Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more ➡
Download
Standard view
Full view
of .
Add note
Save to My Library
Sync to mobile
Look up keyword
Like this
24Activity
×
0 of .
Results for:
No results containing your search query
P. 1
Paul Hellyer - Global Fraud, Global Hope

Paul Hellyer - Global Fraud, Global Hope

Ratings: (0)|Views: 5,176|Likes:
Published by biblioteca_ga
Full text of Paul Hellyer's speech at the International UFO Conference, February 2011. Feel free to share and distribute.
Full text of Paul Hellyer's speech at the International UFO Conference, February 2011. Feel free to share and distribute.

More info:

Categories:Types, Speeches
Published by: biblioteca_ga on Mar 10, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See More
See less

03/05/2014

pdf

text

original

 
GLOBAL FRAUD: GLOBAL HOPE1
GLOBAL FRAUD:GLOBAL HOPE
An Address to the International UFO CongressFort McDowell Resort, Scottsdale, ArizonaSaturday, February 26, 2011byHon. Paul Hellyer, P.C.Former Canadian Minister of National Defence
 
PAUL T. HELLYER’S 2011 IUFOC ADDRESS2
T
he world financial system is a total fraud. It is onegargantuan Ponzi scheme, no better than the oneBernie Madoff used to swindle his friends andneighbors, and thousands of times worse if you add up thetotal number of victims it has ripped off over countlessgenerations.The principal difference between the two schemes is thatMadoff was acting outside the law while the internationalbanking cartel has persuaded generation after generation of monarchs, presidents and prime ministers to providelegislative protection for their larceny.The banks’ Ponzi scheme is alarmingly simple. They lendthe same money to several people or institutions at the sametime and collect interest on it from each. What the banksreally lend, however, is their credit, and what they take back in compensation for that privilege is a debt that must berepaid with interest.The number of times they lend the same money is calledleverage. The practice is as old as the hills but for our purposes we can start with the goldsmiths of Lombard Streetin London, England, who accepted deposits for which theyissued certificates redeemable on demand. They paid their depositors a nominal interest rate on the understanding thatthey could lend the money to their customers at higher interest rates. They soon found that they could lend morethan they had in their vaults because only a few depositorscame in to redeem their gold or silver at any one time. Itwas a scam. It was illegal. Nevertheless they got away withit for a long while and the scam was legitimized when theBank of England was chartered to help King William financehis war. Rich people subscribed £1,200,000 in gold andsilver, as capital, to found the bank, which then was lent to
 
GLOBAL FRAUD: GLOBAL HOPE3
the government at 8 percent. To show his appreciation theKing allowed the bank to print £1,200,000 in banknotes andlend them at high interest rates. In effect, the bank wasallowed to lend the same money twice – once to thegovernment and once to the people.Over the years, due to the avarice of the banks and thecomplicity of the politicians, that ratio has increaseddramatically. In the early days of the 20
th
century, federalchartered U.S. banks were required to keep gold reserves of 25 percent. That means they were allowed to lend the samemoney four times. I remember when Canadian banks wererequired to maintain a cash reserve of 8 percent. That meansthey were allowed to lend the same money 12½ times.Today, thanks to Milton Friedman’s irrational flip-flopfrom being a proponent of 100% cash reserves to the oppositeextreme of zero reserves, and the adoption of his ideas bythe major central banks of the world in 1974, multiples haveincreased dramatically – in some cases to as much as 20 to 1or more. Banks only keep enough cash to meet day-to-daydemands for those few customers who go in and request it,and consequently the fraud is virtually total.The system works this way. Suppose that you want toborrow $35,000 to buy a new car. You visit your friendlybanker and ask for a loan. He or she will ask you for collateral– some stocks, bonds, a second mortgage on your house or cottage or, if you are unable to supply any of these, the co-signature of a well-to-do friend or relative. When thecollateral requirement is satisfied you will be asked to signa note for the principal amount with an agreed rate of interest.When the paperwork is complete, and the note signed,your banker will make an entry on the bank’s computer and,presto, a $35,000 credit will appear in your account which

Activity (24)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads
Markus Fink liked this
fanefrigider liked this

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->