Making the World Safe for Banksters: Syria In the Cross-hairs

[marmar]

Making the World Safe for Banksters: Syria In the Cross-hairs

Posted on Sep 5, 2013
By Ellen Brown, Web of Debt

“The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.” —Prof. Caroll Quigley, Georgetown University, Tragedy and Hope (1966)

In an August 2013 article titled “Larry Summers and the Secret ‘End-game’ Memo,” Greg Palast posted evidence of a secret late-1990s plan devised by Wall Street and U.S. Treasury officials to open banking to the lucrative derivatives business. To pull this off required the relaxation of banking regulations not just in the US but globally. The vehicle to be used was the Financial Services Agreement of the World Trade Organization.

The “end-game” would require not just coercing support among WTO members but taking down those countries refusing to join. Some key countries remained holdouts from the WTO, including Iraq, Libya, Iran and Syria. In these Islamic countries, banks are largely state-owned; and “usury” – charging rent for the “use” of money – is viewed as a sin, if not a crime. That puts them at odds with the Western model of rent extraction by private middlemen. Publicly-owned banks are also a threat to the mushrooming derivatives business, since governments with their own banks don’t need interest rate swaps, credit default swaps, or investment-grade ratings by private rating agencies in order to finance their operations.

Bank deregulation proceeded according to plan, and the government-sanctioned and -nurtured derivatives business mushroomed into a $700-plus trillion pyramid scheme. Highly leveraged, completely unregulated, and dangerously unsustainable, it collapsed in 2008 when investment bank Lehman Brothers went bankrupt, taking a large segment of the global economy with it. The countries that managed to escape were those sustained by public banking models outside the international banking net.

These countries were not all Islamic. Forty percent of banks globally are publicly-owned. They are largely in the BRIC countries—Brazil, Russia, India and China—which house forty percent of the global population. They also escaped the 2008 credit crisis, but they at least made a show of conforming to Western banking rules. This was not true of the “rogue” Islamic nations, where usury was forbidden by Islamic teaching. To make the world safe for usury, these rogue states had to be silenced by other means. Having failed to succumb to economic coercion, they wound up in the crosshairs of the powerful US military. .................(more)

The complete piece is at: http://www.truthdig.com/report/item/making_the_world_safe_for_banksters_syria_in_the_cross-hairs_20130905/?ln

[Little Star]

1. k&r

[leftstreet]

2. DURec

[Egalitarian Thug]

3. K&R The people that run the world have their own agendas and you and I

do not figure into them.

[snagglepuss]

4. Bkrmd.

k and r

[City Lights]

5. Thanks for this, marmar.

Bookmarking for future reference.

[marmar]

6. You're welcome. ..... Makes you think a bit, doesn't it?

nt

[City Lights]

8. It sure does!

[WillyT]

7. K & R !!!

[Agony]

9. a kick for Larry...

"
As for Larry Summers, after proceeding through the revolving door to head Citigroup, he became State Senator Barack Obama’s key campaign benefactor. He played a key role in the banking deregulation that brought on the current crisis, causing millions of US citizens to lose their jobs and their homes. Yet Summers is President Obama’s first choice to replace Ben Bernanke as Federal Reserve Chairman. Why? He has proven he can manipulate the system to make the world safe for Wall Street;
"

[ms.smiler]

10. K & R, I appreciate your posts marmar, thank you. n/t

[felix_numinous]

11. I think part of the big rush to war

is to outpace the public finding out the backstory. The longer they are delayed, the higher chance they get busted.