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Citibank - the Great Gold Robbery
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In its promotions in China, Citibank boasts of having been first established in China in 1902, testifying to its devotion to China by displaying a photo of some currency issued in China by the National City Bank of New York. But then from 1902 until Citi’s trepidatious re-entry into the backwater of Shenzhen in China in the late 1980s, there is nothing. Specifically, there is no information on Citi’s activities during this period, other than the names of a dozen cities with branch locations and a muffled statement that Citibank left China “because of the war”. During that period we have only silence. Not only silence, but a strange lack of the written word. In fact, the Internet, at least those parts that can be controlled, have been totally sanitised. According to the entire world’s media and historical archives, Citibank did not exist in China from 1902 to 1949, in other words from the day it arrived to the day it left. We will soon learn why.

In the early 1900s in most countries, the governments’ central banks did not issue currency, leaving this task to the various chartered banks each of whom was permitted to issue unlimited amounts of currency provided it had sufficient backing in gold or silver to correspond to the volume of paper money it printed. And in many countries, paper currencies from many banks circulated simultaneously and were freely interchangeable, accepted as cash based on the assurance of precious metal backing. This condition was also true in China, with both Chinese and foreign banks issuing their versions of paper money.

In Citibank’s case or, more correctly, the National City Bank of New York, permission was granted to open branches in Shanghai and to issue paper money based on the requirement of precious metal backing, a stipulation with which Citi complied.[1]*https://www.unz.com/wp-content/uploads/2020/08/Refer...e1.jpg But then with controls lacking due to Japan’s presence and the disruptive interference in China by the Western powers, Citi became ambitious and expanded its branch network to fourteen different cities – without permission – and began issuing unlimited amounts of currency in all of them, but without the gold or silver underpinnings. Citi was on the edge of bankruptcy at the time and had no further assets to commit, so the bank simply began printing and issuing totally unbacked Chinese currency with the assumption that it would be accepted by the population.[2]*https://www.unz.com/wp-content/uploads/2020/08/Refer...e2.jpg This was true “suitcase banking”, since these were simply illegal shell banks with no assets and no evidence of registered capital. I could find no definitive record of the total amount of fake currency Citi issued, but it would certainly have been in the tens of billions of dollars, contributing heavily to China’s inflation and producing massive criminal profits for the bank.

But there was much more, with the owners of Citibank crafting and perpetrating what was perhaps the largest fraudulent theft in China’s entire 5,000-year history. Citi wasn’t satisfied with the profits from selling paper money and so devised a scheme to plunder the gold from Chinese households, gold which was held by most citizens as a traditional form of savings. The bank began a widely-promoted campaign to encourage all Chinese to bring their gold bars to Citibank for storage in the bank’s vaults, on the premise of safety, all citizens being given paper gold certificates as evidence of their deposits, certificates which could be redeemed at any time for the actual gold.[3] The Chinese government made strenuous efforts to discourage its citizens from participating in this program since it had already been abundantly clear that the foreigners could not be trusted.

Unfortunately, many Chinese chose to disregard these warnings and trustingly handed over their gold bars to the National City Bank of New York for safekeeping. But then one day when the vaults were full to overflowing and the handwriting on the wall, our bankers had a change of heart. They transferred all that gold from their vaults to US military vessels and sent it all home to New York. Then Citibank just closed its doors, said “Good-bye, China”, and returned home. From reports I’ve seen, that gold eventually ended up with the US FED. You may recall that in the 1970s the FED suddenly and without provocation decided to re-melt all its gold holdings and recast them into bars of different shapes. FED officials were never able to explain the reason for such an expensive and far-reaching undertaking, but one obvious result would be to destroy forever the original markings on all those bars, preventing any future claim of ownership.

Interestingly, the occupying Japanese military were able to confirm this sequence of events, which was reported in the New York Times, having suspected the process and initiating the habit of inspecting US warships prior to departure from Shanghai, and in more than one case ordering the Americans to offload the gold, some of it apparently ‘belonging’ to the Morgan and Chase banks. But it seems most of it managed to escape, and once again the total was certainly in the tens of billions of dollars – and this was in the 1940s. Given the proven cases and moderate estimates of residuals, it is abundantly clear that Citibank owes Chinese citizens far more than the entire capital value of the bank today.

According to reports of the time of Citi’s evacuation, many people brought their gold certificates to the bank’s Shanghai branch for redemption but were stalled by the staff and found signs stating that all Citibank’s business had been settled and citizens should refer to the Bank of China. It was later apparent that Citi had long been preparing for its retreat from China, having left virtually no evidence of anything in its offices, having removed or destroyed all evidence of all events of its 40+ year criminal history in China. It also seems apparent from the historical record that Citibank was in desperate straits during this period, having lost its assets in Cuba and South America, in Russia after the revolution, in the US during the depression, and was on the verge of insolvency. Various books have referred to this period, one published by Harvard University[4]https://www.amazon.com/Citibank-1812-1970-Harvard-St...131754[5]https://www.goodreads.com/book/show/5545673-citibank...2-1970 stating that Citibank’s miraculous development was due entirely to its “rapid acquisition of assets” in China, some authors documenting Citi’s China assets at about 30 billion yuan in Northern China and another more than 10 billion in the South, these ‘acquired assets’ having been transferred to the US.

Naturally, even still today, there are many Chinese with all their intact historical documentation who want to recover their gold from Citibank. Many groups of Chinese have hired lawyers in both China and the US in attempts to present their documented claims to various courts and, just as naturally, Citibank does all within its power to prevent such claims being heard in any court anywhere. In China, Citi’s defense is that it operated as a different legal entity – the National City Bank of New York – and therefore cannot be sued in China since that entity no longer exists. However, prosecution would be admissible in the US since Citi is deemed the legal descendant of that prior bank. One group in particular presented all the supporting evidence to document a claim against Citibank for $250 million. Eventually a New York court agreed to admit and hear the case of these Chinese plaintiffs, with the odd stipulation that each plaintiff would have to appear in person in the US courts to give their testimony.[6]*https://www.unz.com/wp-content/uploads/2020/08/Refer...e6.jpg[7]*https://www.unz.com/wp-content/uploads/2020/08/Refer...e7.jpg[8]*https://www.unz.com/wp-content/uploads/2020/08/Refer...e8.jpg[9]*https://www.unz.com/wp-content/uploads/2020/08/Refer...e9.jpg

No problem so far.[10]*https://www.unz.com/wp-content/uploads/2020/08/Refer...10.jpg But when these Chinese plaintiffs attended the American consulates in China to obtain their travel visas, the US State Department refused to accept any of the applications and denied all travel visas to the US. The Americans refused to offer any explanation, but then we don’t really need one, do we? No travel visa, no personal appearance in a US courtroom, no trial, no refund of billions in gold by Citibank. It was not helpful or appreciated when US State Department officials mocked these Chinese plaintiffs by telling them to “pursue your claims in China”, knowing full well that could not be done. Nothing much to do, but let’s not hear any more stories about the independence of the US judiciary, or ideological tales about rule of law. Of course, even American lawyers said the actions of the US Consulate in Shenyang (in refusing the visas) were illegal, but in China they have diplomatic immunity and cannot be charged or forced to appear in a court.

There were other messy complications. One plaintiff, a Shao Lianhua, experienced serious difficulty in finding an American lawyer to take his case, claiming US lawyers treated his party with contempt, stating openly they would not assist any Chinese in extracting money from the US. At one point, when Shao was staying in a Los Angeles hotel, two heavily-armed police came into his room and demanded a search of his possessions – illegal under US law without a search warrant or express permission from the victim, neither of which they had. Nevertheless, the police made clear they were searching for Shao’s gold certificates which he was to present to a court the following day. Shao had fortunately taken the precaution of hiding the certificates sufficiently well the police were unable to find them. However, equally unable to prevent their searching, Shao called his lawyer and, after some protracted discussions, the police left. But they were not police. From their cards and photos the lawyers identified them as US Treasury Secret Agents.[11]*https://www.unz.com/wp-content/uploads/2020/08/Refer...11.jpg We can legitimately ask why the US Treasury, acting on orders from the White House, would send armed agents to perform an illegal search for the sole purpose of confiscating the essential evidence of Citibank’s fraud.

/uploads/2020/08/Reference1.jpg

Many Chinese today are still pursuing Citibank for their gold, and are increasingly demanding that China’s Central Government finally assist them in their venture, perhaps by amending the laws to match those in the US and thus permit Citibank to be sued in China.[12]http://news.cri.cn/gb/41/2004/03/31/[email protected][13]http://www.szhgh.com/Article/opinion/zatan/201401/4...9.html

Notes

[1] *https://www.unz.com/wp-content/uploads/2020/08/Reference1.jpg

[2] *https://www.unz.com/wp-content/uploads/2020/08/Reference2.jpg

[2] *https://www.unz.com/wp-content/uploads/2020/08/Reference3.jpg

[4] https://www.amazon.com/Citibank-1812-1970-Harvard-Studies-Business/dp/0674131754

[5] https://www.goodreads.com/book/show/5545673-citibank-1812-1970

[6] *https://www.unz.com/wp-content/uploads/2020/08/Reference6.jpg

[7] *https://www.unz.com/wp-content/uploads/2020/08/Reference7.jpg

[8] *https://www.unz.com/wp-content/uploads/2020/08/Reference8.jpg

[9] *https://www.unz.com/wp-content/uploads/2020/08/Reference9.jpg

[10] *https://www.unz.com/wp-content/uploads/2020/08/Reference10.jpg

[11] *https://www.unz.com/wp-content/uploads/2020/08/Reference11.jpg

[12] http://news.cri.cn/gb/41/2004/03/31/[email protected]

[13] http://www.szhgh.com/Article/opinion/zatan/201401/42389.html

 
• Category: Economics, History • Tags: China, Conspiracy Theories, Gold 
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  1. “Finns live longer and are less likely to die in childhood or in giving birth than Americans. Danes earn roughly the same after-tax income as Americans, while working 20 percent less. They pay in taxes an extra 19 cents for every dollar earned. But in return they get free health care, free education from pre-school through university, and the opportunity to prosper in a thriving free-market economy with dramatically lower levels of poverty, homelessness, crime, and inequality. The average worker is paid better, treated more respectfully, and rewarded with life insurance, pension plans, maternity leave, and six weeks of paid vacation a year. All of these benefits only inspire Danes to work harder, with fully 80 percent of men and women aged 16 to 64 engaged in the labor force, a figure far higher than that of the United States.

    American politicians dismiss the Scandinavian model as creeping socialism, communism lite, something that would never work in the United States. In truth, social democracies are successful precisely because they foment dynamic capitalist economies that just happen to benefit every tier of society. That social democracy will never take hold in the United States may well be true, but, if so, it is a stunning indictment, and just what Oscar Wilde had in mind when he quipped that the United States was the only country to go from barbarism to decadence without passing through civilization.”

  2. MB says: • Website
    @obwandiyag

    The problem is as many have noted, America is a much more diverse country, ahem thanks to the usual suspects, much less its nature to begin with and this makes quite a difference in the implementation of Social democracy aka soft socialism.
    Two, if America is picking up the tab for defense essentially for countries in the Western bloc, this gives the same extra money to pass around.
    At bottom is the question whether or not health, education and welfare are directly within the civil govt.’s sphere of authority, or something the civil government is concerned about, but has no direct control or oversight.

  3. @MB

    Total libertarian asshole idiot. You didn’t even read what I said. You just dish out the boilerplate like the brain-dead automaton you are. God, libertarians are the worst.

  4. @obwandiyag

    Hyper-multiculturalism precludes replication of the Denmark utopia in the US.

  5. @MB

    Picking up the tab for defence? Defence from what? Who’s the aggressor?

    • Agree: Biff, foolisholdman
    • Replies: @animalogic
  6. @Ann Nonny Mouse

    “Defence from what? ”
    Defense from the enemies the US routinely creates to justify its whole structure & operating system of MIC, State Security, world Ponzi, via Wall Street, racial pathology etc, etc.
    (Being “diverse” is never-ending magic pudding of an excuse for failure to construct adequate social safety nets.)

    • Agree: Showmethereal
  7. Is it safe to say that Libya’s missing gold was looted (stolen) and is now in the hands of the New York-London-Tel Aviv axis of evil?

    Gold is heavy. Libya’s gold was estimated to be 143 tons. It would take a small army to capture the Libyan stash and make safe the surrounding area, and many trucks to move it to a secure shipping point for removal by sea or air.

    Intimate participants would have to be sworn to highest secrecy. The boots on the ground and air cover protective force would not have been told what was the true nature of their mission.

    Where would the Western banking cartel find men for such a heist? So many questions yet to be answered.

  8. Anonymous[277] • Disclaimer says:

    Very interesting article about something I’ve never heard before. It’s a pity that China seems to be barely able to provide their side(s) of the story on the English-speaking side of the Internet.

  9. @Jim Bob Lassiter

    Before I waste too many keystrokes with you, why don’t you give us all an example of a hyper-multicultural nation where life is somewhat comparable to that of life in Denmark?

  10. @foolisholdman

    Before I waste too many keystrokes with you, why don’t you give us all an example of a hyper-multicultural nation where life is somewhat comparable to that of life in Denmark?

  11. @obwandiyag

    Denmark is what you get when whites are allowed to exercise their “privilege” without interference from blacks and jews.

    Israel and Africa are what you get when jews and blacks are allowed to exercise their privilege without interference from whites.

    Denmark must be mighty tempting to you, what with the prospect of even better gibs and all.

    • Replies: @obwandiyag
  12. When the Japanese invaded China they targeted the banks for the gold. Tho, according to Seagrave, Yamashita’s treasure may have ended up in USA after all.

    The 1849 gold rush into California led the the rapid destruction of many indigenous people. RIP Ishi.

    South Africa has some dark history with its gold mines too. In terms of suffering it may rival the Burmese precious jade mines which has been described as a humanitarian and ecological calamity, largely to satisfy this odd Chinese obsession. Never mind Han, or Sotheby’s; the NGOs blame the Burmese army.

    Was the World Trade Center gold ever found after 9/11? Still in NYC, or joined with the pile in Fort Knox, awaiting audit? Ha. more likely in, or destined to, Rothchild’s Jerusalem. Once you melt gold down, it is hard to say if it came from a river bank or an old man’s jaw. Considering how much the environment has suffered from this fever, the karma is about the same. I heard the Aztec word for gold, Teocuitlatl, means “god shit”. Or is that God’s tears?

    They got her purse and necklace. Did those black kids in Oakland really need to mutilate the old white lady’s ring finger for a few more grams of yellow metal? (Sorry, Dorothy, they never caught them.) And so on. The City of Gold is a vanishing horizon. The heart of gold is as shrunken as the monkey’s paw. And all the mining has gone too far.

    .

    • Replies: @Showmethereal
  13. You’d think the next thing the Chinese might copy is the American legal system. “Hey, CitiGroup China, nice buildings you have there ….” or “Hey CitiGroup, about those remittances that were on their way New York … they’re being held in our version of OFAC….” or they could just issue arrest warrants for senior CitiGroup executives and essentially keep them buttoned down in the US. How about drone strikes? So many possibilities.

  14. Ugetit says:

    This article is pure gold. Good stuff to know.

    The perfidy of the money grubbers never ends.

  15. Why not a Great Big Class Action Suit—evidence being the bank’s certificates—-

    • Replies: @Astuteobservor II
  16. Franz says:

    We can legitimately ask why the US Treasury, acting on orders from the White House, would send armed agents to perform an illegal search for the sole purpose of confiscating the essential evidence of Citibank’s fraud.

    We can legitimately guess that Citibank (+ other private cartels) own the US Government and almost certainly gave the order to Jump! so Treasury could ask How High?

  17. @ThreeCranes

    Do you own a house? Then you got “gibs.” You know how much the down payment on a house was in 1920? 50%. Thank the socialist Roosevelt that you can buy a house.

    People who say “gibs” are hypocrites (not to mention retarded). Without the hidden social nets that support you, you would die.

  18. Well, that was fascinating. Thanks.

    I had thought we got a lot of Chinese Gold by the indirect method of looting it from the Japanese, who had looted Asia for it.

    • Replies: @Larry Romanoff
  19. @TomSchmidt

    Well said. You did indeed acquire ‘a lot of Chinese gold’ – and not only Chinese but from all of Asia. That is the story of Japan’s “Golden Lily Project”, a fascinating tale of looting, burying in caves in the Philippines, and the discovery of at least part of this immense treasure – which was all taken to the US after the war.

    This was the reason the final surrender of Japan contained the outrageous specific statement that NO NATIONS would look to Japan for reparations of their looted property: the American military had discovered the location of much of it and planned to keep it for themselves (for the owners of the FED, actually). The world was outraged at this, but the US bullied all but Russia and China into signing off on this provision.

  20. @GomezAdddams

    If the US courts do their job, all such cases would be thrown out.

  21. Once a thief, always a thief.

  22. @thotmonger

    The Japanese took thousands of tons of gold from China.. But they also took from elsewhere. I know the work of Seagrave you speak. He notes that Hong Kong under the British was where people like Marcos stashed a lot of the gold and money related to it. Im sure some of that stuff is hidden there still – whuch is why the west has never wanted to give up Hong Kong.

    But what gold was at the World Trade Center? The Federal Reserve is close by there and that was the main gold stash. There is also another one maybe 50 miles up the Hudson River by the West Point military base. Who would keep a lot of gold at the WTC? Both other locations was far more secure.

    • Replies: @Larry Romanoff
  23. @Beavertales

    Say you needed 1000 people for the operation, at 1.43kg of gold per soldier, you are only 1% into your stash. 10% and a promise to join in on the next bit of piracy? They’ll stay hush.

  24. @Showmethereal

    You raise an interesting point, but there may be no gold at the US FED, nor at Fort Knox either.

    Several years ago, Germany wanted to repatriate their gold from the FED and were flatly refused. They then insisted on coming to NYC to at least see their gold, and were also refused. Upon insistence, a few German officials were finally permitted to stand in a doorway and look upon some bricks that appeared to be gold in a room, but were not permitted entry. Upon extreme objections, they returned and that time were permitted into a room that contained only a few bars of gold. They were told it would require at least ten years to return Germany’s gold to Germany. No explanation. When the Germans went up in smoke on this, a small portion of their gold was returned to them, but from the French Central Bank, not from the FED.

    Similarly, there has been no audit of the holdings in Fort Knox since the 1950s, and many claim there is no longer any gold there. Many Senators have demanded a public audit of Fort Knox, but the FED refuses all such claims. It is worth noting that the contents of Fort Knox are not US gold but FED gold, owned by the European bankers who own the FED, but protected by the US military.

    My best guess is that all that gold has been transported to Switzerland and is now stored (and owned) by the Rothschilds and other Jewish European banking families that own the BIS, and that the gold is stored in the cavernous vaults built into the rock underneath the new BIS headquarters in Basel.

    • Replies: @Archange
    , @showmethereal
  25. Archange says:
    @Larry Romanoff

    The Bundesbank requested half of their 1’500 tonnes of gold from the New York Fed in 2013 and after much wrangling they received 300 tonnes by 2016. They declared to be content with those. 1’200 and something tonnes are still in New York. But they must be mere paper claims not real gold. That the Fed and the USA have not bothered to deliver it to Germany speaks of their disparagement of the Germans.

    The Bundesbank repatriated a few hundred tonnes of gold from Paris and London. There were no problems because the quantities were smaller. The Bank of France still holds most of its gold so they could deliver. Most physical gold from mining is sold through London so the Bank of England could purchase and deliver the physical gold required.

    By the way the London Bullion Market Association, the cartel that sets the price of gold in London made no mystery that in the period 2010-2015 the vaults in London were largely empty because of the enormous demand for physical deliveries. Private deliveries were to Switzerland, India, and China, including Hong Kong. The period 2016-2019 was less tense and enabled a rebuilding of gold stock in commercial vaults in London. I do not know the situation this year.

    • Thanks: Larry Romanoff
  26. @Larry Romanoff

    I have heard similar things… But I just chalked it up to the US using gangsterism against the Germans. But it is possible otherwise… That said – I still wouldn’t see the sense in keep large stockpiles of gold at the WTC.

  27. anon[206] • Disclaimer says:

    Chinese long memory will destroy whatever is left of the West . Sasson was kicked out of Iraq because of corruption .
    He came to India ,started trading in opium
    destroyed Indian agricultural base and corrupted British empire .
    But the main destruction took place in China .
    Chinese have not forgiven or forgotten this rat who is still celebrated in Israel as a great son of the Zionism .
    That rat also became lord or something .
    His nephew was Amery who was
    one of those behind Balfour declaration .

    A Sanghai shrine dedicated to opium victim memorializes the destruction wrought by the Jew .

  28. @obwandiyag

    Although your comments on Denmark are correct you cannot compare countries which are a different size scale, diversity and the number on inputs into their systems. Your analysis reminds me of the famous direct mail plans that suckers have bought into because the cons use extrapolating profit. If you sell 1000 of these books you’ll make $10,000 at $10.00 a book profit on a $20.00 sale. If you sell $100,000 books you will make a $1,000,000. Except you won’t because your costs have sky rocketed even though your cost of books have gone down slightly because you now must hire tons of employees to package the books, mail the books, returns etc. This is how Amazon makes a fortune because they have the infrastructure to be the middle man. And they charge you a fortune to do it. Often times they make more money then the actual seller.

    Denmark has a small population and they have different cultural norms compared to the US. Denmark’s infrastructure works for their population etc. It would collapse if it had two or three times their population especially a criminally diverse group of reprobates like America.

    • Agree: showmethereal
    • Replies: @showmethereal
  29. @Beavertales

    The bankers are part of the Deep State and protected by them. Franklin and other founding fathers knew what they were up against:

    “The colonies would gladly have borne the little tax on tea and other matters, had it not been that England took away from the colonies their money, which created great unemployment and dissatisfaction. Within a year, the poor houses were filled. The hungry and homeless walked the streets everywhere. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the International Bankers was probably the Prime reason for the Revolutionary War.” (Ben Franklin)

    And Jefferson:

    “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

    “I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” –Thomas Jefferson to John Taylor, 1816. ME 15:23

    “Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:61

  30. @niteranger

    Very astute comment… People don’t often understand that scale changes things.

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