Post by sandi66 on Jan 5, 2009 10:22:06 GMT -5
DTCC’s QUADRILLION DOLLARS AND FTT
Breaking the Chains of Debt by D’Arcy Craig-Milligan
Ask anyone to name the largest private company in the world and you’ll probably be surprised at the variety of answers you will receive. Some will stumble over the word ‘private’ and go on to name public companies like Exxon, General Motors, Wal-Mart, Microsoft, or Halliburton. Others, knowing that a privately held company is one whose shares are not quoted on the Stock Market may name Bechtel, Cargill, Carlyle or Parsons. If they have joined up all the dots and understand that it’s Money Power that now writes the global agenda they will come up with Rothschild/Rockefeller/Morgan, Schiff, Kuhn Loeb, Warburg, Lehman, Salomon, Goldman, Sachs or Lazards. The majority, however, will probably shrug and wait for you to provide the answer, which is (ding!) none of the above.
Fortune 500 shows the largest publicly-quoted company as Wal-Mart with revenue of around $300 billion in 2004. Forbe’s list of the top 200 privately-owned companies in 2002 shows Cargill as having the largest turnover. They sell agricultural and industrial products in 61 different countries, with almost $60 billion in revenue.
No mention is made, however, of the DTCC (Depository Trust and Clearing Corporation), a company with shares closely held by private banks whose turnover in 2004 surpassed an almost unbelievable quadrillion (a million billion) dollars! It’s a figure so staggering (the Gross National Product of the entire world is only $40 trillion!) that it deserves to be spelled out:
$1,000,000,000,000,000
Any kind of detailed breakdown of this turnover figure is a closely guarded secret but DTCC’s 2002 Annual Accounts highlights showed that of the $917 trillion dollars in DTCC transactions that year, $540 trillion were government securities, representing massive interest-bearing debts incurred at taxpayers’ expense by federal, provincial/state and municipal governments.
In 1999, DTCC’s first year of operation (see DTCC Time Line below), it turned over an astonishing $70 trillion. In 2000 this was doubled to $140 trillion and in 2001 the value of money market and securities settled, foreign exchange dealings handled and mutual funds processed amounted to more than $360 trillion! By 2002 DTCC’s clearance and settlement processes were turning over $10 trillion every three days – an amount equal to the entire Gross National Product of the United States. That’s every three days!
The above figures are far beyond the comprehension of most mortals (it would take 32 million years to count to a quadrillion from zero, one second at a time) but by 2006, the growing diversity of financial services and the increasingly centralized nature of global finance will have pushed DTCC’s projected turnover to well beyond $1.5 quadrillion. It will be made up almost entirely of electronic debt-money produced by private banks at virtually no cost but lent out at compounding interest rates – or usury.
That would be enough money to cover the world’s entire land mass of 57 million square miles with $100 bills, if such physical money actually existed. In reality, it’s little more than a ‘blip-on-a-chip’ in the world’s greatest electronic gambling casino, but it’s clear that there’s no shortage of ‘money’ in the system.
WHO AND WHAT ARE DTCC? more information...
DTCC’s official raison d’être is to provide clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter credit derivatives. Its depository provides custody and asset servicing for more than two million securities from the United States and 100 other countries and territories. In addition, DTCC is the leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks worldwide.
In simple terms, DTCC’s primary goal was to establish centralized global control over every conceivable financial service. But the international bankers’ credo is that money must never be allowed to sit idle.
There’s now evidence that world depository members of DTCC, like Canada’s CDS (Canadian Depository Securities), are collateralising funds to acquire major interests in a broad spectrum of industrial, commercial and natural resource companies from Australia and Peru to Sweden and Africa. (Equinox Minerals Ltd of Australia is a model operation involving CDS, their largest shareholder in July of 2004). It’s this bottomless purse that’s driving the global acquisition of public companies such as national airlines, railways, oil companies and telecommunication and postal services, under the clever guise of “privatisation”.
It began innocently enough. If you’ve ever borrowed money for a mortgage or car loan, arranged an insurance policy, negotiated a line of credit– or if you’ve invested in stocks, bonds, derivatives, commodities, futures, swaps or any one of an infinite range of financial ‘instruments’ – you’ll know that there are always documents involved.
In the late 60s, with the arrival of our casino economy, the paper chaos became so severe that it threatened to sink the industry. The DTC was formed to “eliminate the movement of physical securities on Wall Street”. This was achieved by first, re-placing physical certificates with electronic “book-entries” (known in the trade as “dematerialising”) and second, by centralizing their storage. Finally, through a process called “netting”, all trades in a single security could be netted down to one obligation daily. Instead of tens of thousands of cheques being written hourly, a single net money figure was paid to or received for a bank’s, broker’s or other intermediary’s entire day’s trading. As a result, as much as 97% of all obligations were ‘netted out’ of the system and by 2002 required no exchange of payment with the clearing corporation.
The process of monetary control has a long history but in the past 40 years privately owned (‘merchant’) bankers have established an unparalleled “network of connectivity” between banks, broker/dealers, mutual funds, major insurance carriers, financial intermediaries and every level of government both domestic and foreign. How pervasive is their involvement? Well, when DTCC decided to promote first mutual funds and then ‘derivatives’ these were ‘hyped’ by every brokerage firm around the world and their subsequent poor performance destroyed millions of people’s savings while making billions for the “insiders”. When in 2003 DTCC launched an aggressive promotion for life insurance we were deluged with TV ads and promotions that continue unabated to this day, to the immense profit of the “merchants of fear”. Today, many a badly needed project fails to launch simply because the exorbitant cost of insurance makes it non-viable.
By 2002 DTCC’s private bankers were fully engaged in taking over foreign investment services and their Mission Statement predicted that they would by the end of 2005 become “the provider of choice world-wide”. With more than 100 foreign nations from Argentina and Australia to Taiwan and the UK now under their ‘umbrella’ (including two in China), who can doubt they achieved their goal?
CANADIAN DEPOSITORY FOR SECURITIES LTD (CDS) – THE CANADIAN LINK
CDS Annual Report 2004
CDS is described as Canada’s “national securities depository, clearance and settlement hub”. As a private corporation, CDS is not required to comply with the reporting and governance requirements imposed on public companies. As a result, statistics from CDS – whose shares, like DTCC’s, are closely held by private banks and investment companies - are sketchy at best and allow no direct comparison with DTCC “due to differences in systems and processes”.
We do know that of the 62 million CDS private trades in 2004, 48 million transactions (77%) were domestic - with an estimated value of CDN$65 trillion. The dollar value of the 14 million balance in ”cross-border” US transactions (say, 20% of total transactions) is not revealed but by extrapolation would be close to CDN$20 trillion, for a private trade total of roughly CDN$85 trillion!
No detailed figures are available from CDS concerning Canadian government securities (municipal, provincial or federal) but The Public Accounts of Canada show that in 2004 the federal government’s accumulated debt exceeded $500 billion, (‘reduced’ by creative accounting, the ‘unloading’ of Crown Corporations at fire-sale prices and the ill-publicised sales of our national gold reserves). If we add to that the province’s debts of more than $250 billion and municipal debts of about $65 billion, Canada’s all-government debt stands at $860 billion; about $835 billion (97%) of that raised on the bond markets of Canada and the US. And none of it repayable under our present debt-money system!
The total value of Canadian securities traded through DTCC in 2004 – both private and government – was therefore in the region of a staggering $86 trillion ($86,000,000,000,000); allowing for two trades in each transaction, one in and one out. That amounts to a realistic 8.6% of DTCC’s global business.
SO WHERE HAS ALL OUR MONEY GONE?
We live in a world of endless bounty if we harvest the planet’s resources intelligently. Our raw materials are provided by nature, essentially free of charge. We have the knowledge, skills, wisdom and the technology to sustain our environment and ensure everyone on the planet a good life. Yet in recent years, millions of the world’s people have lost all their savings. Billions work hard but live lives of quiet desperation, close to poverty whil<span style="color: black;">st living amidst plenty. Major corporations in Canada, the US and Europe are going bankrupt, closing plants and pushing workers into unemployment as they export jobs, skills and profits to places like China, South Korea and Indonesia. Students, seniors, homeowners, businesses and corporations have gone bankrupt by the tens of thousands and social disorder is on the rise.
Governments, caught up in a “race to the bottom” have lied to us, cut services, raised taxes and sold off public assets, including most of our nations’ gold reserves, at give-away prices. (Canada’s latest standing on the list of the World’s Official Gold holders is #79, just behind Bangladesh and ahead of Aruba! We used to be in the top six)
They have allowed drinking water to become a profit-laden ‘commodity’ and given power over genetic engineering – the very building blocks of life – to the dark forces that now control our finances and our future! In fact, the major ills of our time; from environmental pollution and the escalating Iraqi War to the criminalization of dissent and the pharmaceutical drugging and ‘dumbing down’ of our children find their roots in the machinations of Money Power.
The global agenda is now being written not by our elected politicians, but by the private moneylenders represented by the IMF, World Bank, Bank for International Settlements and the NGOs they have spawned such as the Bilderbergers, Trilateral Commission, the CFR, the WTO and a host of others.
Since the early 60’s monetary reformers have been asking the question, “If every nation on the planet is in deep and un-repayable debt at the same time, where is all the money?” Simple logic dictates that it must be within the banking industry itself, but only now are we beginning to realise fully how the game is played and the extent to which our hard-earned assets, built up over many generations, have been hijacked by the money lenders.
FTT (FINANCIAL TRANSACTION TAX) —MOVING TOWARD A SIMPLE SOLUTION
more information...
Taxes were originally designed to provide governments with the funds they needed to ‘run the country’. Today, Revenue Agencies collect taxes largely to guarantee repayment schedules for accumulated public debt owed to private banks. In common with other nations, the $36 billion spent on debt charges by Ottawa is by far the largest of all our federal government’s expenditures. The tragic irony is that this debt is made up almost entirely of electronic money created by the moneylenders, unconstitutionall</u></i><u>y, at virtually no cost.
Like a desperate debtor trying to borrow from the last credit card of a large collection that has otherwise been maxed out, our gross national debt is realistically un-repayable, yet our governments have mortgaged our and our children’s assets while following a policy of ‘sell-off, borrow, tax and spend’.
Not just a Tobin-type Foreign Exchange Tax (FET), but a simple and genuine .1% Financial Transaction Tax on every financial transaction would, in our debt-laden nation, provide all the funds necessary to revitalise our communities and restore our national economy. As a single-page piece of legislation in “non-legalese”, allowing no exceptions and no loopholes, it could eventually make redundant all other forms of taxation!
Who better equipped than the banks themselves to gather a simple Financial Transaction Tax (FTT) for remittance directly to our nation’s Treasury under open public (and CRA) scrutiny? Far less complex than current tax structures, the sophisticated technology presently being used by the banking and financial industries is well capable of handling this simple process automatically with each banking transaction. The ability to distribute these funds to communities and provinces would become an important part of our provincial and federal Finance Ministers’ mandate.
At .1% percent the proposed FTT is a tiny percentage compared to current sales taxes or corporate/personal income tax levels but, given the sheer size of the source, could yield the Canadian treasury an estimated $86 billion a year on security transactions alone. Add to that the total annual .1% FTT revenue from more than 1 billion credit card transactions, 82 million debit card transactions and 200 million on-line banking transactions for a projected gross FTT revenue approaching $100 billion and it’s possible to see how, within one year, personal and corporate income taxes, GST and all provincial sales taxes could begin to be incrementally reduced and eventually totally replaced by FTT revenue.
(See Milligan Tax)
$2 to $3 billion would be saved by reducing the size of the Canada Revenue Agency (the CRA), switching their focus to ensuring that banks and financial houses meet their legal obligations and curtailing the harassment tactics tax agencies employ to browbeat those least able to pay while the super-wealthy remain tax-free. Those speculating on the stock and bonds, derivatives, swaps and commodity futures markets (97% of participants) should simply see it for what it is—a gambling tax! Even those few who can claim genuine participation in these markets would come to appreciate the overall benefits of introducing FTT while moving toward total elimination of all other forms of taxation.
It is not the final solution, but it would stop the tragic haemorrhaging of our nation’s wealth until the right to create Canada’s money is removed from private banks with their built-in system of usury and returned to our elected government, where it constitutionally belongs.
Destiny is calling us to launch a Golden Era – an age of enlightenment like none other in the annals of human history. But first we must unshackle ourselves and our children from the chains of debt bondage!
NOTE:
Directly relevant to this study, it is important to note that world-wide “privatisation” is facilitating the process of totally centralised global control - and the world’s drinking water and gold have become major targets by supra-national companies like:
Suez, Ondeo, Vivendi, Thames Water and US Water (http://www.suez.com/groupe/english/histoire/index.php and Newmont Mining and Barrick Gold (http://www.gold.org/value/stats/statistics/gold_reserve/index.html. )
The financial paperwork for these daisy-chain connections is facilitated by private companies like CDS/DTCC.
DTCC TIME LINE—
BUILDING A QUADRILLION-DOLLAR BUSINESS
1973
DTC is formed to solve Wall Street’s “paper crisis” that resulted from a massive increase in speculative investments in the stock market. Centralised electronic records replace paper securities.
1974
Number of trade obligations requiring financial settlement are greatly reduced by ‘netting’.
1975
Only American Depository Receipts that “represent” foreign investments are now DTC-eligible.
1976/7
National Securities Clearing Corporation (NSCC) is incorporated. Its first move is to ‘absorb’ the New York Stock Exchange and AMEX.
1979
DTC links its computer system directly to every investment (private) bank
1980
NSCC begins processing Municipal bond trades
1982
The Boston Stock Exchange is taken over. DTC distributes first paperless Book-Entry-Only municipal bond issues, a major step in removing all paper records. .
1984
More than 1,000 municipalities join the NSCC system. A link is established with the publicity-shy Canadian Depository for Securities as the model for future cross-border clearance and settlement mechanisms
1986
The Government Securities Clearing Corporation (GSCC) is formed to facilitate settlement of US government securities. NSCC fully automates its Mutual Fund processing system and world-wide mutual fund promotions take off.
1987
DTC takes over the Pacific Stock Exchange.
1988
A program is introduced for clearing and settling all ‘cross-border’ trades. DTC can now go global!
1989
GSCC introduces an accelerated settlement system for all US Government securities
1990
DTC enters the fast-growing market in ‘commercial paper’ and takes on custody of all ‘privately placed foreign securities’ for large US institutional buyers.
1991
Payments between mutual funds and their distributors are automated.
1993
GSCC celebrates its first daily netting of $1 trillion. Transactions in all municipal and commercial bonds are fully automated. 85% of all new US Treasury debt issues are now processed by GSC.
1995
NSCC absorbs Chicago Stock Exchange (Commodity markets and Futures) and moves all operations to New York. With wide promotion ‘Commodity Futures’ become another huge gambling casino.
1997
DTC and NSCC take over the Philadelphia Stock Exchange, the last remaining independent. Insurance Services are launched to begin monopolising annuities market and link insurance brokers/dealers and banks.
1998
EMCC (Emerging Markets) incorporated to ‘facilitate control of international ‘sovereign debt instruments’.
1999
DTCC incorporated to merge DTC and NSCC and insurance industry is “revved-up” by full automation
2000
GSCC links cash markets and futures markets for US Treasury Securities, through privately controlled New York Clearing Corporation
2001
DTCC partners with Thomson Financial to create Omgeo a “global joint venture” with 6,000 customers world-wide - and converts to decimal pricing to prepare for future EU and APEC mergers and acquisitions.
2002
DTCC absorbs GSCC, MBSC and EMCC. Omgeo launches first centralised cross-border service for institutional securities world-wide.
2003
DTCC re-engineers the sale and processing of Life Insurance policies and annuities, launching a world-wide marketing campaign modelled on the success of mutual fund and derivatives markets in the mid-80s.
2004
DTCC turnover surpasses one quadrillion dollars and their Annual Report defines a quintillion, sextillion and septillion, presumably in anticipation of new ‘goals’.
2005-2006
DTCC achieves its goal of becoming “the institution of choice (?) world-wide” for the clearing, settling and electronic storage of all financial and investment instruments.
2006-2012
The prospect of a global economic collapse creates a groundswell of public outrage until Financial Transaction Tax legislation is passed, requiring banks to collect and remit to the nation’s treasury .1% of every transaction. By stages all other taxes are revoked, beginning with a 30% cut in personal income tax. Starting at the municipal level interest-free Constitutional money, issued by our publicly-owned Bank of Canada, incrementally and judiciously replaces our private debt-money system.
74.6.239.67/search/cache?ei=UTF-8&p=DTCC+and+Quintillion&fr=b1ie7&u=www.cfoss.com/Wealthbeyondbelief.html&w=dtcc+quintillion&d=ZXSaD0fiR_F1&icp=1&.intl=us
Breaking the Chains of Debt by D’Arcy Craig-Milligan
Ask anyone to name the largest private company in the world and you’ll probably be surprised at the variety of answers you will receive. Some will stumble over the word ‘private’ and go on to name public companies like Exxon, General Motors, Wal-Mart, Microsoft, or Halliburton. Others, knowing that a privately held company is one whose shares are not quoted on the Stock Market may name Bechtel, Cargill, Carlyle or Parsons. If they have joined up all the dots and understand that it’s Money Power that now writes the global agenda they will come up with Rothschild/Rockefeller/Morgan, Schiff, Kuhn Loeb, Warburg, Lehman, Salomon, Goldman, Sachs or Lazards. The majority, however, will probably shrug and wait for you to provide the answer, which is (ding!) none of the above.
Fortune 500 shows the largest publicly-quoted company as Wal-Mart with revenue of around $300 billion in 2004. Forbe’s list of the top 200 privately-owned companies in 2002 shows Cargill as having the largest turnover. They sell agricultural and industrial products in 61 different countries, with almost $60 billion in revenue.
No mention is made, however, of the DTCC (Depository Trust and Clearing Corporation), a company with shares closely held by private banks whose turnover in 2004 surpassed an almost unbelievable quadrillion (a million billion) dollars! It’s a figure so staggering (the Gross National Product of the entire world is only $40 trillion!) that it deserves to be spelled out:
$1,000,000,000,000,000
Any kind of detailed breakdown of this turnover figure is a closely guarded secret but DTCC’s 2002 Annual Accounts highlights showed that of the $917 trillion dollars in DTCC transactions that year, $540 trillion were government securities, representing massive interest-bearing debts incurred at taxpayers’ expense by federal, provincial/state and municipal governments.
In 1999, DTCC’s first year of operation (see DTCC Time Line below), it turned over an astonishing $70 trillion. In 2000 this was doubled to $140 trillion and in 2001 the value of money market and securities settled, foreign exchange dealings handled and mutual funds processed amounted to more than $360 trillion! By 2002 DTCC’s clearance and settlement processes were turning over $10 trillion every three days – an amount equal to the entire Gross National Product of the United States. That’s every three days!
The above figures are far beyond the comprehension of most mortals (it would take 32 million years to count to a quadrillion from zero, one second at a time) but by 2006, the growing diversity of financial services and the increasingly centralized nature of global finance will have pushed DTCC’s projected turnover to well beyond $1.5 quadrillion. It will be made up almost entirely of electronic debt-money produced by private banks at virtually no cost but lent out at compounding interest rates – or usury.
That would be enough money to cover the world’s entire land mass of 57 million square miles with $100 bills, if such physical money actually existed. In reality, it’s little more than a ‘blip-on-a-chip’ in the world’s greatest electronic gambling casino, but it’s clear that there’s no shortage of ‘money’ in the system.
WHO AND WHAT ARE DTCC? more information...
DTCC’s official raison d’être is to provide clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter credit derivatives. Its depository provides custody and asset servicing for more than two million securities from the United States and 100 other countries and territories. In addition, DTCC is the leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks worldwide.
In simple terms, DTCC’s primary goal was to establish centralized global control over every conceivable financial service. But the international bankers’ credo is that money must never be allowed to sit idle.
There’s now evidence that world depository members of DTCC, like Canada’s CDS (Canadian Depository Securities), are collateralising funds to acquire major interests in a broad spectrum of industrial, commercial and natural resource companies from Australia and Peru to Sweden and Africa. (Equinox Minerals Ltd of Australia is a model operation involving CDS, their largest shareholder in July of 2004). It’s this bottomless purse that’s driving the global acquisition of public companies such as national airlines, railways, oil companies and telecommunication and postal services, under the clever guise of “privatisation”.
It began innocently enough. If you’ve ever borrowed money for a mortgage or car loan, arranged an insurance policy, negotiated a line of credit– or if you’ve invested in stocks, bonds, derivatives, commodities, futures, swaps or any one of an infinite range of financial ‘instruments’ – you’ll know that there are always documents involved.
In the late 60s, with the arrival of our casino economy, the paper chaos became so severe that it threatened to sink the industry. The DTC was formed to “eliminate the movement of physical securities on Wall Street”. This was achieved by first, re-placing physical certificates with electronic “book-entries” (known in the trade as “dematerialising”) and second, by centralizing their storage. Finally, through a process called “netting”, all trades in a single security could be netted down to one obligation daily. Instead of tens of thousands of cheques being written hourly, a single net money figure was paid to or received for a bank’s, broker’s or other intermediary’s entire day’s trading. As a result, as much as 97% of all obligations were ‘netted out’ of the system and by 2002 required no exchange of payment with the clearing corporation.
The process of monetary control has a long history but in the past 40 years privately owned (‘merchant’) bankers have established an unparalleled “network of connectivity” between banks, broker/dealers, mutual funds, major insurance carriers, financial intermediaries and every level of government both domestic and foreign. How pervasive is their involvement? Well, when DTCC decided to promote first mutual funds and then ‘derivatives’ these were ‘hyped’ by every brokerage firm around the world and their subsequent poor performance destroyed millions of people’s savings while making billions for the “insiders”. When in 2003 DTCC launched an aggressive promotion for life insurance we were deluged with TV ads and promotions that continue unabated to this day, to the immense profit of the “merchants of fear”. Today, many a badly needed project fails to launch simply because the exorbitant cost of insurance makes it non-viable.
By 2002 DTCC’s private bankers were fully engaged in taking over foreign investment services and their Mission Statement predicted that they would by the end of 2005 become “the provider of choice world-wide”. With more than 100 foreign nations from Argentina and Australia to Taiwan and the UK now under their ‘umbrella’ (including two in China), who can doubt they achieved their goal?
CANADIAN DEPOSITORY FOR SECURITIES LTD (CDS) – THE CANADIAN LINK
CDS Annual Report 2004
CDS is described as Canada’s “national securities depository, clearance and settlement hub”. As a private corporation, CDS is not required to comply with the reporting and governance requirements imposed on public companies. As a result, statistics from CDS – whose shares, like DTCC’s, are closely held by private banks and investment companies - are sketchy at best and allow no direct comparison with DTCC “due to differences in systems and processes”.
We do know that of the 62 million CDS private trades in 2004, 48 million transactions (77%) were domestic - with an estimated value of CDN$65 trillion. The dollar value of the 14 million balance in ”cross-border” US transactions (say, 20% of total transactions) is not revealed but by extrapolation would be close to CDN$20 trillion, for a private trade total of roughly CDN$85 trillion!
No detailed figures are available from CDS concerning Canadian government securities (municipal, provincial or federal) but The Public Accounts of Canada show that in 2004 the federal government’s accumulated debt exceeded $500 billion, (‘reduced’ by creative accounting, the ‘unloading’ of Crown Corporations at fire-sale prices and the ill-publicised sales of our national gold reserves). If we add to that the province’s debts of more than $250 billion and municipal debts of about $65 billion, Canada’s all-government debt stands at $860 billion; about $835 billion (97%) of that raised on the bond markets of Canada and the US. And none of it repayable under our present debt-money system!
The total value of Canadian securities traded through DTCC in 2004 – both private and government – was therefore in the region of a staggering $86 trillion ($86,000,000,000,000); allowing for two trades in each transaction, one in and one out. That amounts to a realistic 8.6% of DTCC’s global business.
SO WHERE HAS ALL OUR MONEY GONE?
We live in a world of endless bounty if we harvest the planet’s resources intelligently. Our raw materials are provided by nature, essentially free of charge. We have the knowledge, skills, wisdom and the technology to sustain our environment and ensure everyone on the planet a good life. Yet in recent years, millions of the world’s people have lost all their savings. Billions work hard but live lives of quiet desperation, close to poverty whil<span style="color: black;">st living amidst plenty. Major corporations in Canada, the US and Europe are going bankrupt, closing plants and pushing workers into unemployment as they export jobs, skills and profits to places like China, South Korea and Indonesia. Students, seniors, homeowners, businesses and corporations have gone bankrupt by the tens of thousands and social disorder is on the rise.
Governments, caught up in a “race to the bottom” have lied to us, cut services, raised taxes and sold off public assets, including most of our nations’ gold reserves, at give-away prices. (Canada’s latest standing on the list of the World’s Official Gold holders is #79, just behind Bangladesh and ahead of Aruba! We used to be in the top six)
They have allowed drinking water to become a profit-laden ‘commodity’ and given power over genetic engineering – the very building blocks of life – to the dark forces that now control our finances and our future! In fact, the major ills of our time; from environmental pollution and the escalating Iraqi War to the criminalization of dissent and the pharmaceutical drugging and ‘dumbing down’ of our children find their roots in the machinations of Money Power.
The global agenda is now being written not by our elected politicians, but by the private moneylenders represented by the IMF, World Bank, Bank for International Settlements and the NGOs they have spawned such as the Bilderbergers, Trilateral Commission, the CFR, the WTO and a host of others.
Since the early 60’s monetary reformers have been asking the question, “If every nation on the planet is in deep and un-repayable debt at the same time, where is all the money?” Simple logic dictates that it must be within the banking industry itself, but only now are we beginning to realise fully how the game is played and the extent to which our hard-earned assets, built up over many generations, have been hijacked by the money lenders.
FTT (FINANCIAL TRANSACTION TAX) —MOVING TOWARD A SIMPLE SOLUTION
more information...
Taxes were originally designed to provide governments with the funds they needed to ‘run the country’. Today, Revenue Agencies collect taxes largely to guarantee repayment schedules for accumulated public debt owed to private banks. In common with other nations, the $36 billion spent on debt charges by Ottawa is by far the largest of all our federal government’s expenditures. The tragic irony is that this debt is made up almost entirely of electronic money created by the moneylenders, unconstitutionall</u></i><u>y, at virtually no cost.
Like a desperate debtor trying to borrow from the last credit card of a large collection that has otherwise been maxed out, our gross national debt is realistically un-repayable, yet our governments have mortgaged our and our children’s assets while following a policy of ‘sell-off, borrow, tax and spend’.
Not just a Tobin-type Foreign Exchange Tax (FET), but a simple and genuine .1% Financial Transaction Tax on every financial transaction would, in our debt-laden nation, provide all the funds necessary to revitalise our communities and restore our national economy. As a single-page piece of legislation in “non-legalese”, allowing no exceptions and no loopholes, it could eventually make redundant all other forms of taxation!
Who better equipped than the banks themselves to gather a simple Financial Transaction Tax (FTT) for remittance directly to our nation’s Treasury under open public (and CRA) scrutiny? Far less complex than current tax structures, the sophisticated technology presently being used by the banking and financial industries is well capable of handling this simple process automatically with each banking transaction. The ability to distribute these funds to communities and provinces would become an important part of our provincial and federal Finance Ministers’ mandate.
At .1% percent the proposed FTT is a tiny percentage compared to current sales taxes or corporate/personal income tax levels but, given the sheer size of the source, could yield the Canadian treasury an estimated $86 billion a year on security transactions alone. Add to that the total annual .1% FTT revenue from more than 1 billion credit card transactions, 82 million debit card transactions and 200 million on-line banking transactions for a projected gross FTT revenue approaching $100 billion and it’s possible to see how, within one year, personal and corporate income taxes, GST and all provincial sales taxes could begin to be incrementally reduced and eventually totally replaced by FTT revenue.
(See Milligan Tax)
$2 to $3 billion would be saved by reducing the size of the Canada Revenue Agency (the CRA), switching their focus to ensuring that banks and financial houses meet their legal obligations and curtailing the harassment tactics tax agencies employ to browbeat those least able to pay while the super-wealthy remain tax-free. Those speculating on the stock and bonds, derivatives, swaps and commodity futures markets (97% of participants) should simply see it for what it is—a gambling tax! Even those few who can claim genuine participation in these markets would come to appreciate the overall benefits of introducing FTT while moving toward total elimination of all other forms of taxation.
It is not the final solution, but it would stop the tragic haemorrhaging of our nation’s wealth until the right to create Canada’s money is removed from private banks with their built-in system of usury and returned to our elected government, where it constitutionally belongs.
Destiny is calling us to launch a Golden Era – an age of enlightenment like none other in the annals of human history. But first we must unshackle ourselves and our children from the chains of debt bondage!
NOTE:
Directly relevant to this study, it is important to note that world-wide “privatisation” is facilitating the process of totally centralised global control - and the world’s drinking water and gold have become major targets by supra-national companies like:
Suez, Ondeo, Vivendi, Thames Water and US Water (http://www.suez.com/groupe/english/histoire/index.php and Newmont Mining and Barrick Gold (http://www.gold.org/value/stats/statistics/gold_reserve/index.html. )
The financial paperwork for these daisy-chain connections is facilitated by private companies like CDS/DTCC.
DTCC TIME LINE—
BUILDING A QUADRILLION-DOLLAR BUSINESS
1973
DTC is formed to solve Wall Street’s “paper crisis” that resulted from a massive increase in speculative investments in the stock market. Centralised electronic records replace paper securities.
1974
Number of trade obligations requiring financial settlement are greatly reduced by ‘netting’.
1975
Only American Depository Receipts that “represent” foreign investments are now DTC-eligible.
1976/7
National Securities Clearing Corporation (NSCC) is incorporated. Its first move is to ‘absorb’ the New York Stock Exchange and AMEX.
1979
DTC links its computer system directly to every investment (private) bank
1980
NSCC begins processing Municipal bond trades
1982
The Boston Stock Exchange is taken over. DTC distributes first paperless Book-Entry-Only municipal bond issues, a major step in removing all paper records. .
1984
More than 1,000 municipalities join the NSCC system. A link is established with the publicity-shy Canadian Depository for Securities as the model for future cross-border clearance and settlement mechanisms
1986
The Government Securities Clearing Corporation (GSCC) is formed to facilitate settlement of US government securities. NSCC fully automates its Mutual Fund processing system and world-wide mutual fund promotions take off.
1987
DTC takes over the Pacific Stock Exchange.
1988
A program is introduced for clearing and settling all ‘cross-border’ trades. DTC can now go global!
1989
GSCC introduces an accelerated settlement system for all US Government securities
1990
DTC enters the fast-growing market in ‘commercial paper’ and takes on custody of all ‘privately placed foreign securities’ for large US institutional buyers.
1991
Payments between mutual funds and their distributors are automated.
1993
GSCC celebrates its first daily netting of $1 trillion. Transactions in all municipal and commercial bonds are fully automated. 85% of all new US Treasury debt issues are now processed by GSC.
1995
NSCC absorbs Chicago Stock Exchange (Commodity markets and Futures) and moves all operations to New York. With wide promotion ‘Commodity Futures’ become another huge gambling casino.
1997
DTC and NSCC take over the Philadelphia Stock Exchange, the last remaining independent. Insurance Services are launched to begin monopolising annuities market and link insurance brokers/dealers and banks.
1998
EMCC (Emerging Markets) incorporated to ‘facilitate control of international ‘sovereign debt instruments’.
1999
DTCC incorporated to merge DTC and NSCC and insurance industry is “revved-up” by full automation
2000
GSCC links cash markets and futures markets for US Treasury Securities, through privately controlled New York Clearing Corporation
2001
DTCC partners with Thomson Financial to create Omgeo a “global joint venture” with 6,000 customers world-wide - and converts to decimal pricing to prepare for future EU and APEC mergers and acquisitions.
2002
DTCC absorbs GSCC, MBSC and EMCC. Omgeo launches first centralised cross-border service for institutional securities world-wide.
2003
DTCC re-engineers the sale and processing of Life Insurance policies and annuities, launching a world-wide marketing campaign modelled on the success of mutual fund and derivatives markets in the mid-80s.
2004
DTCC turnover surpasses one quadrillion dollars and their Annual Report defines a quintillion, sextillion and septillion, presumably in anticipation of new ‘goals’.
2005-2006
DTCC achieves its goal of becoming “the institution of choice (?) world-wide” for the clearing, settling and electronic storage of all financial and investment instruments.
2006-2012
The prospect of a global economic collapse creates a groundswell of public outrage until Financial Transaction Tax legislation is passed, requiring banks to collect and remit to the nation’s treasury .1% of every transaction. By stages all other taxes are revoked, beginning with a 30% cut in personal income tax. Starting at the municipal level interest-free Constitutional money, issued by our publicly-owned Bank of Canada, incrementally and judiciously replaces our private debt-money system.
74.6.239.67/search/cache?ei=UTF-8&p=DTCC+and+Quintillion&fr=b1ie7&u=www.cfoss.com/Wealthbeyondbelief.html&w=dtcc+quintillion&d=ZXSaD0fiR_F1&icp=1&.intl=us