The Wall Street Pentagon Papers

The biggest scam ever happened!

Members (alphabetical order)

• Divya Padmanabhan (PG-11-071)• Khushboo Nisar (PG-11-096) • Nrupa Ranadive (PG-11-103)• Rutika Patil (PG-11-100)• Srishti Gupta (PG-11-o78)

Road Map:

What is Federal Reserve Global banking cartel (member banks) Pentagon papers in brief and its comparison with WPP About the scam Beneficiary parties of the scam Its impact on economy Conclusion

Federal Reserve• The Fed is the gatekeeper of the U.S. economy.• It is the bank of the U.S. government and, as such, it regulates the

nation's financial institutions.• The Fed watches over the world's largest economy and is, therefore,

one of the most powerful organizations on earth.• The Fed dictates economic and monetary policies that have profound

impacts on individuals in the U.S. and around the world. • The Federal Reserve was created by the U.S. Congress in 1913.• Before that, the U.S. lacked any formal organization for studying and

implementing monetary policy.• The Fed is an independent entity, but is subject to oversight from

Congress.

Fed is headed by:

•Fed is headed by a government agency in Washington known as the Board of Governors of the Federal Reserve. The Board of Governors consists of seven presidential appointees, each of whom serves 14 year terms. All members must be confirmed by the Senate and can be reappointed. •The board is led by a chairman and a vice chairman, each appointed by the President and approved by the Senate for four-year terms.•The current chair is Ben Bernanke, who took over for Alan Greenspan on February 1, 2006. Greenspan had been chairman since 1987.

Duties of Fed-

The Fed's job is to foster a sound banking system and a healthy economy. To accomplish its mission, the Fed serves as the

1. Banker's Bank- Fed provides services to financial institutions in the same way

that regular banks provide services to public.

2. The Government's Bank- The U.S. Govt has an account with the Fed. All revenue generated by taxes and all outgoing government payments are handled through this account. It includes selling and redeeming of G-secs such as T-bills and bonds. 

3. Regulator and Supervisor- It includes monitoring of banks that are members of the system, the foreign activities of member banks and the U.S. activities of foreign-owned banks.

4. Money Manager- It refers to the actions that the Fed undertakes to influence the amount of money and credit in the U.S. economy. Changes to the amount of money and credit affect interest rates and the performance of the U.S. economy.

Global Banking cartel(Member Banks of Federal Reserve)

• USBank of America Securities LLCCantor Fitzgerald & Co.Citigroup Global Markets Inc.Goldman, Sachs & Co.Jefferies & Company, Inc.J. P. Morgan Securities Inc.Morgan Stanley & Co. Inc.

• BritainBarclays Capital Inc.HSBC Securities (USA) Inc.

• SwitzerlandCredit Suisse Securities (USA) LLCUBS Securities LLC.

• JapanDaiwa Capital Markets America Inc.Mizuho Securities USA Inc.Nomura Securities International, Inc.

• GermanyDeutsche Bank Securities Inc.

• FranceBNP Paribas Securities Corp.

• CanadaRBC Capital Markets Corp.

• ScotlandRBS Securities Inc.

• A government study was commissioned by Secretary of Defense Robert S. McNamara in June, 1967 to study the US involvement in Vietnam. The study resulted in a 47-volume, top secret study covered the period from World War II to May, 1968, called the Pentagon Papers. It was written by a team of analysts who had access to classified documents, and was completed in Jan. 1969.

• The study revealed a considerable degree of miscalculation, bureaucratic arrogance, and deception on the part of U.S. policymakers. In particular, it found that the U.S. government had continually resisted full disclosure of increasing military involvement in Southeast Asia and offensive actions by U.S. marines had taken place long before the American public was informed.

• On June 13, 1971, the New York Times began publishing a series of articles based on the study. The Justice Dept. obtained a court injunction against further publication on national security grounds, but the Supreme Court ruled that constitutional guarantees of a free press overrode other considerations, and allowed further publication.

Thus the government involvement in Vietnam was kept undisclosed to people.

Pentagon papers scam in brief:

Comparison:

Even if New york times revealed documents from inside US military, as huge as that could be, it will most likely pale in comparison to what is found out from the inner-workings of the Federal Reserve. This is the Wall Street equivalent of the Pentagon Papers.

16000000000000

How did the scam happen?

• These banks are the current primary dealers of the Federal Reserve System.

• They have power over the entire economy.• They sit at the top of the world’s monetary system,

currently the Fed’s debt-dollar pyramid, with a governmental license to what has been the most secure capital in the world–US Treasury debt–for a monopoly price that nobody else can get.

• These banks distribute some of it to subordinate capital for a guaranteed premium, and they park a large amount of it on their own balance sheets as assets upon which they can speculate, trade, and fractionalize to create the rest of the money in the economy and put other countries, companies, and people in even more debt. So these institutions hold a monopoly position.

• Intro for the scam-• For a moment, imagine that there is a privately-owned organization in

the United States that can create U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to.  Imagine that this organization is able to act with the full power of the U.S. government behind it, but that nobody in the organization is ever elected by the American people, and that for all practical purposes the organization is not accountable to the president or to Congress.  Imagine that the organization is able to make trillions of dollars of secret loans to banks, to foreign governments and even to their close friends without ever having to face a comprehensive audit.  Does that sound preposterous?  Well, such an organization actually exists.  It is called the Federal Reserve, and today we found out that once again the Fed is going to be taking huge piles of your money and loaning it to commercial banks in Europe.  The Congress cannot overrule this decision.  Neither can Barack Obama.  Because it has so much power, many refer to the Federal Reserve as "the fourth branch of government", but unlike the other three branches of government, there are basically no significant "checks and balances" on the Federal Reserve.  If you don't like the fact that the Federal Reserve is racing in to help big foreign banks survive the European debt crisis that is just too bad.  The Federal Reserve pretty much gets to do whatever it wants to do, and the folks over at the Fed simply do not care whether you like that or not.

• Process contd• This only indicates that the banking establishment has

a permanent parasitic stake in those countries to churn their populations under the Fed’s debt system. Together with hedge funds, they have power over nations.

• Like any corporate institution, banks drive EPS by expanding and leveraging their balance sheets, which for banks means putting everything else in more debt.

• The Fed system is in transition. The crash of 2008 was the first phase of global capital holders shifting their private capital out of the system so the Fed was forced to add public capital, i.e. USA people’s debt, into the system. International banks simply transferred their bad assets to the public through the Fed and prepared to ramp up operations in Asia, which will be a primary churn center for the 21st century global banking system.

Citigroup: $2.5 trillion Morgan Stanley: $2.04 trillion Merrill Lynch: $1.949 trillion Bank of America: $1.344 trillionBarclays PLC (United Kingdom): $868 billion Bear Sterns: $853 billion Goldman Sachs: $814 billion Royal Bank of Scotland (UK): $541 billion JP Morgan Chase: $391 billion Deutsche Bank (Germany): $354 billion UBS (Switzerland): $287 billion Credit Suisse (Switzerland): $262 billion Lehman Brothers: $183 billion Bank of Scotland (United Kingdom): $181 billion BNP Paribas (France): $175 billion

implications

• Think about it. In just this one peek we got at its operations, we learned that the Fed doled out $12.3 trillion in near-zero interest loans, without Congressional input.