G-7 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS FINALLY ACKNOWLEDGE
THAT THE GLOBAL FINANCIAL CRISIS IS ASSOCIATED WITH FRAUD AT THE BIG
EACH GIGA-BANK IS
HENCEFORTH TO BE ENCUMBERED WITH A SEPARATE, BANK-SPECIFIC
'INTERNATIONAL COLLEGE OF SUPERVISORS' WHICH WILL MONITOR ITS BEHAVIOUR
WITH THE DELIBERATE PURPOSE OF FRUSTRATING THE EMBEDDED CULTURE OF
CORRUPTION AT THESE INSTITUTIONS, WHICH HAD COME TO BELIEVE THEY HAD
IMMUNITY FOR EVER
By Christopher Story
Editor and Publisher, International
and associated intelligence publications and
services: World Reports Limited
London and New York.
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D.C.: The Group of Seven key financial powers, which for practical
purposes we must assume means the G-8 (incorporating Russia, minus the
United States), have made it crystal clear both here in Washington and
by other means, that the scandalous hijacking of the world financial
economy by the Bush-Clinton 'shadow government' crime network will no
longer be tolerated ad infinitum, and that its reprobate hijacking of
the welfare of humanity must cease.
SHARP AND POINTED LANGUAGE OF THE G-7 STATEMENT
public consumption, the G-7 Finance Ministers and Central Bank
Governors issued a statement on 11th April demanding implementation of
the recommendations of the powerful Financial Stability Forum (FSF) as
is revealed in its new Global Stability Report entitled 'Containing
Systemic Risks and Restoring Financial Soundness', published by the
International Monetary Fund (IMF) and made available here to
journalists on Friday.
language employed by the G-7 in its statement is probably the most
explicit and blunt language that this veteran Editor can recall at any
time since he has been attending these IMF/World Bank Meetings,
beginning in 1977. Indeed it almost abandons the usual diplomatic
Separately, because steps associated with
the financial settlements that are intended to kick-start and
simuletaneously to lubricate the new, discipline-focused global banking
system encapsulated by the Basel-II requirements, did not materialise
earlier in the week, the Financial Stability
Forum Committee meeting in Rome, under its Italian Chairman Mario
Draghi, checked out of the Italian capital and flew to Washington.
COMMITEE REPORTED TO BE REMAINING IN SESSION UNTIL RESOLUTION
Editor was informed some days ago that this Committee would remain in
permanent session until the settlement payments had been completed, by
which was meant until the Fiancial Stability Forum Members had received
their total satisfaction that the long overdue funds had been deposited
and economic receipt of them had been confirmed.
TOP 'COUNTRY' TRUSTEE WAS LIED TO FOR THREE YEARS ON BUSH'S INSTRUCTIONS
Indicative of the heinous problems surrounding this crisis is the
following confirmed information.
certain Trustee, resident in Germany and known to be a 'former' CIA
operative and an attorney for Vice President Richard B. Cheney, was
finally confronted, we believe on Thursday last week, and, under
considerable duress (the details fo which the Editor does not know) finally admitted that he
had lied to another ('country') Trustee for the past three years.
Certain key Settlement Trustees are categorised for the settlement
distribution (and Tier or hierarchical) purposes, as 'countries'.
'country' Trustee who had been lied to, has established that the
Trustee-operative who made this confession under duress admitted that
he had been instructed NEVER to pay out the 'country' Trustee, and that
the source of this instruction was President George W. Bush Jr. (43).
Following this forced admission, the Trustee-operative suddenly left
the United States on Friday morning and returned to Germany, indicating
that he was 'through and had had enough'. More probably, he now feared
for his life, and with good reason.
The Editor understands that,
after we reported this scandal to certain parties, the matter is being
investigated, not least because it confirms that George Bush Jr.
himself ordered this very powerful and respected US-based 'country'
Trustee to be lied to and deceived all these years.
reason that this development is considered by the Editor to be of
exceptional importance at this juncture is that this first-hand
information provides proof that the Bushite-directed shadow government
crime nexus has indeed frustrated the settlements all along.
has never been disputed by anyone 'in the know': but the difference
this time round lies in the exceptional quality of this intelligence.
APPARENTLY THE 160+ COUNTRY REPRESENTATIVES WENT HOME ON FRIDAY
further understand that the 160+ 'country' representatives who have
been waiting and pressing for payment since last October, left the
United States on Thursday evening or on Friday.
development can be interpreted two ways. Either it means that they have
given up in disgust and that the full wrath of the international
community is about to descend upon the United States and its
criminalist Government. Alternatively it means that the country
representatives have taken economic receipt of
therefore have no need to remain in America any longer. We refrain from
indicating which of these alternatives the Editor favours, for the time
G-7 MEETING IN LONDON ISSUES STEELY DEMAND FOR IMMEDIATE U.S. COMPLIANCE
have also established that the G-7 countries, meeting in London last
Wednesday the 9th April, signed a document signifying that the
international financial community, which the G-7 basically represents,
requires the United States to implement Basel-II to the letter with
effect from 12.01 am on Sunday night/Monday morning, failing which
certain mighty US assets will be seized.
The Editor cannot
obtain further elucidation (yet) from his sources as to what this
latest showdown implies, but it incorporates by implication a demand
that the settlement payments must be completed at once and that the
Basel-II arrengements, which should have been implemented by the United
States with effect from the New Year but which have been torpedoed by
Bush 43, are mandatory.
TOP BANKERS SAID TO BE AFRAID OF BEING THE FIRST TO RELEASE
with this intelligence is the parallel information that the key bankers
concerned are reluctant to release the funds 'because they don't want
to be the first to release'. When informed about this otiose state of
affairs, the Editor pointed out to sources that since the CEOs of all
the big banks know each other by their first names, they can perfectly
well orchestrate a huge conference call at which it would be mutually
and collectively agreed between them to undertake the overdue
'simultaneously' insofar as this is possible,
and in the course of which all would agree to perform. Such a
conference call would BIND all the lily-livered bankers concerned, to
conclude the matter, thereby forcing the issue and leaving none of them
BLACKMAIL AND THREATS BY THE BUSH-DIRECTED SHADOW GOVERNMENT CRIME NEXUS
Further enquiries by this Editor elicited the information that the Bush
crime nexus has seen to it that
ALL THESE BANKERS are subject to some kind of pressure or other to do
as Bush 43 directs, and thereby to diverge from their responsibilities
When we made further enquiries, we found that what
was meant was that threats have been issued and that blackmail plays an
important role in this hideous Luciferian scenario. It is not hard to
imagine how true this must be, since all the big banks are complicit,
as we have clearly delineated, in the criminal financial operations
which have brought the world to the verge of financial and economic
G-7 ISSUES AN UNUSUALLY BLUNT STATEMENT (FOR WHITE HOUSE CONSUMPTION)
of the above should detract from the exceptional importance of the G-7
statement released on Friday, which is directed specifically against
the wayward United States (although of course diplomatic niceties
prevent this from being stated in black and white). But that's what is
At the 2007 IMF/World Bank Annual Meetings, the Group of
Seven Finance Ministers and Central Bank Governors tasked the Financial
Stability Forum (FSF) to produce a key report identifying the
underlying causes and weaknesses in the international financial system
that had contributed to the ongoing financial market turmoil.
The Forum, under
the Chairmanship of Signor Mario Draghi
has duly completed and released, through the International Monetary
Fund, its appropriately hard-hitting report, which sets out detailed
recommendations for the enhancement of market and institutional
G-7 Ministers and Governors indicated that 'we... strongly endorse the
report and commit to implementing its recommendations. Rapid
implementation of the Financial Stability Forum report will not only
enhance the resilience of the global financial system for the longer
term, but should help to support confidence and improve the functioning
of the markets'.
REFORM RECOMMENDATIONS ARE MUCH HARSHER WHEN ANALYSED, THAN THEY SEEM
FSF report presents, the G-7 statement said, a specific and substantive
set of practical reform recommendations. The G-7 has identified the
following four recommendations which, it states, must be implemented
over the next 100 days:
Institutions 'should fully and promptly disclose their risk exposures,
write-downs, and fair value estimates for complex and illiquid
instruments. We strongly encourage [all] financial institutions to make
robust risk disclosures in their upcoming mid-year reporting [that
would be] consistent with leading disclosure practices as set out in
the FSF's report'.
'The International Accounting Standards Board (IASB) and other relevant
standard setters should initiate urgent action to improve [global]
accounting and disclosure standards for [all] off-balance sheet
entities and enhance its guidance on fair value accounting,
particularly on valuing financial instruments in periods of stress'.
'Firms should strengthen their risk management practices, supported by
supervisors' oversight, including rigorous stress testing. Firms should
also strengthen their capital positions as needed'.
• 'By July 2008, the Basel Committee
should issue revised liquidity risk management guidelines and IOSCO
should revise its code of conduct fundamentals for credit rating
PROPOSALS INCLUDE ONGOING INTERNATIONAL SUPERVISION OF THE BIGGEST BANKS
sharper forks were encased in five further proposals highlighted by the
G-7 Finance Ministers and Central Bank Governors in their statement
released on Friday:
1. 'Strengthening prudential oversight of
capital, liquidity and risk management: The Basel-II capital framework
needs timely implementation'. which, being interpreted, means that the
G-7 is telling the United States to get its act together and to cease
and desist its sabotaging of the world financial economy through its
endless trickery, skulduggery, lying, deceiving, double-crossing and
general untrustworthiness. 'The Basel Committee should raise capital
requirements for complex structured credit instruments and off-balance
sheet vehicles, require additional stress testing, and enhance their
monitoring'. Actually, these instruments may die an unlamented death
over time, we suspect.
'Enhancing transparency and valuation: The Basel Committee should issue
further guidance to enhance the supervisory assessment of banks'
valuation processes to strengthen disclosures for off-balance sheet
entities, securitization exposures, and liquidity commitments'.
'Changing the role and uses of credit ratings: Investors need to
improve their due diligence in the use of ratings. Credit rating
agencies should take effective action (consistent with IOSCO's revised
code of conduct) to address the potential for conflicts of interest in
their activities, clearly differentiate the ratings for structured
products' (i.e. for collectivised, securitised instruments of dubious
or frankly unascertainable underlying valuations), 'improve their
disclosure of [all] rating methodologies, and assess the quality of the
information provided by originators, arrangers, and issuers of
4. 'Strengthening the authorities'
responsiveness to risk: Supervisors and central banks should further
strengthen cooperation and exchange of information, including the
assessment of financial stability risks. It is important that an
"international college of supervisors" be established for EACH OF THE
LARGEST GLOBAL FINANCIAL INSTITUTIONS'.
should also act cooperatively and swiftly TO INVESTIGATE AND PENALIZE
FRAUD, MARKET ABUSE, AND MANIPULATION'.
FACT: Each of the big financial institutions is to be supervised by a
separate international supervisory and monitoring 'college', so as to
enforce discipline and rectitude within this free-wheeling, headstrong
and aberrant segment of the international financial community. THE
FSF'S DEMAND FOR EACH LARGE INSTUTUTION TO BE ENCUMBERED WITH ITS OWN
SEPARATE 'COLLEGE' WHICH WILL MONITOR ITS OPERATIONS IS A CLEAR, AND
DECISIVE, INDICATION THAT THE G-7 HAS FINALLY ACCEPTED THE ACCURACY OF
OUR EXPOSURES OF OPEN-ENDED FINANCIAL CORRUPTION AT THE BIG BANKS. THIS
EXPLAINS WHY OUR STARK DESIGNATION OF CITIBANK AND OTHER HUGE BANKS AS
VAST CRIMINAL ENTERPRISES HAS NEVER BEEN CHALLENGED. BECAUSE IT'S
ACCURATE. THE GROUP OF SEVEN AGREES WITH US.
FACT: THE RELATED REFERENCE TO FRAUD AND MANIPULATION IN THIS OFFICIAL
G-7 STATEMENT MAKES IT CRYSTAL CLEAR THAT WE ARE ON THE SAME PAGE. THE
G-7 HAS FINALLY, AT LONG LAST, WOKEN UP TO THE FACT THAT THE
INTERNATIONAL FINANCIAL CRISIS IS ALL ABOUT FRAUDULENT FINANCE
PERPETRATED HITHERTO WITH IMPUNITY AT THE WORLD'S BIGGEST BANKS. BETTER
LATE THAN NEVER.
5. 'Implementing robust arrangements for
dealing with stress in the financial system: Central banks should be
able to supply liquidity effectively during financial system stress,
and authorities should review and where necessary strengthen their
arrangements for dealing with weak and failing banks, domestically and
G-7 DEMANDS PROMPT, NO-NONSENSE IMPLEMENTATION OF THE FSF PROPOSALS
The Group of Seven financial powers' plain-speaking statement concluded
with a hassle:
ask the Financial Stability Forum and its working group to monitor
actively the implementation of the report's recommendations'. In other
words, this is not to be just another dry, pigeon-holed document. On
the contrary, it is to be a living instrument with which these
recalcitrant criminalised enterprises calling themselves banks, while
stealing other people's money, are to be battered into total compliance
whether they like it or not, and however much they cravenly fear the
criminalist intentions of the Bushite-led shadow government criminal
enterprise, which is not recognised by anybody and is facing its day of
reckoning at last. The communique continued urgently:
important that member bodies of the FSF, including the Basel Committee,
IOSCO, the IASB, and the Joint Forum, ACCELERATE THEIR TIMETABLES OF
WORK TO CONCLUDE THEIR EFFORTS BY END-2008 AND THAT THE RECOMMENDATIONS
OF THE FSF BE FULLY AND EFFECTIVELY IMPLEMENTED'.
'We look forward to
an update at the Osaka meeting (of the G-8) in June,
and to a comprehensive follow-up report by the FSF at our meeting in
the fall (i.e., at the Annual Meetings of the IMF and the World Bank
Group). We welcome the strengthened cooperation between the FSF and the
IMF, which should enhance the early warning capabilities of key risks
to financial stability'.
Which, in the vernacular, means as follows:
The United States must cease and desist its banditry, its sabotage of
the will of the international financial community, and its
excuse-making to perpetuate its penchant for financial corruption.
The United States is not as big as the Rest of the World, and the Rest
of the World requires the United States to cease and desist exporting
its home-grown brand of financial corruption and to start behaving as a
civilised nation again, rather than as a financial pariah state.
The Rest of the World has completely lost patience with this financial
pariah state and will ensure, come what may, that its will finally
prevails in order to bring matters under control.
'CHANGE IN THE SOURCE OF FUNDS' REPORTED
other crucial developments occurred during the week just concluded.
Among the most significant was an indication that sources of funds for
the settlements, or some of the settlements, had 'changed'. In this
connection, three countries were cited as sources of 'replacement
funds': Britain, France and Switzerland. The Editor's analysis of this
dimension is that the funds supplied per our report dated 30th July
2007 [see Archive] from the Bank of England, which mainly belong to The
Queen, themselves represent 'replacement' funds furnished ON LOAN.
CITIBANK SUSPENSE ACCOUNT FUNDS BELIEVED TO BE ON LOAN, SO CAN BE
This explains why they have allegedly been retained in a SUSPENSE
account with Citibank.
are believed to be resident in the suspense account (as identified in
relevant reporting last September and October [see Archive]) pending
resolution of the Wanta matter. The Editor believes (but of course this
construction cannot be verified from ANY source, due to its
sensitivity) that the OWNER(S) of these funds have indicated in no
uncertain terms that if matters are not very sharply brought to a
conclusion (like, NOW), the funds will be recalled.
that were to occur, we believe that it is not beyond the realms of
possibility that Citibank, that criminal enterprise, might collapse.
And if that were to happen, you could say goodbye not only to a viable
American banking system, but to the entire modern system of banking
Put it this
way: the pressure for resolution MAY BE directly related to this
factor: indeed, the Editor believes this to be the case. It would go
some considerable way to explaining the abrupt indication from US
official sources that 'there has been a change in the source of funds'.
CHINA REPORTED TO HAVE CONCLUDED A CRUCIAL, CONSTRUCTIVE TRANSACTION
the Editor can confirm, from two impeccable and independent sources,
that at 11.30am on Friday 11th April, China was involved in an
important transaction involving US Treasury instruments worth $2.0
trillion. This transaction or implementation is reported to us to
represent an important component of the measures being put in place for
a resolution of this unprecedented global crisis, which has been
wantonly and malevolently exacerbated by the predatory irresponsibility
and open-ended deviousness of the criminal clique that controls the US
THE SHOOTINGS AND DOUBLES: INTERIM INDICATIONS
for the 'problem' of the shootings, we are slowly assembling
information which will explain what has been going on. A clue to what
will emerge, we believe, is that, in the United States,
key officials have doubles, often several of them.
the doubles themselves get shot and killed in this wayward gangland
nation. That's what happened in the New Year when it was reported to us
by a key source that Cheney had been shot.
We refrained from
reporting this pending detailed investigations, and we discovered from
the Finnish Embassy in London that Mr Cheney met the President of
Finland on 14th January, days after the 'shooting'. On 11th April 2008 we
discovered that the 'Cheney' who had been shot was one of his several
More information on this interesting subject will be forthcoming, but
not in response to hysterical emails. Only when we're ready, thank you.