From Wikipedia, the free encyclopedia

The Office of International Treasury Control (OITC) is a controversial entity which claims to be associated with the United Nations and the Federal Reserve, the central bank of the United States. Its high-profile interventions in local economic affairs have attracted public controversy in Ecuador, Fiji and the United Kingdom. The bona fides of OITC and its principal figures have been questioned by government and law enforcement agencies, and the UN and Federal Reserve have denied any knowledge of or connection with OITC.

[edit] The OITC's status

The OITC claims to be "an international institution registered under the United Nations (under UN Charter Control No: 10-60847) with substantial assets in its control" ^[1]. OITC spokesmen have claimed that the organisation has been chartered by the United Nations under a secret protocol and that "until today [it has been] a secret organization known by some particularly in the highest levels of banking". Papers issued by the OITC state that it was established by "Governments of the World of Legal Decadency". ^[2]

However, it has consistently declined to publish any independent verification of its status, claiming that only individuals with a "level 3" or "level 5" security classification can see its "protocol for verification". According to an OITC spokesman, "the protocol for verification can only be undertaken by a senior member of the Government or the Reserve Bank. That's why you will never find anything about it on the Internet."^[3] The UN is supposedly "legally bound" to respond to a verification request but only as long as the requisite protocols and procedures are followed, otherwise "no response will be received from the United Nations." The only way a verification request can be made is "through the UN headquarters in New York or Geneva, not via, or by, any sub-office of the UN."^[4]. According to Keith Scott^[5], the OITC's "Chief of Cabinet" and "Special Envoy and Executor for His Excellency [Ray Cchat Dam]", the OITC is run by the UN "under a concept of plausible deniability."^[6]

These claims have been denied by the United Nations. According to the UN, "there is no such thing as a 'UN Charter Control Number,' quoted by the organisation to prove its validity."^[7] The UN's representative in Fiji was unable to "verify its existence and its security rating"^[4] and the UN's representative in Colombia has stated that all UN agencies are listed on the UN's official website and that they know of no secret agencies ^[8].

Scott claims that the OITC was set up following a paper that he presented to the US Federal Reserve in 1998 requesting that Dr. Ray Chhat Dam of Thailand be appointed as "the sole arbiter of the centralized wealth of the world, which was controlled under the Federal Reserve under the Bank of International Settlements". OITC funds are said to be "held in an organization called the Institutional Parent Administration Account." ^[9]

Scott has also stated that the OITC's funds are "held in the Institutional Parent Administration Account of the Federal Reserve System." However, the US government has stated that "within the Federal Reserve there exists no organization or department with the initials OITC, nor anything similar to this." ^[8] The Bank for International Settlements – an international organization representing central banks – has also denied any knowledge of the OITC. ^[10]

The physical location of the OITC is also unclear. According to a document produced by the OITC in March 2006, it has offices in Malaysia, the Netherlands, the United States, Australia and Ecuador.^[11] Elsewhere it has been claimed that the OITC has head offices in Singapore and Cambodia.^[12] However, the UK Daily Telegraph noted in 2005 that "the Bangkok number on their letterhead doesn't exist" and in April 2006 the Fiji Islands Trade and Investment Bureau found that the OITC "neither has any fixed address or office, nor are there any reliable contact addresses." Correspondence said to be from OITC officers lists Freeserve e-mail addresses as contacts, and the organization has no Internet website.

The OITC has taken a notably aggressive line concerning efforts to establish its bona fides. Speaking at a press conference in Fiji, OITC representative Masi Kaumaitotoya told the local media: "Don't you ever, ever, ever again report negatively on OITC or we'll sue you for defamation."^[3] Individuals claiming to represent the OITC have also accused online critics of "serious defamation in the plural" [sic]. ^[13]

[edit] The OITC and MG Rover

The OITC first came to public attention in 2005 with an attempted bid for the failed MG Rover Group in the United Kingdom. The London Daily Telegraph reported that "a Mr David Sale and a Dr Ray Dam claim to have offered to buy MG Rover for $5 billion." The Financial Times reported that the OITC had given the administrators a deposit of one pound, made out as a postal order.^[7] According to Sale and Dam, Rover's administrators PriceWaterhouseCoopers (PWC) were refusing to take their bid seriously even though (according to them) Prime Minister Tony Blair had acknowledged it in a letter. However, PWC told the Telegraph that it had never heard of the OITC and the Prime Minister's office had no record of the OITC's letter.^[2] The bid met with considerable skepticism among MG Rover enthusiasts ^[14] and was evidently discarded by the administrators, as the OITC did not appear on the final list of bidders.

[edit] The OITC and Ecuador

In late 2005 Germania Ullauri, the mayoress of the Ecuadorian municipality of Oña, travelled to Cambodia to meet representatives of the OITC to discuss an investment proposal. According to the local media, OITC called itself variously the Oficina Internacional de Control del Tesoro or Oficina Internacional de Control de Tesorería. It represented itself as being headquartered in Singapore, Cambodia and Malaysia, and declared its intention to establish an office in the Ecuadorian city of Guayaquil.

The OITC appointed Ullauri as its "ambassador" to the 219 municipalities of Ecuador. Following her trip to Cambodia, she convened a meeting of municipal leaders from Ecuador's Azuay, Cañar and Morona-Santiago Provinces to brief them on the OITC's proposals.^[12]

The OITC proposed to invest US$150 million in a hydro-electric project in the region, subject to Ullauri placing $20,000 in a bank account in Kuala Lumpur, Malaysia as a deposit. She paid in the money as requested in December 2005 but several months later there was no sign of the promised millions from the OITC.^[15] In mid-April 2006 Ullauri publicly denounced the OITC as a fraud and lodged a complaint against its principal, Ray Cchat Dam, and two Ecuadorians said to be its local agents.^[16]

[edit] The OITC and Fiji

In late February 2006, the OITC made a public offer to invest F$6 billion (US$3.5 billion) in a bank for indigenous Fijians, to be established in conjunction with the Viti Landowners and Resources Association (VLRA). Another $2.5 billion was later offered, for a total of $6 billion. The OITC's "Chief of Cabinet", Keith Scott, met with the Fijian finance minister Ratu Jone Kubuabola and 215 middle level Fijian chiefs to promise that the money would be brought to Fiji and that "this cannot be stopped by any human being."^[17] According to Ratu Osea Gavidi of the VLRA, the bank would help Fijians to access funds for development purposes which they could not get from commercial organizations, and so make it easier for Fijians to obtain loans.^[18] Ratu Osea claimed that the OITC had already invested $400 billion in China, though the Chinese Embassy in Fiji was unable to confirm this. ^[19]

A memorandum of understanding was signed on 3 March between Scott and the head of the VLRA, under which the OITC was to provide 50% of the bank's funding and the landowners the other 50%. They were expected to use their land and resources as collateral. Under the terms of the MOU, the OITC would fund equipment for landowners, the development of a "Community Aged Center", the development of a community-owned tourist and resort centre, the construction of modern prisons and support for a reforestation programme. The MOU was signed in chaotic circumstances which culminated in the attending journalists being thrown out by security guards acting for the OITC.^[11] Ratu Osea Gavidi subsequently claimed that the OITC had already deposited $3 billion in a bank account but the Reserve Bank of Fiji's Deputy Governor, Sada Reddy, denied that any such transaction had taken place. ^[20]

The OITC's offer attracted immediate suspicion from a number of sources. The Fijian media played a leading role in questioning the bona fides of the OITC and pointed out the lack of verifiable information, to the evident annoyance of OITC representatives who threatened to sue "for so much the biggest insurance company in the world would not be able to pay the damages." ^[21] In response, the country's leading newspaper, the Fiji Times, ran a front-page open letter to the OITC's Keith Scott, declaring: "You cannot continue to refuse to tell us, the people of Fiji, who you are. ... Mere words and assurances are not enough. We want hard, commercial facts that we can check and verify."^[22]

[edit] Government views

The Fijian government expressed serious concerns about the deal and the bona fides of the OITC. Fiji's finance ministry noted that the OITC had provided no proof that it had the money and the home affairs minister, Josefa Vosanibola, asked the immigration service and police to investigate the bona fides of Scott and the OITC.^[21] Vosanibola said that the government had no knowledge of either party and noted that neither Scott nor the OITC had submitted an application to do business in Fiji, as required by immigration regulations. The Native Land Trust Board also told the Viti Landowners and Resources Association that it had "no legal authority to sell native land privately."^[23]

The Prime Minister of Fiji, Laisenia Qarase, who is himself a former bank managing director, also questioned the deal. He told the Fiji Times newspaper, "I doubt the people will see the money" and commented that "no one in their right mind would inject such a large sum of money into an economy as small as ours. They (VLRA) must be careful when someone comes along and promises such a thing, they must check it out first." ^[17]

Following the Fijian government's request for a police investigation, Fiji Commissioner of Police Andrew Hughes told the media that "nothing that [the police] received gave credence or legitimacy to the organisation and Mr Scott ... What we can say is that the information that we do have at hand leads us to conclude that the proposed transaction is highly irregular, it is questionable and leaves me with a profound level of suspicion." He urged the Fijian parties to the OITC deal not to "send any money if it's requested as some form of an advanced fee for this transaction to proceed" (the sending of advance fees is a widely used method of fraud). He also disclosed that Keith Scott was "known by Australian authorities", though he was not at liberty to provide further details.^[24]

The OITC's deal was viewed with scepticism in other areas of Fijian society. The country's Great Council of Chiefs expressed concern, noting that there had been recent high-profile instances of fraud, and advised Fijians to be careful about assessing such promises. ^[25] Fiji's newspapers ran numerous letters questioning the veracity of the OITC's claims. An online poll run by fijilive.com asked "Is Dr Keith Scott and OITC's multi-billion dollar donation to Fiji landowners genuine?"; 89% of respondents voted no.^[26] The Fiji Sun published a strongly-worded denunciation of the OITC, calling it "a scam in the making" and a "get-rich scheme".^[27] However, some other prominent groups supported the deal. The Assembly of Christian Churches, an affiliate of the Viti Landowners and Resources Association, supported the deal and stated that it had no doubts about the bona fides of the OITC.^[28]

In the end, the deal apparently fell through after the Fiji Islands Trade and Investment Board (FTIB) rejected an application to set up a bank, which had been submitted by an entity called Triunion Investment Holdings Limited on behalf of the OITC. The FTIB found that the OITC "neither has any fixed address or office nor are there any reliable contact addresses which are pivotal for approval of applications." The decision produced an angry response from the head of the VLRA, who vowed that "Our relationship with the OITC will continue no matter what." ^[29]

[edit] References

[edit] External links

http://en.wikipedia.org/wiki/Office_of_International_Treasury_Control

*************************

UNITED NATIONS:  OFFICE OF INTERNATIONAL TREASURY CONTROL.

 OBJECTIVES

MAKING THE PLAN WORK

1.OITC has a simple and overarching objective. This is to do the greatest amount of good it can with the resources it has available to it. To do less than it can, or less than it should, is not, and will never be the option.

2.OITC has given considerable thought to the best way of achieving this objective and ensuring the success of its programs, each of which brings its own special circumstances and a different range of problems and risks for the success and the sustainability of each investment program.

3.OITC has therefore decided that it will adopt a stance which places it close to the people for whom it’s programs are intended and close to the best advice that the International and NGO communities can provide.  It will observe and take note of the extensive lessons learned in the delivery of humanitarian aid programs over the last three decades.

4.OITC will therefore seek advice from the practitioners dispensing humanitarian aid in the countries where it will become involved, and will establish consultative groups of eminent and Internationally recognized individuals who will be requested to advise it on the design and conduct of it’s programs. These independent consultative groups will subsequently assist with the review and realignment of the programs on a continuing and proactive basis.

5.OITC has established an operational structure for strong, independent and, above all, quick decision making which will allow it to respond to changing needs and circumstances, and to introduce long-term programs with minimal lead time and low overhead costs. Additionally it has provided for professional advice and management services from outside OITC to allow maximum flexibility in its responses, and the control of fixed costs and performance. The operational structure also provides for the appointment of subject and program specialists, and professional service companies for project management, all under performance linked contracts.

6.OITC’s approach to program and project management and implementation will be commercial. It expects that the experts, once selected will do their job. If they fail, the failure will be seen as their failure. If they appoint bad managers or project staff, it will be their responsibility to replace them. If they have a management problem, it will also be their responsibility to fix the problem.

7.OITC will set the direction, decide what it wants the program to achieve, how it wants this done, where it wants to do it, why it wants to do it, what are the realistic goals, and approve a realistic budget. OITC will approach the matter in a pragmatic way, allowing the appointed specialists the flexibility in the way they staff the projects, commensurate only with the need to maintain appropriate experience and skills, and the agreed in-country commitments.?

..............................................................

A RATIONAL IMPLEMENTATION PLAN FOR CREATING SUCCESS

Specific projects will be assigned to external consultants and contractors with a proven and creditable record of achievement. The consultants shall:

1.Carry out comprehensive feasibility studies to establish the social, economic and environment impacts of the specific projects.

2.Provide all necessary data to OITC through it’s directly appointed management consultant and principal advisor for evaluation and referral to the Review Board which then has the responsibility of recommending and confirming the programs and individual project within which OITC will engage.

3.Work together with the Government Departments and Ministries directly involved with any project, wherever possible employing the Government Departments and officials to assist in the planning and development of infrastructure, developmental and humanitarian projects, and in all projects utilizing national resources or creating renewable resources.

4.Set up, structure and organize management and technical teams for all projects on the best person for the job basis, but with the eventual aim of developing indigenous technical and managerial expertise. This will be a fundamental requirement to protect the funds invested in the project and the credibility of OITC as a whole. The consultant shall also adopt approaches that will assist the sustainability of the project beyond the initial investment.

5.Undertake management and control of OITC’s investment into infrastructure and public utilities development, for example electricity generation and transmission, irrigation, water supply and sanitation, solid waste management, and other projects where the construction of the project occurs as a separate activity divorced from the day to day operations following the completion of the project, these to be operated by each affected Community.

6.Establish working disciplines and guidelines for the management of each project and commercial undertaking by OITC and ensure that local technical staff has the best training and project involvement to develop their technical capacity.

The use of consulting companies will allow OITC to:

1.Obtain proven capabilities and an established management structure.

2.Establish the projects at arms length, allowing impartial monitoring of progress. Any shortcomings can be addressed firmly without direct impact on OITC. Commercial decisions and change can be made without compromising OITC who can therefore associate with success and will be in a position to correct any implementation deficiency quickly, and substitute new arrangements without impact on its corporate image or organizational structure.

OITC’s vision can be established on many levels, and in many different areas because it is not limited by the day-to-day requirements, and operational requirements. The structure and the extensive use of consultants and private contractors will allow OITC to oversee every aspect of its operations in a timely and meaningful manner.

...........................................................

VIABLE ORGANIZATION THAT PROVIDES SOUND AND PROGRESSIVE MANAGEMENT

Building upon the above organizational concept OITC has established an Operational Structure for simple, but highly effective and efficient decision making. The Operational Structure also establishes a process for developing programs and individual projects from initial inception, through development and feasibility assessment to acceptance and implementation. It provides a streamlined an efficient means by which OITC can:

1.Maintain a systematic and successful set of priorities.

2.Maintain the efficient use of its resources and yet have the correct checks and balances in its activities.

3.Ensure all programs, and particularly individual projects are feasible.

4.Provide an organized and adequate level of decision at each stage.

5.Create transparent management that has a simple structure and is without bureaucratic procedures.

6.Maintain flexibility allowing projects to be initiated quickly and realigned as circumstances alter.

7.Review decisions in a professional and adequate manner.

8.Maintain firm control over OITC’s activities.

9.Assess and audit performance and achievement.

10.Detect and correct any deficiencies in management and overall project performance, and to initiate corrective actions quickly.

11.Establish a balance of investments between countries and sectors in a manner where the various programs complement each other.

12.Maintain a transparent record of investment.

13.Maintain firm control of OITC’s funds.

14.Protect OITC’s image, and the integrity of those directly associated with OITC.

..............................................................

OITC Conversion of Foreign Debt, to Internal Debt, to Foreign Currency Reserves. 

Investment Methodology Overview

1.Acquisition of a Bank / Banking license

2.This is the fundamental pre-requisite for this program Having a bank will allow us to work much more efficiently so that we may:-

3.Deposit the assets into our own commercial bank, which will;

1. Simplify the verification and transfer of the assets;

2. Allow us to utilize the leveraged value of the assets by then depositing the assets into the Central Bank and underwriting them through the Federal Reserve System which then strengthens the holdings of the Central Bank as well as the national economic system.

4.More effectively monitor the financial contributions to, and requirements, of project funding.

5.Undertake financial development projects such as micro-finance loans for the very poor, all the time maintaining a commercial nexus which will, in turn, create more incentive for correct financial management and responsibility

6.Establishment of Joint Venture Corporation

7.The Government party in each country would establish a State Owned "Resource Management Corporation" (RMC) into which both existing standing State owned forests and State owned land available for community based reforestation could be committed. Ownership of the land does not need to be transferred, merely the trees and the use of the land. Oil, gas and other mineral tenements may be committed in the same way, as also public housing programs are very viable. This RMC should then acquire either an existing bank or, at the very least, a banking license.

8.Initially, an asset (between US$2 Billion and US$10 Billion) would be transferred into the Central Bank of the Nation, through the abovementioned bank. These funds, belonging to OITC would then be used to pay down or eliminate foreign debt. This transfers the foreign debt obligation to the benefit of the OITC. The RMC then purchases that obligation from OITC, and pays in  consideration thereof, a 25% stake in the RMC. This internalizes and liquidates the former foreign debt.

9.With a 25% interest in the RMC (which owns 100% of the established bank), OITC would then cause the creation of Forestry Bonds , Housing Bonds, Mineral Bonds, etc. to the benefit of the RMC. These Bonds would be underwritten by assets of OITC that are held within the Institutional Parent Registration Accounts of the Fedsystem/BIS that are owned by OITC. These Bonds undergo a usage process that creates full circular foreign currency reserves. This converts the internal debt into foreign currency assets.

1.The RMC issued Bonds will be underwritten and irrevocably and unconditionally guaranteed against any form of default by the Office of International Treasury Control, this guarantee issued against assets held within the Federal Reserve System.

2.This means that the Bonds will be fully underwritten by Federal Reserve System Institutional Parent Registration Accounts, fully backed by gold and can also be fully insured. This makes them good for full circular foreign currency reserves that can be fully leveraged.

3.This is because Bonds may be issued in any currency and may, ultimately, be held by the Central Bank of the Nation as full circular foreign exchange reserves.

4.The Bonds will be issued as “Bearer Bonds” so that future transactions may be simplified

5.The Bond process will be as follows:

6.The RMC Commercial Bank will, via Book Entry, purchase the Bonds from RMC.

7.This credits the funds of the purchase to RMC, allowing RMC to enter debits to fund the reforestation program;

8.RMC Commercial Bank will deposit the Bonds into their account at the Central Bank of the Nation;

9.The Bonds may be Book Entered and held as foreign currency reserves, or utilized on the international market. Bonds will be periodically settled and retired each two years.

10.The Bonds will be replaced by a new, higher value Bond, reflecting the growth of assets and, thus, the growth in value that supports the Bonds.

11.In doing so, a debt obligation is created that will always be met; the obligation being converted to an asset which is, in turn, monetized.

12.The process may be revolutionary, but it is consistent with financial norms and it is fully consistent with good economic management practices. Debt, and its corresponding obligations for repayment, are a fundamental element of good economic management within a single society, but in a global perspective where control is given by a borrowing Nation to a faceless front of a Nation that exploits that obligation for their own benefit, the fiat concept of fiscal management becomes abused by the loan currency provider. This system counteracts this economic exploitation.

...................................................................

WHY OITC DESIGNED METHODS CREATE SUCH GREAT BENEFIT. 

1.OITC methods that cause cycles of wealth creation as opposed to debt structure, is what makes the OITC alternative so beneficial. They concentrate on building wealth within countries instead of compelling countries into the servitude and bondage of debt to wealthier countries. This is not only possible, it is the simplest means of wealth creation for it does not provide a benefit that is then more than fully offset by a cost such as debt. It provides benefits for the recipient country and as these benefits are created, they in turn become the basis of more and greater benefits. The wealth that is developed through this system is real and genuine and the people benefit from this. If debt is owed, one creates nothing, for wealth is then brought forward from debt and the debt and it’s subsequent obligation is usually greater than the value received.

2.The key is investment, not borrowings that raid the public purse and compel nations into debts that they cannot now afford to pay. There is no need for any country to to bury itself under crippling debt levels.

3.What OITC does rely on is the concept of “no charity”. In fact, charity in their view is disastrous as it compels the wrong focus. The focus for every country must be on self sufficiency and effective, interactive and balanced trade. However, to stimulate the move toward self sufficiency, OITC uses the normal system for economic growth publicly espoused by the Federal Reserve and the western world. It is the deviation from these basic principles that impairs a country’s capacity to economically develop, thus making that country a milking cow for the richer nations. OITC are quite firm in these procedures and will not invest unless certain criteria exists for proper economic development, which is why they require the establishment of good and productive relationship with the Government and Central Bank of each country and a commercial bank of their own.

4.OITC have few requirements of countries in which they will invest. One of the requirements is that the in country entity that will be established between the Government and OITC shall have at least a 25% interest in a commercial bank within each country they assist.   The stronger the level of ownership in a local commercial bank, then the stronger is the capacity of OITC to invest in that community. Without this being made available to OITC, they are unable to invest. The reason for this is that without such a facility being available to them, it is impossible for them to structure their wealth creation system. This system is based on natural leverage against Central Bank deposits and it needs the strengthening of the National Central Banking system for the value to accrue within the nation., but within the same system, through the Central Bank they can maintain leverage through the external financial systems. This is the reason for requiring a commercial bank within each country.OITC is all about building. Where much of the third world has lost momentum, is in the concept that they must borrow.

1.Borrowing is a form of economic death for developing countries.  Why? Because when we borrow we pay more than anything is worth for everything we acquire. This is what has brought too many Nations to crippling debt levels under IMF and World Bank management.

2.Consider. If a country borrows $500,000,000  from the World Bank at 5% per annum, repayable over twenty years to build a road, they must first bear the deductions, then they must bear the cost of interest and the road is a net accumulated debt. The debt of that country that has been incurred, now becomes an asset of the World Bank on the promise to repay being a debt obligation of the good faith and credit of that country for in excess of One Billion Dollars (principal and interest) for a road worth $500 million dollars.

3. Debt obligation does not always correspond to the actual gain and the obligation papers (mortgage) would then belong to the World Bank and is their asset, which they pledge back to the Federal Reserve. The Federal Reserve System is the ultimate lender as the profits earned by making the loan to the borrowing nation belong to the United States as the loan will be denominated in United States Dollars.

4.Alternatively, if OITC invest in building the road they will accept the same obligation for repayment as the World Bank, the difference being that they will reinvest wealth created by that obligation back into other facilities within that country. This means that the debt becomes an asset of OITC. OITC then pledge that asset back to the Central Bank, refund against that obligation and invest those funds back into the same country.

5.Put simply, the investment creates an asset. The asset can be pledged for value via book entry within the commercial bank and funds can be created against it. These funds create another asset, which is then reinvested into the creation of another asset, which is pledged through book entry into the bank and funds created against it and invested into the creation of another asset so the system repeats itself time after time. Normal banking.

6.The assets created might be housing, water supply, an industrial enterprise, communication systems, machinery, electrical power supply or even sewerage and waste management, etc. etc.. This in turn creates greater wealth which they then reinvest into other aspects in that country whose growing wealth is corresponding to debt obligations that are immediately converted to assets within the commercial banking system. Growing assets create growing wealth which opposes growing debt creating further debt. The difference between the two systems is that the OITC system creates wealth that is then used to create further wealth within any country, while borrowing serves only to dissipate the wealth of the nation. It is true that wealth is created from debt, for that is the entire basis of the Keynes Theorem relating to fiat currencies. However, accumulated debt is merely that, it is an accumulation of obligation to the benefit of others. In the OITC structure, the mortgage value accrues to the nation and to a lesser degree to OITC, who then use it within the same country to generate further wealth. OITC investment stays within the country. It builds wealth. It supports the institutions of economic governance and management.

.............................................................

COLD, HARD REALITY. THE IMPOVERISHMENT OF NATIONS NEED NEVER HAVE OCCURRED.

Since World War II, most nations have been driven into absolute poverty. How has this occurred and why has it occurred?

1.Primarily one may consider the vested interests of the most powerful nations, that then economically and politically subjugate the poorer nations, whether by intention in order to impose political and economic influence that benefits the powerful, or as a non intended fact, as being the primary instigators of global poverty. One may argue that corruption in countries with weak political syste …………….ms and failures in applying rule of law is to blame. The truth is, these poor countries have been misled and lead into poverty. Whether this occurred either advertently or inadvertently is not so material, what matters is that the political interests of the powerful nations have controlled, and at times destroyed, the economic opportunities of the poorer nations.

2.It is the right of all nations to pursue their own interests in a competitive world. We therefore do not say what has occurred is wrong. What we say is there are better ways to peace and security, and better and fairer ways to bring equality between nations, an equality that will lead to peace and security.

3.The horrible truth is, that one nation, the United States of America, controls and chooses who shall lead the International Monetary Fund (IMF) and the same nation controls and chooses who shall lead the World Bank. Both institutions primarily lend only the currency of that one nation. This same nation uses this as a means of political control and the spreading of influence, and charges fees and other income, such as interest, through a third institution, the Federal Reserve System. Now the Federal Reserve System is an independent and privately owned institution, therefore one may believe that there is no benefit to accrue from this to the United States of America. Wrong!!! The profits of the Federal Reserve System accrue to the United States. Therefore, the net income from loans from the World Bank and the IMF accrue to the benefit of the United States of America. ?

4.To offset this, is the fact that the United States Dollar is the World currency and therefore reaches beyond the good faith and credit of the American taxpayer, and so is the world’s only fractionally backed currency, not a true fiat currency as in all other nations. Therefore, one might conclude, and quite fairly so, that the United States of America has to pay for that fractional backing which comes from other nations, and they supposedly do, so the system is really quite fair and just. Or so it would seem.

1.Now, consider the position of the borrower nation. Why should they ever borrow money in United States Dollars? For what reason? All it does is impoverish them in the same manner that a person becomes impoverished by living beyond their means, and then paying more for that privilege.

2.Countries have resources. Resources equal potential revenues. Potential revenues equals potential promises of payment that can be fulfilled, equals potential obligation which becomes debt, which in turn becomes an asset.  To those who do not understand this, then one must realize this is the same method used to create money within the United States of America.

3.United States has a resource (the taxpayers) They equal potential revenue, which is that which is raised from the taxes they pay. The Congress may appropriate through the United States Treasury an amount of, say US$500 Billion.  This is then converted to a promise to pay to the Federal Reserve Bank the amount of US$500 Billion. (to be repaid by the American taxpayer). This is debt owed by the United States Government to a private institution, the Federal Reserve Bank, who then book enter this debt obligation to their favor as an asset of the Federal Reserve Bank, and issue the money.

4.Why should any country rely solely on the taxpayer for the creation of obligation? Such an obligation can be raised from any resource within the country. Trees, minerals, buildings, infrastructure. This can be done internally to create obligation and payment which can then be fully monetized, thus eliminating the need for most countries to borrow. OITC can support these efforts through underwriting the wealth creation process from their accounts. They can also assist nations to either pay out their foreign debt, or pay it down, so it does not become the economic burden it has become for so many countries.

5.You cannot eliminate the results of abject poverty without resolving the problems that cause and sustain the poverty in the first place. OITC has a valid solution, they have the financial resources, and are willing to eliminate foreign debt and implement this solution in any country where they are welcomed. This is the only way to eliminate poverty in whole nations. Only through the elimination of poverty, will real enlightenment and opportunity for all arise.

 

http://www.unoitc.org/objectives.html

 

************************************************

 

OFFICE OF INTERNATIONAL TREASURY CONTROL. THE FACTS

THE MG-ROVER SAGA.

The following documents are copies of communications of OITC Executives Dr. Keith F. Scott and Mr. David A. Sale.  The reason these are being published is to reveal what was really going through their minds when the "Offer to Purchase MG Rover" was made.  It is not usual for OITC to ever publish communications between their officers, but in this case it is necessary in order that we at least try to have more accountability in financial systems.

The final document is one prepared by David Sale and forwarded to the Serious Fraud Office in London.  It explains how the International Assets are being used illegally, uncovered the first time in 1998 during the meetings of the Washington Panel where senior UBS executives were compelled to retire after being compelled to appear before a US Congressional Committee. This illegal abuse still continues

MG-Rover debacle was seen by OITC as the potential crack that may allow them to find a way to bring this abuse of their assets to an end. That is what stimulated their interest in MG Rover and as you will see in the following documents, why they made a bid that could not and would not be bested. It could have been picked up by Price  Waterhouse Coopers and should have been. OITC would have honored their commitment, but they would also have commenced investigations into the entire background. It is believed that PWC could never allow that to happen.

Click Here to download the full document.

....................................................................

WHY OITC IS SO INTERESTED IN PACIFIC ISLAND ECONOMICS

ITC efforts in the Pacific have been heavily damaged through the poor reporting and, and then the furthering of the absolute nonsense created by the ignorance and limited intellect of reporters for small town newspapers reporting what they think, rather than reporting the truth. Copies of verifiable asset transfer instruments with a value of US$3,000,000,000 were handed over to Triunion Investments and Holdings (Fiji) Limited on March 2, 2006 at Suva in Fiji by Dr. Keith F. Scott, Chief of Cabinet of OITC. The asset transferred to Fiji is bank verifiable, valid and of value. The legality of the Deed of Transfer is indisputable. The purpose of these funds was simply and clearly spelled out, none of which was for the purposes claimed by Fijian news reporters. The file reported in Wikipedia relating to OITC is a continuation of the ignorance and media sensationalism as though such is fact, even though Wikipedia administrators have been forwarded the facts, they prefer to retain the nonsense because the nonsense is verifiable through inaccurate newspaper reports.

Click Here to download the full document.

 

http://www.unoitc.org/thefacts.html