Sunday, April 13, 2008

G-7 DEMANDS IMMEDIATE U.S. DISCIPLINE AND COMPLIANCE

G-7 DEMANDS IMMEDIATE U.S. DISCIPLINE AND COMPLIANCE

WORLD COMMUNITY STANDS UP TO BUSH CRIME NETWORK

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UPDATE, SATURDAY 12TH APRIL: The Editor has learned today that the conference call between the key banks and trustees recommended below, actually took place on Thursday 10th April. We did not know this when posting the current report overnight. A respected Chinese source confirms that matters have been finalised, a message that the Editor is hearing also from other separate sources.

We also have additional confirmation concerning the Trustee-operative attorney for Cheney living in Germany and who has confessed under extreme duress that he had been instructed to deceive a 'country' Trustee for the past three years, by President George W. Bush [see below].

Finally, we learn today that Bush 43 was informed by 'those around him' within the past 48 hours that 'we are not going down or to jail with you' and that 'THE OVERDUE SETTLEMENTS ARE 100% MANDATORY AND YOU MAY NOT DELAY THEM ANY LONGER, OR YOU WILL WIND UP IN JAIL'. This man's endless defiance of the will of the international community makes no sense now even to Mr Bush's closest associates. The focus on Iraq plastering US TV screens is of course diversionary in this context, as is the quite nauseating wall-to-wall coverage of Hillary Rodomski Clinton plaguing US TV channels. The name of the game is to settle everything behind the scenes as though the corruption exposures never mattered, and life goes on as usual. That won't work, probably.

For the key 'Box Gang' operatives, the sole objective is immunity, immunity, immunity.


G-7 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS FINALLY ACKNOWLEDGE THAT THE GLOBAL FINANCIAL CRISIS IS ASSOCIATED WITH FRAUD AT THE BIG BANKS.

EACH GIGA-BANK IS HENCEFORTH TO BE ENCUMBERED WITH A SEPARATE, BANK-SPECIFIC 'INTERNATIONAL COLLEGE OF SUPERVISORS' WHICH WILL MONITOR ITS BEHAVIOUR WITH THE DELIBERATE PURPOSE OF FRUSTRATING THE EMBEDDED CULTURE OF CORRUPTION AT THESE INSTITUTIONS, WHICH HAD COME TO BELIEVE THEY HAD IMMUNITY FOR EVER

By Christopher Story FRSA, Editor and Publisher, International Currency Review and associated intelligence publications and services: World Reports Limited, London and New York.

Please Make a Donation, if you can, to help us finance research for these corruption exposures.

WASHINGTON, D.C.: The Group of Seven key financial powers, which for practical purposes we must assume means the G-8 (incorporating Russia, minus the United States), have made it crystal clear both here in Washington and by other means, that the scandalous hijacking of the world financial economy by the Bush-Clinton 'shadow government' crime network will no longer be tolerated ad infinitum, and that its reprobate hijacking of the welfare of humanity must cease.

SHARP AND POINTED LANGUAGE OF THE G-7 STATEMENT
For public consumption, the G-7 Finance Ministers and Central Bank Governors issued a statement on 11th April demanding implementation of the recommendations of the powerful Financial Stability Forum (FSF) as is revealed in its new Global Stability Report entitled 'Containing Systemic Risks and Restoring Financial Soundness', published by the International Monetary Fund (IMF) and made available here to journalists on Friday.

The language employed by the G-7 in its statement is probably the most explicit and blunt language that this veteran Editor can recall at any time since he has been attending these IMF/World Bank Meetings, beginning in 1977. Indeed it almost abandons the usual diplomatic rhetoric altogether.

Separately, because steps associated with the financial settlements that are intended to kick-start and simuletaneously to lubricate the new, discipline-focused global banking system encapsulated by the Basel-II requirements, did not materialise earlier in the week, the Financial Stability Forum Committee meeting in Rome, under its Italian Chairman Mario Draghi, checked out of the Italian capital and flew to Washington.

COMMITEE REPORTED TO BE REMAINING IN SESSION UNTIL RESOLUTION
The Editor was informed some days ago that this Committee would remain in permanent session until the settlement payments had been completed, by which was meant until the Fiancial Stability Forum Members had received confirmation to their total satisfaction that the long overdue funds had been deposited and economic receipt of them had been confirmed.

TOP 'COUNTRY' TRUSTEE WAS LIED TO FOR THREE YEARS ON BUSH'S INSTRUCTIONS
Indicative of the heinous problems surrounding this crisis is the following confirmed information.

A certain Trustee, resident in Germany and known to be a 'former' CIA operative and an attorney for Vice President Richard B. Cheney, was finally confronted, we believe on Thursday last week, and, under considerable duress (the details fo which the Editor does not know) finally admitted that he had lied to another ('country') Trustee for the past three years. Certain key Settlement Trustees are categorised for the settlement distribution (and Tier or hierarchical) purposes, as 'countries'.

The 'country' Trustee who had been lied to, has established that the Trustee-operative who made this confession under duress admitted that he had been instructed NEVER to pay out the 'country' Trustee, and that the source of this instruction was President George W. Bush Jr. (43). Following this forced admission, the Trustee-operative suddenly left the United States on Friday morning and returned to Germany, indicating that he was 'through and had had enough'. More probably, he now feared for his life, and with good reason.

The Editor understands that, after we reported this scandal to certain parties, the matter is being investigated, not least because it confirms that George Bush Jr. himself ordered this very powerful and respected US-based 'country' Trustee to be lied to and deceived all these years.

The reason that this development is considered by the Editor to be of exceptional importance at this juncture is that this first-hand information provides proof that the Bushite-directed shadow government crime nexus has indeed frustrated the settlements all along.

That has never been disputed by anyone 'in the know': but the difference this time round lies in the exceptional quality of this intelligence.

APPARENTLY THE 160+ COUNTRY REPRESENTATIVES WENT HOME ON FRIDAY
We further understand that the 160+ 'country' representatives who have been waiting and pressing for payment since last October, left the United States on Thursday evening or on Friday.

This development can be interpreted two ways. Either it means that they have given up in disgust and that the full wrath of the international community is about to descend upon the United States and its criminalist Government. Alternatively it means that the country representatives have taken economic receipt of their funds and therefore have no need to remain in America any longer. We refrain from indicating which of these alternatives the Editor favours, for the time being.

G-7 MEETING IN LONDON ISSUES STEELY DEMAND FOR IMMEDIATE U.S. COMPLIANCE
We have also established that the G-7 countries, meeting in London last Wednesday the 9th April, signed a document signifying that the international financial community, which the G-7 basically represents, requires the United States to implement Basel-II to the letter with effect from 12.01 am on Sunday night/Monday morning, failing which certain mighty US assets will be seized. The Editor cannot obtain further elucidation (yet) from his sources as to what this latest showdown implies, but it incorporates by implication a demand that the settlement payments must be completed at once and that the Basel-II arrengements, which should have been implemented by the United States with effect from the New Year but which have been torpedoed by Bush 43, are mandatory.

TOP BANKERS SAID TO BE AFRAID OF BEING THE FIRST TO RELEASE
Associated with this intelligence is the parallel information that the key bankers concerned are reluctant to release the funds 'because they don't want to be the first to release'. When informed about this otiose state of affairs, the Editor pointed out to sources that since the CEOs of all the big banks know each other by their first names, they can perfectly well orchestrate a huge conference call at which it would be mutually and collectively agreed between them to undertake the overdue settlements 'simultaneously' insofar as this is possible, and in the course of which all would agree to perform. Such a conference call would BIND all the lily-livered bankers concerned, to conclude the matter, thereby forcing the issue and leaving none of them 'vulnerable'.

BLACKMAIL AND THREATS BY THE BUSH-DIRECTED SHADOW GOVERNMENT CRIME NEXUS
Further enquiries by this Editor elicited the information that the Bush crime nexus has seen to it that ALL THESE BANKERS are subject to some kind of pressure or other to do as Bush 43 directs, and thereby to diverge from their responsibilities and duties. When we made further enquiries, we found that what was meant was that threats have been issued and that blackmail plays an important role in this hideous Luciferian scenario. It is not hard to imagine how true this must be, since all the big banks are complicit, as we have clearly delineated, in the criminal financial operations which have brought the world to the verge of financial and economic calamity.

G-7 ISSUES AN UNUSUALLY BLUNT STATEMENT (FOR WHITE HOUSE CONSUMPTION)
None of the above should detract from the exceptional importance of the G-7 statement released on Friday, which is directed specifically against the wayward United States (although of course diplomatic niceties prevent this from being stated in black and white). But that's what is meant.

At the 2007 IMF/World Bank Annual Meetings, the Group of Seven Finance Ministers and Central Bank Governors tasked the Financial Stability Forum (FSF) to produce a key report identifying the underlying causes and weaknesses in the international financial system that had contributed to the ongoing financial market turmoil.

The Forum, under the Chairmanship of Signor Mario Draghi, has duly completed and released, through the International Monetary Fund, its appropriately hard-hitting report, which sets out detailed recommendations for the enhancement of market and institutional resilience.

The G-7 Ministers and Governors indicated that 'we... strongly endorse the report and commit to implementing its recommendations. Rapid implementation of the Financial Stability Forum report will not only enhance the resilience of the global financial system for the longer term, but should help to support confidence and improve the functioning of the markets'.

REFORM RECOMMENDATIONS ARE MUCH HARSHER WHEN ANALYSED, THAN THEY SEEM
The FSF report presents, the G-7 statement said, a specific and substantive set of practical reform recommendations. The G-7 has identified the following four recommendations which, it states, must be implemented over the next 100 days:

Institutions 'should fully and promptly disclose their risk exposures, write-downs, and fair value estimates for complex and illiquid instruments. We strongly encourage [all] financial institutions to make robust risk disclosures in their upcoming mid-year reporting [that would be] consistent with leading disclosure practices as set out in the FSF's report'.

'The International Accounting Standards Board (IASB) and other relevant standard setters should initiate urgent action to improve [global] accounting and disclosure standards for [all] off-balance sheet entities and enhance its guidance on fair value accounting, particularly on valuing financial instruments in periods of stress'.

'Firms should strengthen their risk management practices, supported by supervisors' oversight, including rigorous stress testing. Firms should also strengthen their capital positions as needed'.

'By July 2008, the Basel Committee should issue revised liquidity risk management guidelines and IOSCO should revise its code of conduct fundamentals for credit rating agencies'.

PROPOSALS INCLUDE ONGOING INTERNATIONAL SUPERVISION OF THE BIGGEST BANKS
But sharper forks were encased in five further proposals highlighted by the G-7 Finance Ministers and Central Bank Governors in their statement released on Friday:

1. 'Strengthening prudential oversight of capital, liquidity and risk management: The Basel-II capital framework needs timely implementation'. which, being interpreted, means that the G-7 is telling the United States to get its act together and to cease and desist its sabotaging of the world financial economy through its endless trickery, skulduggery, lying, deceiving, double-crossing and general untrustworthiness. 'The Basel Committee should raise capital requirements for complex structured credit instruments and off-balance sheet vehicles, require additional stress testing, and enhance their monitoring'. Actually, these instruments may die an unlamented death over time, we suspect.

2. 'Enhancing transparency and valuation: The Basel Committee should issue further guidance to enhance the supervisory assessment of banks' valuation processes to strengthen disclosures for off-balance sheet entities, securitization exposures, and liquidity commitments'.

3. 'Changing the role and uses of credit ratings: Investors need to improve their due diligence in the use of ratings. Credit rating agencies should take effective action (consistent with IOSCO's revised code of conduct) to address the potential for conflicts of interest in their activities, clearly differentiate the ratings for structured products' (i.e. for collectivised, securitised instruments of dubious or frankly unascertainable underlying valuations), 'improve their disclosure of [all] rating methodologies, and assess the quality of the information provided by originators, arrangers, and issuers of structured products'.

4. 'Strengthening the authorities' responsiveness to risk: Supervisors and central banks should further strengthen cooperation and exchange of information, including the assessment of financial stability risks. It is important that an "international college of supervisors" be established for EACH OF THE LARGEST GLOBAL FINANCIAL INSTITUTIONS'.

'Market authorities should also act cooperatively and swiftly TO INVESTIGATE AND PENALIZE FRAUD, MARKET ABUSE, AND MANIPULATION'.

FACT: Each of the big financial institutions is to be supervised by a separate international supervisory and monitoring 'college', so as to enforce discipline and rectitude within this free-wheeling, headstrong and aberrant segment of the international financial community. THE FSF'S DEMAND FOR EACH LARGE INSTUTUTION TO BE ENCUMBERED WITH ITS OWN SEPARATE 'COLLEGE' WHICH WILL MONITOR ITS OPERATIONS IS A CLEAR, AND DECISIVE, INDICATION THAT THE G-7 HAS FINALLY ACCEPTED THE ACCURACY OF OUR EXPOSURES OF OPEN-ENDED FINANCIAL CORRUPTION AT THE BIG BANKS. THIS EXPLAINS WHY OUR STARK DESIGNATION OF CITIBANK AND OTHER HUGE BANKS AS VAST CRIMINAL ENTERPRISES HAS NEVER BEEN CHALLENGED. BECAUSE IT'S ACCURATE. THE GROUP OF SEVEN AGREES WITH US.

FACT: THE RELATED REFERENCE TO FRAUD AND MANIPULATION IN THIS OFFICIAL G-7 STATEMENT MAKES IT CRYSTAL CLEAR THAT WE ARE ON THE SAME PAGE. THE G-7 HAS FINALLY, AT LONG LAST, WOKEN UP TO THE FACT THAT THE INTERNATIONAL FINANCIAL CRISIS IS ALL ABOUT FRAUDULENT FINANCE PERPETRATED HITHERTO WITH IMPUNITY AT THE WORLD'S BIGGEST BANKS. BETTER LATE THAN NEVER.

5. 'Implementing robust arrangements for dealing with stress in the financial system: Central banks should be able to supply liquidity effectively during financial system stress, and authorities should review and where necessary strengthen their arrangements for dealing with weak and failing banks, domestically and cross-border'.

G-7 DEMANDS PROMPT, NO-NONSENSE IMPLEMENTATION OF THE FSF PROPOSALS
The Group of Seven financial powers' plain-speaking statement concluded with a hassle:

'We ask the Financial Stability Forum and its working group to monitor actively the implementation of the report's recommendations'. In other words, this is not to be just another dry, pigeon-holed document&183; On the contrary, it is to be a living instrument with which these recalcitrant criminalised enterprises calling themselves banks, while stealing other people's money, are to be battered into total compliance whether they like it or not, and however much they cravenly fear the criminalist intentions of the Bushite-led shadow government criminal enterprise, which is not recognised by anybody and is facing its day of reckoning at last. The communique continued urgently:

'It is important that member bodies of the FSF, including the Basel Committee, IOSCO, the IASB, and the Joint Forum, ACCELERATE THEIR TIMETABLES OF WORK TO CONCLUDE THEIR EFFORTS BY END-2008 AND THAT THE RECOMMENDATIONS OF THE FSF BE FULLY AND EFFECTIVELY IMPLEMENTED'.

'We look forward to an update at the Osaka meeting (of the G-8) in June, and to a comprehensive follow-up report by the FSF at our meeting in the fall (i.e., at the Annual Meetings of the IMF and the World Bank Group). We welcome the strengthened cooperation between the FSF and the IMF, which should enhance the early warning capabilities of key risks to financial stability'.

Which, in the vernacular, means as follows:

The United States must cease and desist its banditry, its sabotage of the will of the international financial community, and its excuse-making to perpetuate its penchant for financial corruption.

The United States is not as big as the Rest of the World, and the Rest of the World requires the United States to cease and desist exporting its home-grown brand of financial corruption and to start behaving as a civilised nation again, rather than as a financial pariah state.

The Rest of the World has completely lost patience with this financial pariah state and will ensure, come what may, that its will finally prevails in order to bring matters under control.

'CHANGE IN THE SOURCE OF FUNDS' REPORTED
Various other crucial developments occurred during the week just concluded. Among the most significant was an indication that sources of funds for the settlements, or some of the settlements, had 'changed'. In this connection, three countries were cited as sources of 'replacement funds': Britain, France and Switzerland. The Editor's analysis of this dimension is that the funds supplied per our report dated 30th July 2007 [see Archive] from the Bank of England, which mainly belong to The Queen, themselves represent 'replacement' funds furnished ON LOAN.

CITIBANK SUSPENSE ACCOUNT FUNDS BELIEVED TO BE ON LOAN, SO CAN BE RECALLED
This explains why they have allegedly been retained in a SUSPENSE account with Citibank.

They are believed to be resident in the suspense account (as identified in relevant reporting last September and October [see Archive]) pending resolution of the Wanta matter. The Editor believes (but of course this construction cannot be verified from ANY source, due to its sensitivity) that the OWNER(S) of these funds have indicated in no uncertain terms that if matters are not very sharply brought to a conclusion (like, NOW), the funds will be recalled.

Now, if that were to occur, we believe that it is not beyond the realms of possibility that Citibank, that criminal enterprise, might collapse. And if that were to happen, you could say goodbye not only to a viable American banking system, but to the entire modern system of banking institutions.

Put it this way: the pressure for resolution MAY BE directly related to this factor: indeed, the Editor believes this to be the case. It would go some considerable way to explaining the abrupt indication from US official sources that 'there has been a change in the source of funds'.

CHINA REPORTED TO HAVE CONCLUDED A CRUCIAL, CONSTRUCTIVE TRANSACTION
Finally, the Editor can confirm, from two impeccable and independent sources, that at 11.30am on Friday 11th April, China was involved in an important transaction involving US Treasury instruments worth $2.0 trillion. This transaction or implementation is reported to us to represent an important component of the measures being put in place for a resolution of this unprecedented global crisis, which has been wantonly and malevolently exacerbated by the predatory irresponsibility and open-ended deviousness of the criminal clique that controls the US Federal Government.

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