September 19, 2008 07:42

Its all our fault cause we are all greedy!! I’ll bet the Russian army will be galvanized when they hear this.

So let me get this straight.. the bankers and the government worked overtime side-by-side to find a solution for what the banks lobbied for?

Go figure.

BTW: I have noticed that many of you are starting to get it. ledbedder20.. very impressive!

Background
The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 31 January 1934. It was intended as a response to Britain's Exchange Equalisation Account[1]. The fund began operations in April 1934, financed by $2 billion of the $2.8 billion paper profit the government realized from raising the price of gold to $35 an ounce from $20.67. The Act authorized the ESF to use its capital to deal in gold and foreign exchange in order to stabilize the exchange value of the dollar. The ESF as originally designed was a creature of the Executive Branch not subject to legislative oversight.

The Gold Reserve Act authorized the ESF to use such assets as were not needed for exchange market stabilization to deal in government securities. The Fund had no statutory authority, however, to engage in other activities that it began to undertake. The principal such extraneous activity it devoted itself to was lending dollars to politically favored governments.

In 1938-40, the director of the Division of Monetary Research, Harry Dexter White, worked on a proposal for loans to Latin America and participated in plans for an Inter-American Bank, which did not materialize. The plan for an Inter-American Bank, however, inspired White’s first draft of the subsequent plans for the International Monetary Fund and the World Bank that White prepared in 1941 at Secretary of the U.S. Treasury Henry Morgenthau’s direction.

Cooking management’s books and then covering the book-cooking up with war and destroying the paper trail, then censoring speech by suspending the Writ of Habeus Corpus and then revising history is a tried-and-true, sure-fire way to out-negotiate.. labor.

Here is how it has always worked:

--A closed-door task-force, then..
--“reform” the securities exchange (that would be Belnick and Rudman,)
--upgrade the foreign nation(s) chosen for outsourcing
--upgrade a few good potential enemy nations while you’re at it cook the books
--allow the government to be defrauded
--inflate the true value of your company’s shares during a morality play (that would be Monika)
--prepare to confess and repent (Monohan’s Legatus calls this “making the tough calls”,)
--fly back to corporate from Rome
--sell your personal shares
--start an “unfounded” rumor about accounting methods
--put on a big bi-partisan dog-and-pony show to make it seem like the upgraded foreign nations were ever expected to pay for their new infrastructure
--freeze the accounts of labor
--confess and repent
--send out a few envelopes laced with a powdery white substance
--place the financial blame on a single greedy individual.

bada bing..

..you just created a fresh load of new millionaires – during the..

“Greatest Accounting Fraud Ever”

go figure..

It is that easy.

It is that boring.

But.. it is that easy.

And it is often called “Renewing America”.