WikiLeaks cables: Mervyn King plotted banks bailout by four cash-rich nations
Bank of England governor suggested new group of UK, US, Swiss and Japan could facilitate global bailout, cable shows
The Bank of England governor, Mervyn King, was so concerned about the health of the world's banks in March 2008 that he plotted a secret bailout of the system using funds from cash-rich nations, according to a US embassy cable released by WikiLeaks.
Six months before the world financial crisis reached its peak, forcing taxpayers to rescue collapsing financial institutions, King told US officials in London that the UK, US, Switzerland and Japan could jointly enable a multibillion-pound cash injection into global banks, overriding the "dysfunctional" G7 nations.
The leak may allow King to claim that he – rather than Gordon Brown – was one of the brains behind the bailout of the banks, which took place in October 2008.
Just think about that. 6 months in advance the Bush administration's State department was passing around information on co-ordinating the bailouts of these gambling vagrants. And you can be pretty darned sure the Bush Administration knew about this oncoming train wreck long before even this cable given the suspicious timing of what they did to Eliot Spitzer. You don't believe me?
This was only one phase of the bailouts we are talking about in the March cables:
King appeared before the Treasury select committee later in March 2008 and warned MPs that the financial crisis had "moved into a new different phase".
How many phases were before that one?
Yeah, I get that there were phases of theft afterwords, some that are still ongoing but... Think about it.
At this particular "phase" they were already discussing how they were coordinating the unleashing of the bailouts on the masses, so you can be darned certain that the bankers, the State Department and the Bush administration all knew that this was coming long before these reported actions in the cables.
This was a well coordinated theft of our money. Extortion on a world wide scale of this and other nations and all unleashed shock doctrine style. All planned well in advance of the propagandistic "crisis" that was tossed out there to justify it.
We need to get our money back from these shadow bank crime bosses and their other financial industry criminals and put them all behind bars.
And as for all of these stories of national security threats and the legal circus surrounding Assange?
Aron Barlow, at ePM wrote about how much of this is nothing but a distraction from the very real information and about how we need to keep the information in perspective. He is correct.
Though the attempts at "cyberwarfare" (how grandiose!) by the group Anonymous look childish and, quite frankly, technologically unsophisticated (clogging up the sites? Is that the best they can do?), the charges against Julian Assange, whether for the leaks or for his sexual transgressions, have led to nothing, so far, but his detention—something that may not last very long. Though he has become the center of a second Wikileaks frenzy (the first being the leaked documents themselves), the Assange story is quite frankly, trumped up—on all sides.
As is the Wikileaks story itself.
Yes, we've now access to information, making a great deal public that its authors would prefer remained private. But nothing has been revealed, I am sure, that all parties directly involved didn't already know. The problem, for any of the principals, is that "everyone" now knows how others (particularly American diplomats) think of them. The world of diplomacy being what it is (filled with its own, private leaks), all sides knew all this stuff anyway—not probably, but certainly, or none of the intelligence services anywhere is worth a plugged nickel.
My response because I agree, in so far as the information our media has actually reported on thus far in the USA. But like all stories of power... This is and will be a lot more of an eye opener if we stop concentrating on the government puppets and their typical spy stories and just follow the damned money:
The Big picture here is not even the "ho hum" information coming from the government documents. Anyone with a lick of common sense would expect the US (and other nations) to be acting this way in their "diplomacy efforts". Especially coming out of the notoriously shady Foggy Bottom and their "spy vs spy" mindset. IMHO, everything now, the mega over reaction, is in the hopes of discrediting wikileaks and shutting them down before the leaks on Bank of America and BP (and other bigger things) hit the nets.
The politicians are just feigning the outrage over these revelations because the "new media" (and wikileaks is just a conduit for transferring this info to the new media) ain't so reliably pliable to the interests of the elite as the traditional media has been proved in shutting down important information for the elite's benefit.
I mean, #cablegate is important and an eye opener into the mindset of the political gamesmanship but my rule of thumb in all things political? Follow the money because that is where the real political power (and rage at wikileaks) is.
Kaupthing was listed on the Iceland Stock Exchange in October 2000, at which point the original owners of the Bank, the savings banks in Iceland, reduced their holdings, and individuals and institutional investors replaced them as shareholders. Kaupthing Bank shares were listed on the Stockholm Stock Exchange (now OMX Nordic Exchange in Stockholm) in 2002.
By 9 October 2008, Kaupthing Bank HF was forced into government receivership - only days after a crisis at Landsbanki placed it into government control. Due to the crisis throughout the Icelandic financial system, all trading in the country's equity markets was suspended on 13 October 2008. On 29 July 2009 Wikileaks exposed a confidential 210 page document listing Kaupthing's exposure to loans ranging from 45 million to 1.25 billion Euros. The leaked presentation revealed the bank had loaned billions of euros to its major shareholders, including a total of €1.43 billion to Exista and subsidiaries which own 23% of the bank.
And that is the kind of who and what that Wikileaks threatens the most.
IOW: We are probably of the same/similar view about some of this carnival sideshow:
But probably for some different reasons because I don't view the diplomats necessarily coming off as "the adults in the room". But they are pretty much doing what we could have figured they were doing without the leaks. Some of the things diplomats are doing is rational and in the interests of all Americans and some of it is only in the interests of their corporate and elite owners, as well. That ain't adult.
They is being pwned and exposed, as well.
Any bets on whether there are similar hypocrisies in Foggy Bottom's own statements and actions - exposing our government and the elite to ridicule for their actions - like this one:
WikiLeaks memo stirs up central bank controversy in UK
| Bank of England chief allegedly expressed concerns about senior politicians. |
London, Dec. 1
The Governor of the Bank of England is the latest senior figure to face embarrassing revelations from Wikileaks, raising new questions about his political neutrality.
Mr Mervyn King had grave misgivings about the "lack of experience" of Britain's senior-most politicians. In a cable sent by US Ambassador to London, Mr Louis Susman, in mid-February and which formed part of the latest tranche of documents published by The Guardian newspaper, Mr King expressed a number of concerns about Mr David Cameron and Mr George Osborne, then in Opposition.
The two politicians had "not fully grasped the pressures" they would face from pressure groups, as they embarked on a fiscal deficit-reducing program, Mr King said, according to the memo. He also expressed his concern that the two leaders had yet to outline concrete ideas to reduce Britain's massive deficit, and had merely spoken in generalities. "Both Cameron and Osborne have a tendency to think about issues only in terms of politics," he is alleged to have said.
The revelations come at a particularly bad time for Mr King, who is already facing strong criticism for stepping across that notoriously fine line that divides Government and central bank policy, by giving a ringing endorsement to the Conservative Government's spending plans. (Read on...)
And if you think there might be some good examples in #cablegate, do you think our media will report on them when/if they are exposed?
They'll report on the political games... But I doubt they will hit too many of the real stories that involve the real players. That would be too icky for them. lol
And the elites of the world are lashing out at Wikileaks with every weapon at their disposal: The corporate owned media, the governments and their agencies that they own and run lock, stock and barrel.
We need to, as is almost always the case, concentrate on following the money.
We need to start probing all of the Wikileaks documents all over again and with a fresh set of eyes now, concentrating on hunting down any and all mentions of bankers, the Wall Street elite owners of the world, and the typical multinational corporations and other corrupt elites (Wo/Man, I'd love to find the Kochtopus in there!) that we know we are always coming up against and that have clearly and deliberately set out to destroy the economies, the labor movements and even the ecosystems of the world.
We need to unleash all of the resources we have and to do so with all of the urgency of "now, Now, NOW!" and hit back with the full force of an onslaught of unrelenting truth. And we are going to have to start looking back at these known criminals and the unknown and soon-to-be-named criminals and their corrupt practices and begin prosecuting them if we are ever going to have a chance to move forward into the future with any semblance of freedom in any way, shape or form.
[update] Thanks for eyeballing this and remember that there is, also, a daily series, posted at 8 PM est, of Wikileaks info tracking going on: "Wikileaks informationthread 7 w/ Colbert Update!".
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