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Philippines President Implements Obama’s Dictatorship by Foreign Bankers

Philippines President Implements Obama’s Dictatorship by Foreign Bankers


August 4, 2015 (EIRNS)–The well-known Filipino journalist and author Rod Kapunan, writing in the Manila Standard on Aug. 1, exposed the government of Obama’s puppet President Noynoy Aquino for allowing 100% foreign ownership of Philippine banks, which took effect on July 14. Kapunan shows that the bill implementing this policy explicitly breaches the Constitutional provisions designed to allow the development and functioning of Filipino-owned banks and businesses, which required 60% Filipino ownership “when national interest dictates.”

Kapunan references Glass-Steagall: “Foreign banks can now participate and do any business transaction by virtue of corporate takeover after foreclosure proceedings by their defaulting borrowers, thereby disregarding the limitation on ownership to aliens.  This is worse than the hated banking practice that was once prohibited even in the US under the Glass-Steagall Banking Act, which separated investment banking from commercial banking that has been blamed as the principal cause of the economic meltdown in the US, Japan, in Asia in 1998, in Mexico, Argentina, and today in Greece.”

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