The Faithless are Entrapped in their Own Craft Device
Source: Operation Disclosure | By David Lifschultz, Contributing Writer
Submitted on March 17, 2023
THE FAITHLESS ARE ENTRAPPED IN THEIR OWN CRAFT DEVICE
The Lifschultz Organization, Founded in 1899
King Solomon’s Proverb at Proverbs 11:6 quoted above is an apt description of the present financial contagion. This is a very good summary of the banking crisis. It should be remembered that the collapse of the Kreditanstalt in Vienna in 1931 precipitated the financial collapse of Germany leading to the overthrow of the corrupt and rotten Weimar Republic which essentially represented the woke nation of the 1920s. “History repeats itself first as a tragedy and then as a farce” said Karl Marx.
Here is my earlier review.
Here below I supervised the rescue of the 1987 crash. Since I was aware of how Wall Street giant firms were manipulating the markets, which they still do, I was able to organize the turnaround in ten minutes for the deep state. I had earlier written the Volcker plan in 1979 for the deep state. I rose to number two in the council. I appointed Ted Truman as my point man at the Fed who was the Chief of the International Section of the Federal Reserve who attended the monthly meeting in Basis at the Bank for International Settlements where currency coordination rules were administered. We turned it around that day.
I laid out the rescue plan for the 2008 crash but was preoccupied in other areas not realizing that they would delay in handling the crisis. The delay created such a catastrophe that they had to generate 29 trillion dollars of credit but refused to publish this figure in the Federal Reserve Credit reports lest it in itself would accentuate the crisis. Here is the chart.
And here is what actually happened. The Federal Reserve lied.
This proves the adage that he who hesitates is lost.
When love once pleas admission to our hearts
(In spite of all the virtue we can boast)
The woman that deliberates is lost.
The rescuers today had better keep that in mind. In the next link I proposed in Moscow in 2019 the means of how to avoid the Ukraine War which I predicted which discusses the geopolitical nature of the origins of World War One, Two, and the present Ukrainian War and predicted the use of CHIPS as a part of NATO’s weapon’s system. And the ability of Russia and Iran to cut off nearly half of the oil supply by Russia blocking oil exports from all areas of the former Soviet Union which represents about 24 million barrels a day of oil production and the Iranian ability to shut down the Straits of Hormuz for 22 million barrels day of oil production essentially gives them control of the world should they desire to use it. They do not have to fire a shot. In the above link entitled “The Straits of Hormuz As A Trigger To World Depression” outlines the opinion of the Joint Chiefs of Staff of the United States that they cannot keep the Straits of Hormuz open in the event of a Iranian blockade. I discussed this with their representative at lunch at the Harvard Club which is outlined in that report. That represents about half the world oil supply and pulling that trigger would create the greatest financial crisis in world history. Iran and Russia could counter the use of CHIPS with this weapon of financial mass destruction.
These essays particularly the one on the Straits of Hormuz reflect the fragility of the international financial system whose monumental derivative structures which are set up as a huge Ponzi Scheme.
US banking crisis poses global threat, former Treasury official tells RT
Contagion could spread to Europe and beyond, Paul Craig Roberts warns
The official, who served in the US Treasury in the 1980s, talked to RT about the recent high-profile bank failures that have rattled the US financial system and the potential fallout of those events.
“For many years, the Federal Reserve kept the rates very low, so the interest on the financial assets that the banks have on their balance sheet is low. When the rates start rising, the values of their portfolios fall, but their liabilities don’t,” Roberts explained.
“The Fed’s policy of high interest rates pushes the banks into insolvency. And this is the cause of the problem,” he said, warning that “if the Fed continues raising interest rates, there will be more failures.”
The economist pointed out that the five large US banks – the three giant New York banks and the two giant California banks – have trillions of dollars of derivatives that they are currently holding. Yet, their capital base is only in billions. “So, they are exposed to risk in the trillions of dollars and they do not have the capital base to support that risk. So, if something happens again in these derivatives as it did earlier this century when we had the big crisis, those banks will be in jeopardy.”
READ MORE: Moody’s cuts outlook on US banking system to negative
Roberts proceeded to warn that, if those banks get in trouble from their derivatives, it will spread into Europe. He noted that those banks were simply too large and there’s much interrelatedness.
“I doubt if Biden or anyone in his administration, or even the Federal Reserve, has any idea of the extent of risk. To put it very [clearly], the five large US banks hold derivatives, the value of which is twice the size of the GDP of the entire world. They hold $188 trillion in derivatives. So, what is the risk of this? No one knows.”
According to Roberts, the troubles date back to 1999 when US authorities dramatically changed banking regulations. Prior to that, commercial banks couldn’t engage in investment banking, he explained, while investment banks took risk on their own money. However, when the commercial banks were let in, they started to gamble with the savings of depositors. That has allowed tremendous risk-taking, which was previously not part of the system, the expert stated.
He pointed out that the so-called Glass-Steagall Act had prevented panic buying and buying crises for 66 years until it was largely repealed in 1999. “When they took that away, they initiated a pattern of behavior that leads to crises.”
The former White House official suggested that the current crisis in the US banking sector could impact the rest of the world, noting that some European banks, like Credit Suisse, are already in jeopardy.
“So, we don’t really know the full extent of the trouble in the banks… It’s just like the derivatives that blew up in 2007/2008, and we lost banks, we lost Wall Street firms,” Roberts said, emphasizing that this was the reason for very low interest rates for the next 12 years, which led to the current crisis.
THE LIFSCHULTZ ORGANIZATION
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