According to John Key the “products” now destroying the global economy were developed after he left the banking world. That doesn’t sit well with me because like most things John Key says when he opens his mouth it’s a lie and here is why:
Even if you accept that according to most financial pundits Blythe Masters of JP Morgan Chase was the inventor of the Collateral Default Swap or CDS now generally seen as the financial instrument causing the collapse of the entire global economy these instruments of Mass destruction were developed in 1993, well before John Key left the banking world. In fact a Nobel price winning economist called predicted in 1993 that these CDS’s would one day collapse the entire financial system.
What is even more troubling about John Key’s assertion that CDS’s were developed after he left banking is the fact that the Bankers trust bank, the banks which set John Key on his journey towards his vast fortune really was the first banks to dabble in these instruments well before Blythe Masters and in fact collapsed because their customers figured out they were being shafted with Derivatives. So John Key knew very well when the instruments now destroying our economy were really developed and if he says otherwise he is lying.
John Key has also been “wrong”on just about every forecast he made and acted like a veritable snakeoil salesman with regards to his epection promises except on the fact that he was going to sell NZ off.
So with a pattern of deception on John Key’s part firmly established let’s go one step further with my assertion that when a banker opens his mouth he’s lying.
A couple of days ago I wrote a post on some of the more baffling banking investment terms and their meaning to bankers. I suggest you read up on them so you may understand the next video of Max Keiser in which he and Stacey Herbert explain what is happening in the banking world and in the second half the interview with Francine McKenna of reTheAuditors.com.
In the video Several banks are mentioned. Bank of America which bought Merrill Lynch, JP Morgan Chase and Goldman Sachs.
All of who’s CEO’s are in over their heads in the above described fraudulent practices.
JP Morgan’s Jamie Dimon is implicated in the theft of almost $ 2 billion from customers of MF global, Loyd Blankfein who claims to do Gods work and whom John Key allegedly met when in New York to talk about making New Zealand a financial hub is involved in the bail out scams and the short selling destruction of Greece and bank of America just dumped $75 TRILLION of it’s derivatives exposure (inherited from Merrill Lynch, John Key’s old firm no less) on the American taxpayer.
And here is were it gets really disturbing. It should be clear from the above that not only did John Key lie about the CDS instruments and his knowledge of them being the cause of the financial collapse we are witnessing( in fact here he confesses to knowing full well that it was plain to see that these instruments were fraudulent) it appears that without Governmental oversight his Finance minister has borrowed and invested $ 112 Billion in the self same instruments now collapsing.
It turns out he did so applying the exact same method the too big to fail banks have been deceiving the SEC with is called off the balance sheet accounting. Another thing John Key knows all about since it was the cause of a spectacular collapse of one of Merrill Lynch’s customers right at the same time John Key was the head of the European department of Bonds and Derivatives and the global head of Forex for that same bank. That client was Enron and dragged three top managers of ML with it at the time in 1999 two years before John Key left the bank to return to New Zealand to become our Prime Minister.