.Executive Intelligence Review Online
British Try To Save $9 Trillions by Killing Billions
by Dennis Small

April 24—The International Monetary Fund, the British Empire's planetary policeman for fascist economic policies, issued its semi-annual Global Financial Stability Report in mid-April, warning of an imminent $3.8 trillion meltdown of Eurozone banks—about 10% of the assets on their books—which could spread to the United States ``through derivatives markets.'' Made public on the eve of the April 20-22 IMF-World Bank meeting in Washington, D.C., the published version of the report was rewritten to vastly understate the actual magnitude of the blowout. A senior finance ministry official attending the meeting told EIR that an earlier draft version, seen by the source, had painted a much worse picture of the non-performing debt on the books of the big European banks, concluding that at least $9 trillion would be needed to bail out the private European banks this year.
Senior U.S. intelligence sources had reported earlier this year, around the time that the European Central Bank (ECB) had opened its hyperinflationary trillion-euro bailout window known as LTRO, that the European banks would need an estimated $8 trillion to avert total meltdown in 2012. In other words, nearly 25% of the face value of all the financial assets on Eurozone banks' books is worthless—by London's own admission. And that is really just the tip of the iceberg. As Lyndon LaRouche has repeatedly warned, the entire trans-Atlantic system is hopelessly bankrupt. ``We are having a collapse of the existing empire,'' LaRouche stated on April 21. ``It's disintegrating, disintegrating economically and every other way....
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From the Managing Editor

This Week's Cover


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Music & Culture


  • Dr. Antonio Maria Costa
    Antonio Maria Costa was the Executive Director of the United Nations Office on Drugs and Crime (2002-10). In 2009, he stated in an interview, that massive cash flows from the global narcotics trade were brought into the banking system to rescue banks after the interbank money markets shut down.


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