Truth in Media Global Watch Bulletins
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TiM GW Bulletin 98/4-1

April 2, 1998

Check Out Some Reader Reactions to Our Articles...


April 1998




In this issue...

GLOBAL:    n Banks Leveraged to the Hilt?

EUROPE:    n Creating Globalist Malarkey

ASIA:             n Wither of Hong Kong's Short-lived Democracy

NORTH AMERICA: n Supreme Court Rules Against Michael New

         n Who Is Really Running the U.S.?

RUSSIA:    n Yeltsin's Destruction of Democracy

AFRICA:               n NWO Downsizing the South African Way



SAN JOSE, CA - We received the following comment from a TiM reader in California, in reaction to our articles about the globalist bankers' bailouts:

"The Wall Street crowd is hurting from the Asian crisis, but has persuaded the Federal Reserve and other central banks to create market conditions which will bail them out. This is the main explanation for the meteoric rise of the Dow. Most banks are now reporting huge jumps in trading losses for the last quarter of 1997, but hope to recover on the renewed 'strength' of the American stock market.

Many of the New York banks and investment banks now manage $200 dollars or more of speculative exposure in the 'derivatives' markets for every dollar of their shareholder's equity. "Derivatives" is just a fancy name for futures contracts which bypass the traditional futures exchanges. They tend to be more esoteric and complex than traditional hog-belly type futures, covering such items as currency exchange rates, interest rates, and stock indexes. Derivatives are the darlings of large corporations and investors who say they wish to insulate themselves from the manipulations of national central banks.

However, some market observers believe 'derivatives' are being used by speculators to crush national governments and central banks, paving the way for a single global central bank and government. This would help to explain Europe's desperate kamikaze-like plunge into monetary union.

The New York banks literally manage Trillions, yes, Trillions with a 'T', of open positions in the markets. Some are up to $7 Trillion and more. Total open positions for American banks is now well over $50 Trillion, which is roughly 8 years worth of national income for the U.S.

How can it be that corporations and investors are so certain of incomes so as to create a securities market that extends that far out? Time will tell. In the meantime, the global derivatives market has grown to the $120 to $150 trillion range, and has tripled in size since 1993." Are the Globalists so certain of a coming New World Order prosperity that they have mortgaged the incomes of entire nations for their manipulations? Odd events like the Mexican and Asian crises seem to keep popping up. Apparently bankrupt nations must be a part of the plan. Perhaps this explains the massive trade and fiscal deficits of the United States.

I doubt that the world will emerge from this scheme unscathed. Is another 1930's upon us? To me, it is hilarious to see the global speculators swooping down like vultures to pick up 'bargains' in Asia. Do they not realize how thoroughly corrupt, bankrupt, and unproductive their system has become?"

After we had asked this TiM reader to elaborate on his $200-to-one leverage ratio, he replied:

"A two hundred-to-one ratio of derivative dollars for every dollar of shareholder's equity. In other words, one false move and they're wiped out if something big happens or if their clients decide to sue. Of course they probably balance their portfolios in such a way as to hedge some of the perceived credit risk of the markets and players involved. I have a buddy in S.F. who writes software to do exactly that for Barclay's.

But there's a large unperceived risk I'm talking about here, and it's what I call Global Systemic Risk, something they didn't think existed until the Great Asia Deflation hit. Essentially, all the markets just melt away as a speculative bubble evaporates. Lenders finally realize that there's no further cash-flow to service their loans, and never will be. The asset-stripping finally comes full circle. That's when they go hat-in-hand to the taxpayers, who ironically are the ones whose downsized standard of living can no longer support the consumption and tax base patterns that were assumed to be there by the lenders."

Steve Upton



HONG KONG, China - We received the following comment from a TiM reader who shed a new light on what China's takeover of Hong Kong from Great Britain, last July, meant. It was another victory for globalism's dictatorship of capital over democracy, this TiM reader alleges:

"Under the new electoral rules, half of the 60 legislative seats will be elected by managers of corporations for each industry's seat. Ten will be selected by corporate committees. The remaining, meaningless seats, will be elected by the Hong Kong citizens."


Hong Kong

[TiM Ed.: In today's (Apr. 2) voting for corporate representatives (30 seats), only 140,000 of Hong Kong's 2.6 million registered voters were eligible to vote. Two hours before the polls closed, only 26,646 people, or 19%, had cast ballots, the Associated Press reported. Speaking outside a polling station early today, where her pro-democracy Frontier group held a small protest, former lawmaker, Emily Lau, called the election "utterly repugnant."]


WEXFORD, Ireland - We received the following comment Richard Moore, an American citizen now living in Ireland:

"Globalization's dark reality is becoming more obvious every day to people throughout the globe. All that propaganda malarkey about 'competitiveness' and 'market reforms' cannot deceive the world's people much longer.

In order to compel the world to submit to the elite globalist regime, despite the inevitable massive resistance that is beginning to arise, the elite are now implementing their own means of global military hegemony. This is what is called the New World Order, and its vehicle is a hi-tech elite strike force being fashioned out of US and NATO forces.

The technology for this strike force is well in hand, and elite control over its agenda is absolute -- people don't get to vote on where or when the next interventionist atrocity is to occur. The tricky part for the elite, in implementing the NWO dark-empire regime, is getting people to swallow it.

This is where the corporate-controlled mass-media comes to the rescue. What is presented on TV is reality to nearly everyone. People think they have a healthy skepticism toward the news, and that they make up their own minds about things, but they are wrong, to about the ninety-fifth percentile.

The subtlety of modern mind-control technology is awesome... the chuckle of a newscaster that lets you know a certain view isn't hip, the grim tone that forces you to watch seriously, the exotic footage that makes you think you're informed -- it's as phony as the manipulative music effects in thirties Hollywood movies.

What you're seeing is a show, a kind of revisionist current-day docudrama. It draws on footage from the real world, but only enough to put across the propaganda messages of the day. To call news 'slanted' misses the point entirely: 'slanted' is not a term that can be applied to creative fiction.

One of the more exciting and popular series, one that has been a hit ever since the smash opening pilot 'Grenada,' is the Adventures of the Black Avenger. As a lead-up to each new episode, we are introduced to our next World's Worst Bad Guy. Anyone can be chosen as the demon, especially any of the dictators the US funds and supports throughout the world.

This lead-up is sometimes used to create slow anger and hatred over years (eg Khadafi). Other times a bad-guy is conjured overnight (e.g., Suharto.) Whenever the elite anticipate a need to discipline this or that population, the word goes out to the corporate media to unleash the demon-crafters.

When the timing is right for the blitzkrieg discipline exercise, the media moves the Black Avenger to center stage and turns the drama-dial on full. The world then sits back to watch a real-time thriller far more spell-binding than the best that comes out of Hollywood.

Global real-time action, sci-fi splendor made manifest, hard-ball butt-kicking that is oh so satisfying, virile young pilots in their macabre black polyester stormtrooper suits -- and each explosion a goal for our side.

Like a crowd at a medieval hanging, or the spectators in the Roman Coliseum, people live out their revenge wet dreams, never thinking that they too may one day experience media infamy and fiery assault -- if they ever dare stand up against the NWO elite and their flying guided death machines. The only difference between Desert Storm and Waco was one of scale. And both were practice exercises."

Richard Moore


TiM Ed.: Mr. Moore should see the film, "Wag the Dog." It will give him more ammunition for his arguments.


PHOENIX - Remember the case of Michael New, a U.S. soldier who refused to serve under the "U.N. blue" in Macedonia? Here is an abbreviated message TiM received from his father, Daniel, about the U.S. Supreme Court ruling issued on March 30, 1998:

"The Supreme Court today, in a one sentence message, denied the writ of certoriari filed by Attys. Mike Farris and Herb Titus on behalf of Army Specialist Michael New. This writ was a request that the higher court order the Federal Court of Appeals to hear the case. The Court of Appeals had denied Michael New a hearing on the merits of the case last November, arguing that they have no jurisdiction.

The next step is the Army Court of Criminal Appeals, meeting in Falls Church, Virginia on 28 May. The Army has already filed its brief, in which they will tell the judges that this case is "non-justiciable," in the military courts. (Which means that THEY have no jurisdiction!) This will not be a hearing open to the public.

If the ACCA agrees with the Pentagon, and they are expected to do so, then we will be witness to an American citizen-soldier who has been ex-patriated, stripped of his legal protection by both civilian and military courts, forced out from under the umbrella of the legal protections provided in the Constitution.

This government is moving perilously close to the position of declaring, in effect, that the Constitution does not apply because it has been rendered irrelevant by treaties, by an activist judiciary, and by a spineless Congress more interested in re-election than in doing what they took an oath to do."

Daniel New

Michael New Action Fund -


PUYALLUP, WA - We received the following comment from a TiM reader responding to this writer's column - "Wall Street's Imperialism" - CHRONICLES (March 1998). His message has been abbreviated to fit our length. As you can see, this TiM reader is alleging that we have a "figurehead president," with the bankers pulling his (and our) strings and running the country:

"Get this - the Treasury Secretary told the President what sort of a deal HE had cut with his Wall Street banking pals! This kind of sums up who is really running this country and for whose benefit."

[the preceding was a quote from this writer's column in the CHRONICLES - "Wall Street's Financial Terrorism".]

"The truth of the matter is that Robert Rubin IS more powerful than the President! When you search for the Oath of Office for the 'Secretary of Treasury' you will NOT find one. What you will find is Rubin's APPOINTMENT as the alien, corporate 'Governor' of 'The Fund' and 'The Bank,' and other INTERNATIONAL organizations for a period of five years. The de jure Office of the Secretary of Treasury was formerly a cabinet level position, but after the creation of the  INDEPENDENT TREASURY in 1920-21, the funds were COMMINGLED and the Treasury of the United States of America was ABOLISHED.

With the creation of the Federal Reserve System in 1913, it set up the mechanism to economically overthrow the de jure monetary system and replace it with paper on a 'float'. Section 16 of the Federal Reserve Act, which is codified at 12 USC 411, declares that 'Federal Reserve Notes' are obligations of the United States.' The 'full faith and credit' of the United States was thereby hypothecated and re-hypothecated to the lendinginstitutions for the issuance and emission of bills of credit as legal tender. The paper circulation and transactions accounts could then be inflated by 60% and the purchasing power depreciated and reduced by an equivalent amount.

By becoming a member in the IMF, the United States re-hypothecated its obligations and the full faith and credit to the International Organization, under pretense of the Gold Reserve Act and the Articles of Agreement of the IMF. Of course, when a government becomes a voting share stockholder in any corporation, it RELINQUISHES its SOVEREIGN CHARACTER and takes on the character of the corporation. (See: Bank of the United States vs. Planters Bank of Georgia, 6 L.Ed 244). As of 1976, the United States had 19.96% of the voting share stock in the IMF, the largest of any otherNation-State.

[As of 1996, the U.S. voting share was 17.78%, more than three times higher than the next two highest countries - Germany and Japan, at 5.54% each. TiM Ed.].

After the passage of Public Law 90-269, on March 18, 1968, the United States declared it no longer guaranteed the uniform value of the coins and currency of the United States. This act REMOVED the remaining reserve requirements on circulating notes and obligations. Approximately $1.3 BILLION in gold was 'pledged' against 'gold certificates' and held as reserves against the Federal Reserve's circulating notes and obligations at this time.

Under this Act, the gold certificates were WITHDRAWN and RETIRED, the  gold then considered as 'free gold' was paid out to foreign interests at $35 per ounce at a time when the world price of gold was nearly $120 per ounce. The monetary system of gold was then replaced by a mechanism of 'Special Drawing Rights' (SDR's) within the framework of the IMF.

Now here is the rub: (1) The operations of the Exchange Stabilization Fund... and now the SDR's... are under the 'exclusive control of the Secretary of Treasury' and 'are NOT REVIEWABLE by any other officer of the United States'; (2) anything in the Exchange Stabilization Fund remains in the Fund, for the use of the Fund; (3) the new program is subject to the Articles of Agreement of the IMF in accordance with Section 3 of the SDR Act of 1968; and the Secretary of Treasury is the 'Governor' of the IMF, (4) and is NOT an officer of the United States.

The Secretary (Governor-IMF) issues an international letter of credit called a 'Special Drawing Rights certificate' to the Federal Reserve banks 'in such form and in such determination as HE may determine'. The SDR is then deposited in the Federal Reserve banks, which in turn credits the account of the Exchange Stabilization Fund with Federal Reserve Notes in an amount equal to the value of the SDR certificate. SDR's became the 'collateral security for Federal Reserve Notes'. The term 'dollar' was thereafter valued in direct and inseparable proportion to Special Drawing Rights, NOT TO 'DOLLARS,' gold and silver Coin. The 'dollar' became mere 'book entries in special accounts of the International Monetary Fund.' (See: Senate Report 1164).

Needless to say, the Constitution for the United States of America expressly provided for 'gold and silver coin'. These same metals have an intrinsic value because of their natural scarcity, and the expenditures necessary to extract, mill and refine them. The duty and obligations to maintain the purity of such a dual metallic monetary standard were determined by the Supreme Court in a case entitled, U.S. vs. Marigold, 13 L.Ed. 257, at pages 260-261. In short, Congress is 'accordingly authorized and BOUND IN DUTY to prevent its debasement and expulsion, and the destruction of the general confidence and convenience, by the influx and substitution of a spurious coin in lieu of the constitutional currency.'

But par-value requirements and the uniform value of the coins and currency of the United States were eliminated, and with the enactment of Public Law 95-147 on Oct. 28, 1977, this Act placed ALL FINANCIAL INSTITUTIONS - meaning your local bank and credit union - under the DIRECT CONTROL AND SUPERVISION of the alien, corporate, 'Governor of The Fund' and 'The Bank'. There is no longer any obligation to stabilize the exchange value of the 'dollar'. Congress no longer has any control or authority over the de facto monetary system. It has ALL been transferred to the IMF and WORLD BANK via the 'Governor' of the same.

Robert Rubin, who is also called the 'Secretary of Treasury' - a former cabinet level position that exists ONLY under PRETENSE OF NAME. The United States exists only as the ALTER-EGO of the IMF and WORLD BANK under the United Nations. Therefore, ALL so-called 'FEDERAL' funding to the several States the Union, indestructible under the Constitution for the United States of America, is in fact and law originating NOT from the 'NATIONAL/FEDERAL GOVERNMENT,' but through and from AGENTS OF FOREIGN PRINCIPALS - International Organizations - that have nothing to do at all with the United States of America.

There is no mathematical solution to this problem. The solution does, however, lie in removing this Nation from the Articles of Agreement of The Fund and The Bank. But since Congress are mere willing agents of their foreign principals, the likelihood of this happening is remote.

These are just some of the sordid details of this story. It is long and very complex. As they say, tyranny is always cloaked in complexities."

John Prukop, Legal Researcher

Citizens for a Constitutional Washington, Washington (state)

[TiM Ed: No wonder the U.S. taxpayers are being spent out of house and home by our government! Budget deficits are soaring and our national debt has gone through the roof. The U.S. is now the world's No. 1 debtor nation, according to Peter Peterson, chairman of Blackstone Group, a former chairman of the Council on Foreign Relations and the U.S. Secretary of Commerce in the Nixon administration (see his 1993 book "Facing Up"). Between 1970 and 1990, the federal government borrowing had gone from 15% of private savings to 71%.

Meanwhile, guess who is sitting pretty while the U.S. taxpayers are being gouged? The folks who collect the interest - the global bankers which, according to Mr. Prukop, have practically hijacked the U.S. government. Every year, they help themselves to several hundred billion dollars of our money in interest payments alone (the cost of our national debt was $200 billion in 1992, Peterson said, up 10 times since 1972!). And then they have the nerve to come back for more public funds in IMF-led bailouts, such as in Mexico or Southeast Asia.

That's not globalism; that's feudalism, with taxpayers in the role of serfs!].


PHOENIX - We received the following comment from a TiM reader responding to our report, "Yeltsin's 'Red October II'," (TiM GW Bulletin 98/3-10, 3/31/98):

"I don't know anything about the specifics of this post, but I do have another minute data point which may relate. In 1993, my family and I were living in Wolfheze, The Netherlands. My wife, E., had struck up a friendship with several foreign (to The Netherlands) women who were attending a seminar at the University of Wageningen, including a number of Russian women. When the flap started in Russia, several of the Russian women asked if they could come over to our house to watch events on CNN. E. said that would be fine and we became the local Russian cultural center. Our guests all contended to us that we were seeing a dictator (Yeltsin) destroying any hope of real representative government democracy.  Just the opposite of the spin from the controlled media (ours and theirs), of course."


(this reader requested anonymity)

To which the TiM Editor replied:

"Thanks for sharing your Dutch-Russian experience with us. You reminded me of where I was on Sept. 21, when Yeltsin dissolved the parliament, leading up to the 'Red October II' massacre. Here's an excerpt from a report I filed from Budapest, Hungary on September 21, 1993:

Yeltsin's Coup d'Etat

"...Once I got back to my hotel, I had dinner and went back to my room. While working on my laptop, I caught a glimpse of Yeltsin on CNN from a corner of my eye. I turned up the sound and learned of the coup d'etat which he launched barely an hour ago. 'Here we go...,' I thought. 'Some democrat he is. As one of his first steps, he banned the Communist Party in 1991! Now, he is unconstitutionally dissolving the Parliament! What will come next? A Yeltsin dictatorship instead of the Communist one? Time will tell, I suppose'..."


PHOENIX - We received the following comment from a TiM reader in South Africa who asked to be removed from our list. Read on and you'll find out why:

"Thanks for your most enlightening letters. Of all 'journalists,' your articles have been the most penetrating and thought provoking... Unfortunately I have been retrenched [meaning laid-off in North American jargon. TiM Ed.] by my company (where I have been receiving the e-mail).

Ironically, I can say I have been retrenched by the New World Order. My company, a South African chemical company, has been taken over by the American company Dow (Chemical). The company was sold because of a financial lapse, but also because the holding company, Sanlam, is itself under pressure from global competitors. So Dow have removed a competitor, the NWO gets fatter, (Cuba goes without herbicide), and I get retrenched."

John Taylor

South Africa

[This will be of little consolation to our South African reader, whom we wished good luck in his job hunt, but there is a story in today's New York Times (Apr. 2) about a similar plight of the Brazilian tobacco growers who are being driven out of business by the U.S.-based multinationals (e.g., Philip Morris). Nor are South Africa and Brazil isolated cases. You've seen from our earlier reports that the NWO globalists are destroying local economies and cultures world over. TiM Ed.]

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Also, check out other TiM READERS' FORUMS... April 1998, May 1998, Part I May 1998, Part II, June 1998, July 1998, August 1998, September 1998, October 1998, November 1998, December 1998, Part I, December 1998, Part II