in Media Global Watch Bulletins
April 2, 1998
Check Out Some Reader Reactions to Our Articles...
TiM READERS' FORUM
In this issue...
n Banks Leveraged to the Hilt?
n Creating Globalist Malarkey
Wither of Hong Kong's Short-lived Democracy
NORTH AMERICA: n Supreme Court Rules Against Michael New
n Who Is Really Running the U.S.?
n Yeltsin's Destruction of Democracy
n NWO Downsizing the South African Way
GLOBAL: BANKS LEVERAGED TO THE HILT?
SAN JOSE, CA - We received the following comment from a TiM reader in California,
in reaction to our articles about the globalist bankers' bailouts:
"The Wall Street crowd is hurting from the Asian crisis, but has persuaded the
Federal Reserve and other central banks to create market conditions which will bail them
out. This is the main explanation for the meteoric rise of the Dow. Most banks are now
reporting huge jumps in trading losses for the last quarter of 1997, but hope to recover
on the renewed 'strength' of the American stock market.
Many of the New York banks and investment banks now manage $200 dollars or more
of speculative exposure in the 'derivatives' markets for every dollar of their
shareholder's equity. "Derivatives" is just a fancy name for futures contracts
which bypass the traditional futures exchanges. They tend to be more esoteric and complex
than traditional hog-belly type futures, covering such items as currency exchange rates,
interest rates, and stock indexes. Derivatives are the darlings of large corporations and
investors who say they wish to insulate themselves from the manipulations of national
However, some market observers believe 'derivatives' are being used by speculators
to crush national governments and central banks, paving the way for a single global
central bank and government. This would help to explain Europe's desperate kamikaze-like
plunge into monetary union.
The New York banks literally manage Trillions, yes, Trillions with a 'T', of open
positions in the markets. Some are up to $7 Trillion and more. Total open positions for
American banks is now well over $50 Trillion, which is roughly 8 years worth of national
income for the U.S.
How can it be that corporations and investors are so certain of incomes so as to
create a securities market that extends that far out? Time will tell. In the meantime, the
global derivatives market has grown to the $120 to $150 trillion range, and has tripled in
size since 1993." Are the Globalists so certain of a coming New World Order
prosperity that they have mortgaged the incomes of entire nations for their manipulations?
Odd events like the Mexican and Asian crises seem to keep popping up. Apparently bankrupt
nations must be a part of the plan. Perhaps this explains the massive trade and fiscal
deficits of the United States.
I doubt that the world will emerge from this scheme unscathed. Is another 1930's
upon us? To me, it is hilarious to see the global speculators swooping down like vultures
to pick up 'bargains' in Asia. Do they not realize how thoroughly corrupt, bankrupt, and
unproductive their system has become?"
After we had asked this TiM reader to elaborate on his $200-to-one leverage ratio, he
"A two hundred-to-one ratio of derivative dollars for every dollar of
shareholder's equity. In other words, one false move and they're wiped out if something
big happens or if their clients decide to sue. Of course they probably balance their
portfolios in such a way as to hedge some of the perceived credit risk of the markets and
players involved. I have a buddy in S.F. who writes software to do exactly that for
But there's a large unperceived risk I'm talking about here, and it's what I call
Global Systemic Risk, something they didn't think existed until the Great Asia Deflation
hit. Essentially, all the markets just melt away as a speculative bubble evaporates.
Lenders finally realize that there's no further cash-flow to service their loans, and
never will be. The asset-stripping finally comes full circle. That's when they go
hat-in-hand to the taxpayers, who ironically are the ones whose downsized standard of
living can no longer support the consumption and tax base patterns that were assumed to be
there by the lenders."
ASIA: WITHER HONG KONG'S SHORT-LIVED DEMOCRACY
HONG KONG, China - We received the following comment from a TiM reader who shed a
new light on what China's takeover of Hong Kong from Great Britain, last July, meant. It
was another victory for globalism's dictatorship of capital over democracy, this TiM
"Under the new electoral rules, half of the 60 legislative seats will be
elected by managers of corporations for each industry's seat. Ten will be selected by
corporate committees. The remaining, meaningless seats, will be elected by the Hong Kong
[TiM Ed.: In today's (Apr. 2) voting for corporate representatives (30 seats),
only 140,000 of Hong Kong's 2.6 million registered voters were eligible to vote. Two hours
before the polls closed, only 26,646 people, or 19%, had cast ballots, the Associated
Press reported. Speaking outside a polling station early today, where her
pro-democracy Frontier group held a small protest, former lawmaker, Emily Lau,
called the election "utterly repugnant."]
EUROPE: CREATING GLOBALIST MALARKEY
WEXFORD, Ireland - We received the following comment Richard Moore,
an American citizen now living in Ireland:
"Globalization's dark reality is becoming more obvious every day to people
throughout the globe. All that propaganda malarkey about 'competitiveness' and 'market
reforms' cannot deceive the world's people much longer.
In order to compel the world to submit to the elite globalist regime, despite the
inevitable massive resistance that is beginning to arise, the elite are now implementing
their own means of global military hegemony. This is what is called the New World Order,
and its vehicle is a hi-tech elite strike force being fashioned out of US and NATO forces.
The technology for this strike force is well in hand, and elite control over its
agenda is absolute -- people don't get to vote on where or when the next interventionist
atrocity is to occur. The tricky part for the elite, in implementing the NWO dark-empire
regime, is getting people to swallow it.
This is where the corporate-controlled mass-media comes to the rescue. What is
presented on TV is reality to nearly everyone. People think they have a healthy skepticism
toward the news, and that they make up their own minds about things, but they are wrong,
to about the ninety-fifth percentile.
The subtlety of modern mind-control technology is awesome... the chuckle of a
newscaster that lets you know a certain view isn't hip, the grim tone that forces you to
watch seriously, the exotic footage that makes you think you're informed -- it's as phony
as the manipulative music effects in thirties Hollywood movies.
What you're seeing is a show, a kind of revisionist current-day docudrama. It draws on
footage from the real world, but only enough to put across the propaganda messages of the
day. To call news 'slanted' misses the point entirely: 'slanted' is not a term that can be
applied to creative fiction.
One of the more exciting and popular series, one that has been a hit ever since the
smash opening pilot 'Grenada,' is the Adventures of the Black Avenger. As a lead-up to
each new episode, we are introduced to our next World's Worst Bad Guy. Anyone can be
chosen as the demon, especially any of the dictators the US funds and supports throughout
This lead-up is sometimes used to create slow anger and hatred over years (eg Khadafi).
Other times a bad-guy is conjured overnight (e.g., Suharto.) Whenever the elite anticipate
a need to discipline this or that population, the word goes out to the corporate media to
unleash the demon-crafters.
When the timing is right for the blitzkrieg discipline exercise, the media moves the
Black Avenger to center stage and turns the drama-dial on full. The world then sits back
to watch a real-time thriller far more spell-binding than the best that comes out of
Global real-time action, sci-fi splendor made manifest, hard-ball butt-kicking that is
oh so satisfying, virile young pilots in their macabre black polyester stormtrooper suits
-- and each explosion a goal for our side.
Like a crowd at a medieval hanging, or the spectators in the Roman Coliseum, people
live out their revenge wet dreams, never thinking that they too may one day experience
media infamy and fiery assault -- if they ever dare stand up against the NWO elite and
their flying guided death machines. The only difference between Desert Storm and Waco was
one of scale. And both were practice exercises."
TiM Ed.: Mr. Moore should see the film, "Wag the Dog." It will give him more
ammunition for his arguments.
NORTH AMERICA: SUPREME COURT RULES AGAINST MICHAEL NEW
PHOENIX - Remember the case of Michael New, a U.S. soldier who
refused to serve under the "U.N. blue" in Macedonia? Here is an abbreviated
message TiM received from his father, Daniel, about the U.S. Supreme Court ruling issued
on March 30, 1998:
"The Supreme Court today, in a one sentence message, denied the writ of
certoriari filed by Attys. Mike Farris and Herb Titus on behalf of Army Specialist Michael
New. This writ was a request that the higher court order the Federal Court of Appeals to
hear the case. The Court of Appeals had denied Michael New a hearing on the merits of the
case last November, arguing that they have no jurisdiction.
The next step is the Army Court of Criminal Appeals, meeting in Falls Church,
Virginia on 28 May. The Army has already filed its brief, in which they will tell the
judges that this case is "non-justiciable," in the military courts. (Which means
that THEY have no jurisdiction!) This will not be a hearing open to the public.
If the ACCA agrees with the Pentagon, and they are expected to do so, then we will
be witness to an American citizen-soldier who has been ex-patriated, stripped of his legal
protection by both civilian and military courts, forced out from under the umbrella of the
legal protections provided in the Constitution.
This government is moving perilously close to the position of declaring, in effect,
that the Constitution does not apply because it has been rendered irrelevant by treaties,
by an activist judiciary, and by a spineless Congress more interested in re-election than
in doing what they took an oath to do."
Michael New Action Fund - http://www.mikenew.com
NORTH AMERICA: WHO IS REALLY RUNNING THE U.S.?
PUYALLUP, WA - We received the following comment from a TiM reader responding to
this writer's column - "Wall Street's Imperialism" - CHRONICLES (March 1998).
His message has been abbreviated to fit our length. As you can see, this TiM reader is
alleging that we have a "figurehead president," with the bankers pulling his
(and our) strings and running the country:
"Get this - the Treasury Secretary told the President what sort of a deal HE
had cut with his Wall Street banking pals! This kind of sums up who is really running this
country and for whose benefit."
[the preceding was a quote from this writer's column in the CHRONICLES - "Wall Street's
"The truth of the matter is that Robert Rubin IS more powerful than the
President! When you search for the Oath of Office for the 'Secretary of Treasury' you will
NOT find one. What you will find is Rubin's APPOINTMENT as the alien, corporate 'Governor'
of 'The Fund' and 'The Bank,' and other INTERNATIONAL organizations for a period of five
years. The de jure Office of the Secretary of Treasury was formerly a cabinet level
position, but after the creation of the INDEPENDENT TREASURY in 1920-21, the funds
were COMMINGLED and the Treasury of the United States of America was ABOLISHED.
With the creation of the Federal Reserve System in 1913, it set up the mechanism to
economically overthrow the de jure monetary system and replace it with paper on a 'float'.
Section 16 of the Federal Reserve Act, which is codified at 12 USC 411, declares that
'Federal Reserve Notes' are obligations of the United States.' The 'full faith and credit'
of the United States was thereby hypothecated and re-hypothecated to the
lendinginstitutions for the issuance and emission of bills of credit as legal tender. The
paper circulation and transactions accounts could then be inflated by 60% and the
purchasing power depreciated and reduced by an equivalent amount.
By becoming a member in the IMF, the United States re-hypothecated its obligations
and the full faith and credit to the International Organization, under pretense of the
Gold Reserve Act and the Articles of Agreement of the IMF. Of course, when a government
becomes a voting share stockholder in any corporation, it RELINQUISHES its SOVEREIGN
CHARACTER and takes on the character of the corporation. (See: Bank of the United States
vs. Planters Bank of Georgia, 6 L.Ed 244). As of 1976, the United States had 19.96% of the
voting share stock in the IMF, the largest of any otherNation-State.
[As of 1996, the U.S. voting share was 17.78%, more than three times higher than the
next two highest countries - Germany and Japan, at 5.54% each. TiM Ed.].
After the passage of Public Law 90-269, on March 18, 1968, the United States
declared it no longer guaranteed the uniform value of the coins and currency of the United
States. This act REMOVED the remaining reserve requirements on circulating notes and
obligations. Approximately $1.3 BILLION in gold was 'pledged' against 'gold certificates'
and held as reserves against the Federal Reserve's circulating notes and obligations at
Under this Act, the gold certificates were WITHDRAWN and RETIRED, the gold
then considered as 'free gold' was paid out to foreign interests at $35 per ounce at a
time when the world price of gold was nearly $120 per ounce. The monetary system of gold
was then replaced by a mechanism of 'Special Drawing Rights' (SDR's) within the framework
of the IMF.
Now here is the rub: (1) The operations of the Exchange Stabilization Fund... and
now the SDR's... are under the 'exclusive control of the Secretary of Treasury' and 'are
NOT REVIEWABLE by any other officer of the United States'; (2) anything in the Exchange
Stabilization Fund remains in the Fund, for the use of the Fund; (3) the new program is
subject to the Articles of Agreement of the IMF in accordance with Section 3 of the SDR
Act of 1968; and the Secretary of Treasury is the 'Governor' of the IMF, (4) and is NOT an
officer of the United States.
The Secretary (Governor-IMF) issues an international letter of credit called a
'Special Drawing Rights certificate' to the Federal Reserve banks 'in such form and in
such determination as HE may determine'. The SDR is then deposited in the Federal Reserve
banks, which in turn credits the account of the Exchange Stabilization Fund with Federal
Reserve Notes in an amount equal to the value of the SDR certificate. SDR's became the
'collateral security for Federal Reserve Notes'. The term 'dollar' was thereafter valued
in direct and inseparable proportion to Special Drawing Rights, NOT TO 'DOLLARS,' gold and
silver Coin. The 'dollar' became mere 'book entries in special accounts of the
International Monetary Fund.' (See: Senate Report 1164).
Needless to say, the Constitution for the United States of America expressly
provided for 'gold and silver coin'. These same metals have an intrinsic value because of
their natural scarcity, and the expenditures necessary to extract, mill and refine them.
The duty and obligations to maintain the purity of such a dual metallic monetary standard
were determined by the Supreme Court in a case entitled, U.S. vs. Marigold, 13 L.Ed. 257,
at pages 260-261. In short, Congress is 'accordingly authorized and BOUND IN DUTY to
prevent its debasement and expulsion, and the destruction of the general confidence and
convenience, by the influx and substitution of a spurious coin in lieu of the
But par-value requirements and the uniform value of the coins and currency of the
United States were eliminated, and with the enactment of Public Law 95-147 on Oct. 28,
1977, this Act placed ALL FINANCIAL INSTITUTIONS - meaning your local bank and credit
union - under the DIRECT CONTROL AND SUPERVISION of the alien, corporate, 'Governor of The
Fund' and 'The Bank'. There is no longer any obligation to stabilize the exchange value of
the 'dollar'. Congress no longer has any control or authority over the de facto monetary
system. It has ALL been transferred to the IMF and WORLD BANK via the 'Governor' of the
Robert Rubin, who is also called the 'Secretary of Treasury' - a former
cabinet level position that exists ONLY under PRETENSE OF NAME. The United States exists
only as the ALTER-EGO of the IMF and WORLD BANK under the United Nations. Therefore, ALL
so-called 'FEDERAL' funding to the several States the Union, indestructible under the
Constitution for the United States of America, is in fact and law originating NOT from the
'NATIONAL/FEDERAL GOVERNMENT,' but through and from AGENTS OF FOREIGN PRINCIPALS -
International Organizations - that have nothing to do at all with the United States of
There is no mathematical solution to this problem. The solution does, however, lie
in removing this Nation from the Articles of Agreement of The Fund and The Bank. But since
Congress are mere willing agents of their foreign principals, the likelihood of this
happening is remote.
These are just some of the sordid details of this story. It is long and very complex.
As they say, tyranny is always cloaked in complexities."
John Prukop, Legal Researcher
Citizens for a Constitutional Washington, Washington (state)
[TiM Ed: No wonder the U.S. taxpayers are being spent out of house and home by
our government! Budget deficits are soaring and our national debt has gone through the
roof. The U.S. is now the world's No. 1 debtor nation, according to Peter Peterson,
chairman of Blackstone Group, a former chairman of the Council on Foreign Relations
and the U.S. Secretary of Commerce in the Nixon administration (see his 1993 book
"Facing Up"). Between 1970 and 1990, the federal government borrowing had gone
from 15% of private savings to 71%.
Meanwhile, guess who is sitting pretty while the U.S. taxpayers are being gouged? The
folks who collect the interest - the global bankers which, according to Mr. Prukop, have
practically hijacked the U.S. government. Every year, they help themselves to several
hundred billion dollars of our money in interest payments alone (the cost of our national
debt was $200 billion in 1992, Peterson said, up 10 times since 1972!). And then they have
the nerve to come back for more public funds in IMF-led bailouts, such as in Mexico or
That's not globalism; that's feudalism, with taxpayers in the role of serfs!].
RUSSIA: YELTSIN'S DESTRUCTION OF DEMOCRACY
PHOENIX - We received the following comment from a TiM reader responding to our
report, "Yeltsin's 'Red October II'," (TiM GW Bulletin 98/3-10, 3/31/98):
"I don't know anything about the specifics of this post, but I do have another
minute data point which may relate. In 1993, my family and I were living in Wolfheze, The
Netherlands. My wife, E., had struck up a friendship with several foreign (to The
Netherlands) women who were attending a seminar at the University of Wageningen, including
a number of Russian women. When the flap started in Russia, several of the Russian women
asked if they could come over to our house to watch events on CNN. E. said that would be
fine and we became the local Russian cultural center. Our guests all contended to us that
we were seeing a dictator (Yeltsin) destroying any hope of real representative government
democracy. Just the opposite of the spin from the controlled media (ours and
theirs), of course."
(this reader requested anonymity)
To which the TiM Editor replied:
"Thanks for sharing your Dutch-Russian experience with us. You reminded me of
where I was on Sept. 21, when Yeltsin dissolved the parliament, leading up to the 'Red
October II' massacre. Here's an excerpt from a report I filed from Budapest, Hungary on
September 21, 1993:
Yeltsin's Coup d'Etat
"...Once I got back to my hotel, I had dinner and went back to my room. While
working on my laptop, I caught a glimpse of Yeltsin on CNN from a corner of my eye. I
turned up the sound and learned of the coup d'etat which he launched barely an hour ago.
'Here we go...,' I thought. 'Some democrat he is. As one of his first steps, he banned the
Communist Party in 1991! Now, he is unconstitutionally dissolving the Parliament! What
will come next? A Yeltsin dictatorship instead of the Communist one? Time will tell, I
AFRICA: NWO DOWNSIZING THE SOUTH AFRICAN WAY
PHOENIX - We received the following comment from a TiM reader in South Africa who
asked to be removed from our list. Read on and you'll find out why:
"Thanks for your most enlightening letters. Of all 'journalists,' your articles
have been the most penetrating and thought provoking... Unfortunately I have been
retrenched [meaning laid-off in North American jargon. TiM Ed.] by my company
(where I have been receiving the e-mail).
Ironically, I can say I have been retrenched by the New World Order. My company, a
South African chemical company, has been taken over by the American company Dow
(Chemical). The company was sold because of a financial lapse, but also because the
holding company, Sanlam, is itself under pressure from global competitors. So Dow have
removed a competitor, the NWO gets fatter, (Cuba goes without herbicide), and I get
[This will be of little consolation to our South African reader, whom we wished good
luck in his job hunt, but there is a story in today's New York Times (Apr. 2) about a
similar plight of the Brazilian tobacco growers who are being driven out of business by
the U.S.-based multinationals (e.g., Philip Morris). Nor are South Africa and Brazil
isolated cases. You've seen from our earlier reports that the NWO globalists are
destroying local economies and cultures world over. TiM Ed.]
Also, check out other TiM READERS' FORUMS... April 1998, May 1998, Part I, May 1998, Part
II, June 1998, July 1998, August 1998, September 1998, October 1998, November 1998, December 1998, Part I, December 1998,