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Wednesday 18 July 2007 12:21



By Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York: Press NEWS and the ARCHIVE Button on the Home Page for 'Wantagate' reports since April 2006. [Note: A new panel giving details of our latest publications as they are made available, has been added].

The entire world is on the verge of a financial and economic crash with no historical precedent. Not a single currency, portfolio, national government, bank or financial instrument will escape. We are teetering on the brink of a calamity. A sizeable number of massive institutions will go to the wall.

There will be global financial and economic chaos.

The international financial community has a simple, immediate choice. It can assist the technicians who are genuinely trying to finalise the Wanta Settlement to complete their work without further delay and interference, or it can sit and watch what is otherwise inevitably going to be the biggest destruction of wealth in human history.

Existing values are being sustained by one consideration only: the expectation of the Leo Wanta Settlement. With the Settlement, the financial markets and the outlook will stabilise and will begin to improve. Without the Settlement, the global financial calamity that will be inevitable, will leave no country unaffected. The delusion that stolen fiat money assets stashed in places like Iceland, India, Ireland, Vietnam or Vanuatu will avoid the consequences of the catastrophe that will ensue absent the Wanta Settlement, is naïve.

There is no country in the world that lacks derivatives and CDOs in its national financial sector portfolio. There is no country in the world which will not suffer extreme pain as a consequence of the collapse of values, the disorderly pricing of currencies, or any of the other multiple variables concomitant with so-called globalisation. There will be no more talk of globalisation: it has been associated with a period of extreme excess, built on the back of financial theft so great that when the crash comes every single holder of wealth will experience wealth destruction and other shocks, with some values being pulped and others going to mere fractions of their numbers at the outset of July 2007. 1929 will look like a pleasant experience by comparison.

US intelligence operatives associated with the world’s two most egregious financial criminals, Vice President R. Cheney and President George W. Bush Jr., are reported STILL to be messing with the arrangements for the Wanta Settlement. The risk they are running, as they seek to avoid arrest or worse, is that their own stolen wealth will go to hell like the assets of everyone else.

Last week, there were more arrests, mainly of bankers, around the world. The Editor has checked this single fact out, and has had it confirmed. Further arrests are taking place now. These arrests follow the smashing of the 'Eddie George ring', and presumably entail the neutering of that ring’s co-conspirators and collaborators, engaged in the systematic frustration of the Wanta Settlement.

But while this is encouraging, all this is happening much, much too late in the day to prevent the likelihood of a calamity. The ‘powers that be’ allowed this situation to drift on from sub-crisis to sub-crisis while we warned the whole world (on the basis of premium intelligence which we have been privileged to receive thanks to the Editor’s arms’-length relationship with Ambassador and Michael C. Cottrell, M.S.) of the extreme gravity of the situation.

Now we find that those who are genuinely trying to procure the absolutely necessary outcome are having to contend with people with axes to grind who, like mechanics with no knowledge of what they are supposed to be doing, are applying screwdrivers and spanners in the works, unscrewing this, tightening up that, leaving washers and components lying on the deck, and generally seeking to direct the outcome to suit themselves – without even understanding that their contributions are jeopardising their own prospects along with those of the whole of humanity.

Such sources of unnecessary delay are being overcome, but there is no time left and the tinkering has to stop. Everything is taking longer than anticipated, and time has run out. Quite simply, either the Wanta Settlement is completed (nearly 14 months late), or:

The Euro System will disintegrate as:
The US dollar continues its collapse and the Euro goes through the roof;
The United States’ de facto world empire will collapse;
The United States, reliant on ‘just-in-time’ delivery having allowed its industrial sector to be hollowed out, will be unable to manufacture anything much, since it will remain dependent on imported components which, given the collapse of the US dollar, and the refusal of foreigners to continue buying US Treasury securities, it will be unable to afford;
Foreign predators will buy up remaining US assets at fire-sale prices;
Foreign predators will buy up remaining UK assets at fire-sale prices;
The United Kingdom – the underlying macroeconomic numbers of which are worse proportionately in many respects than those of the United States, following the gross mismanagement of Britain’s finances by Gordon Brown – will be reduced to penury: it has virtually no international reserves, a small productive economy, a colossal services economy, a huge parasitical public sector, and depends for its solvency on the City of London, which will be decimated in the crash;
The British economy will be flattened anyway, as sterling paradoxically goes through the roof, as it is now doing in parallel with the US dollar’s decline, and because Britain’s macroeconomic data have never been worse;
Householders with excessive debt will suffer excruciating consequences;
Equity prices will implode worldwide;
Derivatives values will go to zero (literally);
The prices of all exotic financial products will follow;
Financial institutions will disintegrate overnight;
Central banks will be unable to handle the situation, yet will panic, printing money on a scale with no precedent (if they have time, which is unlikely);
Unemployment will soar around the world;
The Chinese economy will collapse, with 40% of its state-owned enterprises currently continuing to make losses and its foreign markets disintegrating;
The East Asian economies will experience conditions that will be liable to throw some of them back to pre-industrial living standards;
Germany, with its huge derivatives exposure, will be severely impacted, and has no defence against predatory hedge funds seizing control of vast swathes of the German economy – just as predatory German organisations have acquired strategic holdings amounting almost to a political stranglehold of the British economy in recent years;
Germany’s secret DVD-driven long-range hegemony strategy will crumble;
The southern European EU ‘Member States’, decimated by the artificially high Euro, will exit the socialist European Union Collective one after the other;
Africa will be abandoned and will become a continental Zimbabwe;
Latin America will be able to export more given the linkages of its currencies to the collapsing US dollar, but in the context of global conditions life will not be easy. Very severe financial problems will inevitably overwhelm the entire region;
Rates of inflation will soar into the 20s, and will rapidly reach hyperinflationary levels in some countries, with escalating inflation trends liable to be curbed only by declines in Gross Domestic Product, as in Argentina some years ago;
There will be no bolt-holes for ‘funny money’;
Holders of stolen gold will probably be 'liquidated’.
Soup kitchens will sprout everywhere (as we warned on 2nd September last year [see Archive]: no-one was listening).

Consider the following numbers which we have checked with experts and which are believed to be ‘ball-park’ reliable. The numbers against these mainly American financial institutions represent their estimated derivatives holdings, in billions of US dollars (1):

01. JPMorganChase, $33,700 billion
02. Bank of America, $13,800 billion
03. Citigroup, $11,000 billion
04. Wachovia Corporation, $2,457 billion
05. Bank One Corporation, $1,133 billion
06. HSBC, $1,043 billion
07. Wells Fargo Bank, $911 billion
08. Fleet Boston, $494 billion
09. Bank of New York, $496 billion
10. Country Wide Financial, $410 billion
11. State Street Bank, $320 billion
12. Taunus, $307 billion
13. National City Bank, Cleveland, $203 billion
14. ABN Amro, $188 billion
15. Mellon Bank, $153 billion
16. Keycorp, $98 billion
17. Suntrust, $82 billion
18. First Tennessee Bank, $58 billion
19. US Bancorp, $54 billion
20. PNC Bank NA, $45 billion
21. Doral, $31 billion
22. Northern Trust, $25 billion
23. CIBC Delaware, $25 billion
24. Metlife, $22 billion

And that’s just the main US holders of derivatives (+ ABN Amro). The situation is replicated in Britain, Germany and Switzerland (especially) and France.

That the world is teetering on the brink of financial and economic calamity was even recognised by the Bank for International Settlements, which warned in its 77th Annual Report, published in Basle on 24th June 2007, that ‘virtually nobody foresaw the Great Depression of the 1930s, or the crises which affected Japan and Southeast Asia in the early and late 1990s. In fact, each downturn was preceded by a period of non-inflationary growth exuberant enough to lead many commentators to suggest that a ‘new era’ had arrived… Behind each set of concerns lurks the common factor of accommodating financial conditions. Tail events affecting the global economy might at some point have much higher costs than is supposed’.

Beyond these widely cited sentences, the Bank for International Settlements’ experts elaborated other general anxieties. For instance, on page 130 of its Annual Report, the BIS warned – without explaining that hedge funds are in many cases ‘vents’ for the collectivisation of fiat money created illegally off the back of stolen or diverted financial assets, mainly those of which Ambassador Leo Wanta is the sole Principal:

‘Higher levels of leverage combined with relative opaqueness have raised concerns that any future problems in the sector could spread widely across the financial system. Counterparties may have underestimated the riskiness of individual funds and the overall fragility of markets where the funds are active’

‘Given the key role that a benign credit environment has been playing in boosting the performance of the financial sector over the past years, a turn in the credit cycle [which immediately followed, or coincided with, publication of the latest BIS Annual Report – Editor] represents a significant risk to its outlook. Investment strategies that are predicated on continuing low spreads and rising asset prices are critically exposed to an increased incidence of defaults… A turn in the credit cycle is arguably within the expectations of market observers… Signs of strain in housing finance markets have multiplied, primarily in the United States, and household indebtedness remains a concern in many jurisdictions as retail loan delinquencies have risen’.

In its general macroeconomic analysis, the Bank for International Settlements tiptoes round the issue addressed in this commentary – the horrendous implications of a generalised collapse of confidence arising from continued frustration of the Wanta Settlement and Plan by malevolent or incompetent cadres within US intelligence. The Annual Reports of the BIS share with the academic literature the weakness that none of the people who write these reports appear ever to have taken account of the possibility that financial institutions and policy might be devolved into the hands of organised crime – which explains why they are having such a very hard time understanding the real causes of the prospective millennial calamity that humanity now faces.

When the central bankers’ central bank uses language invoking the possibility that big investment and commercial banks ‘might be stuck with a warehouse of depreciating assets in turbulent times’, it is obliquely referring to the situation we are describing, without being specific.

This particular passage ends as follows:

‘The fact that banks are now increasingly providing bridge equity, along with bridge loans, to support the still growing number of corporate mergers and acquisitions, is not a good sign. A closely related concern is the possibility that banks have, either intentionally or inadvertently, retained a significant degree of credit risk on their books’.

Speaking on the 15th July at the World Economic Forum on East Asia, Tharman Shanmugaratnam, Singapore’s Second Minister for Finance, warned that financial contagion will erupt where it is least expected, and will trigger a ‘vicious’ aftermath.

‘The international community’, he added, faces a real risk of ‘economic chaos’ arising from major imbalances in the global financial system… Complacency has set in after years of uninterrupted global growth and there is no evidence to suggest a self-correcting mechanism is in place to avert a major shock to the global financial system’.

On the contrary, the self-correcting mechanism exists and has been in place for 14 months already: it is the Wanta Plan; and today's threat of global economic and financial chaos arises directly and specifically from the gross incompetence, greed and ham-fisted frenzy of self-enrichment exhibited by corrupt holders of the highest offices in the United States, and NOT, in the first instance, as a direct consequence of the excesses and weaknesses nevertheless accurately identified by the Bank for International Settlements and Singapore's Second Minister for Finance.

This time round, it will not be the case that ‘virtually nobody foresaw the Great Depression of 2007’ – but rather that the certifiable financial saboteurs in the United States, bedevilled by their own corruption and greed, prevaricated while they sought both to enrich themselves and to fill gigantic holes in the accounts of financial institutions that have been, and continue to be complicit in the biggest organised criminal assault on, and exploitation of, the known private financial assets of others, in world history.

Without the Wanta Settlement, expectations worse than those hinted at in the typically diplomatic language specialised in by the Bank for International Settlements, will come upon the whole world ‘unexpectedly’ at any time.

Now that the ‘Eddie George’ ring and associated banking sector criminal networks that have been interfering with the Wanta Settlement have been disrupted, with Dr Alan Greenspan and Sir Eddie George incarcerated (as last reported), and given the hard work that good people are putting in to resolving this vexed matter, which has turned out to be more complex than they had complacently anticipated, there is still a slim chance that the world will be saved from the dreadful consequences partially outlined above.

But with every day that passes, and with every new variant on the cynical ‘preparing to settle’ syndrome that manifests itself, the likelihood of a ghastly ‘train wreck’, affecting – to borrow Her Majesty The Queen’s phrase – ‘the whole of humanity’, increases exponentially. At the beginning of this month, the Editor was told that ‘we’ll be lucky to get through July without a crash’. And when The Queen urged the Group of Eight nations in June to expedite the Wanta Settlement ‘for the sake of the whole of humanity’, her words were (typically) most carefully chosen.

It is hard for rational observers to believe that there are operatives out there, in high places, who are actually engineering a global calamity; and anyone suggesting as much would be irresponsible. But that’s what this endless prevarication over the Wanta Settlement implies.

And with every day that passes, the likelihood of a terrible ‘train wreck’ intensifies. We risk waking up one morning and finding that, thanks to the bovine intransigence of the crass idiots who are in charge, it has happened.

Don’t ever say you weren’t warned. Had the Wanta Plan been implemented with effect from June 2006, instead of being hijacked by Henry M. ('Conflict') Paulson Jr. and his co-conspiring criminalist associates – named respondents to Ambassador Leo Emil Wanta’s Petition for a Writ of Mandamus [Archive, 5th July 2007] – the United States’ financial position would already have been immensely improved, the undeserving and somnolent US Republican Party would be in a near-impregnable position for the forthcoming presidential election, and any question of the US empire disintegrating before our eyes would be dismissed as eyewash.

We pointed all this out in baby language this time last year, while the whole world was fast asleep.

Is anyone listening, as ‘the whole of humanity’ faces the predicted catastrophe? Or are most of us still admiring the flock wallpaper in the dance hall of the Titanic? (2) (3)

(1) Estimates derived from the Report of the Office of the Comptroller of the Currency for the Third Quarter of 2003, augmented by data collated from various published sources and press releases.

(2) A huge proportion of the fiat money ‘assets’ is derived from the illegal exploitation of the base funds of which Ambassador Leo Wanta is the sole Principal, without his authorisation.

(3) It remains the case that for every day that passes without the $4.5 trillion Settlement funds being credited to the Morgan Stanley New York securities account of AmeriTrust Groupe, Inc., of which Ambassador Leo Emil Wanta is the sole owner and Michael C. Cottrell, M.S., is the Treasurer and Executive Vice President, exacerbates the gravity of the endless financial crimes that are being perpetrated, in particular, by the respondents to the Ambassador’s Petition for a Writ of Mandamus. These financial crimes reflect breaches inter alia of the statutes and laws itemised, once again, below. We have been publishing this list since February 2007 and, in accordance with ‘Misprision of felony’ legislation*, the failure of parties to procure the immediate remittance of the funds of which the Ambassador has been deprived for nearly 14 months now, means that on the tariff that Lord Conrad Black faces, convicted perpetrators of the relevant crimes would face several millennia of imprisonment each.


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 criminal 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

This list shows to what extent the Bush II Administration condones one Rule of Law for the Rest of Us, and absolute contempt for domestic and international law for the officials and bankers who are illegally diverting and exploiting Sir Leo Wanta’s funds.

The Directors and others listed in Part 1 of the Wantagate Listing of Institution Directors and others posted on 11th June may likewise be Accessories to the Fact of, and/or co-conspirators in, wittingly or unwittingly, the egregious violation of the laws itemised above.


‘Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some judge or other person in civil or military authority under the United States, shall be fined under this title or imprisoned not more than three years, or both’.

An announcement about the new Wantagate issue of International Currency Review, (544 pages) and its 48-page Supplement showing the Wanta-related documents released by the Ronald Reagan Library by consent of the National Security Agency, will be posted in the near future, on the second (Books/Subs) panel on the Home Page.

The Ronald Reagan Library documents prove of course that Leo Emil Wanta advised and served President Reagan personally. In the massive forthcoming Wantagate ICR, the Editor has assembled all the Presidential Pardons dished out by President Clinton, to demonstrate that the vast majority of those pardoned by that particular criminal US President were drug dealers, money-launderers, financial criminalists, murderers-for-hire, and perpetrators of abominations familiar to students of organised crime. It was with particular interest that the Editor noticed that some of those pardoned had been imprisoned for ‘Misprision of felony’*. This section, called ‘Pardongate’ will be found in the front part of the forthcoming issue. (One poor fellow was imprisoned for stealing four pounds of butter, which adds to our perception that the perpetrators of the financial crimes we have had to expose, face several lifetimes in the US GULAG each).

Ambassador Leo Emil Wanta: 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

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