International accounting standards were changed in 2009, as it remains today, with mark to fantasy accounting.
The Federal Reserve bank outwardly admits manipulation of capital markets to achieve it's goals.
It is now discovered that since June 2011 China has been given ability to circumvent open trading of US bonds and allowed a "direct bid" with the US for bonds.
This is new, and I am unsure if bad, but my gut says bad. Why? Anytime there is large transactions without transparency it leads to corruption. A liquid bond market where all US bonds are traded openly is less prone to manipulation.
All of this has become necessary as the system is no longer regarded as a system of respect, but of changing process to serve not the people, but the minority self interests. In effect, the system is breaking. Another hint of corruption is we find out about this in May 2012, and not June 2011. Wonder why it wasn't proudly announced coupled with a transparent published trading record........
I am adding this to my series "Financial Ground Zero" of events that will lead up to the final event with US Financial and Currency system.