Investigative journalist Greg Palast has uncovered a secret memo sent from Timothy Geithner to Larry Summers in 1997, which spelled out how the banksters would gut the world’s economy and lead to an eventual global meltdown.
No one saw the 2008 global meltdown coming, right? It was just a coincidence that Obama’s “economic team,” including Larry Summers and Timothy Geithner, had a trillion dollar “Stimulus” bill already written and the financial apparatus already in place to “bail out” the so-called “too-big-to-fail” banks.
And if you believe that, I’ve got some swampland in Florida I’d like to sell you.
In 1997, Timothy Geithner was the Assistant Secretary of the Treasury working for his boss Larry Summers, then Deputy Secretary, soon to take the helm of the Treasury under Bill Clinton.
The secret memo—now referred to as the “End Game” memo because it begins with Geithner’s words “As we enter the end game…”—included the direct, private phone numbers of the world’s bankers, including billion dollar embezzler Jon Corzine, then head of Goldman Sachs, along with the heads of the other megabanks.
And what was to come? Figuring out how to create a derivatives market with unlimited returns. By the year 2000, Geithner and Summers’ back room deals had grown the derivatives market from a few hundred billion to a a staggering $100 trillion, just for one of the megabanks.
How did the Geithner-Summers dream team go about gutting the world economy?
Two things: The first was the repeal of the Glass-Steagall Act, a Depression-era law forbidding financial institutions from engaging in both commercial banking and trading in securities. Glass-Steagall was replaced in 1999 by the Gramm–Leach–Bliley Act, signed by the bankster-in-chief at the time, Bill Clinton.
But that just took care of how to gut the United States of its money. Step two was figuring out how to also gut the world’s banks. According to investigative journalist Greg Palast, the World Trade Organization, at the instigation of the Geithner-Summers dream team, rewrote the financial services agreements with the world’s banks to allow derivatives trading. Some nations, not wanting to destroy their economies with the toxic derivatives sold by the megabanks, weren’t so happy about this and fought back. The World Trade Organization (WTO)–like a mafia shakedown—forced the world’s banks to accept derivatives trading or face a worldwide embargo of their country’s exports. One by one, they all agreed to the shakedown.
Who was the face of the WTO shakedown? Timothy Geithner, who, in addition to his duties at the Treasury, became what was secretly called the “Ambassador to the World Trade Organization.” Geithner strong-armed a staggering 155 countries with membership in the the World Trade Organization to accept a global version of the Gramm–Leach–Bliley Act.
What is the derivatives market now worth? Hold on to your wallet: one thousand trillion dollars, all made by gutting the world economy.
But gutting of the world’s economy couldn’t go on forever. Collapse would come and did come in the form of the world-wide 2008 economic collapse, just as the economic collapse came in 1929 as the result of the Fed gutting the economies of the world.