Global Banking:
The Bank for International Settlements
by Patrick M. Wood, Executive
Director of World Research Library (WRL)
http://www.augustreview.com/index.php?option=com_content&task=view&id=7&Itemid=4
See also Part 1:
A Third Way to a Good Society
by Professor Amitai Etzioni:
“The good society is a partnership of three sectors:
government, private sector,
and community. Each one reflects and serves a distinct facet of our
community. ... While these partners may differ in terms of their
respective roles, and these may change with social condition, in a good
society the three sectors seek to cooperate with one another."
[page 24]
When David Rockefeller and
Zbigniew Brzezinski founded the Trilateral
Commission in 1973, the intent was to create a "New International
Economic Order" (NIEO). To this end, they brought together 300 elite
corporate, political and academic leaders from North America, Japan and
Europe.... How did
they do it?
The answer is the Bank for International Settlements (BIS),
self-described as the "central bank for central bankers", that controls
the vast global banking system with the precision of a Swiss watch....
The BIS, as we
shall see, is not accountable to any public authority and operates with
complete autonomy and self-sufficiency.
Leading up to
Founding
As we will see, the
BIS was founded in 1930 during a very troubled time in history.... In
the aftermath of World War I and the impending collapse of the German
economy and political structure, a plan was needed to rescue and restore
Germany, which would also insulate other economies in Europe from being
affected adversely....
In 1924
the Allies appointed a committee of international bankers, led by
Charles G. Dawes (and accompanied by J.P. Morgan agent, Owen Young), to
develop a plan to get reparations payments back on track. Historian
Carroll Quigley noted that the Dawes Plan was "largely a J.P. Morgan
production."...
The Young Plan was so odious to the Germans that many credit it as a
precondition to Hitler's rise to power. Fritz Thyssen, a leading Nazi
Industrialist, stated, "I turned to the National socialist party only
after I became convinced that the fight against the Young Plan was
unavoidable if complete collapse of Germany was to be prevented." 2
....we will instead defer to the insight of renowned
Georgetown historian, Carroll Quigley:
"The
Power of financial capitalism had another far reaching plan, 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. This system was to be controlled in
a feudalistic fashion by the central banks of the world acting in
concert, by secret agreements arrived at in frequent meetings and
conferences. The apex of the system was to be the Bank for
International Settlements in Basle, Switzerland, a private bank
owned and controlled by the world's central banks, which were
themselves private corporations. Each central bank... sought to
dominate its government by its ability to control treasury loans, to
manipulate foreign exchanges, to influence the level of economic
activity in the country, and to influence co-operative politicians
by subsequent rewards in the business world."4 [Bold emphasis added]
...
BIS
Ownership
"The BIS was formed with funding by the central banks of six nations,
Belgium, France, Germany, Italy, Japan, and the United Kingdom. In
addition, three private international banks from the United States also
assisted in financing the establishment of the BIS."...U.S.
representation at the BIS was three times that of any other nation. Who
were these private banks? Not surprisingly, they were J.P. Morgan
& Company, First National Bank of New York and First National Bank of
Chicago....
Sovereignty and Secrecy
It is not surprising that the BIS, its offices, employees, directors and
members share an incredible immunity from virtually all regulation,
scrutiny and accountability. ...
A quick summary of their immunity, explained further below, includes
-
diplomatic immunity for persons and what they carry with them (i.e.,
diplomatic pouches)
-
no
taxation on any transactions, including salaries paid to employees
-
embassy-type immunity for all buildings and/or offices operated by
the BIS
-
no
oversight or knowledge of operations by any government authority
-
freedom from immigration restrictions
-
freedom to encrypt any and all communications of any sort
-
freedom from any legal jurisdiction9
Further,
members of the BIS board of directors (for instance, Alan
Greenspan) are individually granted special benefits:
-
“immunity from arrest or imprisonment and immunity from seizure of
their personal baggage, save in flagrant cases of criminal offence;”
-
“inviolability of all papers and documents;”
-
“immunity from jurisdiction, even after their mission has been
accomplished, for acts carried out in the discharge of their duties,
including words spoken and writings;”
-
“exemption for themselves, their spouses and children from any
immigration restrictions, from any formalities concerning the
registration of aliens and from any obligations relating to national
service in Switzerland ;”
-
“the
right to use codes in official communications or to receive or send
documents or correspondence by means of couriers or diplomatic
bags.”10 ...
How the BIS works with the IMF and the World Bank
IMF Bailout for Brazil is Windfall to Banks, Disaster for US Taxpayers
Says Sanders
BURLINGTON, VERMONT - August 15 - Congressman Bernard Sanders (I-VT),
the Ranking Member of the International Monetary Policy and Trade
Subcommittee, today called for an immediate Congressional investigation
of the recent $30 billion International Monetary Fund (IMF) bailout of
Brazil.
Sanders, who is strongly opposed to the bailout and considers it
corporate welfare, wants Congress to find out why U.S. taxpayers are
being asked to provide billions of dollars to Brazil and how much of
this money will be funneled to U.S. banks such as Citigroup, FleetBoston
and J.P. Morgan Chase. These banks have about $25.6 billion in
outstanding loans to Brazilian borrowers. U.S. taxpayers currently fund
the IMF through a $37 billion line of credit.
Sanders said, "At a time when we have a
$6 trillion national debt, a
growing federal deficit, and an increasing number of unmet social needs
for our veterans, seniors, and children, it is unacceptable that
billions of U.S. taxpayer dollars are being sent to the IMF to bailout
Brazil."
"This money is not going
to significantly help the poor people of that country. The real winners
in this situation are the large, profitable U.S. banks such as Citigroup
that have made billions of dollars in risky investments...
NOTE:
Carl Teichrib,
World Research Library Senior Fellow, contributed to this report.
See also
The Globalization Strategy: America and Europe
in the Crucible