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  • H1N1 vaccine liquidation sale now on: Hurry while supplies last!

    Natural News

    All of a sudden, H1N1 vaccines are available all across America. Walgreens and other pharmacies are pushing the vaccines as if there were an “everything must go” liquidation sale under way. Hurry, get your swine flu vaccine today before everybody figures out they’re useless!

    The marketability of vaccines has a strict time limit. They’re only in demand during the fear phase of a pandemic, and that fear phase has long since faded for H1N1. Virtually everyone who wants an H1N1 vaccine has already received one, and the rest of the population is beginning to notice something quite curious: People who got the vaccine are no better off than those who skipped it. In fact, there’s no difference in mortality between those who were vaccinated and those who weren’t, indicating yet again that the swine flu vaccine was a medical hoax to begin with.

    If you don’t believe me, just ask the potentially hundreds of thousands of parents who gave their children one of the recently recalled H1N1 children’s vaccines. These vaccines were recalled because they were found to be so weak that they were medically useless. But observant parents are noticing a curious fact: Children who received the “useless” (recalled) vaccine have been no worse off than those who received a full-strength vaccine.

    The strength of the vaccine, in fact, appears to be entirely irrelevant to the health outcomes of children. Vaccine or not, strong or weak, children’s reaction to the pandemic has virtually nothing to do with any treatments offered by conventional medicine.

    In fact, the greatest determining factor in the health outcomes of children has most likely been their blood levels of vitamin D. But that isn’t tracked by medical professionals… nor even prescribed by them. So we’ll probably never know the exact correlation between vitamin D and H1N1 prevention.

    Millions of useless vaccines

    So now we have a situation where the U.S. government has spent billions of dollars acquiring H1N1 vaccines that, by the time they were delivered for consumption, were already irrelevant to public health. Does anybody really believe at this point that swine flu is a deadly pandemic that will kill you if you don’t receive a vaccine? You’d have to really look hard to find someone so uninformed (and brainwashed) that they’re making the H1N1 vaccine a priority in their life right now.

    So what we’re going to end up with here is a huge stockpile of H1N1 vaccines that nobody wants. Sure, the pharmacies, clinics and hospitals will try to push as many of them as they can (even offering free vaccines sooner or later, just to get people into their stores), but in the end, they’re inevitably going to be sitting on millions of extra doses of vaccine with nowhere to inject them.

    There are two solutions for this, from Big Pharma’s point of view:

    Strategy #1 – Drum up more fear with the aim that it will boost consumer demand for vaccines. This can be accomplished by getting the mainstream media to highlight the few isolated cases of infants or children dying from H1N1 infections (all of whom are almost certainly vitamin D deficient, again).

    Strategy #2 – Mandate mass vaccinations. This is unlikely to happen now that H1N1 appears to have fizzled out. The public won’t go for mandatory shots unless the situation gets a whole lot worse. Of course, Big Government can always force such mandates upon the public, but in the current political climate, such an effort would be met with a backlash of public protest.

    So that leaves the last option: Flushing H1N1 vaccines down the drain, and this is exactly what will eventually be done with millions of unsold doses. After all the hype, all the empty promises, all the billions of dollars spent and all the fear mongering, a huge portion of these drugs are just going to be flushed down the toilet, essentially, because that’s how hospitals, pharmacies and even drug makers get rid of excess pharmaceuticals.

    Polluting the environment with H1N1 vaccines

    There’s a huge environmental concern in all this, of course: What’s the effect of dumping millions of doses of H1N1 DNA / RNA into the public sewer system? No one really knows. It’s yet another grand Big Pharma experiment. And how about the chemical additives, preservatives and adjuncts added to the vaccines? What impact will all those chemicals have on the environment?

    It’s a startling fact that the sewage expelled by one city ends up in the public drinking water of the next city downstream. Sewage is treated, of course, to achieve EPA-regulated “safe” status before it’s dumped back into the rivers, but the EPA doesn’t regulate something called “DNA pollution.” DNA and RNA can be dumped into the sewage systems in virtually unlimited quantities, without any regulatory oversight (the FDA doesn’t regulate drug disposal either).

    If you think about it, then, this whole swine flu fiasco has been a huge scam of paying money to the drug companies in order to flush swine flu genetic material down the drain. This is the brilliance of government-led health policy, by the way: Spend good money to pollute the planet with potentially dangerous genetic material that might one day end up recombining with some other opportunistic viral candidates circulating in the wild.

    What a clever way to help cause the next great pandemic, huh? It’s almost a perfect recipe for vaccine repeat business: Take today’s most virulent pandemic strain, replicate it in pharmaceutical labs around the world, then dump it into the environment for mass distribution. That’s essentially what’s happening here. It sounds insane, but it’s exactly what’s about to take place when the H1N1 liquidation sales are over and medical retailers just start flushing all these vaccines down the drain.

    No EPA regulations

    There are no EPA regulations that limit the dumping of vaccines directly into the public sewage system, by the way. Dumping excess pharmaceuticals down the drain is routine in modern medicine. Hospitals, clinics, pharmacies and patients routinely flush pharmaceuticals down the drain. This is why you can now find HRT drugs, antidepressants and blood pressure drugs in the fish near any major U.S. city.

    So many drugs are now dumped into the sewers that rivers have become Big Pharma runoff zones that poison the fish and destroy aquatic life. No wonder the world’s oceans are dying — they’re all being bathed in Big Pharma’s chemical waste!

    But that’s not the end of this story: In places all across America, sewage waste is used to make fertilizer that’s spread on crops. The solid sewage waste is called “biosolids” or “black gold,” and it’s used by farmers and gardeners as a soil additive. What the people using this toxic sludge don’t realize is that it’s contaminated with Big Pharma’s toxic chemicals. And soon, it may be contaminated with H1N1 vaccine material from all the millions of unused doses that pharmacies couldn’t manage to peddle to consumers.

    In the end, all those unused vaccines will eventually end up as crop fertilizer. It’s yet another reason to avoid monoculture crops and grow your own food using biodynamic gardening methods, huh?

  • Ron Paul: Iran sanctions would prevent China from doing business in the US

    Ron Paul
    Campaign For Liberty
    Thursday, Dec 17th, 2009

    Statement of Congressman Ron Paul
    United States House of Representatives
    Statement Opposing the Iran Refined Petroleum Sanctions Act
    December 15, 2009

    I rise in strongest opposition to this new round of sanctions on Iran, which is another significant step toward a US war on that country. I find it shocking that legislation this serious and consequential is brought up in such a cavalier manner. Suspending the normal rules of the House to pass legislation is a process generally reserved for “non-controversial” business such as the naming of post offices. Are we to believe that this House takes matters of war and peace as lightly as naming post offices?

    This legislation seeks to bar from doing business in the United States any foreign entity that sells refined petroleum to Iran or otherwise enhances Iran’s ability to import refined petroleum such as financing, brokering, underwriting, or providing ships for such. Such sanctions also apply to any entity that provides goods or services that enhance Iran’s ability to maintain or expand its domestic production of refined petroleum. This casts the sanctions net worldwide, with enormous international economic implications.

    Recently, the Financial Times reported that, “[i]n recent months, Chinese companies have greatly expanded their presence in Iran’s oil sector. In the coming months, Sinopec, the state-owned Chinese oil company, is scheduled to complete the expansion of the Tabriz and Shazand refineries — adding 3.3 million gallons of gasoline per day.”

    Are we to conclude, with this in mind, that China or its major state-owned corporations will be forbidden by this legislation from doing business with the United States? What of our other trading partners who currently do business in Iran’s petroleum sector or insure those who do so? Has anyone seen an estimate of how this sanctions act will affect the US economy if it is actually enforced?

    As we have learned with US sanctions on Iraq, and indeed with US sanctions on Cuba and elsewhere, it is citizens rather than governments who suffer most. The purpose of these sanctions is to change the regime in Iran, but past practice has demonstrated time and again that sanctions only strengthen regimes they target and marginalize any opposition. As would be the case were we in the US targeted for regime change by a foreign government, people in Iran will tend to put aside political and other differences to oppose that threatening external force. Thus this legislation will likely serve to strengthen the popularity of the current Iranian government. Any opposition continuing to function in Iran would be seen as operating in concert with the foreign entity seeking to overthrow the regime.

    This legislation seeks to bring Iran in line with international demands regarding its nuclear materials enrichment programs, but what is ironic is that Section 2 of HR 2194 itself violates the Nuclear Non Proliferation Treaty (NPT) to which both the United States and Iran are signatories. This section states that “[i]t shall be the policy of the United States… to prevent Iran from achieving the capability to make nuclear weapons, including by supporting international diplomatic efforts to halt Iran’s uranium enrichment program.” Article V of the NPT states clearly that, “[n]othing in this Treaty shall be interpreted as affecting the inalienable right of all the Parties to the Treaty to develop research, production and use of nuclear energy for peaceful purposes without discrimination and in conformity with articles I and II of this Treaty.” As Iran has never been found in violation of the NPT — has never been found to have diverted nuclear materials for non-peaceful purposes — this legislation seeking to deny Iran the right to enrichment even for peaceful purposes itself violates the NPT.

    Mr. Speaker, I am concerned that many of my colleagues opposing war on Iran will vote in favor of this legislation, seeing it as a step short of war to bring Iran into line with US demands. I would remind them that sanctions and the blockades that are required to enforce them are themselves acts of war according to international law. I urge my colleagues to reject this saber-rattling but ultimately counterproductive legislation.

  • First commercial 3-D bio-printer makes human tissue and organs

    rdmag.com
    Thursday, December 10, 2009

    Invetech, an innovator in new product development and custom automation for the biomedical, industrial and consumer markets, today announced that it has delivered the world’s first production model 3D bio-printer to Organovo, developers of the proprietary NovoGen bioprinting technology. Organovo will supply the units to research institutions investigating human tissue repair and organ replacement.

    Dr. Fred Davis, president of Invetech, which has offices in San Diego and Melbourne, said, “Building human organs cell-by-cell was considered science fiction not that long ago. Through this clever combination of technology and science we have helped Organovo develop an instrument that will improve people’s lives, making the regenerative medicine that Organovo provides accessible to people around the world.”

    First commercial 3-D bio-printer makes human tissue and organs

    Keith Murphy, CEO of Organovo, based in San Diego, said the units represent a breakthrough because they provide for the first time a flexible technology platform for organizations working on many different types of tissue construction and organ replacement.

    ”Scientists and engineers can use the 3-D bio printers to enable placing cells of almost any type into a desired pattern in 3-D,” said Murphy. “Researchers can place liver cells on a preformed scaffold, support kidney cells with a co-printed scaffold, or form adjacent layers of epithelial and stromal soft tissue that grow into a mature tooth. Ultimately the idea would be for surgeons to have tissue on demand for various uses, and the best way to do that is get a number of bio-printers into the hands of researchers and give them the ability to make three dimensional tissues on demand.”

    The 3-D bio-printers include an intuitive software interface that allows engineers to build a model of the tissue construct before the printer commences the physical constructions of the organs cell-by-cell using automated, laser-calibrated print heads.

    To help them develop the 3D bio-printers, Organovo selected Invetech in May 2009 as their technology development partner. “We selected Invetech because of their capabilities for sophisticated engineering and automation, cultural fit as a long term partner and their consideration towards protecting Organovo’s bioprinting IP and maximizing our commercial return on the program. They have good processes for product development and project management, and it was apparent that project execution would be handled very well. Invetech really offered the best overall package.” said Mr. Murphy.

    Invetech was asked to design and develop a highly integrated, extremely reliable and simple to use 3D bio-printer system which could then be transferred to manufacture and commercial sale. Because of its history with precision design, robotics and manufacturing products, Invetech was able to combine prior art with new ideas to come up with a development plan that met Organovo’s budget and design goals. The process advanced smoothly and on schedule with Invetech teams in Melbourne and its San Diego office, not far from the Organovo office.

    The printer, developed by Invetech, fits inside a standard biosafety cabinet for sterile use. It includes two print heads, one for placing human cells, and the other for placing a hydrogel, scaffold, or support matrix. One of the most complex challenges in the development of the printer was being able to repeatedly position the capillary tip, attached to the print head, to within microns. This was essential to ensure that the cells are placed in exactly the right position. Invetech developed a computer controlled, laser-based calibration system to achieve the required repeatability.

    Invetech plan to ship a number of 3D bio-printers to Organovo during 2010 and 2011 as a part of the instrument development program. Organovo will be placing the printers globally with researchers in centers of excellence for medical research

    Invetech

    Organovo

  • Gulf petro-powers to launch currency in latest threat to dollar hegemony

    The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate.

    Telegraph
    By Ambrose Evans-Pritchard
    Published: 7:12PM GMT 15 Dec 2009

    Traders at the Kuwaiti Stock Exchange

    Traders at the Kuwaiti Stock Exchange

    “The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.

    The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (£739bn), some 40pc of the world’s proven oil reserves, and financial clout equal to that of China.

    Saudi Arabia, Kuwait, Bahrain, and Qatar are to launch the first phase next year, creating a Gulf Monetary Council that will evolve quickly into a full-fledged central bank.

    The Emirates are staying out for now – irked that the bank will be located in Riyadh at the insistence of Saudi King Abdullah rather than in Abu Dhabi. They are expected join later, along with Oman.

    The Gulf states remain divided over the wisdom of anchoring their economies to the US dollar. The Gulf currency – dubbed “Gulfo” – is likely to track a global exchange basket and may ultimately float as a regional reserve currency in its own right. “The US dollar has failed. We need to delink,” said Nahed Taher, chief executive of Bahrain’s Gulf One Investment Bank.

    The project is inspired by Europe’s monetary union, seen as a huge success in the Arab world. But there are concerns that the region is trying to run before it can walk.

    Europe took 40 years to reach the point where it felt ready to launch a currency. It began with the creation of the Iron & Steel Community in the 1950s, moving by steps towards a single market enforced by powerful Commission and European Court. The EMU timetable was fixed at the Masstricht in 1991 but it took another 11 for euro notes and coins to reach the streets.

    Khalid Bin Ahmad Al Kalifa, Bahrain’s foreign minister, told the FIKR Arab Thought summit in Kuwait that the project would not work unless the Gulf countries first break down basic barriers to trade and capital flows.

    At the moment, trucks sit paralysed at border posts for days awaiting entry clearance. Labour mobility between states is almost zero.

    “The single currency should come last. We need to coordinate our economic policies and build up common infrastructure as a first step,” he said.

    Mohammed El-Enein, chair of the energy and industry committee in Egypt’s parliament, said Europe’s example could help the Arab world achieve its half-century dream of a unified currency, but the task requires discipline. “We need exactly the same institutions as the EU has created. We need a commission, a court, and a bank,” he said.

    The last currency to trade in souks from Marakesh, to Baghdad and Mecca, was the Ottomon Piaster, known as the “kurush”. It suffered chronic inflation as the silver coinage was debased.

    There is a logic to an Arab currency. The region speaks one language, has the unifying creed of “Umma Wahida” or One Nation from the Koran, and has not torn itself apart in savage wars – ever – in quite the way that Europe has in living memory.

    Yet hurdles are formidable even for the tight-knit group of Gulf states. While the eurozone is a club of rough equals – with Germany, France, Italy, and Spain each holding two votes on the ECB council – the Gulf currency will be dominated by Saudi Arabia. The risk is that other countries will feel like satellites. Monetary policy will inevitably be set for Riyadh’s needs.

    Hans Redeker, currency chief at BNP Paraibas, said the Gulf states may have romanticised Europe’s achievement and need to move with great care to avoid making the same errors.

    “The Greek crisis has exposed the weak foundations on which the euro is built. The gap in competitiveness between core Europe and the periphery has grown wider and wider. The obvious mistake was to launch EMU without a central fiscal authority and political union, as the Bundesbank warned in the 1990s,” he said.

    “The euro was created for political reasons after the fall of the Berlin Wall to lock Germany irrevocably into Europe. It was not done for economic reasons,” he said.

    Ben Simpfendorfer, Asia economist for RBS and an expert on the Middle East, told the FIKR conference that the rise of China had paradoxically disrupted the case for pan-Arab economic integration.

    There was a natural fit ten years ago between rich oil state and low-wage manufacturers in Egypt and Syria, but cheap exports from China have forced poorer Arab states to retreat behind barriers to shelter their industries. “The rationale for a single currency has become weaker,” he said.

    The GCC also agreed to create a joint military strike force – akin to the EU’s rapid reaction force – to tackle threats such as the incursion of Yemeni Shiite rebels into Saudi territory earlier this year.

    This is a major breakthrough after years of deadlock on defence cooperation.

    The Sunni Gulf states are deeply concerned about the great power ambitions of Shiite Iran and its quest for nuclear weapons, to the point where the theme of a possible war between Iran and a Saudi-led constellation of states has crept into the media debate.

    They nevertheless repeated on Tuesday that “any military action against Iran” by Western powers would be unacceptable.

  • Silent genocide – Depleted uranium

    “The number of malignant cancer cases [in Iraq] has increased 8-fold since the first Gulf War”

    An award winning documentary film produced for German television by Freider Wagner and Valentin Thurn. The film exposes the use and impact of radioactive weapons during the current war against Iraq. The story is told by citizens of many nations. It opens with comments by two British veterans, Kenny Duncan and Jenny Moore, describing their exposure to radioactive, so-called depleted uranium (DU), weapons and the congenital abnormalities of their children. Dr. Siegwart-Horst Gunther, a former colleague of Albert Schweitzer, and Tedd Weyman of the Uranium Medical Research Center (UMRC) traveled to Iraq, from Germany and Canada respectively, to assess uranium contamination in Iraq.

  • A speedy CAT scan for cells

    Lawrence Berkley National Lab
    Contact: Dan Krotz, (510) 486-4019

    The National Center for X-ray Tomography offers a fast way to image the internal architecture of whole cells. Look for it to expedite drug discovery and biofuels research.

    Think of it as an emergency room exam for cells. In the span of a few minutes, scientists at Lawrence Berkeley National Laboratory can produce three-dimensional CAT scans of entire cells, revealing their internal structure down to the smallest organelle.

    The new imaging technology could speed up a wide range of research that requires scientists to track changes in a cell’s internal structure, from analyzing how a pharmaceutical prevents a microbe from causing yeast infections to learning the best way to squeeze biofuel from algae.

    The images are courtesy of the National Center for X-ray Tomography, which is located at Berkeley Lab’s Advanced Light Source. At its heart is a soft X-ray microscope that can image cells at a resolution of about 50 nanometers. Soft X-rays are so-named because they are less penetrating than those used to diagnose a broken bone — perfect for microscopic samples.

    The microscope uses the intense light generated by the Advanced Light Source to take two-dimensional X-ray images of cells, and then digitally stitches these slices into three-dimensional images of whole cells. It is the only soft X-ray tomography facility dedicated to biochemical and biomedical research.

    Recently, a team of scientists from Berkeley Lab, Stanford University, and the University of California, San Francisco used the facility to capture the changes that occur when Candida albicans is exposed to a new and promising antifungal therapy.

    C. albicans is a single-cell microbe that lives on the skin and in the genitourinary and gastrointestinal tracts of people. It is found in approximately 80 percent of humans and is usually harmless, but it sometimes becomes pathogenic and causes yeast infections. This transformation from good to bad is marked by the growth of a long filament, called a hypha, which extends from the microbe like a tail.

    Carolyn Larabell (left), the director of the National Center for X-ray Tomography, Carolyn Larabell (left), the director of the National Center for X-ray Tomography, leads a team of scientists who are developing soft X-ray tomography as a new tool for visualizing the internal architecture of whole cells.

    The soft X-ray tomography images revealed that microbes treated with the candidate drug molecules did not develop long hyphae, meaning the therapy successfully blocked C. albicans from becoming infectious. The images also uncovered a spike in the number and size of lipid bodies inside C. albicans cells, as well as newly formed holes in the cells’ nucleolus, which is a structure in the nucleus.

    Some of these changes would have taken months of work to view using other microscopy techniques, and a few would have been missed altogether.

    “But this only took us a few days using soft x-ray tomography,” says Gerry McDermott , a guest scientist in Berkeley Lab’s Physical Biosciences Division and a scientist at the University of California, San Francisco.

    “We saw cellular changes that hadn’t been seen in the past. Because of its high resolution and very little sample prep time, this new technology may help expedite drug discovery,” says McDermott.

    Electron microscopy is currently the workhorse of cellular imaging. It offers incredibly high-resolution snapshots of cellular architecture. But it’s slow: a sample slated for analysis must undergo weeks of preparation. Another common tool is fluorescence microscopy. But it only images molecules within a cell that are specially tagged, not the entire cell.

    “Our findings would have been very difficult to obtain using other techniques,” adds Maho Uchida of Berkeley Lab’s Physical Biosciences Division and the University of California, San Francisco. “The tail of C. albicans is 50 microns long. It would have taken many electron microscopy images and months of work to see it — but we got it in one sweep.”

    In addition to learning how to fight disease, scientists can train the facility’s high-throughput and high-resolution imaging capabilities on many scientific challenges, including the hunt for carbon-neutral sources of energy.

    “We can use soft X-ray tomography to measure and quantify the formation of biofuel droplets in algae cells,” says McDermott.

    Scientists from the National Center for X-ray Tomography will also soon add high-resolution cryogenic light microscopy to the facility’s existing X-ray tomography’ toolkit. When combined with soft X-ray microscopy, the facility will be able to produce images that show both a cell’s structure and the location of chemically labeled molecules or proteins within the cell.

    Additional information:
  • Nano silver shown to have anti-clotting effect on blood

    pubs.acs.org

    Colloidal, nano-particulate silver has been shown to have significant anti-clotting properties in a new study published in the medical journal ACS Nano.

    Current drugs used to treat clotting disorders such as stroke and thrombosis can have serious side effects. Contaminated batches of Chinese-made Heparin (an anti-clotting drug often used in stroke patients) was recently recalled by the FDA.  Even when not contaminated, Heparin can have some nasty side effects, including bleeding out of body orofices, confusion, vision problems, vomiting, and swelling.

    Since metals can not be patented, it’s unlikely the pharmaceutical industry will show interest in this, other than to prevent its use.  But for people with stroke or other clotting disorders, this information could be valuable.

    Characterization of Antiplatelet Properties of Silver Nanoparticles [pdf]

  • UN: Drug money saved banks

    I like the casual tone of this article.  It’s like the 800 lb gorilla in the room that people can’t ignore any longer.  We already know about CIA South American coke operations dating back to Iran-Contra and ongoing even now, US troops guarding opium fields in afghanistan, and CIA drug dealing activities in Vietnam.  Drugs have long been a major source of funding for black-budget NWO operations, and its risky to store and move billions in cash.

    You think the banks care that they’re laundering money that your daughter stole from you to buy a bag of coke that was shipped in by the CIA, or that the money will be used to kill innocent people to further the NWO agenda?

    Rajeev Syal – The Observer
    Sunday 13 December 2009

    Drugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutions

    Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations‘ drugs and crime tsar has told the Observer.

    Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

    This will raise questions about crime’s influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary Fund regulations. Speaking from his office in Vienna, Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. “In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor,” he said.

    Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up, he said.

    “Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities… There were signs that some banks were rescued that way.” Costa declined to identify countries or banks that may have received any drugs money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame. But he said the money is now a part of the official system and had been effectively laundered.

    “That was the moment [last year] when the system was basically paralysed because of the unwillingness of banks to lend money to one another. The progressive liquidisation to the system and the progressive improvement by some banks of their share values [has meant that] the problem [of illegal money] has become much less serious than it was,” he said.

    The IMF estimated that large US and European banks lost more than $1tn on toxic assets and from bad loans from January 2007 to September 2009 and more than 200 mortgage lenders went bankrupt. Many major institutions either failed, were acquired under duress, or were subject to government takeover.

    Gangs are now believed to make most of their profits from the drugs trade and are estimated to be worth £352bn, the UN says. They have traditionally kept proceeds in cash or moved it offshore to hide it from the authorities. It is understood that evidence that drug money has flowed into banks came from officials in Britain, Switzerland, Italy and the US.

    British bankers would want to see any evidence that Costa has to back his claims. A British Bankers’ Association spokesman said: “We have not been party to any regulatory dialogue that would support a theory of this kind. There was clearly a lack of liquidity in the system and to a large degree this was filled by the intervention of central banks.”