September 11 Commission Report - Gnostic Liberation Front

The public record on the refinancing of Soviet debt is largely undocumented, but there is
no doubt that it was being refinanced, with the secretive or “quiet” process largely under
way in early 1991. Also, the individual reporting the news, and knowledgeable of the
discussions, was aware that the U.S. was doing the financing.
"The Soviet Union is already in a piecemeal debt rescheduling with a series of 'quiet' Western
government 'refinancings' likely this year -- all in the interest of avoiding a more formal and debilitating
Paris Club process," Center Board member Robinson said….Robinson added, "Under present
circumstances, it only makes sense that the appropriate authorities conduct a thorough investigation of
Moscow's banking activities and loan and interbank deposit portfolios before any further Western
taxpayer guaranteed credits are pledged to Moscow." ["Moral Hazard ": Moscow’s Dubious Banking
Operations May Make the BCCI and BNL Affairs Look Like Small Change, Center for Security Policy,
July 23, 1991]
During this global debt-forgiveness/restructuring process, the Bush administration would
have needed to force the Durham Trust to relinquish control of its gold-collateral
Peruvian debt bonds, which is what Durham claims did happen. According to the
Vreeland and ONI documents, during the refinancing process, significant portions of the
collaterized bonds of numerous international financiers “disappeared” for a large number
of months while under control of the Bush Whitehouse, which also fits with Durham’s
claims. Because of the delays in refinancing, a number of foreign countries took the
Whitehouse to court to demand their collateral back. These proceeding were sealed (as
have been 9/11 lawsuits against the government) from public disclosure for reasons of
‘national security.’ During this same time period, the financial markets experienced one
of their rare “interest rate inversions,” where short term rates provided better yields that
long term rates. Between inversion earnings and interest, investment of the “lost”
collateral would have generated over $300 billion in profits during the period of their
absence. What this report speculates is that two years later, these earnings and lost
collateral would re-emerge as collateral and funding for the re-financing of the
Russian/Soviet debt (private and government), default on which was imminent. This debt
(along with that of Peru, Brazil, Mexico and a dozen other states) had to be refinanced to
prevent the collapse of the American banking system. The cash generated by refinancing
the Soviet debt was withheld from Gorbachev until the coup which ousted him, and only
then was funneled to the Russian Menatep Bank. Menatep Bank, with its relations with
Bank of New York, Nordex and the Riggs National Bank subsidiary Riggs-Valmet,
would be at the core of the plundering of the Russian economy, pumping Russian, Kazak
and other CIS international trade flow through the aforementioned financial conduits.
The Bush administration’s attempts to minimize and ignore the Bank of New York
money-laundering scandal have been documented elsewhere in this report. What is now
suggested is that in attempting to protect the German and Swiss bankers, the Bush
administration was protecting its own family. Jonathon Bush was a key executive director
of Riggs at the time, and its Chairman, Robert L. Allbritton, was a family friend and
major financial backer of the Bush family. The Russian Mafiya connection to Riggs and
the Bush family is explored in Section 8.3.
Vreeland’s story, attacked for its credibility by several writers, is consistent with other
known facts. It is of related note that in 1999, on two occasions the American press and
THE SEPTEMBER 11 COMMISSION REPORT Page 202