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Making the World Safe for Banksters: Syria In the Cross-hairs
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 dont 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 countriesBrazil, Russia, India and Chinawhich 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
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Making the World Safe for Banksters: Syria In the Cross-hairs (Original Post)
marmar
Sep 2013
OP
xchrom
(108,903 posts)1. du rec.
blkmusclmachine
(16,149 posts)2. Gangsters/banksters