Economic Collapse News Video report:
RT.com article: Biggest banks preparing Plan B (bankruptcy or Liquidation) in case of fall
The biggest US banks J.P. Morgan, Citigroup, Goldman Sachs Group, Morgan Stanley and Bank of America are preparing plans for quick liquidation in an emergency without hurting the nation’s economy.
- · What is this Emergency that would cause the Too big to fail banks to fail? It is not defined but I will make some guesses later on.
The financial majors have to provide the Federal Deposit Insurance Corp and the Federal Reserve with their roadmaps by the July 1. Also some European financial institutions such as Deutsche Bank, Barclays, Credit Suisse and UBS are preparing emergency plans by this deadline. Eventually about 124 banks are expected to submit plans to the FDIC by the end of 2013. These plans, known as living wills, are prepared under provisions of the Dodd-Frank financial reform law designed to end the practice of bailing out the major banks by the government.
- · It seems like the stage for such failures is being set by this summer and no later than the end of 2013. The Dodd -Frank act will no longer allow bailouts of TBTF’s leaving the only option of bankruptcy or liquidation through FDIC. And if anyone believes that FDIC will actually be able to take over JPM, Citibank, BoA and other big banks, then I have some oceanfront property in Arizona that I can sell them for cheap. It would appear that the plan is to let these banks fail, which in my opinion they already have; they are just being kept alive on life support from the FED. So it would seem that the Global Economic Collapse that many, including your truly, have been warning about for years is also being contemplated by the most powerful financial and political entities in the world!
Under the Dodd-Frank Act banks should consider liquidation through in two different approaches. The first one is through bankruptcy courts with banks negotiating with their creditors. While the second requires the FDIC to take control to provide harmless liquidation.
- · Harmless Liquidation of a bank like JPM! Man, that is an oxymoron if I ever heard one in my life!
The liquidation plans follow J.P.Morgan's announcement last month that a trading debacle has cost it more than $2 billion, which aggravated concerns over the financial crisis. Last month J.P.Morgan CEO Jamie Dimon told the US Congress that the bank's wind down scenario would let it fail without a cost to taxpayers.
- · This ‘trading debacle’ which is outright fraud covered up by Jamie Dimon’s Congressmen and Senator buddies on the Hill has now reportedly risen to 9 billion and will go much higher.
Meanwhile the banks and the regulators have been discussing what the plans are expected to include. The rules for creating the living wills are 74 pages long, including an explanations and comments. Experts say plans could be up to 4,000 pages long, providing details such as drafts of press releases and plans on acting in foreign jurisdictions in case of bankruptcy.
- · So the rules alone that must be applied when formulating these ‘Living Wills’ are 74 pages long. The plans themselves may be up to 4000 pages; I’m sure at least 3999 of those pages will cover the behinds of executives like Jamie Dimon, Lloyd Balnkfein and others. One page or a half page may mention the losses that will be suffered by millions of their customers. I also find very interesting the use of the term ‘Living Will’ to define these plans; Living wills are enforced when a person becomes comatose and the plug needs to be pulled to end their life. It would seem to me that these plans are being formed to pull the plug on all the big banks that are already comatose. The word BANKRUPTCY is used in this press release, so are we being set up for the biggest bankruptcies the world has ever seen; which will literally mean the end of the world as we know it?I would have to answer that question in the affirmative, and it requires that we all take proactive action now to defend ourselves against the Coming for certain Global Economic Collapse. The horsemen of the Apocalypse will ride soon – Prepare now while you can!
As mentioned previously the plans seem to be in the final stages to allow the TBTF banks to fail, to literally pull the plug on them. So what are the Emergencies that may cause this to happen!
- 1. Cyberattacks on Financial firms (banks, stock market etc.) – Here’s a recent article from Bloomberg that sets the stage for just such an event or events: Hackers Take $1 Billion A Year As Banks Blame Their Clients: I believe massive Cyberattacks will be launched, most likely by the NSA but blamed on Russia / China or Iran that will shut the whole system down worldwide, providing the perfect Emergency. The real culprits will never be found but the Global Financial / Economic Collapse will have become a reality!
- 2. 9-11 style Terrorist attack or attacks that will shut the system down, either the electricity grid or computer systems or both; if power shuts down, computer systems can be kept operational only for a small length of time. Once again, this would provide the perfect Emergency to bring the system down while implementing Martial Law because of the mega Emergency.
- 3. A Black Swan event like an EMP attack: Again this is the type of event that would most like originate with the US Space command but could be blamed on a number of enemies, even explained away as natural disaster!
There are other potential scenarios such as China dumping US treasuries on the Open Market (which though possible is not probable in my opinion without a major provocation). Whatever The Emergency, it will certainly be manufactured, and in the final analysis the nature of the Emergency doesn’t even matter; what matters are the consequences which will be dire for the whole world! I think we have now entered the very late stages of this process that has been planned and executed for well over a 100 years now. All that remains is for all the dominoes to fall and for the world to head towards the dark ages! If power goes out on a large scale as recently happened over a large area in California, Nevada and Mexico, then Dark Ages may take on a whole new meaning!
I will close with a 3 minute clip from the latest Keiser report. The gist of this report is that banks worldwide are engaged in defrauding their customers with the full approval of the authorities. What this proves is that all banks worldwide are in collusion; and secondly their fraudulent activities are sanctioned and even protected by the authorities, which proves that the authorities (meaning politicians and regulatory bodies) are in collusion with the banks. So what we have is a defacto world government run by international bankers; politicians and world political leaders are mere low level employees of these bankers. Otherwise it would not be possible that banks from Brazil to Russia to Australia to Korea to China to Canada to the USA and all points in between are all perpetrating the same frauds and none of the bankers are held accountable. Call is Conspiracy Theory but the facts overwhelmingly prove this to be anything but a theory!
People are not aware but Satan is a merchant banker, and being the god of this world system, his high priests are merchant bankers. We can read in Eze 28:16 By the multitude of thy merchandise they have filled the midst of thee with violence, and thou hast sinned. Mercantilism always brings violence, which is why the merchant bankers are always merchants of death; their primary function is to finance war. Read all of recorded history and see when this was not the case? And the origins of mercantilism far outdate the time modern man has been on Earth. Trade wars began in the very distant past with the fallen angel and his cohorts. These trade wars or guild wars are loosely documented in the Star Wars saga. Most people are not aware that the wars of Star Wars came about as a result of trade disputes – because of mercantilism, which is always how all wars originate. Just a bit of Biblical history that the dumbed down pastors and priests have no idea is to be found in the Bible. But the doom of the mercantile system of commerce is guaranteed. We can read in Rev. 18: 11 And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more…(are you listening Jamie Demon?) These things that are happening with JPM, Citibank are but harbingers of the fulfillment of Biblical prophecy to the last jot and titlle. Believe it or Not!