“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with the flick of a pen, they will create enough money to buy it back again. Take this great power away from the bankers and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a better and happier world to live in. But if you want to continue (to be) the slaves of bankers and pay the cost of your own slavery, let them continue to create money and to control credit.”
Sir Josiah Stamp, Director and President of the Bank of England during the 1920’s
- Will Greece default and be the domino to collapse the rest of the PIIGS? It is entirely possible. When Spain falls, it is the end of the Eurozone project. It was never a workable solution any way. Putting economically and financially weak countries together with powerhouses France and Germany do not make them strong. One interest rate for all Eurozone countries does not make sense.
- This is really about conquest of Europe by Illuminist banksters using fraudulent finance. When the country cannot pay up, they will be forced to sell away their country. Who has the money and is on the sideline to buy up these assets? Illuminist banksters! They simply go into their computer system and create money out of thin air to buy what they want!
Default fears grip Greece as debt insurance soars
By Louise Armitstead, http://www.telegraph.co.uk/
The cost of insuring Greek sovereign debt has been pushed to a record high amid fresh fears the indebted country is moving closer to default.
Greek credit default swaps jumped 50 basis points to a high of 1,510bps as crowds protested against austerity measures put before the Cabinet on Thursday. The level means it now costs £1.51m to insure £10n of Greek debt.
Market concerns were compounded by new figures showing Greece’s economy slowed faster than expected in the first three months of 2011. The figures put the annual pace of the downturn at 5.5pc rather than 4.8pc as previously estimated as public sector cuts and higher indirect taxes hit the economy. However, Greek exports, including petroleum products, increased by 31.5pc during the January-March period, according to the Panhellenic Exporters Association. Experts said the country, struggling under €340bn (£301bn) of debt, was likely to stay in recession in 2011 for the third year in a row.
There were further strikes on Thursday as Greece’s prime minister George Papandreou sought to get further austerity measures approved by the Cabinet. Meanwhile, there was gathering support for Germany’s stance to force bondholders to extend the terms of their loans in order to avert a default. Moody’s warned that if Greece defaults, the risk increases of defaults in Ireland and Portugal.
“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. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds’ central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.”
Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966,) Professor Carroll Quigley of Georgetown University, highly esteemed by his former student, William Jefferson Blythe Clinton.