Amazon link to Prologue
For nearly a decade, Dutch lawyer Hester Bais has stood as a lone wolf. Sounding the alarm on a potential financial crisis stemming from an alleged international fraud scheme. Her focus: a web of over-the-counter derivatives (OTC derivatives) and the deliberate misuse of collateral by major banks across Europe. Bais' investigations allege that banks in the Netherlands (by €200 billion), Germany (by €400 billion), France (by €320 billion), and the UK (by €300 billion) have been significantly undervaluing their collateral. Creating a potential global financial risk of trillions of euros.
Worst Bank Scenario Journey
Bais' journey began in 2014 when she stumbled upon irregularities in the way Dutch banks were handling collateral for OTC derivatives. OTC derivatives are essentially private contracts between two parties to exchange financial assets on a future date. Collateral, in this context, acts as a security deposit to mitigate risk in case one party defaults. Bais' concerns stemmed from the banks' alleged practice of inflating the value of their collateral. Creating a false sense of security and potentially masking underlying financial weaknesses.
Driven by a sense of responsibility, Bais embarked on a relentless quest to expose this alleged scheme. Her investigations led her to a shocking discovery: an international blueprint, allegedly dating back to pre-crisis 2007. That outlined a coordinated effort by central banks, investment banks, and asset managers like Goldman Sachs, ING, and BlackRock. Bais claims this blueprint laid the groundwork for the current situation.
Lehman Brothers Collapse
Following the devastating 2008 Lehman Brothers collapse, the G20 supposedly declared a "Bretton Woods 2.0" with a multipolar structure. Aiming to prevent similar crises in the future. However, Bais alleges that this new system has facilitated the very issues it was meant to solve. She claims trillions of dollars in collateral have been stealthily reused and centralized worldwide. Further masking the underlying weaknesses of major banks.
This alleged centralization, according to Bais, forms the foundation for a new financial system built on distributed ledger technology (DLT). DLT is a digital system for recording transactions across a network of computers, often associated with cryptocurrencies. Bais claims this new system, potentially launching in 2024, will allow for the trading of leading currencies and crypto assets. However, she warns that this new system comes at a heavy cost. The potential burdening of future generations with the problems of today's dysfunctional financial landscape is a central concern in Bais' narrative.
Worst Bank Scenario Book
Hester Bais' tireless efforts to expose this alleged scheme are documented in the book Worst Bank Scenario. Co-authored by Bais herself and Wink Sabée, the book delves deeper into the intricate details of her investigations and the potential consequences of this alleged global financial manipulation. Photographer Hendrik Jan van Beek contributes visuals, while Ryan Palecek and Kyle Wohlmut provide translation services, making the book accessible to a wider audience.
Despite Bais' persistence, her claims have not been universally accepted. Regulatory bodies and the financial institutions mentioned in her investigations have yet to publicly acknowledge the alleged scheme. However, Bais has remained undeterred, consistently reporting her findings to relevant authorities in the Netherlands and beyond, including the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) since 2018 and 2023, respectively.
The story of Hester Bais and her crusade against alleged financial misconduct raises critical questions about transparency and accountability within the global financial system. Whether her claims hold merit or not, the sheer scale of the alleged scheme, if true, could have devastating consequences for the global economy. Bais' work serves as a stark reminder of the importance of whistleblowers in uncovering potential wrongdoing and safeguarding financial stability. Time will tell if her warnings will be heeded or dismissed, but one thing is certain: Adas Army loves Hester Bais and this documentary film and ebook, Worst Bank Scenario has ignited a conversation that demands serious attention.