Deutsche Bank Money Laundering Scandal Could Create Greatest Economic Crisis in History

Deutsche Bank Bldgs

Deutsche Bank, along with several of the world’s biggest commercial banks, are embroiled in a global money laundering scandal that spans over two decades, as documents leaked to BuzzFeed show the movement of $2 Trillion in illicit cash through the Western banking establishment.

Absent from most coverage of the FinCEN leaks, however, is how all of these banks and financial institutions are not only laundering trillions, but are doing so together and in consort with each other, as is plainly demonstrated in the 1MDB fraud case. Most publications point the finger at JP Morgan Chase as the entity that moved more than $1 Billion for Jho Low, one of the 1MDB’s central figures, but they fail to mention the role of Goldman Sachs, which orchestrated a significant part of the scheme that defrauded the Malaysian people and led to criminal charges against 17 of its current and former executives, including Goldman Sachs former vice-chairman and now president of Chinese mega eCommerce platform Alibaba, Michael Evans.

The Malaysian government recently agreed to drop charges against Goldman Sachs after a $2.5 Billion-dollar settlement was reached with the giant investment bank; nearly a fourth of the $10.5 billion-dollar debt hole it created for Malaysia’s ruling coalition, resulting in the cancelation of major infrastructure projects. Deutsche Bank was also involved in the multi-pronged attack of the Western financial vultures on the Malay through the provision of hundreds of millions in stock-buy-back loans through the 1MDB fund for the former prime minister, who was convicted in July of graft.

It is reported that former Goldman Sachs CEO, Lloyd Blankfein, met with the disgraced Malaysian PM and the fugitive businessman, Jho Low, before the fund’s debut in 2009. Another lawsuit brought against Goldman Sachs details the investment bank’s “central role in a long-running effort to corrupt former executives” of An Abu Dhabi wealth fund called International Petroleum Investment Corporation and its subsidiary, Aabar Investments, which partnered with the 1MDB, calling it “a massive, international conspiracy to embezzle billions of dollars.”

Few can argue with that characterization, but as the chickens come home to roost, it is important to keep an eye on who gets exposed and who doesn’t; who gets punished and who doesn’t. The FinCEN Files are meant to draw most of the attention to Deutsche Bank and has all the hallmarks of a premeditated hit on one of the lynchpins of the prevailing financial structure. Much like Lehman Brothers and Bear Sterns were sacrificed for the subprime mortgage crisis and opened the door for even greater consolidation among the “too-big-to-fail” banks, a calculated take-down of Deutsch Bank will, no doubt, allow for a similar consolidation to occur at a far larger scale.

Human Rights Video #29: Responsibility

One of my principle concerns with the current scene is the rapidly escalating speed with which human rights are being trampled. The lack of peace in certain regions is proof positive that these principles are actually valid and needed, more than ever.

This trend needs to be reversed. The entrance point is educating people that they do have rights. Hence this post and the request you share these posts so more people are aware of and insist upon their rights so that we can live in a peaceful society.

Watch the video and if you think so too, please share it!

Do you know it is a fundamental right of yours to have your own opinion? You would not think so from the way some people (including the government) try to belittle you for disagreeing with them but it is.

Human Rights Video #27: Copyright

One of my principle concerns with the current scene is the rapidly escalating speed with which human rights are being trampled. The lack of peace in certain regions is proof positive that these principles are actually valid and needed, more than ever.

This trend needs to be reversed. The entrance point is educating people that they do have rights. Hence this post and the request you share these posts so more people are aware of and insist upon their rights so that we can live in a peaceful society.

Watch the video and if you think so too, please share it!

Do you know it is a fundamental right of yours to have your own opinion? You would not think so from the way some people (including the government) try to belittle you for disagreeing with them but it is.

Fact: Morrison opposes legislation to absolutely protect deposits

More shennanigans from that bunch of ne’er do wells in Canberra. If you have money in an Australian bank it would be a good investment of your time to call a politician and demand they protect it from the skullduggery of banks and their cronies.

The Morrison government had an opportunity to settle the growing community concern over the security of bank deposits from a “bail-in”. It has failed. The government’s report of the Senate Economics Legislation Committee’s inquiry into Senator Malcolm Roberts’ Banking Amendment (Deposits) Bill 2020 is full of worthless legal platitudes that cannot disguise the fact that it does not want to give Australians absolute certainty that deposits cannot be bailed in.

If you are concerned about bail-in, do not let your local MP and Senators be fooled by this report. They are the target of the government’s false assurances. Just as the government in 2018 was able to sneak the crisis resolution powers law through the Senate with only eight Senators present and no formal vote, because most MPs and Senators weren’t paying attention, the government has crafted this report to dupe MPs and Senators into thinking Senator Roberts’ bill isn’t necessary.

Call and email your MP and all 12 Senators in your state to tell them this report is a failure, and demand they vote for Senator Robert’s Banking Amendment (Deposits) Bill 2020 when it comes before the Senate.

Always remember, Senator Roberts’ amendment, to ensure the conversion and write-off provisions of the 2018 law can’t apply to bank deposits, should have been considered and debated by the Senate back in 2018. It wasn’t, because after One Nation gave the government notice that it intended to move the amendment, the government offered to get their lawyers to check over the amendment, but while One Nation waited to hear back, the government rushed the bill through the Senate when the One Nation Senators weren’t in the chamber. This dirty act by the government proved its determination to block any moves to explicitly protect deposits from its 2018 law, and it has just demonstrated that determination again in this report.

No hearing

The biggest failing of the Senate inquiry into Senator Roberts’ bill was its lack of a public hearing to test the claims made in the submissions. Not holding a public hearing allowed the committee chair, Senator Slade Brockman, to sign off on a report that accepted the claims of Treasury and APRA without question. A public hearing would have allowed experts to show those claims were badly flawed. Outspoken independent economist and former Liberal Party economics advisor John Adams, a key leader of the campaign to clarify the law, said: “This process was a complete whitewash—it would appear that the committee had already formed an established position irrespective of the evidence.” In his dissenting report, Senator Roberts said: “The committee has failed to get to the truth of the matter.”

The report sticks to the government’s position that amending the law to clarify the protection for deposits is unnecessary because there is already “legislative certainty”. It repeats APRA’s and Treasury’s assertions that deposits are protected by APRA’s mandate, depositor preference, and the $250,000 Financial Claims Scheme (FCS) deposit guarantee. But these assertions have been shown to be false, which a public hearing would have revealed.

One of the most telling lines in the report is its concession that the $250,000 FCS deposit guarantee is not perpetually in force, but must first be activated in relation to a specific bank and the government has discretion not to activate it, which the government has never broadcast. The report states: “While it is a decision of the Treasurer to activate the scheme, it is not clear why the Treasurer would choose not to activate the scheme.” That’s the whole point: such unclarity over what the government touts as the primary protection against deposit bail-in is an important reason to amend the law.

The report asserts interpretations of existing laws and regulations that most MPs would take on faith, but on closer inspection the interpretations are false. An egregious example is this sentence about APRA’s prudential standards supposedly protecting investors in so-called hybrid securities, a.k.a. bail-in bonds, which do have conversion and write-off provisions: “The Prudential Standard ensures ADI [bank] customers do not unknowingly purchase a financial instrument to which the conversion and write-off provisions apply.” This is footnoted to a reference to a Prudential Standard APRA issued in 2015. The problem is, this ignores the fact that in 2017, the outgoing boss of securities regulator ASIC, Greg Medcraft, launched a broadside at APRA precisely for allowing retail investors, mums and dads, to buy these securities without understanding their risks of being bailed in. The UK bans retail investors from buying hybrids because they wouldn’t understand the risks.

Medcraft said in Senate testimony on 26 October 2017: “There are two reasons we believe a lot of the retail investors buy these securities. One is they don’t understand the risks that are in over 100-page prospectuses and, secondly—and this is probably for a lot of investors—they do not believe that the government would allow APRA to exercise the option to wipe them out in the event that APRA did choose to wipe them out.” (Emphasis added.) He added: “Yes, they’ll be bailed in. … I do think this is, frankly, a ticking time bomb.”

For the government’s report to blithely assert APRA’s prudential standard provides protections that in the real world it provably does not, is a demonstration of the committee’s extremely poor and shallow analysis.

Do not accept baseless assurances as guarantees! This report is not the final word on the bail-in amendment; the Senators who will vote on it in November have the final word. Call them and your local MP to demand they support the bill. As Senator Roberts wrote: “If the bill does not have any other adverse outcome and seeks simply to reaffirm the meaning of the legislation currently in place, then there is no reason not to pass the bill.”

Call and email the Committee and Senators!

The bottom line is the Banking Amendment (Deposits) Bill 2020 will put the issue beyond all doubt. If it is passed, there can be no bail-in of deposits! Concerned Australians should flood politicians with phone calls and emails demanding they pass Senator Malcolm Roberts’ bill.

Click here for the contact details of your local MP and state’s Senators.

https://www.aph.gov.au/Senators_and_Members

The bottom line is the Banking Amendment (Deposits) Bill 2020 will put the issue beyond all doubt. If it is passed, there can be no bail-in of deposits! Concerned Australians should flood politicians with phone calls and emails demanding they pass Senator Malcolm Roberts’ bill.

Click here for the contact details of your local MP and state’s Senators.

https://www.aph.gov.au/Senators_and_Members

Vaccines Rushed To Market Are Not A Good Idea. A Deadly Bad Idea In Fact.

Read what happened last time we vaccinated with a rushed product!

https://www.evernote.com/shard/s24/client/snv?fbclid=IwAR3iztcZ7ifrRwVrog50ZgdR-MmJzuOMSoqcHGAhMfg6J55OUawuzSRUcsI&noteGuid=feacea41-c822-4890-a369-5c3f5c15acad&noteKey=a8fec0151f5306ffc65e3c18cbc58779&sn=https%3A%2F%2Fwww.evernote.com%2Fshard%2Fs24%2Fsh%2Ffeacea41-c822-4890-a369-5c3f5c15acad%2Fa8fec0151f5306ffc65e3c18cbc58779&title=Virus%2Bin%2Bthe%2Bsystem%2B%257C%2BThe%2BAustralian

On Getting Things Done

A mate sent me this quote from Plato: “The beginning is the most important part of the work.” Plato – Philosopher (427-347 B.C.)
Considering the number of people who have things they would like to do but who never get started on them I can see Plato’s point but I find it pretty easy to start things and not as easy to finish them.
From what I have learned (and observed and experienced) it is not just me, more people find it easy to start tasks than they do to finish them.
In fact, the worst off amongst us cannot finish anything they start. Which is actually a very reliable way to pick the people to stay well away from and not let in your life.
I well recall visiting two different people. One worked at home and did not appear to be able to throw anything out. He had so many stacks of paper, magazines and books on the furniture and floor in his lounge that he had to move some off the lounge to make space for me to sit. He ended up not paying all his bill.
Another I visited at work. His office was so full of papers, magazines and books that he was unable to get two people to sit in it. He was occupying a meeting room and was hard at work filling that one too!
Ideally one should be as competent in starting, continuing or changing and finishing anything they wish to undertake.
As it is easy to get distracted prior to finishing tasks, I play a little game with myself from time to time to feret out any tasks I have started and discipline myself to finish them off.
It is amazing how many attention units this frees up.
I commend it to you as a useful exercise to try.
See if your experience matches mine!

We Got Hacked

We Got Hacked

US bank Morgan Stanley has posted letters to an unknown amount of customers, notifying them of potential data breaches involving sensitive personal information left on servers and storage sent to recyclers and on an encrypted drive lost at a branch office.

(Tom: In my personal opinion, having my info in the hands of banks and others with whom I do business is risky enough, as this story illustrates only too well, but storing personal or business data in the cloud takes the risk of loss to a whole new level. That is why I continue to use the accounting and business software I created myself hosted on an inhouse computer.

As an additional note, ransomware, phishing and hacking scams are costing businesses obscene amounts of money. Travel giant CWT pays $6.3m ransom to cyber criminals https://www.itnews.com.au/news/travel-giant-cwt-pays-63m-ransom-to-cyber-criminals-551133

Do some homework and formulate firm policy with which you (and any staff) deal with your emails and web sites you visit. For instance I:

Use strong malware protection, currently Emisoft Enterprise Security Suite.

Never click on links in an email from unknown senders.

Even from known senders I sometimes receive emails with just a link, no explanatory text. I do not click on those. I will sometimes email the sender to ask what it is about.

Never download from file transfer sites unless I expect a link from that person and

Always check the displayed and hidden URL match the expected domain as miscreants will sometimes use what is called a sub-domain or sub-folder to make it look more legitimate. For instance last week I got one allegedly from wetransfer.com but when I held my mouse over the link it was not the wetransfer.com domain, that was used as a folder name like this:
www.somethingelse.com/wetransfer/qweoxflkwefow
A valid name used as a sub-domain for a hacker site looks like this:
wetransfer.hackerdomain.com/as/dkfjswlk

So, just because it has a recognisable name somewhere in the URL, that is a trick to fool those not fully tech savvy. Now you are informed, don’t fall for it.)

https://www.itnews.com.au/news/morgan-stanley-customer-data-left-on-decommissioned-servers-551094

Human Rights Video #29: Responsibility

The lack of peace in certain regions is proof positive that these principles are actually valid and needed, more than ever. Please promote the Youth for Human Rights videos so more people are aware of and insist upon their rights so that we can live in a peaceful society.

Watch the video and if you think so too, please share it!