Wednesday, June 22, 2011

34 Individuals File Pro Se Involuntary Chapter 11 Bankruptcy Petition Against Bank of America, N.A.; Bank of America Quickly Responds & Asks for Immediate Dismissal

On Friday at about 5:00 p.m. local time, 34 individuals (from the court filings, it appears not represented by counsel) filed an involuntary chapter 11 bankruptcy petition against Bank of America, N.A. (a banking subsidiary of Bank of America Corporation (NYSE: BAC)).  In the petition, the individuals assert claims against Bank of America of between $1 million and $30 million, with a total claimed amount of approximately $60 million.  Many of the individual petitioning alleged creditors identify themselves in the signature pages as members of either the “Independent Rights Political Party” or the “Independent Rights Party.”  On Sunday, Bank of America filed responsive papers with the bankruptcy court, in which it asserts that the petition is clearly invalid and that Bank of America cannot be a debtor in an involuntary bankruptcy case.
Bank of America’s Sunday filings consist of an answer to the purported involuntary petition and a motion to dismiss the involuntary case with an accompanying memorandum in support.  In those pleadings, Bank of America argues that the “petition has no basis in law or fact and should be immediately dismissed.”  Additionally, the bank calls the assertion that it owes the petitioners any debt which is not subject to bona fide dispute “frivolous on its face.”  Court filings say that Bank of America conducted a “preliminary review of its records” over the weekend and acknowledges that it has banking relationships with some of the petitioning creditors.  It also states that these banking relationships include mortgage loans serviced by Bank of America and that some of the petitioners “either were the subject of foreclosure proceedings, and/or were debtors in bankruptcy.”
Bank of America’s first basis for an immediate dismissal of the case is that it is ineligible to be a debtor in this type of bankruptcy case, citing sections 109(b) and 303(a) of the Bankruptcy Code.  Because Bank of America is a “bank,” it is not eligible to be a debtor under either chapter 7 or chapter 11 of the Bankruptcy Code.  Bank of America also notes that the alleged creditors failed to check box 2 in the allegations section of the involuntary petition (“The debtor is a person against whom an order for relief may be entered under title 11 of the United States Code.”).
Second, Bank of America argues that the petition fails to adequately allege debts that are not subject to a bona fide dispute and that, therefore, the petitioners lack standing to bring an involuntary bankruptcy case under 10th Circuit caselaw (citing Bartmann v. Maverick Tube Corp., 853 F.2d 1540, 1544 (10th Cir. 1988)).   Third, Bank of America asserts that the involuntary petition was filed in bad faith.  It expressly denies in its filings that it is failing to pay its debts as they come due and also notes that an outstanding involuntary bankruptcy case could have “potentially serious” consequences for the company:
As is commonplace, various of Bank of America’s commercial agreements provide that an involuntary bankruptcy petition, if not promptly dismissed, is an event of default that could give rise to rights of termination and acceleration. Moreover, many of Bank of America’s commercial agreements are linked by an intricate array of cross-default provisions, under which a default in one agreement may trigger defaults under others. While Bank of America would certainly take the position that a filing as specious as this purported involuntary petition would not trigger the rights of any counterparty, that is not an argument in which Bank of America should be required to engage.
Therefore, Bank of America asks in its pleadings for the bankruptcy court to dismiss the involuntary petition “immediately, and in any event by no later than the close of business on Monday, June 20, 2011.”
The bankruptcy case has been assigned to Bankruptcy Judge Michael Romero.
Access copies of the court filings referenced in this article from the links below:

Originally published at:

Max Keiser At Syntagma Square: "The Tear Gas Didn't Do Jack, Greece Is Under IMF Bankster Occupation" (VIDEO)

Max rallies the revolutionaries at Syntagma Square - June 16, 2011
This is a hilarious speech, though its effect was muted by the pauses for translation.  Above is a condensed version, and inside the we have the complete clip.
Remember that a bailout for Greece is code for bailing out the billionaire bondholders who recklessly lent to the corrupt Greek government, and does nothing for the people.

"Abolish The Fed! We're Better Off Without A Central Bank": Jim Rogers With Former CNBC Analyst Jeff Macke

Outstanding clip.
This is the first time we've seen the former Fast Money analyst Macke in a long, long while though it appears from this segment that he's been working for Yahoo for a few months.
Jimmy Rogers transcribed:
"I would abolish the FED and resign.  We have had three central banks in America the first two disappeared, and this one is going to disappear because between Greenspan and Bernanke have taken on a staggering amount of debt.  Junk, a lot of it is junk and eventually it is just going to disappear because the U.S. is going to go bankrupt.  They are not doing what's good for the world.  First of all they have taken on this huge debt which you and I would have to pay and everybody watching this show.  And secondly they have printed all this money.  We would have problems without a central bank but it is better without a central bank than with one that is like this.  We have to recognise the facts - we are the largest debtor nation in the history of the world, and until we at least face that reality and realize that we have been printing a lot of money and start to deal with that fact, it is just going to get worse."
Watch the very memorable (and bizarre) final appearance of Jeff Macke on CNBC...

A Firestorm On The Eastern Horizon

Dees Illustration
Brandon Smith

The Middle East is and always has been an incredible waste of time, energy, capital, and of course, human lives. Every civilization that has attempted to tame and corral the region has met with resounding frustration and defeat. Every empire that moves to extend its borders around its existing cultures has withered under the strain of constant war and revolution. Long before petroleum became a sought after commodity and long after its free flow was established, the Middle East has been used as a fulcrum point for turning nations and worlds inside out. One might begin to wonder where the West’s mindless obsession with the place actually comes from...

From crusades for the holy land, to crusades for oil, to crusades for “WMD’s” and the “downtrodden masses”; we have been regaled for centuries by governments and elitists with elaborate rationalizations for indefinite war within the cradle of civilization. Our government in particular has seen fit to topple dictatorships, install new dictatorships, embroil our troops in the quagmire of nation building, instigate social instability and civil unrest, fund terrorist organizations, elevate madmen, and then brandish them like weapons to frighten the American public into relinquishing their civil liberties. Every decade, and every new layer of conflict, brings the U.S. closer to the breaking point, and closer to bankruptcy.

It seems insane. By every logical political, social, financial, historical, and tactical standard, our increasing presence in the Middle East is a ludicrous venture in cartoonland led by a bumbling cadre of buffoon politicians and mustache twirling corporate contractors. There is no purpose to it. No meaning. Unless, that is, you look at it from the standpoint of globalization…

If you are a globalist, or a group that promotes the ascendancy of the globalist philosophy, then you are not concerned with the survival of any one particular nation state, even if it’s the U.S. Instead, you are highly concerned and perhaps even addicted to the idea of “centralization”; the process of dissolving borders and cultures and placing them under the control of a single economic system and a single governing body. As a globalist, you have no sense of loyalty to any country, nor any body of law, nor any Constitution. You will sacrifice anything and anyone to achieve full spectrum dominance. Motivations vary, but trying to understand the vicious tendencies of a dedicated globalist is like trying to understand the vicious tendencies of a serial killer; you’re never going to get an answer that fully untwists their warped intentions into something that “satisfies” our need for truth and closure. That said, there is a method to the madness of globalization, and it is quite clearly present in the Middle East.

The two most stubborn and immovable obstacles to total globalism today are; the American people, many of whom have been spoiled, intellectually lobotomized, and politically castrated. However, our heritage of freedom and revolution in the face of tremendous adversity still carries on, and our will to fight back against an “invincible” opponent has not disappeared, but only fallen into dormancy. In fact, we sometimes crave such a fight. We have put down the forces of centralization before, and we would love to do it again Heritage is a very powerful thing, and the Founding Fathers left us with a spectacular foundation on which to rely. On top of this, we are one of the few countries that still promote an armed population.

Second, are the cultures of the Middle East, specifically Muslims, who are religiously bound to reject all forms of what they call “Usury” (lending and debt as the basis for a business model or economy). This does not necessarily stop predominantly Muslim countries from participating in usury, many do. But, the idea of an entire country becoming indebted and thus controlled by an unaccountable corporate body like the IMF is highly distasteful to Islamic Fundamentalists, and would no doubt lead to all out war, even against their own governments (which is in some cases occurring today). Globalism is entirely dependent on the generation of debt as an instrument for social control. The majority of Muslims will simply not go along peacefully, and as in America, the Middle East is awash in armaments.

So, if you are a corporate banking globalist with visions of Utopia dancing in your head, what do you do? You can try to confront the American people and Islamic culture separately, or, you can pit your two biggest frustrations against each other in a brutal deathmatch while you lounge in your wicker easy chair and sip tropical drinks.

I think Sun Tzu would choose the latter strategy...

This is not to say that Muslim nations are without shocking injustice and social disparity, or that there are not legitimate reasons to use force in certain cases. There are extremists in every belief system. Dictators supplant reason and liberty in every culture at one time or another. Do despots in Iraq, Afghanistan, Egypt, Yemen, Libya, or Syria need to be overthrown and served to the angry mobs of those they abused? Absolutely (it would help if we stopped installing despots in the first place)! Though, not at the expense of a crumbling America, and not for the benefit of elitists at large. Tiny tyrants can wait. It is the global tyrants we should be most worried about.

Expanded military action in Libya is almost a certainty. Discussion amongst U.S. troops of deployment to Libya this autumn is running high, though some skeptics might dismiss this as “idle chatter”. The likelihood of ground invasion has become most visible though through the language and actions of NATO and the U.S. government itself.

Army General Carter Ham admitted to the possibility during a Senate Armed Services Committee hearing in April:

Apache attack helicopters are being sent into the fray by the French and the UK, which is a sign of escalation, but also a possible sign of ground invasion:

Attack helicopters most often act as support for ground troops able to assess possible targets and call in strike points. Helicopters are very vulnerable to rocket fire without ample ground troops to provide support (which was made very clear in Mogadishu in 1993). In a modern military, these two arms are supposed to act in tandem. They are rarely separated from each other completely.

The largest military drill of its kind ever held on the East Coast of the U.S., “Exercise Mailed Fist” is currently underway, stretching from Quantico, Virginia to the Pinecastle Bombing Rand in Florida, just as information surfaces suggesting that a ground invasion of Libya is already planned:

In the video below, CBS news basically attempts to sell the idea of ground invasion to the American public using interviews with members of the Council on Foreign Relations as “experts” (yes, hilarious), and at the same time admitting they have “no idea” who the rebels in Libya really are, or what kind of government they are actually fighting for. Any reasonable person without an agenda would be hard pressed to see this as anything but a recipe for disaster:

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Hey! The Gig Is UP! Federal Reserve Act Has a Backout Clause

1 vote
WATCH NOW: The GIG is UP:Money, the Federal Reserve and You. by Populist lawyer, Gary Fielder.
The Federal Reserve Bunk
By Harry V. Martin
Copyright FreeAmerica and Harry V. Martin, 1995
Article I, Section 8, Clause 5, of the United States Constitution provides that Congress shall have the power to coin money and regulate the value thereof and of any foreign coins. But that is not the case. The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
The Federal Reserve System was established by President Woodrow Wilson in 1913. The premise used by President Wilson and his financial advisors for the establishment of the Federal Reserve System was to "supplant the dictatorship of the private banking institutions" and "to stabilize the inflexibility of national bank note supplies". The previous system of banking was "feudal" in nature, in which private bankers control communities and could issue their own bank notes. They had little regulations concerning reserve assets and loan policies. Banking was a patch-quilt of institutions scattered across the face of the nation with no central policy.
Federal Reserve Act
Section 31. Reservation of Right to Amend
1. Reservation of Right to Amend
The right to amend, alter, or repeal this Act is hereby expressly reserved.
No Congress, no President has been strong enough to stand up to the foreign-controlled Federal Reserve Bank. Yet there is a catch - one that President Kennedy recognized before he was slain - the original deal in 1913 creating the Federal Reserve Bank had a simple backout clause. The investors loaned the United States Government $1 billion. And the backout clause allows the United States to buy out the system for that $1 billion. If the Federal Reserve Bank were demolished and the Congress of the United States took control of the currency, as required in the Constitution, the National Debt would virtually end overnight, and the need for more taxes and even the income tax, itself. Thomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
Join and organize to END the FED.

WATCH LIVE - Spanish Revolution (Madrid Protests)

Streaming Video - Solidarity with the Greeks in Syntagma Square.
44% of of the under-25 crowd in Spain are unemployed...
  • "Si no tenemos casa, donde vamos a vivir?"

South Park Explains The AIG Bailout

Video - Tim Geithner's secret weapon
South Park takes on the banking crisis...

Greece: MPs begin voting on confidence motion

Greece's parliament has begun voting on a motion of confidence in the government, part of the administration's battle to win support for new austerity measures.
The vote is a first step towards a vital 12bn euro ($17bn; £10bn) loan from the EU and the International Monetary Fund (IMF).
Greece needs the loan to pay its debts.
If the government survives, Greece's parliament will be asked to back the latest spending cuts - of 28bn euros.
This vote will be held on 28 June.
A result is expected after 0035 local time (2235 GMT).
All the indications are that Mr Papandreou will win his vote of confidence with a handful of seats to spare, says the BBC's Malcolm Brabant in Athens.
But one former rebel MP who now plans to vote in favour of the government said the public's tolerance had been used up.
Panagiotis Kouroumplis also warned that politicians were increasingly losing touch with ordinary people demonstrating against the government across the country.
Thousands of protesters have again gathered in Syntagma Square in Athens, in front of the Greek parliament.
One protester, Calliope Iris, told the BBC: "The Greek police treat us like criminals. I used to have my own company and had to close it down at the beginning of 2010. The economic climate is forbidding anything new.
"I will continue to go back to Syntagma Square to protest."
EU Commission President Jose Manuel Barroso has said Greece faces a "moment of truth" when it votes next week on austerity measures.
BBC's Gavin Hewitt: "Thousands of protesters are heading for the Greek parliament"
The EU and IMF will only release funds once the austerity measures have been voted through.
"No-one can be helped against their will," Mr Barroso said in Brussels.
"Next week is the moment of truth, where Greece needs to demonstrate that it is genuinely committed to the ambitious package of further fiscal measures and privatisations put forward by Prime Minister [George] Papandreou's government."
Mass demonstrations Tuesday's vote of confidence in the government follows the appointment of the new Greek cabinet, which Prime Minister Papandreou put in place last Friday.
Mr Papandreou hopes the new cabinet, and specifically the new Finance Minister, Evangelos Venizelos, will help secure parliament's backing for further austerity measures that are already proving deeply unpopular with the Greek people.
At the weekend, eurozone finance ministers decided to postpone their decision on whether to grant Greece the 12bn euro loan until the country introduced the additional spending cuts and privatisation programmes.

Start Quote

The Greek government and the EU are involved in a game of 'dare'... The first part of this drama will be played out today”
Greece needs this aid - the latest tranche of the EU and IMF's 110bn-euro aid package - by July to be able to keep up with payments to the creditors of its huge debts, which amount to 30,000 euros per person.
If the Greek parliament does back the austerity measures, eurozone finance ministers will meet again on 3 July, with the funds expected to be released by the middle of next month.
However, lawmakers are having to ponder their decision in the face of mass demonstrations, strikes, and even riots.
The latest protest against the cutbacks involves workers at Greece's state-owned electricity company, who are on a 48-hour walkout.
BBC Europe editor Gavin Hewitt, who is in Athens, says ministers have argued that without further austerity measures in exchange for a new bail-out, Greece is heading for bankruptcy. However, many Greeks appear to prefer that option to further austerity, he says.
Graphic showing the composition of the Greek parliament
Mr Venizelos said the decision of the eurozone finance ministers to delay the loan showed that urgent action was now needed. "We have plenty to do," he said.
If Greece were to default on its debt - worth 150% of its annual GDP output - it would have to leave the 17-member euro group of nations.
UK Conservative MEP Daniel Hannan said the bailout would not help the people of Greece: "This is not assistance for Greece, it's not how anyone there sees it. They understand perfectly well what the bail-out means, which is that the money will go to European bankers and bondholders, but the repayment will come from Greek taxpayers. So far from being helped, Greece is being sacrificed to save the euro."
IMF mission
On 20 June, EU finance ministers agreed in principle on a second bail-out package for Greece, about the same size as the first - 110bn euros - passed last May.

Greece: Crucial dates

  • June 28: Greek parliament to vote on a new austerity package
  • July 3: Eurozone deadline: will sign off latest bail-out payment to Greece - 12bn euros - if austerity package has passed
  • July 15: Default deadline: Without the 12bn euros it needs to make debt repayments, Greece will default
The new package, to be outlined by July, will include loans from other eurozone countries.
It is also expected to feature a voluntary contribution from private investors, who will be invited to buy up new Greek bonds as old ones mature.
Officials said this money had to be freely given, or it would be seen as technical default on Greece's debt repayments.
If Greece were to default - or seen to be in default - it would mean massive losses for European banks that hold Greek debt, including the European Central Bank.
Officials said the new plan was expected to fund Greece into late 2014 and total about 120bn euros.
Countries most expose to Greek debt

Fitch Sees Risk of Greece, US Debt Defaults

Fitch Ratings said on Tuesday that it would regard a voluntary rollover of Greece's sovereign bond maturities as a default and would cut the credit rating appropriately, keeping pressure on Athens ahead of a confidence vote in parliament.
Image Source | Getty Images

The definitive comments weighed on the euro  and underscored how much is at stake for Greece, which is struggling to implement a deeply unpopular fiscal austerity plan necessary to win the next tranche of emergency aid from the European Union and International Monetary Fund. 
Fractious euro zone finance ministers are trying to patch together a second aid package for Greece, with more official loans and, for the first time, some sort of contribution by private investors who hold Greek government bonds.
"Fitch would regard such a debt exchange or voluntary debt rollover as a default event and would lead to the assignment of a default rating to Greece," Andrew Colquhoun, head of Asia-Pacific sovereign ratings with Fitch, said at a conference in Singapore.
A month ago Fitch downgraded Greece's credit rating three notches to "B+" and warned it could cut the rating further into junk territory. At the time, the rating agency said an extension of the maturity of existing bonds would be considered a default.
Standard & Poor's cut Greece's rating to "CCC" from "B" on June 13, and warned that any attempt to restructure the country's debt would be considered a default.
Moody's has a Caa1 rating to Greece's sovereign debt, which implies a 50 percent chance of a default within three to five years.   
Fitch's Colquhoun also reiterated that the rating agency would place the U.S. sovereign rating on watch negative if Congress did not raise the federal government's borrowing ceiling by August 2, and said if the U.S. government misses an Aug. 15 coupon payment, then Fitch would place the rating on restricted default.
But it added it believed it was very likely that the debt ceiling would be raused and default would be avoided. 
Fitch had made similar comments earlier this month and Moody's and S&P have issued warnings along the same lines. But Fitch was the first major ratings agency to say U.S. Treasury securities could be downgraded, even for a short period.
U.S. lawmakers working to rein in rising debt said on Monday they will have to make substantial progress this week to ensure the country retains its top-notch credit rating.

Copyright 2011 Thomson Reuters. Click for restrictions.

Bullion Blows-up Banksters

When precious metals commentators (including myself) talk about the pathological fear/hatred which bankers exhibit toward gold and silver, we typically focus on their aversion to higher bullion prices – as being the “canary in the coal mine” which warns us that banker money-printing has spun out of control.
There is, however, an even more fundamental antagonism which the paper-pushing “elites” feel toward precious metals: the simple act of holding bullion is effectively an involuntary “de-leveraging” of the endless $trillions in bankster Ponzi-schemes which have totally contaminated nearly all Western economies.
Readers should not confuse my title with the popular “take down JP Morgan” campaign spearheaded by a few so-called “silver vigilantes”. When I talk about bankers being “blown up” by bullion, this is an entirely passive process. First of all, our purchasing of bullion (as has been often explained) is a defensive move to “insure” our dwindling wealth against the currency-dilution inflicted upon us by the excessive money-printing of the bankers. Secondly, the “harm” caused to the bankers by bullion is indirect, and entirely a function of their own excessive behavior.
Let me quickly cover the first premise by once again reviewing the monetary abomination known as “fractional reserve banking”. In the typical, modern “fractional reserve system”, each time we deposit a (paper) dollar with a bank (or invest it), our eternally greedy bankers are allowed to effectively print-up ten more dollars, loan them out into the economy (or “invest” them) – and thus that $1 dollar suddenly becomes $11, with the other $10 dollars being a windfall created (literally) out of thin air, which has neither been “earned”, nor does it have anything at all “backing” its value.
This ten-to-one dilution of our currency – which is nothing less than (legal) systemic fraud – is precisely how the Federal Reserve has been able to reduce the value of the U.S. dollar by roughly 98% (over its 98-year existence). But even stealing at this rapacious rate was not enough to sate the greed of the 21st century Wall Street bankster.
They directed their spineless servants in Washington to change a vast number of rules (and eliminate even more “safeguards”) allowing these banksters to increase that (already obscene) 10:1 leverage to an utterly insane level of greater than 30:1 – which turned the entire U.S. financial system (and most of its debt and equity markets) into a collection of hopelessly unstable Ponzi-schemes. This leverage-insanity has culminated in the creation of the banksters’ private casino: the $1.5 quadrillion derivatives market – by itself more than twenty times bigger than the entire global economy.
Thus when a small minority of individuals engage in the “defensive” strategy of buying bullion, we are protecting ourselves in two ways. First of all, we are isolating our waning wealth in a form which the banksters cannot dilute/debauch with their money-printing. Secondly, we are accumulating this insurance against the inevitable financial collapse when the bankster Ponzi-schemes finally implode. There is, however, an indirect “virtuous circle” which is set in motion by the simple act of buying bullion, which (to the best of my knowledge) is not being discussed by other commentators – either in the mainstream media, or within this sector itself.
Let us back-up to the basic premise upon which fractional-reserve banking exists: we invest or deposit a dollar with a banker, and then they are legally allowed to dilute that dollar by anywhere from a factor of 10:1 or 30:1. However, each and every time that we take one of our dollars and invest it into precious metals, we are breaking that cycle of dilution (and currency-destruction).
As this purchasing of bullion increases, we thus began to weaken the cycle of serial currency-dilution, and effectively de-leverage our own financial systems. Note that this “involuntary de-leveraging” of Wall Street (in particular) has been made 100% necessary due to the complete failure of servile politicians and corrupt regulators to rein-in the 30:1 insanity of Wall Street. Indeed, after only a brief drop-off (when there were no “chumps” available to take their bets), all reports indicate that the Wall Street vampires are just as leveraged today as they were before they almost destroyed the global financial system the first time – except that this insane leverage is now concentrated in even fewer hands.
This means that as individuals accumulate bullion to personally insure and insulate their wealth from the fractional-reserve piracy of modern banking, that collectively our actions are insuring and insulating our entire economies against the inevitable economic carnage as the paper-bubbles collapse – including all of the worthless, fiat currencies themselves.
In fact, I only began to consciously explore this line of reasoning myself when I was admiring the brilliance of Hugo Salinas Price’s movement to re-institute silver money as a “parallel currency” in Mexico. Critics of this scheme have argued that most of the silver money being created would quickly disappear: people would spend their paper money, and hang onto their (higher quality) silver money.
My rebuttal to that has been that this is the beauty of Salinas Price’s proposal. Effectively, instead of Mexicans having paper “savings accounts”, where they give their pesos to bankers – and then suffer the economic rape of currency-dilution – Mexicans would have “silver savings accounts”, 100% immune to the monetary depravity of bankers. I then added to that by pointing out the cumulative effect of this: permanently reducing the percentage of our wealth which is under the control of bankers, and (simultaneously) permanently reducing our vulnerability (i.e. leverage) when these paper-pirates (yet again) destroy themselves (and our system) with their insatiable greed and reckless gambling.
The mainstream media have been programmed with their own rebuttal. They call such behavior “hoarding”. This is nothing less than a perversion of semantics. In fact, for more than 4,000 years most of humanity has held their “savings” in the form of gold or silver, and billions of people do so today, primarily in Asian economies.
What has been “savings” for 4,000 years does not become “hoarding” simply because the mainstream media chooses to be an accomplice of the banksters in helping them steal our money through their fractional-reserve Ponzi-schemes.
This supplies ordinary citizens with yet one more motivation to insure a large percentage of their wealth by converting it to (“physical”) gold or silver. Not only are we protecting ourselves individually, but collectively we are engaging in the “bank reform” which our cowardly and corrupt political leaders have failed to do.
This means that each and every time you hear some media talking-head parrot the words “hoarding silver”, you can immediately translate that to mean “insuring our financial system”. The fact that it will ultimately help to “blow up the banksters” (as a consequence of their own greed) is merely a fringe benefit.

Britain: the Euro could not last

UK Treasury ministers have confirmed that the coalition government is dealing with potential plans for a Greek bankruptcy after warnings by Jack Straw that the euro could not last.

Straw, the former Labour foreign secretary, warned that the euro “is going to collapse,” and said, “Is it not better that this happens quickly rather than a slow death?"

Straw's message came after the International Monetary Fund (IMF) said the world economy would be destroyed if IMF members did not aid the Greeks.

Speaking at the parliament, Straw said, “What the Government should do instead of sheltering behind the complacent language, weasel words that 'it is not appropriate, we should not speculate' is recognize that this eurozone cannot last.

“And it is the responsibility of the British Government to be open with the British people now about the alternative prospects.”

In an urgent meeting, Britain's senior MPs from all parties asked the government to stand aside from the new financial package aiding Greece and urged the country to leave the euro.

Mark Hoban, financial secretary to the Treasury, said, "I am not going to comment on whether the eurozone will remain intact or not. Clearly, this crisis demonstrates the huge strain the eurozone in under. That is why it was right for us to stay out of the eurozone."

Meanwhile, he admitted that there were many scenarios, which were being considered.

He said it “will not be appropriate” to talk about the detail, but “I will be guilty of not stepping up to the responsibilities of his office if plans had not been made to cope with a default.”

He said that the UK banks had given around £2.47 billion in exceptional loans to Greek nationals and institutions.

Prime Minister David Cameron also declared that UK would not participate in a bailout of Greece.

"We were not involved in the first bailout of Greece; we don't believe the European financial mechanism should be used in any way."

Conservative MP Anne Main claimed that Greece “should be allowed to depart peacefully from the eurozone.”

Danny Alexander, the Chief Secretary to the Treasury, also admitted that UK would not play a part in contributing aid package for Greece.

“The package for Greece that is already in place is a eurozone package with the IMF. It's the eurozone that is taking forward discussions now about the next stage of dealing with Greece's substantial problems. There's simply no proposition on the table for the UK to contribute beyond that IMF involvement and I don't expect there to be one,” he said.


Ron Paul "Federal Reserve Chairmen Should Be Confirmed By Congress"

Watch this video .....