A former American investment banker and prominent bureaucrat told the National Citizens Inquiry on COVID-19 that US treasury funds have been syphoned for decades..Catherine Austin Fitts, former managing director of Dillon, Read & Co, testified to the NCI on its first day of hearings in Ottawa May 17. She said COVID-19 accelerated a centralization of wealth in the hands of big business, but this effort had been going on for decades..Fitts served as Assistant Secretary of Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development in 1989-90 during the first George Bush administration. She was tasked with “trying to clean up” the department after the Savings and Loans Scandal and “became convinced that there was a form of systemic fraud going on.”.After she left the government, Fitts used GIS software to map out how federal credit worked in various nations..“There was an enormous gap between the official picture of what was happening with federal…spending or credit, and what was really happening in neighbourhoods on the ground,” she said..Fitts investigated the “black budget”, which she said grew enormously in the US after the Second World War. She said US federal budgets and presidential executive orders have allowed “secret money accessible to corporations” in the name of “military and intelligence.”.“I had been told by one of the largest pension fund investors that spring of 1997… they've given up on the country, they're moving all the money out starting in the fall…I didn't understand he meant no, literally, we're going to have a financial coup, because at the beginning of the next fiscal year…huge amounts of money started to go missing. And it got worse and worse and worse,” Fitts said..“There was a real effort before 9/11 to get to the bottom of what was happening and stop it; 9/11 changed all of that.”.Fitts said $6.5 trillion went missing from the Department of Defence in 2015 alone. Dr. Mark Skidmore, a professor at Michigan State University, was skeptical, but confirmed Fitts’ findings. He got his students to investigate, and, by 2015, found $21 trillion was missing..“The official number of outstanding Treasury securities on the federal balance sheet at that time was $21 trillion, same amount, which we thought was remarkable,” Fitts said $31 trillion more has gone missing from federal coffers since then..In October 2018, the U.S. government implemented a new accounting provision that made the threat worse..“Federal Accounting Standards Advisory Board Statement 56… basically said…they could ignore the constitutional provisions, the legal provisions and the regulatory provisions of financial management law,” she explained..“A small secret group of people by a secret process can move as much of the federal budget and financial statements as they want, private and secret, and no one can know what that is. And it basically meant non-appropriated money could be spent and there would be no disclosures.”.Fitts said none of this spending is constitutional and the exit of money from the system leaves nothing left for social security..“If you don't fully fund your obligations, you're going to have to extend the retirement age, drain or dilute away the benefits with inflation, or depopulate, or some combination. You have to abrogate your contracts, inflate the money away or lower life expectancy,” she said..“One of the ways to significantly reduce the population on a slow and steady basis is to increase toxicity levels and lower immune system and then each person dies of their own individual weakness.”.Fitts said lower quality food, more environmental pollution and toxicity, and deterioration of water and sewer systems is part of a “great poisoning” alongside other schemes to undermine the wealth of society to the benefit of a few..“The budget deal in 1995 did a crash and burn. It was literally the next month that the predatory lending took off like a rocket and the FDA approved OxyContin. And if you look at the extent to which the pill mills and the predatory lending targeted the same neighbourhoods, we also saw the private prison effort target the same neighbourhoods,” she said..Fitts said her online book entitled “Dillon Read & Co. Inc. & the Aristocracy of Stock Profits” documents “the extraordinary increases of narcotics trafficking in those communities, and at the same time enforcement efforts to round people up and put them in private prison, where they would work at low costs for big corporations.”.She said the pandemic did to middle and upper classes what previous schemes did to lower ones, all to consolidate wealth and control. She said some of her clients lost generations of wealth because of vaccine injuries, apparently even before the pandemic..“It is a financial coup d'etat because you are ending national sovereignty and putting the world under a dictatorship of the bankers so to speak…putting in a system of financial and physical controls,” she said..“I’m speaking about what we see as the Chinese social credit system. So, if you make the wrong post on the internet, then all of a sudden, you can't take the subway to work in the morning.”.Fitts said people should use cash and halt the advancement of digital currencies and smart cities instead of building the infrastructure for their own enslavement. She said a financial reset that benefits everyone is possible and promising, but must be fought for. Otherwise its chance to succeed is “zero.”.The woman Businessweek called “Wall Street’s foremost champion” of public utilities bonds, warned “the corruption is deep.”.“I'm talking about criminality by Wall Street and Washington that is supported in every county in America,” she said..“Crime that pays is crime that stays. And unfortunately, we have now built globally in the financial system an extraordinary dependency on war and on organized crime, and you have way too many people making money from helping other people fail, as opposed to making money on helping other people succeed.”
