by Texe Marrs
There can be nothing more clear than the fact that a great Global Depression is on the way. We have been standing on the edge of a cliff. The view looks terrific. But there is a cruel and selfish group of men led by supernatural forces who are going to push us off the cliff, and the fall will end with a thud and with pain and sorrow if we are not prepared.
Let us take a look to see if we can detect the signs of this coming Global Depression and the tremendous economic slump that lies just ahead. What we must do is look at a number of indicators that show us the days are truly very, very short.
The Great Savings & Loan Scam
Americans have their money stored primarily in two types of institutions: Savings & Loans and Banks. If we really wish to see the dastardly state of the American economy, we need only go to these two sectors of the economy. When we do, we come away with a most shocking discovery. Both the savings & loan institutions and our banks have already failed. They are living on borrowed time. They are like a dead body that is rotting because the funeral has been put off far, far too long by the undertaker.
On December 22, 1989 a headline in newspapers across the country trumpeted “Savings & Loans (S&L) losses pile up despite bailout.” The Associated Press reported that despite massive federal bailouts approved by President Bush and Congress, the savings & loan industry has lost $3.8 billion in the July through September 1989 quarter. AU in all, the 1989 S&L losses were the greatest in all of United States history. Ominously, the report stated, “Industry analysts said they saw little prospect for return to profitability any time soon.” One analyst, Burt Ely from Alexandria, Virginia, commented, “it is like a water torture. It is going to continue quarter after quarter after quarter.” 1
Ely’s prediction certainly was borne out. On March 27, 1990 USA Today carried the headline “Lenders Tighten the Purse Strings,” followed by another story, “S&Ls Still Suffer, Despite Bailout.” In the latter story, the newspaper reported: “Despite the government’s $160 billion bailout, the savings & loan industry continues to hemorrhage. The U.S.A’s 2,878 S&Ls lost a record $19.2 billion last year, according to data released by the Office of Thrift Supervision.” Moreover, USA Today stated that “even the roughly 2,400 ‘healthy’ S&Ls aren’t that healthy.” 2
Burt Ely, who several months before had used the term “water torture” to describe the continuing S&L crisis, was quoted by U.SA. Today as reacting: “There is disturbing news here. The cancer is spreading.”
According to the same report, 281 S&Ls were seized by the government because of financial red ink. Another 120 S&Ls were targeted for seizure during the coming year.
All in all, many financial experts believe that the collapse of the savings & loan industry could cost American taxpayers up to one trillion dollars (that is ten hundred billion). Nathaniel Nash of the New York Times compiled a story for international release that the Resolution Trust Corporation, established by Congress to manage the savings & loan bailout, will have to take over almost 1,000 institutions before the end will be in sight. What Nash failed to do was to describe exactly what end will result from this S&L catastrophe.
The Bumpy Road For Banks
Savings & loan institutions are joined in their misery by our banks. As I have traveled the United States the past three years, I heard tale after tale of people discovering that their neighborhood bank has gone out of business and has closed down its doors. Many hundreds of banks are no longer in operation.
Significantly, during the Great Depression of the 1930s, most banks were quite healthy until the depression was well under way. Not so today. We are only on the outer edge of the Great Depression, and already our banks are collapsing at an alarming rate. Over $250 billion has already been lost by the banks, a scandal that is caused by mismanagement and fraud as well as by design.
In its cover story for its money section on May 29, 1990, USA Today broadcast the news that:
Bad loans, competition take their toll on the nation’s banks. Every day the news seems to get worse about the financial condition of the U.S.A’s banks. Bad real estate loans are skyrocketing, earnings are falling, banks are failing. And the Federal Fund that insures bank deposits covers only 70 cents of every $100 it insures—the lowest level of protection since the Great Depression. 3
We cannot trust the government to tell us the truth about the impending financial calamity. Only a year before, lawmakers, banking experts, and government regulatory officials had denied that there was a major problem with U.S. banks. The experts answered an emphatic “no.” Only a few are brave enough to admit the churning chaos and boiling cauldron in which we find ourselves.
Statistics show the extent of the impending crisis. In the five years from 1985 to 1990, 791 banks failed; 540 more are reported by regulatory agencies to have problem loans and reserve problems. What that means is that they simply don’t have the money to meet their obligations.
Here is the sad state of affairs, as commented on by USA Today:
What is happening to the U.S.A’s banks? Once they stood like the Colossus, straddling the oceans to dominate the world’s financial marketplaces. In 1956, five of the top ten banks in the world were U.S. banks; in 1978, three were; today, none are.
“A nation with a second rate banking system is a second rate nation,” says Comptroller of the Currency Robert Clark. Economist Dan Brumbaugh agrees: “We are in the midst of a very important emergency,” he warns. 4
The full extent of the banking crisis is little understood by the public. The fact is that the Federal Deposit Insurance Corporation (FDIC) backs the trillions of dollars of bank deposits with only about $13.2 billion now in its insurance fund. In event of a depression, there is no way that this will be enough to cover all the losses. The same holds true for the Federal Savings & Loan Insurance Corporation (FSLIC), which was created to assure depositors that even though their savings & loan might go bankrupt, all of their money would not be lost.
When the savings & loan debacle recently mushroomed out of control, the FSLIC actually became insolvent and Congress had to rush billions of new dollars to its aid to clean up the S&L mess, which has already passed the $500 billion mark (together the banks and S&Ls are in the red $750 billion and that stupendous amount is growing!). Sometime in the near future, expect a big run on the banks and savings & loans that are left, as the crisis hits with all of its mighty impact. You may well find that there is not only no money at the cashier’s window, but that the promise of the politicians to repay you from the insurance funds backed by government agencies FDIC and FSLIC will suddenly come up null and void.
The New Money is Issued: Take It or Nothing!
Now how would they handle such an emergency—one that is sure to occur sometime this decade? The answer, of course, is: they will issue the New Money. You won’t be able to get greenbacks from your failed bank or savings & loan, but they will be willing to issue you the new pink or blue money and you will have to take it because it is all they will have available to you. Take it or leave it.
Oh yes, there are evidently eleven banks, the eleven largest in this country, that will not fail Meanwhile, hundreds of small banks throughout America are forced to close their doors; they are being gobbled up and merged with these few remaining giants. Comptroller of the Currency Todd Conover has told the House Banking Committee of Congress that these eleven banks are considered “too big to fail by the government.”
This was an amazing statement since, as I have noted, the eleven largest banks in America are owed billions by third-world nations which are unable to pay them back. In fact, nine of these eleven large banks have lent out 220 percent of their total combined equity to third-world nations and to the bankrupt nations of Russia and Eastern Europe.
If you are wondering who the “illustrious” eleven megabanks are, here is the list:
Bank of America
First National of Chicago
Banker’s Trust
Manufacturer’s Hanover Trust
Chase Manhattan
Morgan Guaranty
Citibank
Security Pacific
Chemical Bank
Wells Fargo
Continental
It should come as no surprise to you and I that the Federal Reserve Bank was created primarily to prevent these huge institutions from failing. Moreover, the owners of these eleven banks, as well as foreign interests, also own all the shares of the Federal Reserve Bank, and its directors are chosen by them.
What we can look for, then, at some future moment in time, is for these megabanks, owned by The Order, to oversee the distribution of the New Money to U.S. citizens. This will be accomplished through their thousands of branch banks, which once were friendly neighborhood banks before they were forced out of business.
The Megabank Takeover
The Lords of Money who run the huge megabanks have some big plans for how they are going to divide up America’s wealth over the next decade. The scheme of the Lords of Money is that within a few years there be only three central banks that will control world currencies and thereby direct the entire world economy. Those three banks will be the Federal Reserve Bank, the European Central Bank, and the Central Bank of Japan.
Since the European currency and the Japanese yen are to become the world’s two strongest currencies, the dollar will become the servant and workhorse of the world system. In other words, its strength is to be drained off and its value is to be diminished as the European and Japanese currencies grow stronger and more vibrant with each day. Eventually, there will be a money recall and all the world’s currencies will be merged into one single world currency. Naturally, it will be necessary at that time, before the year 2000, to have one World Central Bank. Apparently, the International Monetary Fund will control this global banking system.
Noted researcher Salem Kirban, author of an insightful report, The Coming One World Currency, reveals that “The first priority... is to shut down the small banks, develop a conglomerate of a few huge banks... all united under one central bank. Thus, a World Central Bank!” 5
Conspiratorial forces hope to close down most of the 13,000 commercial banks of the United States, converting most to branches of the few megabanks allowed to operate. To do this, they have secretly declared war against the smaller banks. That is why we see bank after bank closing its doors and the FDIC moving in to bail out depositors.
For Our Own Good?
The Order would have us believe that the consolidation of all our banks is a good thing. In Business Week magazine was an extraordinary editorial entitled “A Rare Chance to Streamline Banking.” “Current troubles in the banking industry,” said the magazine, “provide an important window of opportunity. They could help shore up the country’s jerry-built banking system and give it the efficiencies to compete in a global banking environment. The banks’ only economic function—borrowing capital and lending to businesses to facilitate commerce—must be consolidated.” 6
The unusual editorial in Business Week then went on to describe exactly how the U.S. banking industry could be “reformed.” “Here is how to do it,” they said: “permit commercial banks to consolidate into a significantly smaller pool of players. Federal and state regulators should allow mergers and acquisitions of all banks, including big money center banks.”
But that wasn’t all, falling right into line with the plans of the megabankers and behind-the-scenes conspirators whom I call the Lords of Money, the magazine stated: “Reality also demands the consolidation of government banking regulations itself.” In other words, the influential Business Week is calling for the regulation of all banks to be centralized and consolidated under one giant superregulatory agency. Believe me, if this takes place, if one central regulatory agency is allowed to take the place of all of the various state and federal authorities, that consolidated agency will be controlled by the few megabanks that are still in existence at that time. Then they can run their affairs exactly the way they please with no one to even slap their wrists as is occasionally done today when the savings and loan and banking crooks and con artists loot and defraud millions of dollars.
According to the New York Times, the White House has bought into this scheme of consolidating all of the banks into the hands of just a few. According to the newspaper, “top officials at (the Department of the) Treasury have concluded that the banks should encourage creation of very large banks... The excuse is a need to compete with large institutions in Japan and Europe.” 7
Globalist New Rules for Loans
Over the next few years, expect a gloomy future as this consolidation of banks proceeds unchecked. You will no longer be able to deal with someone you know in your home town when you wish to borrow. Instead you will probably sit down in front of the desk of an unknown bureaucrat of one of the giant megabanks who has been assigned to your local branch. Businessmen will be forced to go along with whatever conditions are placed on their operations in order to get loans so they can grow and compete.
Generally, if what they are doing does not fit in with the globalism goals of the conspirators, their loan applications will be turned down flat. Moreover, it can be expected that fundamentalist Christians, whether they be consumers or businessmen, win be left out in the cold by the new global money system and the internationalists who own our banks lock, stock, and barrel.
Meanwhile, global-minded New Age organizations and businesses will get the capital they need to grow and be able to outcompete the true, honest, patriotic businessmen left in America today.
Bible Prophecy and the Control of Money
Bible prophecy indicates that all of society will be controlled in the last days through the money and currency system. The world of the Great Tribulation will be presided over by the Lords of Money using electronic systems to direct and control all commerce and business. In turn they will be required to pledge their allegiance to the one man selected to head the global, political and economic system: the World Leader (Revelation 13:16-17).
From my voluminous research I can say with authority that the process of consolidation of our banks and the destruction of the neighborhood banking system is already far advanced. In fact, I agree with one expert who has observed:
I believe every bank in a technical sense is in trouble. None of them are solvent. The Federal Deposit Insurance Corporation (FDIC) is the only thing that is propping them up, and they have enough money to protect only one percent of all the deposits. 8
What is important for you to realize is that the handful of American megabanks have themselves already become the financial lackeys of foreigners who have no love for the American capitalist system, and as a matter of fact, despise our nation and its way of life. Remember, no longer is the United States the big kid on the block in terms of the global marketplace. What’s more, the Lords of Money in Germany, Japan, Brussels, Paris, Geneva, and Basel, aided by their American accomplices, are able to manipulate our financial system, including the Federal Reserve, as if the American institutions were puppets on a string.
We are in debt up to our necks to the global moneymen. In the Houston Chronicle not long ago, the financial pages ran a series of special articles reporting on the economic summit held in that city by the Group of Seven, the leaders of the top seven Western nations. One of the writers asked a question that was especially poignant to our situation today. “What is it like being powerless in an economic world where all the decisions are made by the World Bank, the International Monetary Fund, and the huge trading partners?” 9
The evidence is indisputable that this nation’s central bank, the Federal Reserve, is sold out to the globalists. Notably, Lenin, the founder of communist Russia, once said, “a central bank is 90 percent of communizing a country.” 10 In the radiant New International Economic Order planned for all of us by the elitists, the Federal Reserve Bank of the United States will be merged with and become subservient to an even greater central bank: the World Central Bank.
What to Look For...
Next, you will be informed by the news media that the deposits of all banks have been frozen. It is possible to do this under Emergency Banking Regulation Number 1, 1961. But not to worry. Within a few days, the banks will reopen and, yes, they will have plenty of the New Money. In a slick con-job attempt, the government will assure you that your New Money will be good not only throughout the 50 states plus the territories of the United States of America, but throughout the world because it is being linked with all other currencies. The good news, you will be told, is that there is now an international currency.
Yes, it may have differences in design and esoteric symbols from country to country. But remember that little blank space, that white void I mentioned previously? You will notice in the new currency notes that there is a certain number, symbol, or mark within that space, or a picture of a man. Hold a bill to the light, and there you will see it. That is the sign, that is the indicator that this piece of paper will be convertible on the world currency exchanges. It doesn’t matter whether you travel to Germany, Canada, Mexico, Jamaica, Brazil, or the Soviet Union, your money will be good. Or will it?
Houses And Autos Take The Plunge
In addition to the failure of our banks and savings & loans there is currently a depression in the real estate market. Rising home prices helped fuel consumer spending booms during the 60s and 70s. During the 80s, real estate in some markets of the economy, particularly in the northeast, in New England and in California on the West coast, continued to skyrocket upward. But as 1990 rolled around, the sizzle had turned to pop and hiss. A real estate crunch has developed on the East coast and in New England, and prices on the West Coast in California have begun to stabilize and drop.