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Tuesday 12 September 2006 17:57


Flash Report by Christopher Story FRSA,
Editor and Publisher, International Currency Review
World Reports Limited, London and New York

The following developments are reported from impeccable sources as at 5.30pm London time:

1. Chinese interests, acting independently of Ambassador Leo Wanta* and his business colleague Michael C. Cottrell, M.S., have 'pulled' five or six 'CHIPS' already.

2. The Chinese are using the British pound for oil payments purposes.

3. The pound is therefore likely to appreciate over the weeks ahead.

4. The European banks are continuing to block transactions of $100 million or more, thereby implementing their independently decided undertaking to maintain this stance until the Wanta Settlement has been concluded and their back-up transactions that are pending, can start.

Separate point for urgent consideration: In our Posting dated 24th July 2006, Christopher Story commented that Tables purporting to show the financial positions of several US Government-Sponsored Enterprises are BLANK in the Office of Management and Budget (OMB) presentation [see, Federal Budget documents, Analytical Perspectives, Government-Sponsored Enterprises pages]. Since 24th July 2006, therefore, anyone in the banking community who may have been unaware of this fact has been on notice that the OMB has omitted the relevant financial data. The SPACES for the usual financial tables are shown, complete with headings: BUT THE TABLES CONTAIN NO DATA.

Can someone please explain to the Editor of International Currency Review why it is that, seven weeks after we first published this information, which anyone could check for themselves, the US Treasury implemented the fantastic carousel financing arrangements that were described in the Editor's Posting dated 2nd September 2006 [subsequently updated], which use the 'assets' of some GSEs as collateral? It is as though Mr Paulson went to the cupboard, opened it, found it not only to be bare, but without walls and a floor, slammed the cupboard shut, and then represented to the world that the cupboard is full of food so that we can all eat and be merry for years to come.

Nor is the phrase 'scraping the bottom of the barrel' appropriate here, since the barrel has no bottom to be scraped. No wonder the Chinese are using the pound for oil payments.

PS: Please note that Christopher Story is an 'honorary American'. He is ALL FOR the people of the United States gaining FULL CONTROL of their financial affairs. The Wanta Plan will ensure this.

*Diplomatic Passport Numbers 04362 & 12535
a.k.a. Frank B. Ingram [FBI] (Sector V) SA32NV; and a.k.a. Rick Reynolds, SA233MS

AmeriTrust Groupe, Inc: Federal EIN Number 20-3866855; Virginia State Corporation Identification Number: 0617454-4; Virginia State Department of Taxation Identification Number: 30203866855F001