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All Wars Are Bankers' Wars: Iran and the Bankers' Endgame
April 11, 2026 | by Ellen Brown
"The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole." —Prof. Carroll Quigley, Georgetown University, Tragedy and Hope (1966)In February 2026, the United States and Israel launched surprise airstrikes on Iran. The officially proffered reasons — preventing Iran's acquisition of a nuclear weapon and forestalling its aggression — have not held up under scrutiny. As James Corbett documented in recent Corbett Report episodes, the nuclear pretext appears to be recycled propaganda, and the scale and timing of the strikes raise deeper questions about motive.
The thesis that "All Wars Are Bankers' Wars" was popularized by Michael Rivero in a 2013 documentary by that name. His accompanying article begins with a quote from Aristotle (384-322 BCE):
The most hated sort [of moneymaking], and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural use of it. For money was intended to be used in exchange, but not to increase at interest.Rivero then traces how private banking interests have financed and profited from conflicts on both sides for centuries — from the founding of the Bank of England in 1694 to fund William III’s wars to modern regime-change wars.
Full-Spectrum Financial Dominance
Other commentators point to the report of the Project for the New American Century (PNAC) titled "Rebuilding America's Defenses" (September 2000), which called for "full-spectrum" U.S. military forces to achieve global preeminence. It postulated the need for a "catastrophic and catalyzing event — like a new Pearl Harbor" to accelerate the military transformation the authors envisioned.
This was followed by a 2007 Democracy Now interview in which Gen. Wesley Clark revealed that weeks after 9/11, he had been shown a classified Pentagon memo outlining plans to "take out seven countries in five years": Iraq, Syria, Lebanon, Libya, Somalia, Sudan, and finishing off with Iran. The first six have since been destabilized or regime-changed. Iran, considered the ultimate prize for Middle East dominance and oil control, remains the last one standing.
Why those seven, and why was Iran the ultimate prize? Greg Palast's 2013 article titled "Larry Summers and the Secret 'End-Game' Memo" supplied the missing financial logic. In 1999, the world was opened to unregulated derivatives trading, so that sovereign bonds, oil flows, shipping routes, and war-risk policies could all be collateralized, rehypothecated (pledged multiple times over), and gambled upon. The lynchpin was the 1997 WTO Financial Services Agreement (the Fifth Protocol to GATS), which became operational in 1999.
None of the seven targeted countries joined the WTO, and they were also not members of the Bank for International Settlements (BIS). That left them outside the long regulatory arm of the central bankers’ central bank in Switzerland. Other countries that were later identified as "rogue states" were also not members of the BIS, including North Korea, Cuba, and Afghanistan.
As for Iran, it is not only the largest and strongest of the Islamic countries but operates the world’s only fully interest-free (riba-free) banking regime. This stands in direct contrast to the conventional Western model, which relies on interest as its primary revenue mechanism. "Money making money out of itself" underpins the global derivatives complex, which is built on rehypothecated, collateralized debt-at-interest.
The last piece in the financial control grid was detailed in David Rogers Webb's 2024 book The Great Taking. The Everything Bubble, including what some commentators estimate to be more than a quadrillion dollars in derivative bets, is just waiting for a pin. When it bursts, it will trigger large institutional bankruptcies; and under the legal machinery Webb documents, the derivative players will take all.
The 2026 Hormuz insurance crisis triggered by Lloyd's of London could be that pin. More on all that below.
The City of London and Lloyd's Weaponize Chaos
For more than three centuries, the City of London – the "Square Mile" that is London's financial center — has financed both sides of wars and sold insurance against the destruction that would follow. Lloyd's of London is the insurance pillar of the City's financial control grid. It is not actually an insurance company but is a corporate body that "operates as a partially-mutualized marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk."
Lloyd’s has built its reputation on always performing, but it performs at a cost. In 1898, it formalized long-standing practice by introducing the "Free of Capture and Seizure" clause, stripping war risks from standard policies so it could charge extortionate premiums when conflict erupted. It exercised that clause in both world wars and is exercising it in 2026.
After the strikes on Iran, Lloyd's Joint War Committee expanded its "high-risk" zone in the Middle East. Several of its underwriters issued 72-hour cancellation notices effective March 5, and war-risk premiums for Hormuz transits jumped from 0.25% to 1–5% of hull value. Lloyd's has stressed that coverage remains available — at the right price. But for a $100 million oil tanker, that means an extra $1–5 million per voyage, a premium the owners are understandably reluctant to pay.
Please go to Web of Debt to continue reading.
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The glue that keeps it all together:
Condensed version:
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