Monday, 29 April 2013

THE BIGGEST PRICE-FIXING SCANDAL EVER



 
ED Noor: This article comes from Rolling Stone. The last time I posted an article by this author, some readers were unhappy at the fact that it came from Rolling Stone, a magazine we all know is owned by our dear friends. Therefore the piece was suspect they said; the following piece is important ~ important enough to remind you that every time you see those words like "Illuminati" or "bankers" etc etc, you know who we are really speaking about.



By Matt Taibbi
April 25, 2013  
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Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. 

The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.

You may have heard of the Libor scandal, in which at least three ~ and perhaps as many as 16 ~ of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history ~ MIT professor Andrew Lo even said it 
"dwarfs by orders of magnitude any financial scam in the history of markets."
That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks ~ including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland ~ that serve on the Libor panel that sets global interest rates. 

In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year, to rig municipal-debt service auctions). 
Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture.

Why? Because Libor already affects the prices of interest-rate swaps, making this a manipulation-on-manipulation situation. If the allegations prove to be right, that will mean that swap customers have been paying for two different layers of price-fixing corruption. 

If you can imagine paying 20 bucks for a crappy PB&J because some evil cabal of agribusiness companies colluded to fix the prices of both peanuts and peanut butter, you come close to grasping the lunacy of financial markets where both interest rates and interest-rate swaps are being manipulated at the same time, often by the same banks.
"It's a double conspiracy," says an amazed Michael Greenberger, a former director of the trading and markets division at the Commodity Futures Trading Commission and now a professor at the University of Maryland. "It's the height of criminality."
The bad news didn't stop with swaps and interest rates. In March, it also came out that two regulators ~ the CFTC here in the U.S. and the Madrid-based International Organization of Securities Commissions ~ were spurred by the Libor revelations to investigate the possibility of collusive manipulation of gold and silver prices. "Given the clubby manipulation efforts we saw in Libor benchmarks, I assume other benchmarks ~ many other benchmarks – are legit areas of inquiry," CFTC Commissioner Bart Chilton said. 

 
A lot of people would love to get their hands on this document!

But the biggest shock came out of a federal courtroom at the end of March ~  though if you follow these matters closely, it may not have been so shocking at all ~ when a landmark class-action civil lawsuit against the banks for Libor-related offenses was dismissed. In that case, a federal judge accepted the banker-defendants' incredible argument: 
If cities and towns and other investors lost money because of Libor manipulation, that was their own fault for ever thinking the banks were competing in the first place.
"A farce," was one antitrust lawyer's response to the eyebrow-raising dismissal.

"Incredible," says Sylvia Sokol, an attorney for Constantine Cannon, a firm that specializes in antitrust cases.

All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings ~ in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation's GDP ~ are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing. 

Moreover, it's increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.

If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above. And those who are doing it can get away with it. Forget the Illuminati ~ this is the real thing, and it's no secret. You can stare right at it, anytime you want.

The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies. In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure.

Libor, which measures the prices banks charge one another to borrow money, is a perfect example, not only of this basic flaw in the price-setting system but of the weakness in the regulatory framework supposedly policing it. Couple a voluntary reporting scheme with too-big-to-fail status and a revolving-door legal system, and what you get is unstoppable corruption.

 

Every morning, 18 of the world's biggest banks submit data to an office in London about how much they believe they would have to pay to borrow from other banks. The 18 banks together are called the "Libor panel," and when all of these data from all 18 panelist banks are collected, the numbers are averaged out. What emerges, every morning at 11:30 London time, are the daily Libor figures.

Banks submit numbers about borrowing in 10 different currencies across 15 different time periods, e.g., loans as short as one day and as long as one year. This mountain of bank-submitted data is used every day to create benchmark rates that affect the prices of everything from credit cards to mortgages to currencies to commercial loans (both short- and long-term) to swaps.


Dating back perhaps as far as the early Nineties, traders and others inside these banks were sometimes calling up the company geeks responsible for submitting the daily Libor numbers (the "Libor submitters") and asking them to fudge the numbers. Usually, the gimmick was the trader had made a bet on something ~ a swap, currencies, something ~ and he wanted the Libor submitter to make the numbers look lower (or, occasionally, higher) to help his bet pay off.

Famously, one Barclays trader monkeyed with Libor submissions in exchange for a bottle of Bollinger champagne, but in some cases, it was even lamer than that. This is from an exchange between a trader and a Libor submitter at the Royal Bank of Scotland:

SWISS FRANC TRADER: can u put 6m swiss libor in low pls?...
PRIMARY SUBMITTER: Whats it worth
SWSISS FRANC TRADER: ive got some sushi rolls from yesterday?...
PRIMARY SUBMITTER: ok low 6m, just for u
SWISS FRANC TRADER: wooooooohooooooo. . . thatd be awesome
Screwing around with world interest rates that affect billions of people in exchange for day-old sushi ~ it's hard to imagine an image that better captures the moral insanity of the modern financial-services sector.
Hundreds of similar exchanges were uncovered when regulators like Britain's Financial Services Authority and the U.S. Justice Department started burrowing into the befouled entrails of Libor. The documentary evidence of anti-competitive manipulation they found was so overwhelming that, to read it, one almost becomes embarrassed for the banks. 
"It's just amazing how Libor fixing can make you that much money," chirped one yen trader. 

"Pure manipulation going on," wrote another.
Yet despite so many instances of at least attempted manipulation, the banks mostly skated. Barclays got off with a relatively minor fine in the $450 million range, UBS was stuck with $1.5 billion in penalties, and RBS was forced to give up $615 million. Apart from a few low-level flunkies overseas, no individual involved in this scam that impacted nearly everyone in the industrialized world was even threatened with criminal prosecution.

ED Noor: Such miniscule fines compared to such outstanding profits can only be described as a tax or the cost of doing business to these criminals.
 
Two of America's top law-enforcement officials, Attorney General Eric Holder and former Justice Department Criminal Division chief Lanny Breuer, confessed that it's dangerous to prosecute offending banks because they are simply too big. Making arrests, they say, might lead to "collateral consequences" in the economy.

The relatively small sums of money extracted in these settlements did not go toward reparations for the cities, towns and other victims who lost money due to Libor manipulation. Instead, it flowed mindlessly into government coffers. 

So it was left to towns and cities like Baltimore (which lost money due to fluctuations in their municipal investments caused by Libor movements), pensions like the New Britain, Connecticut, Firefighters' and Police Benefit Fund, and other foundations ~ and even individuals (billionaire real-estate developer Sheldon Solow, who filed his own suit in February, claims that his company lost $450 million because of Libor manipulation) ~ to sue the banks for damages.

One of the biggest Libor suits was proceeding on schedule when, early in March, an army of superstar lawyers working on behalf of the banks descended upon federal judge Naomi Buchwald in the Southern District of New York to argue an extraordinary motion to dismiss. The banks' legal dream team drew from heavyweight Beltway-connected firms like Boies Schiller (you remember David Boies represented Al Gore), Davis Polk (home of top ex-regulators like former SEC enforcement chief Linda Thomsen) and Covington & Burling, the onetime private-practice home of both Holder and Breuer.

 
The presence of Covington & Burling in the suit ~ representing, of all companies, Citigroup, the former employer of current Treasury Secretary Jack Lew ~ was particularly galling. Right as the Libor case was being dismissed, the firm had hired none other than Lanny Breuer, the same Lanny Breuer who, just a few months before, was the assistant attorney general who had balked at criminally prosecuting UBS over Libor because, he said, 
"Our goal here is not to destroy a major financial institution."
In any case, this all-star squad of white-shoe lawyers came before Buchwald and made the mother of all audacious arguments. Robert Wise of Davis Polk, representing Bank of America, told Buchwald that the banks could not possibly be guilty of anti-competitive collusion because nobody ever said that the creation of Libor was competitive. "It is essential to our argument that this is not a competitive process," he said. "The banks do not compete with one another in the submission of Libor.

If you squint incredibly hard and look at the issue through a mirror, maybe while standing on your head, you can sort of see what Wise is saying. In a very theoretical, technical sense, the actual process by which banks submit Libor data ~ 18 geeks sending numbers to the British Bankers' Association offices in London once every morning ~ is not competitive per se.

But these numbers are supposed to reflect interbank-loan prices derived in a real, competitive market. Saying the Libor submission process is not competitive is sort of like pointing out that bank robbers obeyed the speed limit on the way to the heist. It's the silliest kind of legal sophistry.
But Wise eventually outdid even that argument, essentially saying that while the banks may have lied to or cheated their customers, they weren't guilty of the particular crime of antitrust collusion. 
This is like the old joke about the lawyer who gets up in court and claims his client had to be innocent, because his client was committing a crime in a different state at the time of the offense.
"The plaintiffs, I believe, are confusing a claim of being perhaps deceived," he said, "with a claim for harm to competition."
Judge Buchwald swallowed this lunatic argument whole and dismissed most of the case. Libor, she said, was a "cooperative endeavor" that was "never intended to be competitive." Her decision "does not reflect the reality of this business, where all of these banks were acting as competitors throughout the process," said the antitrust lawyer Sokol. 
Buchwald made this ruling despite the fact that both the U.S. and British governments had already settled with three banks for billions of dollars for improper manipulation, manipulation that these companies admitted to in their settlements.

Michael Hausfeld of Hausfeld LLP, one of the lead lawyers for the plaintiffs in this Libor suit, declined to comment specifically on the dismissal. But he did talk about the significance of the Libor case and other manipulation cases now in the pipeline.
"It's now evident that there is a ubiquitous culture among the banks to collude and cheat their customers as many times as they can in as many forms as they can conceive," he said. 

"And that's not just surmising. This is just based upon what they've been caught at."
Greenberger says the lack of serious consequences for the Libor scandal has only made other kinds of manipulation more inevitable. 
"There's no therapy like sending those who are used to wearing Gucci shoes to jail," he says. "But when the attorney general says, 'I don't want to indict people,' it's the Wild West. There's no law."
The problem is, a number of markets feature the same infrastructural weakness that failed in the Libor mess. In the case of interest-rate swaps and the ISDAfix benchmark, the system is very similar to Libor, although the investigation into these markets reportedly focuses on some different types of improprieties.

Though interest-rate swaps are not widely understood outside the finance world, the root concept actually isn't that hard. If you can imagine taking out a variable-rate mortgage and then paying a bank to make your loan payments fixed, you've got the basic idea of an interest-rate swap.

In practice, it might be a country like Greece or a regional government like Jefferson County, Alabama, that borrows money at a variable rate of interest, then later goes to a bank to "swap" that loan to a more predictable fixed rate. 

In its simplest form, the customer in a swap deal is usually paying a premium for the safety and security of fixed interest rates, while the firm selling the swap is usually betting that it knows more about future movements in interest rates than its customers.

Prices for interest-rate swaps are often based on ISDAfix, which, like Libor, is yet another of these privately calculated benchmarks. ISDAfix's U.S. dollar rates are published every day, at 11:30 a.m. and 3:30 p.m., after a gang of the same usual-suspect megabanks (Bank of America, RBS, Deutsche, JPMorgan Chase, Barclays, etc.) submits information about bids and offers for swaps.

And here's what we know so far:
The CFTC has sent subpoenas to ICAP and to as many as 15 of those member banks, and plans to interview about a dozen ICAP employees from the company's office in Jersey City, New Jersey. 

Moreover, the International Swaps and Derivatives Association, or ISDA, which works together with ICAP (for U.S. dollar transactions) and Thomson Reuters to compute the ISDAfix benchmark, has hired the consulting firm Oliver Wyman to review the process by which ISDAfix is calculated. 

Oliver Wyman is the same company that the British Bankers' Association hired to review the Libor submission process after that scandal broke last year. The upshot of all of this is that it looks very much like ISDAfix could be Libor all over again.

"It's obviously reminiscent of the Libor manipulation issue," Darrell Duffie, a finance professor at Stanford University, told reporters. "People may have been naive that simply reporting these rates was enough to avoid manipulation."

And just like in Libor, the potential losers in an interest-rate-swap manipulation scandal would be the same sad-sack collection of cities, towns, companies and other nonbank entities that have no way of knowing if they're paying the real price for swaps or a price being manipulated by bank insiders for profit. Moreover, ISDAfix is not only used to calculate prices for interest-rate swaps, it's also used to set values for about $550 billion worth of bonds tied to commercial real estate, and also affects the payouts on some state-pension annuities.

So although it's not quite as widespread as Libor, ISDAfix is sufficiently power-jammed into the world financial infrastructure that any manipulation of the rate would be catastrophic ~ and a huge class of victims that could include everyone from state pensioners to big cities to wealthy investors in structured notes would have no idea they were being robbed.

"How is some municipality in Cleveland or wherever going to know if it's getting ripped off?" asks Michael Masters of Masters Capital Management, a fund manager who has long been an advocate of greater transparency in the derivatives world. "The answer is, they won't know."

Worse still, the CFTC investigation apparently isn't limited to possible manipulation of swap prices by monkeying around with ISDAfix. According to reports, the commission is also looking at whether or not employees at ICAP may have intentionally delayed publication of swap prices, which in theory could give someone (bankers, cough, cough) a chance to trade ahead of the information.

Swap prices are published when ICAP employees manually enter the data on a computer screen called "19901." Some 6,000 customers subscribe to a service that allows them to access the data appearing on the 19901 screen.

The key here is that unlike a more transparent, regulated market like the New York Stock Exchange, where the results of stock trades are computed more or less instantly and everyone in theory can immediately see the impact of trading on the prices of stocks, in the swap market the whole world is dependent upon a handful of brokers quickly and honestly entering data about trades by hand into a computer terminal.

Any delay in entering price data would provide the banks involved in the transactions with a rare opportunity to trade ahead of the information. One way to imagine it would be to picture a racetrack where a giant curtain is pulled over the track as the horses come down the stretch ~ and the gallery is only told two minutes later which horse actually won. Anyone on the right side of the curtain could make a lot of smart bets before the audience saw the results of the race.

At ICAP, the interest-rate swap desk, and the 19901 screen, were reportedly controlled by a small group of 20 or so brokers, some of whom were making millions of dollars. These brokers made so much money for themselves the unit was nicknamed "Treasure Island."

Already, there are some reports that brokers of Treasure Island did create such intentional delays. Bloomberg interviewed a former broker who claims that he watched ICAP brokers delay the reporting of swap prices. 
"That allows dealers to tell the brokers to delay putting trades into the system instead of in real time," Bloomberg wrote, noting the former broker had "witnessed such activity firsthand." 
An ICAP spokesman has no comment on the story, though the company has released a statement saying that it is "cooperating" with the CFTC's inquiry and that it "maintains policies that prohibit" the improper behavior alleged in news reports.


The idea that prices in a $379 trillion market could be dependent on a desk of about 20 guys in New Jersey should tell you a lot about the absurdity of our financial infrastructure. The whole thing, in fact, has a darkly comic element to it. "It's almost hilarious in the irony," says David Frenk, director of research for Better Markets, a financial-reform advocacy group, "that they called it ISDAfix."

After scandals involving libor and, perhaps, ISDAfix, the question that should have everyone freaked out is this: 
What other markets out there carry the same potential for manipulation? 
The answer to that question is far from reassuring, because the potential is almost everywhere. From gold to gas to swaps to interest rates, prices all over the world are dependent upon little private cabals of cigar-chomping insiders we're forced to trust.

"In all the over-the-counter markets, you don't really have pricing except by a bunch of guys getting together," Masters notes glumly.

That includes the markets for gold (where prices are set by five banks in a Libor-ish teleconferencing process that, ironically, was created in part by N M Rothschild & Sons) and silver (whose price is set by just three banks), as well as benchmark rates in numerous other commodities ~ jet fuel, diesel, electric power, coal, you name it. The problem in each of these markets is the same:
We all have to rely upon the honesty of companies like Barclays (already caught and fined $453 million for rigging Libor) or JPMorgan Chase (paid a $228 million settlement for rigging municipal-bond auctions) or UBS (fined a collective $1.66 billion for both muni-bond rigging and Libor manipulation) to faithfully report the real prices of things like interest rates, swaps, currencies and commodities.
All of these benchmarks based on voluntary reporting are now being looked at by regulators around the world, and God knows what they'll find. The European Federation of Financial Services Users wrote in an official EU survey last summer that all of these systems are ripe targets for manipulation. 
 "In general," it wrote, "those markets which are based on non-attested, voluntary submission of data from agents whose benefits depend on such benchmarks are especially vulnerable of market abuse and distortion."

Translation: When prices are set by companies that can profit by manipulating them, we're fucked.
"You name it," says Frenk. "Any of these benchmarks is a possibility for corruption."
The only reason this problem has not received the attention it deserves is because the scale of it is so enormous that ordinary people simply cannot see it. 
It's not just stealing by reaching a hand into your pocket and taking out money, but stealing in which banks can hit a few keystrokes and magically make whatever's in your pocket worth less. This is corruption at the molecular level of the economy, Space Age stealing ~ and it's only just coming into view.

This story is from the May 9th, 2013 issue of Rolling Stone.

1 comment:

  1. I have been saying the same thing about all these Illuminati conspiracies for some time. Illuminati or bankers or maybe UFOs, are all Jews. The rest is just pure bs.

    ReplyDelete

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"If [Jews] are as wise as they claim to be, they will labour to make Jews American, instead of labouring to make America Jewish. The genius of the United States of America is Christian in the broadest sense, and its destiny is to remain Christian. This carries no sectarian meaning with it, but relates to a basic principle which differs from other principles in that it provides for liberty with morality, and pledges society to a code of relations based on fundamental Christian conceptions of human rights and duties." ~ Henry Ford

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"Himself a Jew, Marx has around him, in London and France, but especially in Germany, a multitude of more or less clever, scheming, agile, speculating Jews ~ such as Jews are everywhere: commercial or banking agents, writers, politicians, reporters for newspapers of all shades, with one foot in the bank and the other in the socialist movement, and with their arses sitted upon the German daily press ~ they have taken possession of all the newspapers ~ and you can imagine what kind of sickening literature they produce. Now, this entire Jewish world, which glut a single profiteering sect, a nation of blooksuckers, a single gluttonous parasite closely and intimately interlinked not only across national borders, but across all differences of political opinion ~ this Jewish world today stands for the most part at the disposal of Marx and, at the same time, at the disposal of Rothschild.

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This may seem strange. What can there be in common between Communism and the largest banks? Ho-ho! The Communism of Marx seeks an enormous centralization of the state, and where such exists, there must inevitably be a central state bank, and where such a bank exists, the parasitic Jewish nation, which profiteers from the labour of others, will always find a way to prevail. In reality, for the proletariat, this would be a barrack regime, under which the working men and the working women, converted into a uniform mass, would rise, fall asleep, work, and live at the beat of the drum." ~ Bakunin (1814-1876)

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The U.S. Congress officially recognized the Noahide Laws in legislation that was passed by both houses. Congress and the President of the U. S., George Bush, indicated in Public Law 102-14, 102nd Congress, that the United States of America was founded upon the Seven Universal Laws of Noah, and that these Laws have been the bedrock of society from the dawn of civilization. They also acknowledged that the Seven Laws of Noah are the foundation upon which civilization stands and that recent weakening of these principles threaten the fabric of civilized society, and that justified preoccupation in educating the Citizens of the U.S. of America and future generations is needed. For this purpose, this Public Law designated March 26, 1991 as Education Day.”
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Historically, Jews had always thrived in nations and empires with multicultural, pluralistic and tolerant environments, while they fared badly in strong ethnic or nationalistic societies. European Jews have always been the emblematic stranger or ‘other’. Therefore, by definition, a society where the stranger is welcome is good for the Jews, although they have not always appreciated this link. The future of European Jewry is dependent on our ability to shape a multicultural, pluralistic and diverse society. ~ Göran Rosenberg, Jewish author and journalist

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We Jews, we, the destroyers, will remain the destroyers forever. Nothing that you will do will meet our needs and demands. We will forever destroy because we need a world of our own. ~ Maurice Samuels, You Gentiles. 1942.

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It was hard for Satan alone to mislead the whole world, so he appointed prominent rabbis in different localities. ~ A Chasidic saying attributed to Nahman of Bratzlav, early 19th century

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"The Jews are called human beings, but the non-Jews are not humans. They are beasts." ~ Talmud: Baba mezia, 114b
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"If you eat with a Gentile, it is the same as eating with a dog." ~ Tosapoth, Jebamoth 94b
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"If a Jew has a non-Jewish servant or maid who dies, one should not express sympathy to the Jew. You should tell the Jew: "God will replace 'your loss', just as if one of his oxen or asses had died." ~ Jore dea 377, 1

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"Sexual intercourse between Gentiles is like intercourse between animals." ~ Talmud Sanhedrin 74b

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"It is permitted to take the body and the life of a Gentile." ~ Sepher ikkarim III c 25
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"It is the law to kill anyone who denies the Torah. The Christians belong to the denying ones of the Torah." ~ Coschen hamischpat 425 Hagah 425. 5
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"A heretic Gentile you may kill outright with your own hands." ~ Talmud, Abodah Zara, 4b
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"Every Jew, who spills the blood of the godless (non-Jews), is doing the same as making a sacrifice to God." ~ Talmud: Bammidber raba c 21 & Jalkut 772

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Treason to whiteness is loyalty to humanity. The goal of abolishing the white race is on its face so desirable that some may find it hard to believe that it could incur any opposition other than from committed white supremacists. ~ Noel Ignatiev, Harvard Magazine, Sep-Oct 2002

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We intend to keep bashing the dead white males, and the live ones, and the females too, until the social construct known as ‘the white race’ is destroyed, not ‘deconstructed’ but destroyed.

Even if reason tells us, even shouts with all its force the very absurdity of this confrontation between the small and insignificant people of Israel [i.e., all Jewry worldwide, not just “the State of Israel”] and the rest of humanity… as absurd, as incoherent and as monstrous as it may seem, we are engaged in close combat between Israel and the Nations ~ and it can only be genocidal and total because it is about our and their identities. ~ Yitzhak Attia, Israel Magazine, April 2003

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Any trial based on the assumption that Jews and goyim are equal is a total travesty of justice. ~ Rabbi Yitzhak Ginsburg, June 6, 1989:

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REVENGE OF THE JEWISH RABBIS OF SPAIN
In 1492 CE, Chemor, chief Rabbi of Spain, wrote to the Grand Sanhedrin, which had its seat in Constantinople, for advice, when a Spanish law threatened expulsion (after the fall of Muslim rule in spain).

This was the reply:

” Beloved brethren in Moses, we have received your letter in which you tell us of the anxieties and misfortunes which you are enduring. We are pierced by as great pain to hear it as yourselves. The advice of the Grand Satraps and Rabbis is the following:

1. As for what you say that the King of Spain obliges you to become Christians: do it, since you cannot do otherwise.
2. As for what you say about the command to despoil you of your property: make your sons merchants that they may despoil, little by little, the Christians of theirs.
3. As for what you say about making attempts on your lives: make your sons doctors and apothecaries, that they may take away Christians’ lives.
4. As for what you say of their destroying your synagogues: make your sons canons and clerics in order that they may destroy their churches. [Emphasis mine]
5. As for the many other vexations you complain of: arrange that your sons become advocates and lawyers, and see that they always mix in affairs of State, that by putting Christians under your yoke you may dominate the world and be avenged on them.
6. Do not swerve from this order that we give you, because you will find by experience that, humiliated as you are, you will reach the actuality of power.

(Signed) PRINCE OF THE JEWS OF CONSTANTINOPLE.”
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The reply is found in the sixteenth century Spanish book, La Silva Curiosa, by Julio-Iniguez de Medrano (Paris, Orry, 1608), on pages 156 and 157, with the following explanation: “This letter following was found in the archives of Toledo by the Hermit of Salamanca, (while) searching the ancient records of the kingdoms of Spain; and, as it is expressive and remarkable, I wish to write it here.” ~ vide, photostat facing page 80. ~ The above was quoted from Waters Flowing Eastward by Paquita de Shishmareff, pp. 73-74

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“[1] When the Lord your God brings you into the land that you are about to enter and occupy, and he clears away many nations before you ~ the Hittites, the Girgashites, the Amorites, the Canaanites, the Perizzites, the Hivites, and the Jebusites, seven nations mightier and more numerous than you – [2] and when the Lord your God gives them over to you and you defeat them, then you must utterly destroy them. Make no covenant with them and show them no mercy” (Deut 7:1-2).

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"Compassion towards the wicked is really wickedness. It is along these lines that Rabbi Levi opened his speech in honor of Purim: (Talmud, Megillah, 11a): "If you do not uproot the inhabitants of the Land, and allow them to remain - they will become thorns in your sides, and will cause trouble for you in the Land in which you dwell." (Bamidbar 33:55) The mitzvah, then of wiping out Amalek [Palestinians], actually stems from the value of compassion and kindness - compassion on all those whom Amalek threatens to exterminate. This mitzvah is an ongoing one, and valid even today. Today, too, there are those - driven by a deep-seeded anti-Semitism - who desperately wish to kill us. These are the people whom the Torah commanded us to obliterate, to leave no memory of them." ~ Rabbi Zalman Baruch Melamed

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Nachman Abramovic demonized Palestinian children stating: “They may look young to you, but these people are terrorists at heart. Don’t look at their deceptively innocent faces, try to think of the demons inside each of them. I am absolutely certain these people would grow to be evil terrorists if we allowed them to grow. Would you allow them to grow to kill your children or finish them off right now? Honest and moral people ought to differentiate between true humans and human animals. We do kill human animals and we do so unapologetically. Besides, who in the West is in a position to lecture us on killing human animals. After all, whose hands are clean?”

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"Wars are the Jews’ harvest, for with them we wipe out the Christians and get control of their gold. We have already killed 100 million of them, and the end is not yet." ~ Chief Rabbi in France, in 1859, Rabbi Reichorn

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"The Communist soul is the soul of Judaism. Hence it follows that, just as in the Russian revolution the triumph of Communism was the triumph of Judaism, so also in the triumph of fascism will triumph Judaism." ~ Rabbi Harry Waton, A Program for the Jews and Humanity, p. 143-144

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If a Jew is tempted to do evil he should go to a city where he is not known and do the evil there. ~ Moed Kattan 17a

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The Jewish people as a whole will become its own Messiah. It will attain world domination by the dissolution of other races, by the abolition of frontiers, the annihilation of monarchy and by the establishment of a world republic in which the Jews will everywhere exercise the privilege of citizenship. In this New World Order, the “children of Israel” will furnish all the leaders without encountering opposition. The governments of the different peoples forming the world republic will fall without difficulty into the hands of the Jews. It will then be possible for the Jewish rulers to abolish private property and everywhere to make use of the resources of the state. Thus will the promise of the Talmud be fulfilled in which it is said that when the Messianic time is come, the Jews will have all the property of the whole world in their hands. ~ Baruch Levy in a letter to Karl Marx.

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"My opinion of Christian Zionists? They're scum, but don't tell them that. We need all the useful idiots we can get right now." ~ Bibi Netanyahu

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It was hard for Satan alone to mislead the whole world, so he appointed prominent rabbis in different localities. ~ A Chasidic saying attributed to Nahman of Bratzlav, early 19th century

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Gentiles exist only to serve Jews as slaves. Goyim were only born to serve us. Without that they have no place in the world. Only to serve the people of Israel. Why are gentiles needed? They are only here to work. They will work, they will plow. They will reap. We will sit like effendi and eat. That is why gentiles were created,” Rabbi Yosef, Sha Party, Jerusalem Post, 2011

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"An example of the use of the Jewish code words Esau and Jacob is found in a sermon preached by Rabbi Leon Spitz during the Purim observances in 1946 (quoted here from the American Hebrew of March 1, 1946) : "Let Esau whine and wail and protest to the civilized world, and let Jacob raise his hand to fight the good fight. The anti-Semite . . . understands but one language, and he must be dealt with on his own level. The Purim Jews stood up for their lives. American Jews, too. must come to grips with our contemporary anti-Semites. We must fill our jails with anti-Semitic gangsters. We must fill our insane asylums with anti-Semitic lunatics. We must combat every alien. Jew-hater. We must Harass and prosecute our Jew-baiters to the extreme limits of the laws. We must humble and shame our anti-Semitic hoodlums to such an extent that none will wish or dare to become (their) 'fellow-travelers'.

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This is what Trotsky, a Jew, was preparing for the Russians for the implementation of Communism, which Marx based on the Babylonian Talmud for Gentiles:

"We should turn Her (Russia) into a desert populated with white Niggers. We will impose upon them such a tyranny that was never dreamt by the most hideous despots of the East. The peculiar trait of that tyranny is that it will be enacted from the left rather than the right and it will be red rather than white in color.

Its color will be red literally because we would spill such torrents of blood that they will pale all human losses of the capitalist wars and make the survivors shudder.

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Remember my children, that all the earth must belong to us Jews, and that the gentiles, being mere excrements of animals, must possess nothing. ~ Mayer Amschel Rothschild on his deathbed, 1812

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The largest overseas banks will cooperate with us most closely. If we win the Revolution and squash Russia, on the funeral pyres of its remains we will strengthen the power of Zionism and become a power the whole world would drop in the face of on its knees. We will show the world what real power means.

By way of terror and blood baths we will bring the Russian intelligentsia into a state of total stupor, to idiocy, to the animal state of being. So far our young men dressed in leather ~ the sons of watch repair men from Odessa and Orsha, Gomel and Vinnitza ~ oh, how beautifully, how brilliantly do they master hatred of everything Russian! With what a great delight do they physically destroy the Russian intelligentsia ~ officers, engineers, teachers, priests, generals, agronomists, academicians, writers!" ~ Secret Forces in History of Russia. U.K. Begunov 1995, p 148

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One of the finest things ever done by the mob was the Crucifixion of Christ. Intellectually it was a splendid gesture. But trust the mob to bungle the job. If I’d had charge of executing Christ, I’d have handled it differently. You see, what I’d have done was had him shipped to Rome and fed him to the lions. They could never have made a saviour out of mincemeat!”~ Rabbi Ben Hecht

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The only reason that Jews are in pornography is that we think that Christ sucks. Catholicism sucks.”~ Al Goldstein (publisher of Screw Magazine).

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"The difference between a Jewish soul and souls of non-Jews ~ all of them in all different levels ~ is greater and deeper than the difference between a human soul and the souls of cattle." ~ Rabbi Kook, the Elder, father of the messianic tendency of Jewish fundamentalism, said

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"You have not begun to appreciate the depth of our guilt. We are intruders. We are subverters. We have taken your natural world, your ideals, your destiny, and played havoc with them. We have been at the bottom of not merely the latest Great War, but of every other major revolution in your history.

We have brought discord and confusion and frustration into your personal and public life. We are still doing it. No one can tell how long we shall go on doing it. Who knows what great and glorious destiny might have been yours if we had left you alone." ~ Marclis Eli Ravage, Century Magazine February, 1926.

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"The United Nations is nothing but a trap-door to the Red World's immense concentration camp. We pretty much control the U.N." ~ Harold Wallace Rosenthal, Zionist, The Hidden Tyranny

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Very soon, every American will be required to register their biological property (that’s you and your children) in a national system designed to keep track of the people and that will operate under the ancient system of pledging. By such methodology, we can compel people to submit to our agenda, which will affect our security as a charge back for our fiat paper currency.

Every American will be forced to register or suffer being able to work and earn a living. They will be our chattels (property) and we will hold the security interest over them forever, by operation of the law merchant under the scheme of secured transactions. Americans, by unknowingly or unwittingly delivering the bills of lading (Birth Certificate) to us will be rendered bankrupt and insolvent, secured by their pledges.

They will be stripped of their rights and given a commercial value designed to make us a profit and they will be none the wiser, for not one man in a million could ever figure our plans and, if by accident one or two should figure it out, we have in our arsenal plausible deniability.

After all, this is the only logical way to fund government, by floating liens and debts to the registrants in the form of benefits and privileges. This will inevitably reap us huge profits beyond our wildest expectations and leave every American a contributor to this fraud, which we will call “Social Insurance.”

Without realizing it, every American will unknowingly be our servant, however begrudgingly. The people will become helpless and without any hope for their redemption and we will employ the high office (presidency) of our dummy corporation (USA) to foment this plot against America.” ~ American traitor, the Jew Edward Mandell House giving a very detailed outline of the New World Order plans that were to be implemented gradually over time to enslave the American people ... A PLAN THAT HAS BEEN REPEATED IN CANADA, AUSTRALIA, BRITAIN AND ELSEWHERE.

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"You throw a little Jewish on top of that, you got trouble. You got a bunch of wild, crazy energy.

"Sorry that doesn't sound hippie. Sorry that doesn't sound like communal jubilant fun. Sorry I'm not a Pepper. Sorry I didn't pop out of a soda-pop ad, and life is just one big fucking cabaret, because a lot of what propelled Van Halen, what compels me and propels me is precisely this element. It's fury. If you approach me with anti-Semetic preconceptions, I'm not here to re-educate. I come from a whole different school of thought. If you don't get it on the first try, fuck you.

"I once heard somebody say to the Van Halens, "You guys play the music; the Jew sells it." Well, you're fucking right. And now that I'm gone, Van Halen stinks. Okay?

"Want to know why some of my contributions to Van Halen sound like they do? Didn't come from a smiling place in my soul. Not at all.

"Nobody ever said to Mick Jagger, "So, Mick, you're Episcopalian, aren't you?" Nobody ever took Jimi Hendrix aside and said, "So, Jimi, you're a Baptist, aren't you?" Much less start off the interview that way.

"Every step I took on that stage was smashing some Jew-hating, lousy punk ever deeper into the deck. Every step. I jumped higher 'cause I knew there was going to be more impact when I hit those boards. And if you were even vaguely anti-Semetic, you were under my wheels, motherfucker. That's where the lyrics came from, that's where the body language came from, that's where the humor came from, and where the fuck you came from. All equally as important. You want to know the ingredients? Don't ask if you don't want to know.

"What you get from repression and what you get from hatred is fury, and fury was one of the main trigger points for the great Van Halen. What you see now is a bunch of buffoons waddling around at the family barbecue, and their wives admonishing the children saying, "Don't worry, Daddy's just had a few too many Coors Lights and he's imitating what he used to do for a living when he played music, honey."

"What's missing is the testosterone. What's missing is the fury. What's missing is the passionate convicted commitment. And I got a lot of mine from my religious background. So y'all best stop imagining the way Dr. Zorba looked, or some defenseless Hasidic Jew with a little yarmulke on his head, 'cause that ain't here for you." ~ David Lee Roth

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Rabbi Isaac Wise, in The Israelite of America writes, “Masonry is a Jewish institution whose history, degrees, charges, passwords, and explanations are Jewish from beginning to end

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“We infiltrated the Roman Catholic Church right from the very beginning. Why do you think the Pope, the Cardinals and all the Bishops wear yarlmulkahs? (skullcaps) The white race never figures this out. A thousand years later the white race began to wake up ... we had to come up with a plan B ... so we formed the Jesuits. There was a nice boy, Ignatius Loyola. He started the Jesuits.” (Loyola was Jewish. Research/read the Jesuit Extreme Oath) Regarding the Jesuits, quoting Rabbi Finkelstein

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Does worship of the Talmud pervade Judaism globally? Herman Wouk, Orthodox Jew and famed author of The Cain Mutiny, affirms, “The Talmud is to this day the circulating heart’s blood of the Jewish religion. Whatever laws, customs, ceremonies we observe ~ whether we are Orthodox, Reform,Conservative, or merely spasmodic sentimentalists ~ we follow the Talmud. It is our common law.”

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From Jews Must Liveby Samuel Roth, pg. 22. “The organ is diseased. This disease is a sort of moral gonorrhea known as Judaism, which, alas, seems to be incurable. If you have any doubts, look at any Jew ridden country in Europe. If you need to be further convinced, take a look at what is happening in the United States.”

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“Every synagogue we Jews build in a Christian country is a finger of scorn we point at our hosts; a sore finger we stick into their eyes, like the leering of a senile old woman who does all sorts of foul mischief before you, and feels safe in the knowledge that you will not lay hands on her for fear of contamination.” ibid., pg.

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Sen. Al Franken: One of the widely disseminated stories was that no Jews died in the collapse of the Trade Towers because they had received calls telling them not to go to work that day.

To tell you the truth, I got the Jew call. I had an office in the Trade Center where I used to do most of my writing. The call came from former New York mayor Ed Koch. “Al,” he told me, “don’t go to work on the twenty-third day of Elul [September 11, 2001.].”


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Tell me, do the evil men of this world have a bad time? They hunt and catch whatever they feel like eating. They don’t suffer from indigestion and are not punished by Heaven. I want Israel to join that club. Maybe the world will then at last begin to fear us…Maybe they will start to tremble, to fear our madness instead of admiring our nobility. Let them tremble, let them call us a mad state. Let them understand that we are a wild country, dangerous to our surroundings, not normal, that we might go crazy, that we might go wild and burn all the oil fields in the Middle East, or that we might start World War Three just like that. ~ Ariel Sharon