Geithner on Iran – Letter to Clinton

Editor’s Note – What credentials does Tim Geithner have to assume control of the Iranian nuclear program?

His only qualification is that he is supposed to watch the money flow out of the New York Federal Reserve or out of the State Department. Meanwhile the Euro is predicted to collapse, it is just a matter of when. Perhaps all eyes were on Black Friday or Europe when the New York Federal Reserve released a statement that they were unprepared for creating viable solutions to the American economy and yet, they admit as well the predictions are far off base.

In summary we are headed to a full blown depression and Geithner’s circle admits failure to slow or stop it.

Treasury’s Geithner on Targeting Iran’s Nuclear, Missile Programs

The Tim Geithner Circle

IIP Digital US Embassy

U.S. Department of the Treasury

November 21, 2011

Remarks by Treasury Secretary Tim Geithner on Targeting Iran’s Nuclear and Missile Programs

As Prepared for Delivery

Thank you, Secretary Clinton.

I want to thank you, and I want to commend my colleague at Treasury, David Cohen, and his counterparts here at the State Department for working so hard to put together today’s very significant financial actions.

Since President Obama came into office, this administration has put in place an aggressive strategy to stop Iran’s illicit activities. A key part of this strategy has been to impose overwhelming financial pressure on Iran.

Because of this strategy, Iran has been subjected to new and damaging levels of financial and commercial isolation.

First, we have dramatically reduced Iran’s access to the international financial system. Iranian banks are losing the ability to do business around the world, which in turn has reduced the ability of the Iranian government to finance activities opposed by the international community.

Second, Iran’s national shipping line — which has transported material in support of Iran’s missile program — is now shut off from many of the world’s major ports and routinely finds its ships seized or turned away.

And third, Iran’s primary source of revenue — its oil sector — is in decline, because it cannot attract the foreign investment that it desperately needs to maintain production.

Together, the intensification of sanctions by this Administration, alongside our partners around the world, has inflicted substantial damage to the Iranian economy.

To continue these efforts, the Treasury Department today is designating additional entities for their support of Iran’s nuclear and proliferation-related activities.

Today we are also taking the next significant step to escalate the pressure by acting under Section 311 of the USA PATRIOT Act. For the first time, we are identifying the entire Iranian banking sector — including the Central Bank of Iran — as a threat to governments or financial institutions that do business with Iranian banks.

If you are a financial institution and you engage in any transaction involving Iran’s Central Bank or any other Iranian bank operating inside or outside Iran, you are at risk of supporting Iran’s illicit activities: its pursuit of nuclear weapons, its support for terrorism, and its efforts to deceive responsible financial institutions and evade sanctions.

Any and every financial transaction with Iran poses grave risk of supporting those activities.

Financial institutions around the world should think hard about the risks of doing business with Iran.

We are taking this latest action alongside our partners in the United Kingdom and Canada, who announced earlier today that they have implemented similar measures to insulate their banks from Iran. As a result of this coordinated effort, Iran is now cut off from three of the world’s largest financial sectors.

We encourage other leaders around the world to take forceful steps — like the action we are announcing today — to prevent Iran from simply shifting financial activity to banks within their nations.

As we put these new measures in place, and as we continue to work to expand their reach around the world, we will continue to explore other measures. No option is off the table — including the possibility of imposing additional sanctions on the Central Bank of Iran.

The policies Iran is pursuing are unacceptable. Until Iran’s leadership agrees to abandon this dangerous course, we will continue to use tough and innovative means to impose severe economic and financial consequences on Iran’s leadership.

Thank you.

Reprise: Fed Audit – $16 Trillion in Secret Bailouts

Editor’s Note:

SUA is re-posting this article and links to the GAO Audit of the Federal Reserve that revealed $16 Trillion in Secret Bailouts – to make sure that the story does not go away due to overwhelming amounts of information that flood us daily. This is perhaps one of the most important facets regarding the imminent demise of our capitalist system in America, and the intertwining and complicit efforts by the greedy; the NWO supporters, and the quite unpatriotic and disloyal actions of so many Americans.

Always remember…all enemies, Foreign and DOMESTIC!

_________

Audit of the  Federal Reserve Reveals $16 Trillion in Secret Bailouts

Originally posted on the web site of Senator Bernie Sanders – Vermont

Full PDF of Gao Audit can be found here.

The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage on July 21, 2011.

What’s on this page at Bernie Sanders website alone is enough to cause rage.

What was revealed in the audit was startling: $16,000,000,000,00.00 had been secretly given out to US banks and corporations and foreign banks everywhere from South Korea to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)

When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.

Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.

Snippet of some of the information in the GAO Audit:

  • Citigroup: $2.5 trillion  ($2,500,000,000,000)
  • Morgan Stanley: $2.04 trillion  ($2,040,000,000,000)
  • Merrill Lynch: $1.949 trillion  ($1,949,000,000,000)
  • Bank of America: $1.344 trillion  ($1,344,000,000,000)
  • Barclays PLC (United Kingdom): $868 billion  ($868,000,000,000)
  • Bear Sterns: $853 billion  ($853,000,000,000)
  • Goldman Sachs: $814 billion  ($814,000,000,000)
  • Royal Bank of Scotland (UK): $541 billion  ($541,000,000,000)
  • JP Morgan Chase: $391 billion  ($391,000,000,000)
  • Deutsche Bank (Germany): $354 billion  ($354,000,000,000)
  • UBS (Switzerland): $287 billion  ($287,000,000,000)
  • Credit Suisse (Switzerland): $262 billion  ($262,000,000,000)
  • Lehman Brothers: $183 billion  ($183,000,000,000)
  • Bank of Scotland (United Kingdom): $181 billion  ($181,000,000,000)
  • BNP Paribas (France): $175 billion  ($175,000,000,000),and many many more including banks in Belgium of all places.