Well, it's now been a couple of weeks since we were cordially assured by M. Sarkozy and Frau Bundeskanzlerin Merkel that a new bailout deal was in the offing for Europe. Now, there's this, reported by Bloomberg on Oct 19th:

Federal Reserve Now Backstopping $75 Trillion Of Bank Of America’s Derivatives Trades

Bank of America, in other words, has now moved in such a way that the Federal Reserve must stand behind its bad European derivatives, and that means, as the article itself correctly concludes, "... that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers." It is, in other words, the same centuries' old scam, the banksters, when "too big to fail" have become involved in schemes - or outright fraud as many of the derivatives turned out to be - turn to the governments with whom they have crawled into bed, for their taxpayers to bail them out: "What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan."

Bingo, that's it exactly. But there's something else hidden here, and that's the dollar itself. By so doing, it appears that another attempt is being made to prop up the reserve status of the dollar itself. If so, then since America's only export lately seems to be war and more war, then that does indeed make one wonder. The recent moves in Congress, which have received some "bi-partisan" support (I'm lost here... I'm only counting one political party with two disguised outward fronts, but maybe that's just my imagination), to have China rein in its currency, would seem to be another step in this direction. Best, then, to "make sure of Europe" before taking on China.

And all of that, in turn, raises the prospect that the hidden hands behind the Occupy Wall Street protesters are manipulating the calls to global socialism, hidden hands that can only be connected to the very capitalist institutions of high finance that they are protesting.



Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".


  1. Polder on October 26, 2011 at 5:22 am

    quote from Kanzlerin Merkel in todays Bundestag debate voting on EU bailout:
    “nobody should consider another 50 yrs of peace as self-evident”

    • Joseph P. Farrell on October 26, 2011 at 10:07 am

      Well that said it all didn’t it?

      • Polder on October 26, 2011 at 11:43 am

        context was her aim to save the euro and the EU and to keep Germany in the role as impartial primus inter pares amongst the EU countries. not sure is she hinted to inter-european or external conflict.

  2. naomi on October 24, 2011 at 4:53 pm

    World wide debt slavery is what is coming up. Wheels upon wheels to break your back.

  3. romanmel on October 24, 2011 at 5:02 am

    One thought:
    We may have to rethink our decision not to have NASA go to other worlds. We’ll have to go to other planets just to acquire enough room to store all the paper money we’ll need to bail out the “to big to fail” banksters.

    One Question:
    Is America “to big to fail”?

  4. Jon Norris on October 23, 2011 at 8:43 pm

    Cool! So when they default, do we get to divide up Europe? Can I have the South of France?

    I’ve always wanted a villa on the Med….

  5. HAL838 on October 23, 2011 at 7:14 pm

    You know(?)
    I don’t think the Universe is that many DAYS old !!
    Those kinds of #s are thrown around and ‘we’ are mesmerized
    by them.
    They are full of crap and playing mind games more & more as their
    time winds down.

    How many people even know what comes after ‘trillions.’ (?)
    Scientists are already up to exponents by then.

    • Citizen Quasar on October 23, 2011 at 8:53 pm


      THEN the exponents start…if anyone needs numbers that big for anything.

      Also, the Universe is really only 6,000 years old. Just ask a Christian.

      • HAL838 on October 24, 2011 at 5:27 am

        Yeah really…
        Thanks Quasar.
        Your pic really fits you with that one.
        I mght have gotten lost after septillion.

        Maybe the Universe is only around 10 or 15 years old
        as Kant ventured to speculate:
        “God could have created the Universe 10 minutes
        ago complete with [fossils] and memory.”
        And I’ll stick with exponents after cubed.

        • HAL838 on October 25, 2011 at 12:47 pm

          Kant didn’t how well he undestood Quantum Theory/
          and Quantum Creation;
          that the Universe has a wave function, too.

  6. Robert Barricklow on October 23, 2011 at 9:11 am

    Global Economic Crisis deepens

  7. Robert Barricklow on October 23, 2011 at 8:51 am

    Basically the same play as in WW1, only ratcheted-up, as the wars & debt skyrocket out of control.
    Is this then moving towards a WW111 scenario(planned outcome?)?

    • Vinnie on October 23, 2011 at 9:49 am

      Why are these waiting moderation?

  8. Antoine on October 23, 2011 at 6:02 am

    What’s a derivative trade?

    • Robert Barricklow on October 23, 2011 at 9:21 am

      Purposely engineered financial weapons of mass destruction that have gone off as designed, and are still going off when approbiate triggers are purposely pulled. First trigger was pulled on 9/11/2008. It was as 9/11/2001, an omplosion, But of a worldwide economy this time. Both are ‘Designed/Engineered Events’ – Game Changers.

      We are the ones being gamed.

    • Citizen Quasar on October 23, 2011 at 10:14 am

      Derivatives, financial derivatives, are basically pieces of paper, or just electronic numbers, that are traded speculatively. These pieces of paper may, or usually, have little to no real value behind them and there are usually way more of them than can be covered or supported by real material assets. So, when an economy falters, they become worthless and whoever is caught holding them may as well use them to light their fireplace with.

      In Amerika, the Glass-Steagall Act of 1933 (NOT to be confused with the Glass-Steagall Act of 1932) was passed by Kongress to limit and/or prohibit financial institutions from trading in derivatives.

      However, this was repealed in 1980 when the 96th United States Kongress passed the “Depository Institutions Deregulation and Monetary Control Act of 1980” thus paving the way for what became known as “the Derivative Bubble” starting about 5 years ago.

  9. Citizen Quasar on October 23, 2011 at 5:12 am

    Wheels within wheels, as they say.

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