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Monday, June 4, 2012

BAILOUT ALERT! U.S. Federal Reserve Secretly Provided $ 114 Billion to Canada’s Big Banks

By Anthony Hall


The Maple Spring in Quebec has blossumed  into a mass movement of public education on the need for regime change at a time when many crises are going from bad to worse; when humanity is governed by a transnational cartel of kleptocratic psychopaths who want to make war not love; who want privatize all public wealth for themselves and socialize all liability flowing from their mistakes, frauds, speculative excesses, outright frauds, astronomical thefts, and giant misdeeds.

Take Fukushima for instance. On March 3, 2011 the antique GE Mark I reactors at Fukushima nuclear energy plant Number One began a series of explosions triggering nuclear meltdowns after a thoroughly predictable earthquake and tsunami hit the islands of Japan. The chain reaction of spreading criticality has continued ever since. The result is like a slow motion nuclear war with the earth’s environment, including our own human persons, gradually absorbing heightening doses of radioactive contamination.

Why is the crisis so grave?

Fukushima is the receptacle for more than 40 years of accumulated nuclear waste stored largely in pools of spent fuel rods that are now leaking, completely open to the air, and emitting a plethora of radionuclides into the ocean, ground water and atmosphere. The debacle is light years more grave in its consequences than the Chernobyl disaster. Thousands of times more toxic cumulatively than the USA’s A-bomb attacks in 1945 on Hiroshima and Nagasaki, there is no end in sight of this radioactive assault on all life on earth. And almost nothing is being done to contain the massive spread of radiation into air, ocean and groundwater.

Like the lies and crimes of 9/11, the real story of the unrelenting nuclear devastation being wrought by the Fukushima catastrophe has been covered up by virtually all of of the big media cartels. Their sporadic coverage is nowhere near equal to the scale of the devastation in a crisis with no end in sight. Owned a built up by war contractors like GE and Westinghouse, the big media cartels have plenty of reason to divert public attention away from the spewing nuclear mess at Fukushima. It would be bad for the stock market to publicize the real story of what is happening. It would bring calls for the arrest of the real culprits at the high end of the chain of command that created this basis of the Fukushima debacle in the first place.

That chain of responsibility goes much higher than the officials of the Tokyo Electric Power Corporation, TEPCO, a local branch plant of the American multinationals that foisted nuclear energy plants on Japan as part of a Cold War strategy to give the nuclear business a benign face in the 1950s during a time when massive testing of nuclear weapons was being done in the open atmosphere.

Andrew Gavin Marshall

The Maple Spring and the Mafiocracy: Struggling Students versus “Entitled Elites’
Unfortunately for their self-congratulations, it was recently revealed that Canada’s banks actually received a “secret bailout” in 2008, for a total of $114 billion, or $3,400 for every Canadian man, woman, and child.

The bailouts took place between 2008 and 2010, funded by the Bank of Canada, the United States Federal Reserve, and the Canada Mortgage and Housing Corp. The government continues to deny it gave the banks a bailout, instead, our Finance Minister insists, it was just “liquidity support,” which means… the government did not “bail out” the banks with public money, it just gave the banks public money… in “support.” Call it what you will, they gave them $114 billion. Mark Carney, the Governor of the Bank of Canada (our central bank), and a former executive with Goldman Sachs (what’s not to love?), even admitted that the Bank of Canada gave tens of billions of dollars to our private banks.

The U.S. Federal Reserve provided $33 billion to Canada’s big banks, while the official numbers of what the Bank of Canada provided remain a “secret,” as the government has refused to respond to Access to Information requests on the subject. Available information, however, points to $41 billion given to our banks by the Bank of Canada by December of 2008.

Even some foreign banks had access to money from the Bank of Canada. Thus, Canada’s big five banks – Royal Bank of Canada, T.D. Bank, Scotiabank, the Bank of Montreal and CIBC – received collectively over $114 billion in “bailouts.” Oh, excuse me, I mean, “liquidity support.” And now, these same banks have inflated a major housing bubble in Canada which is eerily similar to that which existed in the United States in 2007, with housing prices dangerously high, and the average household debt at $103,000.

But don’t worry, these big five banks made “record profits” in 2011. So naturally, with record profits for banks, and record debt for Canadians, the banks have decided to increase their fees on you! And then their profits continued to increase! Naturally, the executives have been giving themselves bigger bonuses than ever.

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