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If a recent speech in the House of Lords is accurate, a secretive international organization has offered to financially bail out the UK.

During a November 1 parliamentary session discussing economic difficulties, Conservative life peer Lord James of Blackheath shared his concerns, outlining an urgent need for investment in industry. He then announced, "I am about to raise a subject that I should not raise" and began an unusual pitch for a massive stimulus offer proposed by a non-government organization that he referred to as "Foundation X" (witholding the organization's real name due to security concerns).

Introducing the situation, Lord James claimed he'd been asked by a London financial institution to look into an organization that had approached it with the idea of loaning the UK government £5 billion, interest-free, to help it fund economic stimulus and £17 billion, also interest -ree, to fund government services.

The institution was predictably cautious about moving forward, concerned that "Foundation X" could be linked to organized crime or terrorism. James claimed to have spent 20 weeks investigating the "strange" organization, concluding it to be legitimate and wishing to "disseminate its extraordinarily great wealth into the world ... as part of an attempt to seek the recovery of the global economy".

Asked by another peer what his credentials were for dismissing the possibility of the organization's criminality, Lord James outlined his past involvement with "funny" money, saying, "I have handled billions of pounds of terrorist money. My biggest terrorist client was the IRA and I am pleased to say that I managed to write off more than £1 billion of its money. I have also had extensive connections with north African terrorists, but that was of a far nastier nature, and I do not want to talk about that because it is still a security issue."

Lord James stated that his client in these past dealings was the Bank of England and hinted that he has access to UK intelligence resources that enabled him to vet the organization proposing the loan.

Lord James continued his pitch by discussing the requirements needed to secure the proposed aid. The organization, he claimed, is very security conscious and would only deal with heads of state or "someone with an international security rating equal to the top six people in the world". He claimed that to move forward, "a senior member of the government has to accept the invitation to a phone call to the chairman" of the organization proposing the loan.

After Lord James finished outlining the plan, the next speaker took his place at the podium and the parliamentary session continued as if nothing unusual had just happened.

During a television interview today with Sky News, Lord James shed more light on the nature of the organization. He referred to their resources as as a "massive supernational accumulation of funds which are ... the proceeds of ... commercial activity ... over ... a hundred years".

When asked about their possible motivation, Lord James claimed "they will protect the world ... so they will continue to survive with their wealth in it". He claimed the organization is concerned about energy and the environment and interested in funding technologies such as "underground gasification of coal".

Asked whether he is concerned the organization is a hoax, he claimed, "I am progressively comfortable with the genineness of their approach" and that the organization has provided a list of high profile global individuals that will validate their existence if contacted by representatives of the British government.

Lord James also elaborated on the loan conditions, claiming the loan would require no repayment schedule. Leaders in the UK government had not yet agreed to take the steps necessary to pursue the loans.

Lord James also spoke with ZDNet UK, who asked him about his claimed involvement in money laundering. He elaborated on his covert work for the Bank of England, claiming that he'd been brought into five companies that had been originally built up using IRA pension funds and through which money was being laundered. His instructions were to "run the companies down and liquidise the assets".

Video of Lord James' speech is available in its entirety online via the BBC (his speech starts during the second hour, at 02:34:00).