According to Lord James of Blackheath, "The total value of the Vatican bank reserves (of gold) would claim to be more than (what we have been told is) the entire value of gold ever mined in the history of the world."
In other words, there may be a lot more gold, hidden for example in Rothschild vaults, than we thought.
If that is made public, the price of gold will come down fast.
UK House of Lords, November 1st, 2010:
(http://www.publications.parliament.uk/pa/ld201011/ldhansrd/text/101101-0003.htm#10110215000101 / Charlie’s Diary):
Lord James of Blackheath (Baron James of Blackheath.):
For the past 20 weeks I have been engaged in a very strange dialogue with the two noble Lords (Lord Sassoon, Treasury Minister, Lord Strathclyde, Leader of the House), in the course of which I have been trying to bring to their attention the willing availability of a strange organisation which wishes to make a great deal of money available to assist the recovery of the economy in this country.
For want of a better name, I shall call it foundation X. That is not its real name, but it will do for the moment. Foundation X was introduced to me 20 weeks ago last week by an eminent City firm, which is FSA controlled.
(The mainstream media seeks to claim that Foundation X is a controversial organisation called UNOITC and that the whole thing is a scam. BUT, James told ZDNet UK that he had not been approached by the UNOITC, and that there were no links between Foundation X and UNOITC. Lord James: Foundation X not a scam / Conspiracy theory of the day, Foundation X edition / Can 'Foundation X' save the British economy? / The strange case of Lord James and 'Foundation X' )
Its chairman came to me and said, "We have this extraordinary request to assist in a major financial reconstruction. It is megabucks, but we need your help to assist us in understanding whether this business is legitimate"...
I have had one of the biggest experiences in the laundering of terrorist money and funny money that anyone has had in the City. I have handled billions of pounds of terrorist money.
Baroness Hollis of Heigham [Labour]:
Where did it go to?
Lord James of Blackheath:
Not into my pocket. My biggest terrorist client was the IRA and I am pleased to say that I managed to write off more than £1 billion of its money. I have also had extensive connections with north African terrorists, but that was of a far nastier nature, and I do not want to talk about that because it is still a security issue.
I hasten to add that it is no good getting the police in, because I shall immediately call the Bank of England as my defence witness, given that it put me in to deal with these problems...
I have come to the absolute conclusion that foundation X is completely genuine and sincere and that it directly wishes to make the United Kingdom one of the principal points that it will use to disseminate its extraordinarily great wealth into the world at this present moment, as part of an attempt to seek the recovery of the global economy...
Then I brought one of the senior executives from foundation X to meet my noble friend Lord Strathclyde. I have to say that, as first dates go, it was not a great success...
My noble friend Lord Sassoon's argument was that these people claimed to have evidence that last year they had lodged £5 billion with British banks. They gave transfer dates and the details of these transfers. As my noble friend Lord Sassoon, said, if that were true it would stick out like a sore thumb. You could not have £5 billion popping out of a bank account without it disrupting the balance sheet completely.
But I remember that at about the same time as those transfers were being made the noble Lord, Lord Myners [former Labour Treasury Minister], was indulging in his game of rearranging the deckchairs on the Titanic of the British banking community.
If he had three banks at that time, which had had, say, a deficiency of £1.5 million each, then you would pretty well have absorbed the entire £5 billion, and you would not have had the sore thumb stick out at that time; you would have taken £1.5 billion into each of three banks and you would have absorbed the lot. That would be a logical explanation—I do not know.
My noble friend Lord Strathclyde came up with a very different argument. He said that this cannot be right because these people said at the meeting with him that they were still effectively on the gold standard from back in the 1920s and that their entire currency holdings throughout the world, which were very large, were backed by bullion.
My noble friend Lord Strathclyde came back and said to me that he had an analyst working on it and that this had to be stuff and nonsense.
He said that they had come up with a figure for the amount of bullion that would be needed to cover their currency reserves, as claimed, which would be more than the entire value of bullion that had ever been mined in the history of the world.
I am sorry but my noble friend Lord Strathclyde is wrong; his analysts are wrong.
He had tapped into the sources that are available and there is only one definitive source for the amount of bullion that has ever been taken from the earth's crust.
That was a National Geographic magazine article 12 years ago. Whatever figure it was that was quoted was then quoted again on six other sites on the internet—on Google.
Everyone is quoting one original source; there is no other confirming authority. But if you tap into the Vatican accounts - of the Vatican bank - come up with a claim of total bullion—
Lord De Mauley [Government Whip]:
The noble Lord is into his fifteenth minute. I wonder whether he can draw his remarks to a conclusion.
Lord James of Blackheath:
The total value of the Vatican bank reserves would claim to be more than the entire value of gold ever mined in the history of the world.
My point on all of this is that we have not proven any of this. Foundation X is saying at this moment that it is prepared to put up the entire £5 billion...
The British Government can have the entire independent management and control of it—foundation X does not want anything to do with it; there will be no interest charged; and, by the way, if the British Government would like it as well, if it will help, the foundation will be prepared to put up money for funding hospitals, schools, the building of Crossrail immediately with £17 billion transfer by Christmas, if requested, and all these other things.
These things can be done, if wished, but a senior member of the Government has to accept the invitation to a phone call to the chairman of foundation X—and then we can get into business. This is too big an issue. I am just an ageing, obsessive old Peer and I am easily dispensable, but getting to the truth is not. We need to know what really is happening here. We must find out the truth of this situation.