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For Release: 4:30 p.m. EST, Feb. 26, 2011 GLOBAL FRAUD: GLOBAL HOPE An Address to the International UFO Congress Fort McDowell Resort, Scottsdale, Arizona Saturday, February 26, 2011 by Hon. Paul Hellyer, P.C. Former Canadian Minister of National Defence The world financial system is a total fraud.  It is one gargantuan Ponzi scheme, no better than the one Bernie Madoff used to swindle his friends and neighbors, and thousands of times worse if you add up the total n umber of victims it has ripped off over countless generations. The principal difference between the two schemes is that Madoff was acting outside the law while the international banking cartel has persuaded generation after generation of monarchs, presidents and prime ministers to provide legislative protection for their larceny. The banks Ponzi scheme is alarmingly simple.  They lend the same money to several people or institutions at the same time and c ollect interest on it from each.  What the banks really lend, however, is their credit, and what they take b ack in compensation for that privilege is a debt that must be repaid with interest. The number of times they lend the same money is called leverage.  The p ractice is as old as the hills but for our purposes we ca n start with the goldsmiths of Lombard Street in London, England, who a ccepted deposits for which they issued certificates redeemable on demand.  They paid their depositors a nominal interest rate on the understanding that they could lend the money to their customers at higher interest rates.  They soon found that they could lend more than they had in their vaults because o nly a few depositors came in to redeem their gold or silver at any one time.  It was a scam.  It was illegal. Nevertheless they got away with it for a long while and the scam was legitimized when the Bank of England was chartered to help King William finance his war.  Rich people subscribed £1,200,000 in gold and silver, as capital, to found the bank, which then was lent to the government at 8 percent.  To show his appreciation the King allowed the bank to print £1,200,000 in banknotes and lend them at high interest rates.  In effect, the bank was allowed to lend the same money twice – once to the government and once to the people.

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