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Sunday 26 April 2009 03:00

Updates are flagged in the 'bullet point' headings immediately below. A new report is pending...






See under 23rd April in the 'diary' section of this report: Stanford-related liquidation.









UPDATE: 27TH APRIL: 9:00pm EST: IMPORTANT CLOSING POSTSCRIPT. NEW REPORT PENDING... See at foot of this report above the standard Legal Notes that the crooks disregard.

Operating the $ Refunding from London without US Government participation delivers:

(1) Massive ongoing windfall tax accruals to the BRITISH Treasury given that all funds resident in the United Kingdom jurisdiction for 24 hours are taxable by the Inland Revenue. This makes the UK Refunding proposal of extreme interest to Her Majesty's Government and the UK Treasury.

((2) Massive ongoing windfall benefits to the UNITED STATES Treasury given that it will also receive a cascade of tax accruals from this independent private sector Refunding Program.

(3) The necessary refinancing of the UK and US banking systems ON THE BOOKS with no input from either Government and NO CORRESPONDING DEBT CREATED IN THE BACKGROUND.

(4) GOOD (i.e., on-balance sheet, taxed) money which will CHASE OUT THE BAD MONEY that the crass US Fraudulent Finance concoction will generate.

In mid-March we published: International Currency Review Volume 34, #2 on Systemic Fraudulent Finance and The Legalisation of Financial Corruption. Also published recently are issues of our titles The Latin American Times, Economic Intelligence Review, London Currency Report, Interest Rate Service and Arab-Asian Affairs.

For details, see the second white panel on the Home Page.

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Globalist hegemony ideology and practice is comprehensively debunked in the Editor's study entitled The New Underworld Order, which can be ordered via the books section of this website. If you want to see what may well happen if the angle of decline steepens much further, you could do worse than also order a copy of The Red Terror in Russia, by the contemporary Russian eyewitness Sergei Melgounov, another Edward Harle Limited book available direct from this website. Also, the Editor's study entitled The European Union Collective, which proves that the EU is a long-range strategic entrapment operation to reduce European countries to satrap status within a German empire using economic strategy for relentless economic warfare purposes, can be bought here.

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CORRESPONDENCE TO THE EDITOR: We routinely, automatically DELETE all emails which OMIT any element of the requested coordinates. We are not prepared to deal with anonymous spooks and other cowards who are too scared to provide their coordinates, for identification.

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.

CORRESPONDENCE TO THE EDITOR: We routinely, automatically DELETE all emails which OMIT any element of the requested coordinates. We are not prepared to deal with anonymous spooks and other cowards who are too scared to provide their coordinates, for identification.


Washington, DC:

In order to understand what we believe to have occurred with respect to 'the Settlements' as viewed from the Press Room here at the Spring Meetings of the International Monetary Fund and the World Bank, we will first summarise what sources reported to us from 8th April onwards.

Bear in mind that given the secretive nature of financial and banking transactions, and of the behind-the-scenes operations of international institutions, plus the constraints arising from the priorities of national and international law enforcement and limitations placed upon access by investigative journalists to uncomfortable information, we caution that what follows represents what has been reported to us in the course of our normal enquiries, and that it represents the truth 'to the best of our knowledge and belief'.

8th April 2009: Michael Wise, the former Chairman of Silverado Savings and Loan, was reported by The Denver Post [on 14th April: note the huge time delay] to have jumped from the 9th Floor of a parking garage at Tampa International Airport. This information was reported by Henry Poage, of the Hillsborough Medical Examiner's Office. According to this source, Mr Wise drove a rental car to the ninth floor of the short-term parking garage.

The Medical Examiner's Office 'ruled that the death was a suicide', explaining that a security video shows Wise pacing, before stepping off the side and landing in a landscaped area with palm trees and some greenery, according to Tampa International Airport spokeswoman Brenda Geoghagan. Wise was taken to hospital but died in the emergency room at 1:39pm. So we are to believe that a report which did not surface for a week after the event is accurate in all respects, even though if one were to be determined to commit suicide, hiring a car beforehand might be considered very odd, while surviving a nine-storey fall even into some greenery is highly improbable.

This 'suicide' must be considered in the context of the spate of Clintonesque murders that have been taking place, as the crooks try to 'clean up the playground' so that the massive unravelling of their financial criminality that is now in full swing will encounter as many 'dead ends' as possible. There are 'connections' with the death of Mr Wise that are believed to be spectacular.

15th April, 10:22 pm UK time: Notwithstanding that he is under indictment, George H. W. Bush Sr. was STILL attempting to move funds irregularly on this date, in response to which Euroclear was shut down so that anticipated or identified irregular financial movements would not take place. We speculated internally that this development might also be connected with a Chinese lien on funds.

17th April, 10:15pm UK time: It was reported to us that the Bush Crime Family had summoned a 'top-level' meeting in Texas, to which key co-conspirators with Bush Sr. and Dr Alan Greenspan, his chief trader, were invited. A significant number of Bush Sr.'s leading foreign co-conspiratorial assets who flew to Dallas or Houston for the meeting were reportedly apprehended at the airport. This meeting was believed to have been summoned because of the need to repatriate funds.

This is consistent with earlier reports of key parties falling below the radar. For instance, a Dallas-based broker-Trustee who had been in DIRECT and continuing touch with the Editor of this service for at least two and a half years, sending emails describing 'imminent payment scenarios' which were always disappointed, has not been heard from since 11th April 2009. On that date, he had commented very sensibly on the situation that seemed about to arise if the IMF had been minded to impede, on the instructions of the White House, the Editor's press accreditation for the Spring Meetings. (This was the serious situation referenced in our reports dated 13th/14th April).

On 14th April 2009, the Editor sent emails to this contact, which bounced. Altogether, we sent nine emails spaced over a period of days, and they have all bounced. The return emails contain an NSA code which is intended to indicate that the contact was now prohibited from communicating with us. In other words, the 'loop' of information using us as the fulcrum had outlived its usefulness, and was closed down, implying some change or other in the overall situation.

This episode will be incorporated in a detailed but separate study on the innumerable deception techniques and operations to which the Editor has been subjected throughout these extensive investigations. More broadly, the closing down of this information 'loop', reaching straight back to Bush Sr., we have solid reason to believe, could be interpreted as a positive sign of progress.

Such techniques are used in intelligence to gauge how a particular deception is performing, and whether it should be continue or be modified. It was clearly felt that communicating with the Editor would facilitate the feedback that these people thought they needed, to see how far they could push their thievery. But following the G-20 meeting in the London area, the situation changed.

We should clarify here the earlier information about Greenspan's latest arrest. It was specifically reported, and confirmed, that this crook had been arrested and was incarcerated for a 30-day period pending a hearing before a Magistrate Judge. It is possible that when our sources speak of 'arrests' at this level, what may actually be meant here is 'apprehended'.

The fact that Greenspan reportedly delivered one or more speeches which overlapped the period of alleged incarceration is not material, as he has a speech-writing team and could have submitted papers before these events. However much one may dig around looking for further and better particulars, though, a veil is usually drawn over these arrests of such prominent operatives.

Neverethless, Dr Greenspoon, like Bush Sr., is reported to us to be under indictment. That's what matters in view of what follows. In addition, following the G-20 jamboree, we received at least half a dozen reports of further extensive arrests, both in Europe and in North America.

21st April, 9.35pm UK time: It is reported that (a) 'a lot more arrests' have taken place during the day and possibly earlier, and that (b) George H. W. Bush Sr. and Greenspan intervened OPENLY to block settlement moves, apparently in the most brazen manner. The explanation given to us was that with Vice-President Biden in charge of the National Security Council, which tells the President of the United States what to do [see the preceding report], and Biden working with the Clintons who are close long-term collaborators (and simultaneously enemies) of the Bush Crime Nexus, Bush Sr. may assume that he remains inviolable, EVEN THOUGH HE IS UNDER INDICTMENT.

21st April: For the first time, the Editor learns that the International Monetary Fund has acquired a large volume of gold for smelting. (When the Fund acquires gold, it is smelted immediately). These reports, from impeccable sources, could not specify the SOURCE of the gold acquired by the Fund.

At the Spring Meetings, the Editor has attempted to ascertain the answer to this question, so far without success. Obviously, parallels with the stealing of The Queen's gold on 29th-30th March 2007 suggested themselves, but after consideration we did not suspect there had been any such repetition: those involved got a nasty shock when that theft was publicised by this service, and the gold had to be restored. So the issue remained, for the time being, up in the air. Nevertheless, the Editor formulated the following question, which he had intended to attempt to ask the Managing Director of the IMF (but unfortunately, again, at a Press Conference on Saturday, the IMF convenor appeared deliberately NOT to call the Editor of this service). The question would have been:

'What is the source of the gold reportedly acquired and being smelted by the IMF, and are IMF tax-exempt accounts being used to hide diverted or stolen funds, or have they been used for these purposes in the past?'.

22nd April 2009: The Editor learns that David Kellermann, aged 41, the Chief Financial Officer of Freddie Mac, was found dead by his wife this morning. The news surfaced on the US broadcast media at about 9:30 am EST: so at least, compared with the Wise 'suiciding' that occurred on 8th April but was not reported by The Denver Post until 14th April, no attempt was made to hold back this sinister news. But everything else that surfaced (and has not yet been publicised in the so-called 'mainstream' media), is distinctly sinister. Thus:

Mr Kellerman asked for protection (i.e. he'd been threatened) but received only very light cover.

Mr Kellerman was sent home for two weeks. (Reason: they couldn't 'get at him' while he was out and about so they needed him to be in a fixed location, our informants advised us at the time).

Mr Kellerman shot himself and after he had shot himself he hanged himself [sic]. This is a feat which not even Houdini in all his glory could ever have achieved.

First, Kellerman was reported to have been found hanged. However special information received from reliable sources by this service indicates that the was SHOT FIRST, AND THEN HANGED.

Mrs Kellerman informed local media that her husband had committed suicide.

As you can imagine, there is far more behind this hideous event than has surfaced. Indeed, the imperative to prevent Mr Kellerman testifying to what has been going on, which can conveniently be summarised as THE WHOLESALE STEALING OF ASSETS FOR COLLATERALISATION AND TRADING PURPOSES, would appear to have been so intense that he 'had to be liquidated'.

In March 2009, Freddie Mac disclosed that it was being investigated by the US Attorney's Office in Virginia, and had been supoenaed for documents related to accounting disclosure and corporate governance issues back to September 2008, which was precisely when, as previously advised, the $14.0 trillion of assets belonging to sovereign parties was placed into 'lockdown' (between 10th and 12th September), followed by the 'triple gunshot threat' left on the Editor's voicemail and the warning that the Editor should be careful on his forthcoming visit to Washington for the IMF/World Bank Annual Meetings in October 2008. Special protection was provided throughout that visit.

The Securities and Exchange Commission (SEC) is also conducting an investigation into Freddie Mac, and has interviewed staff. A spokesman for Freddie Mac stated on 22nd April 2009 that the institution 'knows of no connection between this personal tragedy and the ongoing regulatory enquiries': which seems quite extraordinary, since what has so far been revealed is just the tip of the most immense iceberg in the Northern Hemisphere, we understand.

As indicated in the Update of 22nd April appended to our report dated 14th April, we are now in the Third Clinton Administration, with no checks and balances evident. The Clinton operatives have reverted to their usual form: liquidations. So far during the Spring Meetings, the Editor has heard no mention of the two 'suicides' referenced above, even though anyone who has not completely squashed their brains by sitting on them too hard must sense that these 'Black' developments are directly and specifically related to the headlong unravelling of the criminal finance Octopus.

Note: Although the Clintons' ill-gotten gains are believed to have been frozen (explaining why Bill is hardly rushing to the financial assistance of his CIA wife who has recently been described by another source as being more senior within the CIA than William Jefferson), they appear to have been attempting to use blackmail, the trade-off being 'release our funds and we'll cooperate'.

23rd April: We are informed that 147 key figures involved in the thefts and corruption have again been advised that they face indictment, and that NONE can rely on any prospect of immunity. This is the same number of indictments, or potential indictments, that were mooted back in 2007, but that went nowhere because of the usual high-level interference with law enforcement. However on this occasion, the information was accompanied by the following further elaboration:

The 147 co-conspirators (including a large number of very well-known names) were told that if diverted funds were not 'restored' by close of business EST on Friday 24th April 2009, they would be arrested. We were separately advised that:

Relevant law enforcement personnel (US Marshals) were IN PLACE ALL OVER WASHINGTON effective from 6.00pm on Friday 24th April, to effect the arrests. A large number of arrests was thought to be imminent, presumably if the stolen funds had not been 'restored'.

23rd April: Hywel Jones, 55, a former Natwest banker, former prominent Director of the Bankers' Association of the Bahamas and of the Bahamas Institute of Bankers, is shot in the back of the head by a sole gunman waiting in ambush outside the office of his offshore financial services company in Nassau, capital of the Bahamas. The 'slim, dark male' gunman escaped on a motorcycle.

On 25th April, Mr Jones, from Wales, was reported to be critically ill in a coma and was under police guard after having undergone emergency surgery.

It is believed that the bullet passed through his head. Mr Jones was arriving for work when he was shot. This is now thought to be a Stanford-connected liquidation. Recall that Stanford's lone British accountant on Antigua, whose accounting contract with Stanford ended on 31st December 2008, died suddenly and mysteriously on New Year's Day. There is speculation that Stanford International controlled some of the Japanese (Yamashita) gold.

There are no coincidences when imploding cascades of crimes unravel like this...

24th April: In the context of the US banks' so-called 'stress tests', it has transpired that these institutions are now formally considered to be 100% liable for their off-balance sheet 'assets'.

This 'clarification' has inevitably emerged because of the convoluted Geithner scheme whereby what are now suddenly being called 'legacy assets' are supposedly to be revalidated, following the devastating 'shock' delivered to the derivatives environment when interbank market liquidity, with the exception of drug money, dried up following the events of 10th-12th September 2008.

The problem that the designers of Geithner's original scheme may not have factored in to their thinking in the rush to develop a formula which would enable the White House and its cronies to retain control of trading (according to the underlying thinking here) was that if those fraudulent assets are to be revalidated, the banks' liabilities remain intact. (The same would apply even if, as we expect, Geithnerism collapses in ignominy, as there will be, as we predicted, few, if any 'takers' for repackaged 'formerly toxic' assets remarketed to restart the collapsed derivatives system).

Anyway, the upshot of this is that since the banks are liable for the fraudulent off-balance sheet assets, this means in practice that the off-balance sheet assets are in effect on-balance sheet! So this appears to be another case of shooting oneself and then hanging oneself afterwards.

But the situation has CHANGED during the IMF/World Bank Spring Meetings as will be explained.

24th April: The Editor attends a Press Conference off the Press Room given by the Canadian Minister of Finance and the Governor of the Bank of Canada. The meeting was held in between sessions of the Group of Seven (G-7). The Editor was able to take the microphone, and asked why discussions at these meetings were focused on repairing a broken financial system by attempting to restore the integrity of 'Structured Products' (derivatives) which had been demonstrated to be worthless and fraudulent inter alia because there is NO RECOURSE to the underlying source of real money (e.g. from the original mortgagor).

It was tantamount to repairing a collapsed building with faulty cement.

The Editor pointed out that the Bank of Canada (unspoken, of course: which was deeply involved in dodgy financial operations preceding this crisis) and the Ministry of Finance know perfectly well that derivatives assets are fraudulent. He concluded by mentioning that 'there IS a straightforward solution: it's called trading on the books'.

At this, the room erupted and the Governor commented: 'I thought there'd be a question like this, which is why a representative from the G-7 is at this meeting'! The clear implication was that the Governor of the Bank of Canada knows all about the G-7-Approved private sector Dollar System Refunding Programme using sovereign LOAN funds referenced in earlier reports, which would reliquefy the banks ON THE BOOKS, deliver massive ongoing taxation accruals to the US Treasury (and to the British Treasury as this programme is to be run from London, and trading funds held within the UK financial jurisdiction for 24 hours are liable for UK tax).

However after these comments, the Governor reverted to his script consistently with the 'line' at these meetings, which is to avoid all references to Fraudulent Finance, Ponzi Schemes, criminal operations, diversion, the Bush Crime Family and stealing of funds, and the ransacking of private monies which these people know all about but which are taboo subjects in these refined circles.

24th April: The Editor is informed that key Trustees have been put 'on standby' for payment in the coming week, starting on Monday. This would be consistent with the requirement imposed on the 147 perpetrators for stolen and diverted funds to be 'restored' by close of business on 24th April. As of 9.00pm EST on Saturday evening in the Press Room, where this report was being prepared, the Editor had not received any information about arrests having taken place.

FACT: What normally happens is that these sequences follow a standard pattern, and that when the payments are anticipated WITHOUT draconian action having been taken, as on this occasion (?), the payments are aborted. So, pending confirmation of remittances (which may well be quite hard to come by) it won't be possible to tell whether this nightmare is indeed coming to an end.

25th April: HOWEVER, M. Dominique Strauss-Khan, the Managing Director of the International Monetary Fund, told the media repeatedly on Saturday that 'green shoots of recovery' HAVE been detected and that the Fund's view, thanks to substantial 'progress' which he says has been made at these meetings [see below], is that these will mature into signs of real recovery by around the third quarter, with tangible growth emerging in the first half of 2010.

This makes no sense whatsoever in view of facts such as that a further five million foreclosures are anticipated in the United States in due course, with obvious implications for unemployment and consumption, while losses sustained to date arising from the crisis are now estimated in the many trillions of dollars. The Editor learned at one meeting, held in the IMF Governors' Board Room, that the total value of new development contracts worldwide that have actually been cancelled since September last year exceeds $1,600 billion. And given the unprecedented contractions in real Gross Domestic Product predicted for the key European countries and Britain, these assertions from the IMF's Managing Director fly in the face of all available evidence, even though the British Chancellor of the Exchequer used similar language recently (and was ridiculed for his pains).

So what on earth could M. Strauss-Kahn have been talking about? Here's the likely answer:

(1) That the International Monetary Fund has acquired a large volume of gold which went for smelting very recently, has been separately confirmed by several key sources.

(2) The Wall Street Journal reported on 25th April that China, Brazil and Russia are to purchase the IMF's first-ever bond denominated in Special Drawing Rights (SDRs). This is the IMF's own unit of denomination, consisting of nothing but its name. It is backed by NOTHING WHATSOEVER. (Certain IMF statistics are denominated in SDRs, so that the poor analyst has to translate the numbers into dollars in order to get a 'handle' on what they mean).

FACT: Assets denominated in SDRs will be as FRAUDULENT as the worthless 'toxic' derivatives with which we are familiar, since the SDR has no backing whatsoever and exists only in name. If, as we suspect, the intention is to launch this new SDR-denominated bond as a prelude to introducing a new generation of 'asset' which can be exploited along lines similar to the derivatives, the seeds have been sown for a NEW BUBBLE, which will implode just like the derivatives bubble.

And the IMF's reputation and standing will be destroyed along with the SDR bond mountain that we believe is liable to take off as a consequence of this duplicitous 'smoke and mirrors' arrangement. The phrase 'money laundering' of course also springs readily to mind.

(3) Brazil is reported by The Wall Street Journal to be contributing up to $1.0 trillion which will be used to purchase these IMF Special Drawing Right-denominated bonds. BUT SEE BELOW...

(4) All of a sudden, the IMF has started signalling not only that 'the worst may now be over', but that global economic growth will be restored starting late this year and into 2010.

(5) China's reserves of gold have risen very sharply, from around 600 tonnes, to over 1000 tonnes.

It will be recalled that China, having obtained lien power from the World Court, demanded that the United States pay debts owed to it following the expiry of the 70-year maturity period of historical debts which the United States had reneged on and which may have explained the stealing of The Queen's gold that we exposed in 2007, an operation that had to be aborted after our exposure, and the consequent restoration of the gold to its rightful owner.

Very recently, the Chinese declined to accept US currency or Treasuries, and tensions rose to fever pitch when President Obama reportedly 'refused' a Chinese demand that the United States must pay China in gold, a state of affairs that reconfirmed that China has lost confidence in the US dollar. China demanded that its payment must be 'guaranteed': and the only guaranteed means of payment is in gold. We therefore believe that what has taken place is the following:

The large volume of gold recently 'acquired' by the IMF and smelted as always happens when the Fund acquires gold, has been credited for the account of CHINA, fulfilling China's requirement.

To satisfy the other side of the balance sheet, Brazil, as noted above, will suddenly be funding the IMF to the colossal tune of $1.0 trillion. This is FAR MORE than Brazil owns, which is why not a lot has emerged about this deal (certainly, nothing on that score that the Editor has been able to pick up in the Press Room and at the various meetings he has so far attended). So where has this huge sum of money suddenly materialised from?

Answer: From hidden Bush Crime Family diverted and stolen funds stashed in Brazil.

In other words, the corners of this 'smoke and mirrors' triangle consists of China, the IMF and Brazil. Which helps to explain a number of recent developments, viz:

The appearance of President Obama at the recent Organization of American States (OAS) meeting in Mexico, although of course this was a pre-arranged forum. But these meetings are in fact the outer face of what goes on behind the scenes. Deals were being done below the radar (including drug-trafficking and laundering transactions) as is always the case on these occasions.

The fanfare with which the G-20 was 'relaunched' in London on 2nd April, when the Brazilian President Lula was seen hobnobbing with Presidents and Royalty at Buckingham Palace. All of a sudden, Brazil is on the map, but NOT for the reasons commonly supposed. No. The reason Brazil has 'risen' in the hierarchy of nations is that the Brazilian Government appears to have been very diligent in cooperating to freeze and confiscate the Bush Crime Octopus's ill-gotten funds which have been accumulated in Brazilian institutions.

Notwithstanding the accuracy of the foregoing (reconfirmed to us on Sunday afternoon), the new arrangements to get the White House off the hook and able to exploit trading as intended, seemed ALREADY TO BE COMING UNSTUCK ON SUNDAY. Two days earlier, the Brazilian Finance Minister attending the Spring Meetings, Guido Mantega, apparently dismissed the substance of the Fund's proposed sale of bonds denominated in SDRs as 'insufficient' and 'premature'. However this was not revealed until the 26th, implying that the Brazilians had woken up to the likelihood that they have been pressurised to provide the third side of the triangle against their better judgment.

Should the Brazilians demur (which seems likely), the situation will be completely out of control since one element of the surreptitious 'smoke and mirrors' gold and money laundering operation will have been completed without the corresponding, albeit fraudulent, matching transaction.

Mantega was also reported by Bloomberg (on Sunday) as having said that any contributions by the four largest developing nations would be 'provisional', pending reforms that would increase their say in the forum of the International Monetary Fund. Because the United States is now beholden to these countries, the US Treasury Secretary, Timothy Geithner, said in a Treasury statement issued in the Press Room that he supports a 'realignment' of power in the Fund to reflect 'the realities of the global economy', along with a reduction of the number of IMF Board Members from 24 to 20.

That won't please the Europeans, especially the British, one little bit.

The 'Statement of the G-7 Finance Ministers and Central Bank Governors' Meeting' dated 24th April carefully included a reference to the $1.0 trillion, in a sudden outbreak of 'transparency'. Actually, what we observe is 'candour', which should NEVER be confused with TRUTH.

The text states:

'We welcome progress being made in mobilizing temporary bilateral financing for the IMF; this financing will be rolled over into the IMF's New Arrangements to Borrow, which in turn will be increased by up to $500 billion and see its membership expanded. We will work to implement the $250 billion general SDR allocation, as well as to use the additional resources from the IMF's agreed gold sales to support the poorest, consistent with the IMF's new income model. We are implementing the initiative to provide at least $250 billion in trade finance'.

Total: $1.0 trillion.

The next paragraph begins: 'We welcome the IMF's introduction of new facilities, such as the Flexible Credit Line...'. This is to be another element of the new use that is to be made of SDRs, involving monthly credit extensions which could be construed as inflationary and will certainly underpin the intended exploitation of SDR-denominated bonds/assets that we detect.

It is further believed that our exposure of the Lombard Odier Swiss guaranteed insurance wrap arrangement which was to have been operated in conjunction with the known CIA operative or asset Warren Buffett, literally 'blew' that scheme, which may explain the apparent earlier intent of the White House and therefore the IMF not to respond to this Editor's routine application for press accreditation for this Spring Meeting (which was in turn apparently 'blown' when we indicated that this would free up the Editor to criticise the IMF and the World Bank, which is quite hard to do if you are at the same time accepting their generous hospitality).

The present analysis criticises the arrangement that is identified here, but it should be borne in mind that the Fund jumps to the command of the White House, whatever may be alleged to the contrary. The World Bank is of course a creature of the White House, and is currently fronted by the rather competent but colourless CIA operative Mr Robert Zoellick. Listening to Robert Zoellick on Saturday, the Editor formed the view that he has a very good grasp of his responsibilities and brief.

Anyway, the point here is this:

The IMF SDR bond arrangement, financed by disgorged Bush Crime Family money from Brazil, effectively REPLACES the Lombard Odier scheme which collapsed after we had exposed it.

It is designed with White House approval (hence Lula's recently publicised close association with President Obama) to provide the new platform which is to be used to launch the fresh generation of 'assets' which (we believe) will soon grow up 'alongside' revived 'legacy assets' until these have been 'successfully' transferred onto the US Treasury's books, in exchange for the 'new generation' of exotic Treasury 'legacy' instruments' with extremely long maturities, probably varying from 30 to 45 or even 50 years out into the future. But there will be no 'legacy', since the 'Trashets' exchanged for these exotic US Treasury instruments will have no value, just as the paper that replaces them will have no value (i.e. their backing will be spurious).

The idea that such trash will be 'worth something worthwhile' in 25 years' time is deviant stupidity. Incidentally, Paul Volcker has told the President to his face that Mr Geithner's arrangements are absolutely unacceptable and, by implication, fraudulent.

With the new IMF 'Flexible Credit Line' in place, the prospect and probable intention is for outside parties quickly to become involved as counterparties, so that the International Monetary Fund will henceforth become the central player in what we foresee to be a new generation of exotic funding which, as noted above, will be JUST AS FRAUDULENT AS DERIVATIVES given that Special Drawing Rights are backed by nothing at all, except the very favourable standing of the Fund, which will be destroyed when the Fund's reputation collapses along with the prospective SDR bond bubble.

If this analysis is correct, China has been dealt with and the Geithner arrangements are in the process, as a direct result of developments during the IMF/World Bank Spring Meetings and the transfer of the huge volume of gold to China which we think occurred on 24th April, of being given the kiss of life, having shown (as we predicted) every sign of being stillborn. With the IMF at the centre of the carousel, revival of the derivatives sector so that these false assets can at least be transferred progressively onto the Treasury's books as described, may proceed, and Mr Geithner needn't be fired immediately. Paul Volcker, who made a number of very sober comments at the seminar that the Editor attended on Saturday, won't be amused, but he's not at the White House.

In particular, Volcker will be chagrined that the SDR, backed by zilch, is to become the new asset of preference, exploitable as was never intended, without any discernible steps being taken to back it by anything except the existing air which sustains it. No doubt Paul Volcker will be having further words with the President on this score. The IMF's credit lines will extend credit based on NOTHING. And Volcker will doubtless be pointing out that even though the Oval Office and the Treasury will be associated with the Fund in this venture, that doesn't make what is being proposed any less fraudulent. It simply incorporates the International Monetary Fund as an institutional co-conspirator in the blatant perpetration of financial fraud against future generations of Americans.

And to use the unbacked SDR as the lynch-pin for the refunding of the whole world seems to us to be inviting a catastrophe which, despite all the waffle that the Editor has so far listened to at these Spring Meetings, will, once again, NOT BE ANTICIPATED.

Because as with Geithner Plan Number One, the Treasury will be accumulating vast quantities of completely unnecessary debt which could be avoided if it were to come to its senses and permit implementation within the United States of the G-7-Approved private sector Refunding Programme using the LOAN funds provided for the purpose but which had to be withdrawn effective from 29th January 2009 because President Obama broke his signed, formal undertakings on that score: and so far as the sovereign lenders were concerned, 19 months of glaring, in-your-face, US criminalist abuse of their funds was enough, thank you very much.

We have a distinct sense from all this that the exotic IMF arrangements outlined here represent compromises reached in order to astisfy the White House, rather than objective solutions that have been brought forward in order to meet the needs of the International Monetary Fund's constituent government clients. This perspective is reinforced by the obvious fact that what is discussed for the consumption of the world's press here is the front-facing information that is presented to the people, and which masks the sordid deals and trade-offs, that are reached behind the scenes.

This has been more obvious than usual this year, because on the several occasions when the Editor has so far been allowed to ask why he never hears words like Fraudulent Finance, Ponzi Schemes and criminal enterprise etc. mentioned, the point has been taken politely (for instance by the Governor of the Bank of Canada and also, separately, by the Finance Minister for Zambia) but then wholly dropped, with the rest of the answer focused on the 'line', which is all about how the Fund and the 'rich' countries are 'responding' to the crisis.

In other words, discussion of the criminal, fraudulent CAUSE of the calamity, and of the fact that this is a CRIMINAL FINANCE crisis first and foremost, rather than primarily a systemic crisis, is taboo.

And the reason for THAT is that the White House, CONTRARY to advice tendered by Paul Volcker, but of course influenced by the Clintons (for heaven's sake) intends to reconstitute the carousel and the Fraudulent Finance operations, come what may. It is impervious to common sense. And its boss, the National Security Council, which controls the CIA controllers, tells Obama what to do.

Which leaves the Settlements, or some of them. Here we observe that the stimulus money that the President 'fought for' as though he was still fighting the election, HAS NOT MATERIALISED.

On 20th April, the Editor was informed that the US States were expecting to be paid stimulus funds that had been agreed upon, for them to finance infrastructure and other projects, as well as some welfare payments, and that the payments to the US States were due that week.

On 25th April, the Editor learned that Pennsylvania HAD TO BORROW $480 million, just to finance its immediate unemployment benefit obligations, subject to receipt of $18 billion pledged to it by the Federal Government, much of which is urgently need to fill an immense hole in its public employee pension arrangements, clearly implying that the payments to the US States had NOT taken place.

In some supermarket stores, there are hardly any customers. New York City diners that the Editor uses that were full of clientele even the last time he was in the United States in March, are almost empty much of the time. THE STIMULUS MONEY IS OR WAS, NOT AVAILABLE.

In the light of the foregoing developments (China out of the way and the White House having stitched up a variant of the Geithner Plan without in fact telling anyone), certain Settlements payments will probably now go ahead, and the States may finally get their delayed stimulus money.

Moreover the deliberate talking-up of the prospects for recovery late this year and into 2010 by Dominique Strauss-Kahn, in the face of quite appalling data and further shocks which can be seen lurking on the horizon, tells us that the Trustees who have been told to be on standby this time may actually find that they are paid and can 'spend' their funds.

We cannot enter into ANY second-guessing as to which categories of recipient may be paid, as it is not even certain that these deductions are solid (although as a first-hand, on-the-spot observer here in Washington, the Editor has a clear sense that they are). Quite apart from anything else, if there are any further problems, M. Strauss-Kahn is going to have egg all over his face in short order, so that any ambition he may harbour of succeeding M. Sarkozy will not be realised.

The IMF's latest Financial Stability Report was not available from the printers but the Statistical Appendix was obtained. Table 4 shows that the notional value of derivatives contracts outstanding at end-June 2008, using Bank for International Settlements statistics adjusted for double-counting, stood at $683,725 billion, compared with $595,407 billion six months earlier.

Thus the notional value of these (actually worthless) 'trashets' rose by nearly $90 trillion ahead of the 'lockdown' of the $14.0 trillion in mid-September 2008 which occurred as the direct result of the advice we gave that the exploitation of the loan funds since 19th-20th June 2007 when they were first made available, was quite intolerable and should be made to cease by having the loan funds withdrawn. This advice was accepted. The rest is history.

As recently as the end of June 2006, the notional value of derivatives 'assets' outstanding, was $370,178 billion: so the volume doubled in the two years to mid-2008. Since the carousel stalled in mid-September 2008 (although compounding will have continued), the really interesting number will only surface into the public domain this time next year in the IMF data.

An IMF Working Paper which was the subject of the mentioned seminar, entitled 'Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis', by Erlend Wlater Nier, shows quantified losses arising from the crisis attributed to banks in key European countries.

The figures shown are as follows: Banks in Italy, $2.4 billion; Netherlands, $12.1 billion; France, $25.1 billion; Belgium, $10.8 billion; Switzerland, $54.3 billion; United Kingdom, $61.3 billion; and Germany, $56.0 billion. It should be pointed out also that European banks are compliant with the Basel-II requirements monitored and brokered by the Bank for International Settlements.

Yet European banks (especially the big German and British banks) have accumulated even larger portfolios of rubbish fraudulent assets than even the US banks that we have described as criminal enterprises. How come, then, that the big US money center banks are not or have not been Basel-II compliant when some of the European banks which are in an even worse position, are compliant?

One could go on for ever identifying the stupidities and aberrations of these people, but we'll close with some revealing information published in The Times, of London, very recently, in an instance of the 'mainstream' here doing a first-rate job. The report revealed that the British Treasury is paying vast fees, thought to have exceeded $150 million to date, to the very bankers whose 'irresponsible' behaviour has resulted inter alia in the British Government having to increase its indebtedness in the space of the year to come, by more than the entire volume of debt incurred by the Government of the United Kingdom since it first started borrowing from the Bank of England in 1692.

Specifically, Deutsche Bank, Credit Suisse and Citibank have all been hired at enormous cost as advisers to the Treasury, suggesting that the Treasury has lost control and basically had no idea what was going on in its own bailiwick. The Credit Suisse team is based at Canary Wharf, the new high-rise financial sector development to the East of the City of London, but decamps regularly to the Treasury. Its team consists of at least 20 people. The Deutsche Bank team of four experts in Fraudulent Finance includes an Irish dealmaker who advised Barclays on its failed bid for ABN Amro. Credit Suisse and Deutsche Bank alone are believed to have scooped $100 million sterling equivalent between them, and separate fees are being shelled out to Citigroup, which had to be bailed out by the US authorities.

The impression to be gained from this exposure is that the British Treasury had no clue what was happening, and so was completely taken by surprise by the events of mid-September 2008 and their consequences: which probably explains why the British Treasury is staggered that a solution exists which has the capacity to reliquefy the banks without incurring any Treasury debt while at the same time delivering massive windfall tax accruals to the Exchequer.

It's called trading on the books.

As a general rule, when divisions arising at these international meetings are openly reported in the ‘mainstream’ media, the disagreements alluded to do not reflect the specific underlying tensions accurately. The cracks in the parched ground at the surface appear narrow, masking cavernous voids beneath. Such seems to be the outcome of the IMF/World Bank Spring Meetings ending in Washington, DC, on Sunday, amid considerable dissension and acrimony.

Simply put, with at least $34 trillion having been stolen and diverted by the Bush Crime Nexus, nothing like the total has yet been recovered under Obama, who knew about this state of affairs long before the Inauguration, has had more than his first 100 days to impose his will on the grim situation and to remove all who have been standing in the way of the resolution, and has failed to deliver. Accordingly, the IMF/World Bank Spring Meetings 2009 took place essentially in a financial vacuum. No mention whatever was made of these colossal thefts, and the Editor detected only one obscure hint of the criminal dimension – indicating with crystal clarity that the Fund operates in a virtual environment, the parameters of which are dictated (we know for a fact) by the White House.

For public consumption, the world's press has got hold of the idea that the divisions between the financial powers that surfaced at the Spring Meetings concerned inter alia a failure to agree upon how to raise $500 billion in additional funding for the International Monetary Fund that was pledged at Gordon Brown’s G-20 jamboree at Canning Town, London, on 2nd April. It appears that over $300 billion has been ‘pledged’; but as we all know, ‘pledges’ and undertakings, following untold years of double-cross, lies and duplicity by the US Treasury, are devoid of all meaning. Deceit is catching, and, like pig flu, it’s become a worldwide epidemic. So far, no actual hard money (with the possible exception of a Japanese amount) has been forthcoming. It’s been all talk and very little action.

A second reported dispute that erupted during the Spring Meetings concerned the vexed issue of representation on the Board of the International Monetary Fund. Here, the open press reports, and the buzz in the Press Room, was that China, Brazil and India are throwing their new weight around by expressing reservations about their prospective and ASSUMED (by the United States and the IMF) participation in the exotic IMF funding arrangements described in part above, pending a full reform of their ‘quotas’ in the Bretton Woods institutions that represent their voting power, and an expansion of their status. The Times of London summed up the position, as perceived for public consumption, thus: ‘Along with other emerging market nations, China is reluctant to make bigger financial commitments in the IMF without being allowed a much greater part in decision-making at the Fund and its sister body the World Bank’.

Additionally, tensions emerged above the radar over attempts to persuade more countries to make one-off crisis contributions to the Fund’s resources, or to increase their existing commitments: the word ‘commitment’ in this unpleasant environment being meaningless: collectivisation is admired in theory by these brainwashed socialist ideologues, but resisted in actual practice when it comes to forking out hard cash. And really, since there's a money famine, where's the incentive?

And following years of the rampant, in-your-face corruption orchestrated by the Bush Crime Family (for DVD, Dachau) working hand-in-glove with his top criminal trader, Dr Alan Greenspan – with the Bush dimension of the DVD-controlled element of the CIA secretly financing the ‘Islamic Terror’ operation, while Greenspan, assisted these days, one suspects, by Rahm Emanuel, presides over the secret funding of the opposite dimension of the dialectic, namely the hardened Israeli Nazi war party – the whole world has been corrupted, and the dirty tricks and duplicity deployed by the US criminalist intelligence gangs are being replicated by other powers, notably the big emerging ones.

(Encouragingly, the new Israeli Government has just explicitly stated that it will not be so stupid as to attack Iran; but the underlying objective of getting the United States to do Israel’s dirty work in the Middle East, remains unchanged).

Some of the new ‘big players’, notably Brazil, still need training in how to recognise that they are being targeted by US ‘Black Arts’ operatives into making ‘commitments’ that they’ll come to regret. Thus, as soon as it became known (two days after the event) that the Brazilian Finance Minister, Guido Montaga, had expressed reservations (about the rôle assigned to Brazil as described in this report), we formed the impression that the Brazilians had got decidedly cold feet, having belatedly realised that they may have been dragooned into what will inevitably turn out to be a typical US ‘bait and switch’ stitch-up. If they have 'twigged' that they are being duped, they are learning fast.

Given the sophistication of routine US official duplicity, the rule these new powers should follow without deviation is: don’t make commitments or agree to anything with the Americans that you don’t feel comfortable with, which in practice means that you must have the ‘money in the bank’ before signing up for anything that Washington tries to stick to you. That may well mean not doing deals with these people at all, certainly not without a very long (Green)spoon.

In this connection, the ‘mainstream’ media got the entire dynamic back to front. Quoting the London Times one more time, ‘China, Brazil and India led developing nations in forcing through measures under which the IMF will sell bonds on world markets to raise additional funding as an alternative to some countries offering longer-term loans’.

In reality, the scheme to sell SDR-denominated bonds was concocted to complete the corrupt triangle described above under pressure from the White House which tells the IMF in general, and Dominique Strauss-Kahn in particular, what to do. And this White House is taking its instructions from Bush 41 and Greenspan. This information comes from impeccable sources.

It is consistent with this Editor’s elaboration above that ‘developments’ at the Spring Meetings were driven by the imperatives laid down by the White House and NOT by the needs of the IMF’s constituent Governments. Which means that the IMF is PERVERTING ITS JOB.

Moreover since the basis of the putative arrangements is rotten, as described, it is NO SURPRISE that no sooner have they been deconstructed (by us), than they start to unravel. In this connection, not only have the Brazilians allowed their acute reservations and nervousness about being set up by the Americans to be known, but it has been specifically reported to us that the Chinese have been advised not to touch the IMF’s proposed SDR bonds with a thousand-foot bargepole.

Which of course probably means that the SDR-denominated bond scheme, like the Lombard Odier insurance-wrap scheme and the Geithner-Paulson-Obama operation on behalf of the ‘privileged’ to revalidate the moribund and dead derivatives sector so that the crooks can recover their currently unrealisable ‘value’, leaving future US generations holding the bag, won’t get off the ground either.

This postscript analysis is closing because the Editor is now suddenly in receipt of dramatic further information which will more conveniently be publicised in a separate report that is being started immediately. Thank you for your attention!


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:


• “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… 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’.


• 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.


• 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.

• Please be advised that the Editor of International Currency Review and associated intelligence services cannot enter into email correspondence related to this or to any of the earlier reports.

We are a private intelligence publishing house and have no connections to any outside parties including intelligence agencies. The word ‘intelligence’ on this website and in all our marketing material is used for marketing/sales purposes only and has no other connotations whatsoever: see ‘About Us’ on the red panels under the Notes on the Editor, Christopher Story FRSA, who has been solely and exclusively engaged as an investigative journalist, Editor, Author and private financial and current affairs Publisher since 1963 and is not and never has been an agent for a foreign power, suggestions to the contrary being actionable for libel in the English Court.


It has now been established that the National Security Agency (NSA) works with/controls Microsoft, Norton, McAfee, and others, in pursuit of the Pentagon's vast BIG BROTHER objective, directed from the 'highest' levels (not the levels usually referred to) which seek to have every computer in the world talk direct to the Pentagon or to NSA's master computers.

This should come as no real surprise since the cynical spooks even assert this 'in-your-face' by advertising 'INTEL INSIDE', which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISTA. Certain computers, especially those labelled with the logo of the 'fully collaborating' firm Hewlett Packard, have hard-core setups which facilitate the remote monitoring and controlling of personal computers by NSA, Fort Meade. We now understand that if you are using VISTA* you MUST NOT enable 'file and printer sharing' under any circumstances. If you say 'YES', so to speak, to 'file and printer sharing', your computer becomes a slave at once to NSA's master computers. DO NOT ENABLE SHARING.

Unfortunately, this abomination is so far advanced that this may not be the only precaution that needs to be taken. As long as Microsoft continues its extensive cooperation with NSA and the NSC (National Security Council), the spying system which assists the criminalised structures, and thus hitherto the Bush-Clinton 'Box Gang' and its connections, with their fraudulent finance operations, NSA may be able to steal data from your computer. The colossal scourge of data theft is associated with this state of affairs: data stolen usually include Credit Card data, which the kleptocracy regards as almost as good as real estate for hypothecation purposes. Even so, you can make life very much more problematical for these utterly odious people by NOT USING U.S.-sourced so-called Internet Security and anti-virus software. Having been attacked and abused so often, we offer a solution.

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• To access details about the INTERNET SECURITY SOLUTION, just press THE LIVE LINK YOU HAVE JUST READ, or else press SERIALS in the red panel below. This opens up our mini-catalogue of printed intelligence publications. Scroll right down to the foot of that section, where you will see details of this service. When you buy this special product, you will also, as we clearly state above, be paying a special premium by way of a donation to help us finance these exposures.

The premium contains a donation for our exposure work and also covers our recommendation based on the Editor's own experience that this INTERNET SECURITY SOLUTION will make your Internet life much easier. Some versions have a 'Preview before downloading' feature.

*VISTA: Virtual Instant Surveillance Tactical Application.