Exactly what are we doing in Afghanistan?

As the eldest son of a British military officer who fought through two World Wars, the Editor is entitled to know the answer to this question, and will persist in asking it until we cease to be treated like impertinent scum of the earth by arrogant apparatchiks whose livelihoods we sustain through the payment of our taxes.

EVEN IF WE KNEW NOTHING AT ALL, THE DATA SAY EVERYTHING ONE NEEDS TO KNOW
That sterling would implode has always been crystal clear from any set of underlying numbers you may care to choose, even if one knew nothing at all about all this. Take the basic UK balance-of-payments data. In US dollar terms, an accumulated merchandise trade deficit of $943.64 billion was incurred between 1996 and 2007 inclusive. The notion that the City of London’s foreign invisibles earnings keep the country solvent is eyewash: the parallel current account deficit over the same period was $478 billion, which of course means that the City’s invisibles earnings and other income were nothing like enough to finance the decaying nation’s lust for foreign imports.

And the reason that the trade deficit has not been in surplus since anyone alive today can now remember, is shown in Figure 2. Here, we observe that the UK manufacturing sector employed 2.8 million people in 2007, on average (a total which had already shrunk by a good 50,000 by August 2008). But the colossal services sector, bloated by the parasitical public sector which contributes nothing at all to our Gross Domestic Product except what the self-interested and mind-controlled bureaucrats spend in the supermarkets, consisted of 21,875,000 employees on average in 2007 (a total which had increased by no less than 156,000 by the end of the second quarter of 2008).

Components of the services sector earn foreign exchange, but the vast proportion of this dead-weight is incapable of contributing anything at all, and reflects, of course, the decadence of the UK economy, which has been comprehensively ‘enronised’ (hollowed out) like you wouldn’t believe.

ONGOING DESTRUCTIVE CONSEQUENCES OF BRITAIN'S STERILE E.U. MEMBERSHIP
The perfect sterile environment for the enronisation of the British economy is provided by UK membership of the European Union Collective, which greatly facilitates the ransacking of the UK industrial sector and the consequent export of manufacturing capacity to Germany. If we need spare parts for our in-house printing machinery, nine times out of ten the part has to be couriered from Germany, given that the Brits ceased manufacturing printing equipment decades ago.

The whole purpose of Britain being dragged into what became the European Union by the traitor and exposed (in 2003) long-term pan-German agent Edward Heath, who signed the illegal and fraudulent Treaty of Accession with his co-conspirator and fellow German Abwehr agent Geoffrey Rippon, was precisely to defang the victor in the two Illuminati Wars and to reverse their outcome.

The British political establishment is far too stupid or complacent or compromised or otherwise corrupt to see and understand this glaringly obvious reality.

TOP LABOUR PEOPLE TALK AS THOUGH LIFE IS CONTINUING AS NORMAL
Senior people in the Labour Government, such as David Milliband, a little twerp posing as Foreign Secretary, continue to talk as though life was continuing as normal, even though it is crystal clear that the British economy has fallen off the cliff and is hanging on by its fingernails to a tuft of grass. Mr Centipede was last heard of waffling about the ‘need’ for tougher restrictions on businessmen to ‘combat global warming’, which everyone who is not brainwashed as Milliband is and who is not sitting on their brains, knows to be a fraud.

One is perhaps reminded of the Jewish joke about the man who fell over a cliff and was clinging for his life by his fingernails. In desperation he calls out to the Almighty for salvation. A deep voice from Heaven is heard, advising him to let go and withdraw his fingernails.

After pondering this advice, the doomed man calls out again: ‘Is there anyone else up there?’

This is not original, but David Milliband, being of Polish Jewish extraction, might profitably pay attention to its message.

When in the process of being flushed down the foul-smelling economic drain, one’s priority ought to be to summon all powers and measures to avoid being totally and irrevocably engulfed: but this little twit is still twittering on about 'global warming'.

One imagines that this can hardly endear him and his Government to the hundreds of thousands who are being or are about to be thrown out of work, some of whom may wind up shivering in what promises to be a particularly harsh winter, in part because of the intransigence and corruption of Gordon Brown himself (see earlier website reports) and of his predecessor, Tony Blair, who broke down in October and ‘rolled over’ on all the key ‘corruptos’ on the screen.

Since then, and given the implications of the seizure of the 7,000+ lock boxes on 2nd June 2008 at three locations in London by 300 armed Metropolitan Police, it has been downhill all the way for the community of corruption – a state of affairs which the pre-eminent among them, such as Mr Gordon Brown himself, had not, by our press date, yet appeared to comprehend.

DANGEROUS COMPETITIVE DEVALUATION HAS STARTED IN EARNEST
Not only is the massive depreciation of sterling failing to revive the economy, so far, but we have entered a period of beggar-thy-neighbour competitive devaluation, not least given the decision by the Chinese to deliver a parting slap on the face to their chief US criminalist antagonist, Mr Henry M. 'Paulson', by embarking at the beginning of December upon a policy of devaluing the renminbi (yuan), in direct contravention of the US Treasury’s repeatedly expressed wishes.

What this, and a recent Chinese statement to the effect that their sovereign wealth fund, the China Investment Corporation, isn't going to invest in Western institutions any more 'because we don't know what problems we'll be putting ourselves into' (in the very words of Mr Lou Jiwei, its chief, to the Financial Times on 4th December), reveal with great clarity is that the Chinese are saying: We're not about to be held to ransom by you Western financial terrorists and criminals any more. We've learned our lesson the hard way. Now get out of our space'. One can't blame them.

PROSPECTIVE DISINTEGRATION OF PARTS OF THE DISTRIBUTION SYSTEM
On top of all this, there are clear signs that the distribution system is breaking down.

Several credit insurers – Atradius, Amlin and Euler Hermes – are reportedly refusing to provide credit insurance to thousands of companies, with the United Kingdom severely affected. That means that many of these firms will be unwilling to take the risk of supplying bad payers among the larger firms with goods and components, which is another way of saying that the distribution and supply chain is showing signs of disintegration, as happened when Rome collapsed.

ROUND UP ALL THE REMAINING SWINE, AND DO IT NOW, BEFORE WE'RE ALL FINISHED!
It is signals like these that spell DEPRESSION loud and clear to all who are not sitting on their brains. The ‘Great Brainwashed’ have closed minds, so they don’t ‘get it’.

But those of us who do ‘get it’, are aware that the predicted Days of Reckoning are here to stay: unless, that is, THE SO-CALLED ENFORCERS GET ON TOP AT ONCE OF THE CRIMINALS IN HIGH PLACES AND THE TRUSTEES WHO WERE STILL SABOTAGING THE SETTLEMENTS AS OF LATE EVENING BRITISH TIME ON 10TH DECEMBER IN THIS YEAR OF OUR LORD 2008.



LIST OF U.S. STATUTES, SECURITIES REGULATIONS AND LEGAL PRINCIPLES OF WHICH THE CRIMINALISTS, ASSOCIATES AND ALL THE MAIN FINANCIAL INSTITUTIONS REMAIN IN BREACH:

LEGAL TUTORIAL: The Steps of Common Fraud:

Step 1: Fraud in the Inducement: “… is intended to and which does cause one to execute an instrument, or make an agreement… The misrepresentation involved does not mislead one as the paper he signs but rather misleads as to the true facts of a situation, and the false impression it causes is a basis of a decision to sign or render a judgment” Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

Step 2: Fraud in Fact by Deceit (Obfuscation and Denial) and Theft:

“ACTUAL FRAUD. Deceit. Concealing something or making a false representation with an evil intent [scanter] when it causes injury to another…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Fraud’.

“THE TORT OF FRAUDULENT DECEIT… The elements of actionable deceit are: A false representation of a material fact made with knowledge of its falsity, or recklessly, or without reasonable grounds for believing its truth, and with intent to induce reliance thereon, on which plaintiff justifiably relies on his injury…”. Source: Steven H. Gifis, ‘Law Dictionary’, 5th Edition, Happauge: Barron’s Educational Series, Inc., 2003, s.v.: ‘Deceit’.

Step 3: Theft by Deception and Fraudulent Conveyance:

THEFT BY DECEPTION:

“FRAUDULENT CONCEALMENT… The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose…”.

“The test of whether failure to disclose material facts constitutes fraud is the existence of a duty, legal or equitable, arising from the relation of the parties: failure to disclose a material fact with intent to mislead or defraud under such circumstances being equivalent to an actual ‘fraudulent concealment’…”.

To suspend running of limitations, it means the employment of artifice, planned to prevent inquiry or escape investigation and mislead or hinder acquirement of information disclosing a right of action, and acts relied on must be of an affirmative character and fraudulent…”.

Source: Black, Henry Campbell, M.A., 'Black’s Law Dictionary’, Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Concealment’.

FRAUDULENT CONVEYANCE:

“FRAUDULENT CONVEYANCE… A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach…”.

“Conveyance made with intent to avoid some duty or debt due by or incumbent or person (entity) making transfer…”.

Source: Black, Henry Campbell, M.A., ‘Black’s Law Dictionary', Revised 4th Edition, St Paul: West Publishing Company, 1968, s.v. ‘Fraudulent Conveyance’.

U.S. SECURITIES REGULATIONS OF WHICH INSTITUTIONS
HAVE BEEN SHOWN TO BE IN BREACH [SEE REPORTS]:

NASD Rule 3120, et al.
NASD Rule 2330, et al
NASD Conduct Rules 2110 and 3040
NASD Conduct Rules 2110 and IM-2110-1
NASD Conduct Rules 2110 and SEC Rule 15c3-1
NASD Conduct Rules 2110 and 3110
SEC Rules 17a-3 and 17a-4
NASD Conduct Rules 2110 and Procedural Rule 8210
NASD Conduct Rules 2110 and 2330 and IM-2330
NASD Conduct Rules 2110 and IM-2110-5
NASD Systems and Programme Rules 6950 through 6957
97-13 Bank Secrecy Act, Recordkeeping Rule for funds transfers and transmittals of funds, et al.

U.S. LAWS ROUTINELY BREACHED BY THE CRIMINAL OPERATIVES AND INSTITUTIONS:

Annunzio-Wylie Anti-Money Laundering Act
Anti-Drug Abuse Act
Applicable international money laundering restrictions
Bank Secrecy Act
Conspiracy to commit and cover up murder.
Crimes, General Provisions, Accessory After the Fact [Title 18, USC]
Currency and Foreign Transactions Reporting Act
Economic Espionage Act
Hobbs Act
Imparting or Conveying False Information [Title 18, USC]
Maloney Act
Misprision of Felony [Title 18, USC] (1)
Money-Laundering Control Act
Money-Laundering Suppression Act
Organized Crime Control Act of 1970
Perpetration of repeated egregious felonies by State and Federal public employees and their Departments and agencies, which are co-responsible with the said employees for ONGOING illegal and criminal actions, to sustain fraudulent operations and crimes in order to cover up criminalist activities and High Crimes and Misdemeanours by present and former holders of high office under the United States
Provisions pertaining to private business transactions being protected under both private and criminal penalties [H.R. 3723]
Provisions prohibiting the bribing of foreign officials [F.I.S.A.]
Racketeer Influenced and Corrupt Organizations Act [R.I.C.O.]
Securities Act 1933
Securities Act 1934
Terrorism Prevention Act
Treason legislation, especially in time of war.


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