Strauss-Kahn and the End of Bailouts

It is Wall Street and the City of London that are Bankrupt. Glass Steagall was re-introduced by Senators Cantwell and McCain and was purposely sabotaged by Obama. Two days after they re-introduced this act, it was communicated to Debra Freeman, at an international webcast conference that if it were passed Great Britain would consider it an act of aggression. Sources close to White House said Obama, Treasury Secretary Giethner, and Larry Summers waged an all out campaign to kill the Cantwell/McCain bill. At the same time Obama’s team were working with a desperate German Merkel and France’s Sarkozy to secure unlimited funds from U.S. Federal Reserve in the tune of a One Trillion dollar bailout of the Bankrupt British Inter-Alpha systems via the Eurozone nations.

The take down of Dominique Strauss-Kahn from the chief of the IMF has ushered in a period of incredible political change, beginning with the halting of an international bailout process that had begun to set off a hyperinflationary bomb world wide. But the question is, what changes will follow?

Note:
Glass Steagall: The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm-Leach-Bliley Act effectively removed the separation that previously existed between Wall Street investment banks and depository banks.

Inter-Alpha Group:
The Inter-Alpha Group of Banks is an instrument of genocide. It was formed for the explicit purpose of destroying not only the existence, but the very concept, of national sovereignty—with the United States as its primary target—as a way of permanently reducing the population of the planet. The Inter-Alpha Group has played a crucial role in the destruction of the industrial base of the United States, and the subsequent transformation of our economy into a giant, and hopelessly bankrupt, casino. When that casino imploded in 2007, the Inter-Alpha Group and the forces behind it moved to complete the task of destroying the U.S.A., by organizing the biggest theft of public money in history, via those still-continuing, un-Constitutional, and blatantly criminal operations known collectively as “the bailout.” The result is a nation which is not only unable to meet the physical needs of its people, but is also rapidly destroying its own currency through hyperinflation.

In a limited sense, this operation has been a success. The imperial monetary system, mediated through a system of central banks, private banks, financial markets, and global cartels, is the leading power on the planet. But in another and very real sense, it has been a colossal failure, because these royally arrogant fools have, in destroying nations, also destroyed themselves, and set the world on the path toward a new Dark Age. Their doom is sealed, because only through increasing man’s mastery over the universe can this Dark Age be averted, and in doing that, we will create a world that will no longer tolerate the medieval practices of these imperial parasites.

They are finished, one way or the other. The question is, will the rest of us go down with them? Source: LaRouche

It has become clear that the European banks, particularly the Inter-Alpha Group and British banks, are among the ten dependent on the total of $16 trillion in bailout money distributed across the Federal Reserve’s various liquidity bailout funds.

The Daily Telegraph reports that British banks alone got $1.5 trillion of the $3.3 trillion of the TARP funds. At the top of the list was Barclays, which borrowed $863 billion, with almost half coming in overnight loans through the Primary Dealer Credit Facility, which is the Fed program to help those banks that deal in U.S. Treasuries. Barclays claims to have paid this back, adding that much of it went to purchase Lehman Brothers assets, confirming that the U.S. taxpayer financed that purchase. The next on the list was Inter-Alpha’s Royal Bank of Scotland with $446 billion; Bank of Scotland $181 billion; Abbey National (which is owned by Inter-Alpha’s Banco Santander) $19 billion; and HSBC $10 billion.

The Financial Times reports that Barclays Bank was the biggest recipient of funds from the Term Auction Facility, which totaled $232 billion, which Barclays says was to fund purchases of Lehman assets. This was in the form of one- to three-month loans (from December 2007 until it closed this year), which, the FT writes, were often simply rolled over.

Besides Barclays, the other European banks among the top ten users of the TAF were Royal Bank of Scotland (Inter- Alpha); the French Société Générale (Inter-Alpha); Dresdner, which was taken over by Inter-Alpha’s Commerzbank; Bäyerische Landesbank of Germany; and Dexia of Belgium. Today’s briefing adds Santander to that list.

The Fed also bailed out the Swiss giant UBS, since it was the biggest seller of commercial paper to the Fed’s Commercial Paper Funding Facility. Five of the top ten users of this facility were European banks.

www.larouchepac.com/print/16714

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