Fed Approves First Communist Chinese Takeover of U.S. Bank
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Original Article Here -
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The increasingly controversial Federal Reserve offered a green light on Wednesday [May 09, 2012] for banks controlled by the Communist Chinese dictatorship to gobble up American financial institutions and enter the U.S. banking market despite national security concerns, sparking warnings among critics about the rapid spread of the brutal regime’s influence within America. Analysts, meanwhile, called the unprecedented approval a “landmark step” for regulators that could have global implications.
Under the U.S. central bank’s decision, the Industrial and Commercial Bank of China (ICBC), the largest bank in the Communist Party-run country with assets estimated at some $2.5 trillion, will be allowed to become a holding company and acquire the Bank of East Asia in New York. It marks the first time that a Communist Chinese bank — ICBC is more than 70 percent owned by the regime — has been permitted to take over an American bank. All 13 branches of the U.S. institution will be taken over.
As part of the deal, U.S. authorities also granted bank holding company status to the regime’s sovereign wealth fund, China Investment Corp, which participated in the deal. Central Huijin Investment, which holds the regime’s shares in ICBC, was approved for the classification as well. And according to analysts, Wednesday’s decision by the Fed is just the beginning.
The central bank also approved an application by the communist dictatorship’s massive Bank of China to open another branch in Chicago, adding to its existing footprint in America that includes branches in New York and Los Angeles. In a statement released online, the state-run bank — which has an estimated $1.87 trillion in assets — said it would also be expanding into the central and western regions of the country.
Another megabank owned and operated by the Chinese regime, the Agricultural Bank of China (ABC), was given permission to open its first real U.S. branch in New York. The bank already has a “representative” office in America, but with the Fed’s decision, it will now be allowed to expand its operations with a retail branch.
-Continue reading at The New American:
COMMENT FROM BRANDON SMITH, OATH KEEPERS ASSISTANT EDITOR:
For the first time ever, U.S. banks are now open for purchase by the Chinese Government through subsidiary corporations. If you had any doubts before over where global economic power is shifting to, the evidence should be crystal clear now. China is on the move to buy anything of concrete value, including U.S. properties and gold, and is obviously in preparation to expand its financial influence around the world. The point? China is being groomed by globalist organizations to become the next major economic hub, or engine, while America is being set up for massive system failure. The writing is on the wall for anyone with eyes…
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May 13th, 2012 at 12:38 am
STOP! USING! FIAT! MONEY!
Friggin LEARN already! Fiat money is the reason we’re in this mess, and we CANNOT escape it without a return to a commodity-based currency.
If they can simply print what is used as money, then they can transfer wealth to themselves whenever they want. Get your investments out of all fiat currencies:
Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.
http://www.youtube.com/watch?v=HAzExlEsIKk
May 13th, 2012 at 6:21 am
Oceania is at war with Eurasia. Oceania has always been at war with Eurasia. East Asia is our ally.
May 13th, 2012 at 12:39 pm
Both comments posted thus far, above, are spot-on. Thank you each.
Here is a somewhat related article -
Congress Debates the Federal Reserve: Reform or Abolish?
http://www.thenewamerican.com/economy/economics/item/11320-congress-debates-the-federal-reserve-reform-or-abolish
Teaser from article:
In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas).
Dr. Paul, of course, has become famous around the world for his tireless efforts to audit, expose, and abolish the central bank. He even published a best-selling book in 2009 entitled End the Fed, a title that has become a rallying cry for millions of Americans angry about the institution’s multi-trillion-dollar bailouts, market manipulations, corruption, and debasement of the currency.
The subcommittee hearing, entitled “The Federal Reserve System: Mend It or End It?”, examined a range of different proposals to reform the nation’s monetary system — it was supposed to look at six different options emanating from both parties. One of the measures on the agenda was Congressman Paul’s own “Federal Reserve Board Abolition Act,” legislation to dismantle the central bank and restore sound money based on market principles.
“More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed,” Chairman Paul said in a statement about the event. “A hundred years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar’s purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end.”
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Salute!
Elias Alias
May 13th, 2012 at 5:45 pm
Elias Alias @ comment #3,
Thank YOU GUYS so much.
Great follow-up article, by the way.
Barney Frank’s proposal looks like it’s a move toward nationalizing the banks, which would be an absolute disaster. The PROBLEM is central planning; Replacing a private institution with a government-protected monopoly with direct government “oversight” would actually be WORSE than the Federal Reserve.
Keep your eye out for these statists to continue trying to nationalize the banks like this. This article will help explain why it would be such a danger, and why it’s NOT a free market approach:
Government Money Masters: Anti-Gold Videos that Thousands of Tea Party Voters Think Are Conservative
http://www.garynorth.com/public/8574.cfm
Also, here’s a fine video of Peter Schiff debunking the claims made by Ben Bernanke about the Federal Reserve as well as its role in the Stock Market Crash of 1929:
Peter Schiff – The Fed Unspun: The Other Side of the Story
http://www.youtube.com/watch?v=zdB9I79BQRI
May 22nd, 2012 at 11:54 am
After reading the issue of a Chinese holding company purchasing part of a major US Bank Holding company Places ownership in our country in a very difficult position. ! this will allow the Chinese to convert our Treasury Securities that they hold into case. Next they will have the ability to enter Retail Banking, They will have the ability to foreclose on US properties. They will have the ability to purchase American Stocks and Bonds as the Glass-Stegal Act is no longer in effect. The Federal Reserve has permitted this to happen. It has approved this transaction. This would also permit the Chinese to fix the interest rates on our credit cards, our installment loans, and our home mortgages. It would have the ability to control Stock values. It would also have the ability to drive down the market value of corporate and government bonds. This is nothing more than an act of treason and if our Congress does not take action now we will be very very vulnerable to a financial take over by a foreign communist country.