ONE BANK TO RULE THEM ALL...
Bank of International Settlements (BIS), Basel, Switzerland
First unofficial meeting of the BIS Board of Directors in Basel, Switzerland, April 1930
The Bank was officially founded on May 17, 1930.
MORE POWERFUL AND MORE SECRETIVE THAN EVEN THE INTERNATIONAL MONETARY FUND (IMF) THE BANK FOR INTERNATIONAL SETTLEMENTS (BIS) IS NOT EVEN KNOWN OF BY MOST OF THE WORLD.
IN 2013, THE BIS VIRTUALLY ANNOUNCED THE COMING CRASH OF THE U.S. ECONOMY.
AN EX-CHAIRMAN OF THE BIS WAS FORECASTING GLOBAL ECONOMIC COLLAPSE JUST RECENTLY:
FROM UK'S NEWS, 'THE TELEGRAPH',
TODAY, JUNE 24, 2016, "A former central bank chief economist warns that a deluge of global debt defaults will endanger social and political stability.
"The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," William White, chairman of the Organization for Economic Co-operation and Development's review committee, recently told the U.K. Telegraph’s Ambrose Evans-Pritchard.
"Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for mischief," said White, the former chief economist of the Bank for International Settlements (BIS).
"It was always dangerous to rely on central banks to sort out a solvency problem ... It is a recipe for disorder, and now we are hitting the limit," he said.
"It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something," he told The Telegraph just before the recent World Economic Forum in Davos. Economic stimulus from quantitative easing and zero rates after the last recession inflated credit bubbles and sparked a surge in dollar borrowing that was hard to control, White said.
Combined public and private debt has surged to all-time highs to 185 percent of GDP in emerging markets and to 265 percent of GDP in the OECD club, both up by 35 percentage points since the top of the last credit cycle in 2007, Evans-Pritchard explained.
White, who also chief author of G-30's recent report on the post-crisis future of central banking, said it is impossible know what the trigger will be for the next crisis since the global system has lost its anchor and is inherently prone to breakdown.
"The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly,” White said.
HAS ANYONE IN "ANYTOWN", USA HEARD OF THESE?
WHAT IS BIS?WELL, FOR ONE, BIS IS WHO HAS SAID THE U.S. DOLLAR IS HEADED OUT THE DOOR AS THE WORLD'S FAVORED CURRENCY.
BIS IS ONE OF THE "MAGIC 4" (BIS, IMF, WORLD BANK AND THE U.S. FEDERAL RESERVE) WHO TODAY, ON THE HEELS OF BREXIT, ARE DOING FAKE DAMAGE CONTROL AS STOCK MARKETS GO NUTS.
YOU CAN BET THE CENTRAL BANKS ARE CELEBRATING WITH EACH OTHER OVER THE $3 TRILLION THAT GOT WIPED OFF STOCKS ON THE U.S. MARKET TODAY.
"IT'S GOOD TO BE THE KINGS!"
"The central banks are saying all the right things and they're flooding the market with liquidity so you have a more orderly move," said Frank Maeba, managing partner with Breton Hill Capital in Toronto.
The S&P 500 lost all the year's gains and suffered its largest decline since late August last year.
MSCI's global stock index plunged 4.8 per cent in the biggest slide since August 2011. The Dow Jones Industrial Average sank more than 600 points, or 3.7 per cent, to erase gains for the year, while European stocks slid 7 per cent in their worst day since 2008.
Volume in US trading topped 13 billion shares, the most this year. Volatility surged, with the CBOE's measure of anxiety jumping 43 per cent."
ALAN GREENSPAN, RIGHT ON CUE, FEIGNED CONCERN:
"Former Fed Chairman Alan Greenspan told CNBC on Friday the U.K. vote to leave the European Union ushers in a period that's even worse than the darkest days of October 1987.
"This is the worst period, I recall since I've been in public service," Greenspan said on "Squawk on the Street."
"There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent?
That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away."
(You can watch the full broadcast of Greenspan's almost humorous act on CNBC PRO)
Take a look at the graph below. It shows the lifespan of dominant currencies going back 600 years. Notice that the U.S. dollar has now been the dominant currency for 88 years, about the same length of time as its predecessors:
IN 2013, THE BIS VIRTUALLY ANNOUNCED THE COMING CRASH OF THE U.S. ECONOMY.
REPORTED INITIALLY IN 'GERMAN ECONOMIC NEWS', IT QUICKLY MADE HEADLINES OUTSIDE THE U.S.
THIS DID NOT MAKE MAINSTREAM MEDIA HERE BUT OTHER NATIONS REPORTED IT FOR DAYS.
The reality is that we have moved beyond recession into a deep structural crisis, one fueled by the banks’ greed and rapacity, which threatens all of our financial security.
Just as in the 1930s, parts of Europe face economic collapse.
FROM A MALAYSIAN SOURCE:
"The decision by the U.S. Federal Reserve to continue indefinitely to print money might have fallen on ”orders from above”.
The most powerful bank in the world, the Bank for International Settlements (BIS) has published a few days ago in its quarterly report for the possible end of the flood of money – and at the same time described the situation on the debt markets as extremely critical.
The “extraordinary measures by central banks” – aka the unrestrained U.S. DOLLARS PRINTING – had awakened in the markets the illusion that the massive liquidity pumped into the market could solve the fundamental problems.
More on the huge rise in debt –
Debt levels of government, businesses and consumers are not sustainable.
The austerity measures in the crisis countries have not led to the situation improving.
It looks again like 2007 - only worse," the Telegraph quoted the former chief economist of the Bank for International Settlements (BIS), William White.
The previous imbalances are all still there.
In addition, public and private debt ratios are in the developed countries today to 30 percent higher than they were then. "And we have a whole new problem in the emerging markets," said White, who now works as an economist at the OECD said.
The largest debt is in the US.
The US has a greater per capita debt than Greece, Portugal, Italy, Ireland or Spain. And this is only the beginning, because the [American] population is aging.
The government in Washington has built up $ 17 trillion debt. Approximately one third of which are in the hands of foreigners
.The world has an unease about the dollar system… President Hu of China said ‘the dollar is a product of the past.
Japan has a debt ratio of 211 percent and is on the road to financial collapse. The Japanese government must now spend more than half of their tax revenue to pay interest."
THE BIS HAS SPOKEN, KISS THE USD GOODBYE, BECAUSE, AS FINANCIAL POWER GOES, THE BIS IS THE FEDERAL RESERVE TIMES 100...
A UNIQUE GLOBAL FINANCIAL ENTITY...
"The BIS headquarters has high-tech sprinkler systems with multiple back-ups, in-house medical facilities, and its own bomb shelter in the event of a terrorist attack or armed conflagration.
The BIS’s assets are not subject to civil claims under Swiss law and can never be seized.
The BIS has the right to communicate in code and to send and receive correspondence in bags covered by the same protection as embassies, meaning they cannot be opened.
The BIS is exempt from Swiss taxes.
Its employees do not have to pay income tax on their salaries, which are usually generous, designed to compete with the private sector.
The general manager’s salary in 2011 was 763,930 Swiss francs, while head of departments were paid 587,640 per annum, plus generous allowances.
The bank’s extraordinary legal privileges also extend to its staff and directors.
Senior managers enjoy a special status, similar to that of diplomats, while carrying out their duties in Switzerland, which means their bags cannot be searched (unless there is evidence of a blatant criminal act), and their papers are inviolable.
The central bank governors traveling to Basel for the bimonthly meetings enjoy the same status while in Switzerland.
All bank officials are immune under Swiss law, for life, for all the acts carried out during the discharge of their duties.
The minutes, agenda, and actual attendance list of the Global Economy Meeting or the ECC are not released in any form.
This is because no official minutes are taken
The BIS’s defenders deny that the organization is secretive.
The bank’s archives are open and researchers may consult most documents that are more than thirty years old.
The BIS archivists are indeed cordial, helpful, and professional.
The bank’s website includes all its annual reports, which are downloadable, as well as numerous policy papers produced by the bank’s highly regarded research department.
The BIS publishes detailed accounts of the securities and derivatives markets, and international banking statistics.
But these are largely compilations and analyses of information already in the public domain.
The details of the bank’s own core activities, including much of its banking operations for its customers, central banks, and international organizations, remain secret.
The Global Economy Meetings and the other crucial financial gatherings that take place at Basel, such as the Markets Committee, remain closed to outsiders.
As well as the Global Economy Meetings, the BIS hosts four of the most important international committees dealing with global banking: the Basel Committee on Banking Supervision, the Committee on the Global Financial System, the Committee on Payment and Settlement Systems, and the Irving Fisher Committee, which deals with central banking statistics.
The bank also hosts three independent organizations: two groups dealing with insurance and the Financial Stability Board (FSB).
The FSB, which coordinates national financial authorities and regulatory policies, is already being spoken of as the fourth pillar of the global financial system, after the BIS, the IMF and the commercial banks.
Private individuals may not hold an account at BIS, unless they work for the bank.
The bank’s opacity, lack of accountability, and ever-increasing influence raises profound questions— not just about monetary policy but transparency, accountability, and how power is exercised in our democracies.
During the war, the BIS became a de-facto arm of the Reichsbank, accepting looted Nazi gold and carrying out foreign exchange deals for Nazi Germany.
The bank’s alliance with Berlin was known in Washington, DC, and London. But the need for the BIS to keep functioning, to keep the new channels of transnational finance open, was about the only thing all sides agreed on. Basel was the perfect location, as it is perched on the northern edge of Switzerland and sits almost on the French and German borders.
A few miles away, Nazi and Allied soldiers were fighting and dying. None of that mattered at the BIS.
Board meetings were suspended, but relations between the BIS staff of the belligerent nations remained cordial, professional, and productive.
Nationalities were irrelevant.
The overriding loyalty was to international finance.
The president, Thomas McKittrick, was an American.
Roger Auboin, the general manager, was French.
Paul Hechler, the assistant general manager, was a member of the Nazi party and signed his correspondence “Heil Hitler.”
Rafaelle Pilotti, the secretary general, was Italian.
Per Jacobssen, the bank’s influential economic adviser, was Swedish.
His and Pilotti’s deputies were British.
After 1945, five BIS directors, including Hjalmar Schacht, were charged with war crimes.
[SEE "THE TOWER OF BASEL" <HERE>.]
Germany lost the war but won the economic peace, in large part thanks to the BIS.
The international stage, contacts, banking networks, and legitimacy the BIS provided, first to the Reichsbank and then to its successor banks, has helped ensure the continuity of immensely powerful financial and economic interests from the Nazi era to the present day.
For the first forty-seven years of its existence, from 1930 to 1977, the BIS was based in a former hotel, near the Basel central railway station. The bank’s entrance was tucked away by a chocolate shop, and only a small notice confirmed that the narrow doorway opened into the BIS.
The bank’s managers believed that those who needed to know where the BIS was would find it, and the rest of the world certainly did not need to know.
The inside of the building changed little over the decades, recalled Charles Coombs.
The BIS provided the “the spartan accommodations of a former Victorian-style hotel whose single and double bedrooms had been transformed into offices simply by removing the beds and installing desks.”
The bank moved into its current headquarters, at 2, Centralbahnplatz, in 1977.
It did not go far and now overlooks the Basel central station.
It has two linked trading rooms: at the Basel headquarters and Hong Kong regional office.
The BIS buys and sells gold and foreign exchange for its clients. It provides asset management and arranges short-term credit to central banks when needed.
The BIS is a unique institution: an international organization, an extremely profitable bank and a research institute founded, and protected, by international treaties.
Nowadays the countries represented at the Global Economy Meetings together account for around four-fifths of global gross domestic product (GDP)— most of the produced wealth of the world—according to the BIS’s own statistics.
Central bankers now “seem more powerful than politicians,” wrote The Economist newspaper, “holding the destiny of the global economy in their hands.”
How did this happen?
The BIS, the world’s most secretive global financial institution, can claim much of the credit.
From its first day of existence, the BIS has dedicated itself to furthering the interests of central banks and building the new architecture of transnational finance. In doing so, it has spawned a new class of close-knit global technocrats whose members glide between highly-paid positions at the BIS, the IMF, and central and commercial banks.
The BIS is now the world’s thirtieth-largest holder of gold reserves, with 119 metric tons—more than Qatar, Brazil, or Canada.
Membership of the BIS remains a privilege rather than a right.
The board of directors is responsible for admitting central banks judged to “make a substantial contribution to international monetary cooperation and to the Bank’s activities.”
China, India, Russia, and Saudi Arabia joined only in 1996.
The bank has opened offices in Mexico City and Hong Kong but remains very Eurocentric. Estonia, Latvia, Lithuania, Macedonia, Slovenia, and Slovakia (total population 16.2 million) have been admitted, while Pakistan (population 169 million) has not. Nor has Kazakhstan, which is a powerhouse of Central Asia. In Africa only Algeria and South Africa are members—Nigeria, which has the continent’s second-largest economy, has not been admitted.
Considering the BIS’s pivotal role in the transnational economy, its low profile is remarkable.
Back in 1930 a New York Times reporter noted that the culture of secrecy at the BIS was so strong that he was not permitted to look inside the boardroom, even after the directors had left.
Little has changed.
Journalists are not allowed inside the headquarters while the Global Economy Meeting is underway.
BIS officials speak rarely on the record, and reluctantly, to members of the press. The strategy seems to work.
The Occupy Wall Street movement, the anti-globalizers, the social network protesters have ignored the BIS.
Centralbahnplatz 2, Basel, is quiet and tranquil. There are no demonstrators gathered outside the BIS’s headquarters, no protestors camped out in the nearby park, no lively reception committees for the world’s central bankers.
As the world’s economy lurches from crisis to crisis, financial institutions are scrutinized as never before. Legions of reporters, bloggers, and investigative journalists scour the banks’ every move. Yet somehow, apart from brief mentions on the financial pages, the BIS has largely managed to avoid critical scrutiny. Until now.
The Bundesbank and the European Central Bank, two of the most powerful members of the BIS, have driven the mania for austerity that has already forced one European country, Greece, to the edge, aided by the venality and corruption of the country’s ruling class.
Others may soon follow.
The old order is creaking, its political and financial institutions corroding from within. From Oslo to Athens, the far right is resurgent, fed in part by soaring poverty and unemployment.
The European currency is threatened with breakdown, while those with money seek safe haven in Swiss francs or gold. The young, the talented, and the mobile are again fleeing their home countries for new lives abroad.
The powerful forces of international capital that brought the BIS into being, and which granted the bank its power and influence, are again triumphant.
For a staid, secretive organization, the BIS has proved surprisingly nimble.
It survived the first global depression, the end of reparations payments and the gold standard (two of its main reasons for existence), the rise of Nazism, the Second World War, the Bretton Woods Accord, the Cold War, the financial crises of the 1980s and 1990s, the birth of the IMF and World Bank, and the end of Communism.
As Malcolm Knight, manager from 2003–2008, noted, “It is encouraging to see that—by remaining small, flexible, and free from political interference—the Bank has, throughout its history, succeeded remarkably well in adapting itself to evolving circumstances.”
[VIRUSES ALSO ADAPT IN LIKE MANNER BUT SOMETIMES KILL THEIR HOST.]
WHERE DID BIS COME FROM?
"The BIS was created out of the Hague Agreements of 1930 and took over the job of the Agent General for Repatriation in Berlin. When established, the BIS was responsible for the collection, administration and distribution of reparations from Germany - as agreed upon in the Treaty of Versailles - following World War I.
The BIS was also the trustee for Dawes and Young Loans, which were internationally issued loans used to finance these repatriations.
After World War II, the BIS turned its focus to the defense and implementation of the World Bank's Bretton Woods System. Between the 1970s and 1980s, the BIS monitored cross-border capital flows in the wake of the oil and debt crises, which in turn led to the development of regulatory supervision of internationally active banks.
HOW THE BIS OPERATES:
"The BIS does compete directly with other private financial institutions for global banking activities; however, it does not hold current accounts for individuals or governments.
At one time, private shareholders as well as central banks held shares in the BIS.
But in 2001 it was decided that the private shareholders should be compensated and that ownership of the BIS should be restricted to the central banks (or equivalent monetary authorities).
There are currently 55 member central banks.
[NOTE: SOME SOURCES SAY 60.]
The BIS's unit of account is the IMF's special drawing rights, which are a basket of convertible currencies. The reserves that are held account for approximately 7% of the world's total currency.
The BIS ensures liquidity for central banks by offering to buy back tradable instruments from central banks; many of these instruments have been specifically designed for the central bank's needs.
In order to compete with private financial institutions, the BIS offers a top return on funds invested by central banks.
The statutes of the BIS are presided over by three bodies: the general meeting of member central banks, the board of directors and the management of the BIS. Decisions on the functions of the BIS are made at each level and are based on a weighted voting arrangement.
Nowadays B.I.S. has government immunity, pays no taxes, has its own police and is above the law.
B.I.S. strategy requires the central banks of the 55 Member States to act independently of their home governments.
[TRANSLATION? SCREW YOUR GOVERNMENTS, IT'S ABOUT THE FINANCIAL POWER OVER ALL GOVERNMENTS AND THEIR PEOPLE.]
Regulation B.I.S. serves the sole purpose of strengthening the international private banking system, posing a real threat to national economies.
Since governments have fallen into the trap of accepting loans in foreign currencies, foreign currency debt crisis was created.
International banks have come in the name of saving the financial vultures, and states that have become "debtor nations" under the control of IMF and BIS are obliged to redirect production export to gain currency necessary for the huge interest.
Behind all the wars and financial crises hide the bankers.
But we are manipulated by economists to believe that this phenomenon occurs naturally in the capitalist economy and a cyclicity related to the"free market mechanisms".
In fact, financial crises and wars that precede them are created and fed by bankers to squeeze huge profits, to adjust accounts to consolidate political and global dominance.
For banks, wars are the fastest way to create more debt and therefore to make more and more profit.
That is why international banks especially love war.
The Federal Reserve and other international banks are offering help by funding the wars they want to see started.
Thomas Jefferson, the father of free-market capitalism and Adam Smith noted that "funding wars by banks led to more and more wars."
ONE BANK TO RULE THEM ALL..
"The idea for an international bank had already been explored to some extent by people like the economist John Maynard Keynes.
But the idea for the bank truly took off during the Young Conference in 1929, when the Allies were attempting to exact Germany’s reparations debts for WWI. Belgian delegate Emile Franqui bought up the possibility of having a settlement organization to administer the reparations agreement, and the very next day, Hjalmar Schacht, president of the Reichsbank and chief German representative at the conference, presented a proposal to establish just such an organization.
The Bank for International Settlements would act as a lender to the German central bank in case the German currency weakened and the government found itself unable to make the reparations payment. In addition, it would give steps for how to proceed in the case of German default. According to Simmons, “if Germany did not resume payments within two years, the BIS would propose revisions collectively for the creditor governments (which would only go into effect with their approval)” and “the bank was responsible for surveillance and informing the creditor countries about economic and financial conditions in Germany.”
The U.S. State Department had wanted a settlement to Germany's reparations woes, as economic adviser Arthur N. Young observed that "a final reparations settlement [would] promote both political and economic stability in Europe, and thus tend to be of advantage to the United States.”
French Prime Minister Raymond Poincare promised the French public that the reparations would cover the country’s debts to both the U.S. and Britain, as well as cover the war damages. France was also interested in reaching an agreement on German debts, since they were developing trade interdependence with the Germans and stability was needed.
Britain also wanted to use the BIS as a means to ensure that the Germans would pay on their debts as scheduled. The Bank of England supported the creation of the BIS, wrote Simmons, “because of its potential role in stabilizing the position of the pound in the international monetary system. Britain's relatively small gold reserves made it difficult to defend the pound without international monetary cooperation and the willingness of smaller powers to hold foreign exchange as reserves instead of gold.”
The meeting took place in Baden, Germany, in October of 1929 to draw up final plans for the BIS.
The role of the BIS quickly changed with the onset of the Great Depression, when it became unable to “play the role of lender of last resort, notwithstanding noteworthy attempts at organizing support credits for both the Austrian and German central banks in 1931.”
Due to the Depression and Germany's inability to pay, the issue of reparations went off the table. The crisis was further compounded when countries like Britain and the U.S. began devaluing their currencies (i.e. printing more money).
The BIS attempted numerous times to end the exchange rate instability by restoring the gold standard, and according the bank itself, “the BIS had little choice but to limit itself to undertaking banking transactions for the account of central banks and providing a forum for central bank governors to help them maintain contact.”
During the Second World War, all operations at the BIS were suspended.
The situation again became dicey for the Bank once the guns stopped firing. Immediately after WWII, the global economic landscape had massively changed; a new system was needed, so in July, 1944 over 700 delegates from the Allied nations met in Mount Washington Hotel in Bretton Woods, NH for the 'United Nations Monetary and Financial Conference' which “agreed on the creation of the International Monetary Fund (IMF) and an International Bank for Reconstruction and Development (BRD), which became part of the World Bank,” where the IMF would pay attention to exchange rates and lend reserve currencies to nations in debt.
A new global currency exchange system was created wherein all currencies were linked to the US dollar and, in exchange, the US agreed to fix the price of gold at $35/ounce.
All of this meant that there would be no need for currency warfare or manipulation.
This proved a threat to the BIS.
If the IMF was to be the center of this new global financial order, what need would there be for the BIS?
Wilhelm Keilhau, a member of the Norwegian delegation, even went so far as to propose a notion to eliminate the BIS.
However, the Bank was to continue as several other European nations noted its importance to the financial matters of the European continent and soon the move to eliminate the Bank was rescinded.
Dr. Mahathir Bin Mohamad, the former Prime Minister of Malaysia, said in a speech on Sept. 26, 2008, that “in 1997-98 American hedge funds destroyed the economies of poor countries by manipulating their national currencies.”
The Reserve Bank of Australia “produced two reports in 1999 on the potentially destructive role of highly leveraged institutions such as hedge funds.”
The reports claimed that “hedge funds contributed to the instability of its exchange rate in 1998, and it described how hedge funds can have a destabilizing impact on not only the currencies of emerging economies but also on currencies such as the Australian dollar which has the eighth largest global trading volume.”
In a paper written in early 1999 after the Asian financial crisis ended, William R. White, then-economic adviser and head of the Monetary and Economic Department at the Bank for International Settlements, wrote that “many Asian-Pacific authorities (including representatives from Australia, Hong Kong and Malaysia) feel strongly that hedge funds set out systematically to destabilize their currencies and their financial markets. However, other evidence is less compelling in support of this hypothesis and, even if accepted, would not necessarily lead to the conclusion that such funds should be regulated.”
White was thus not only denying the evidence that Dr. Mohamad produced, but also the Reserve Bank of Australia, and he was effectively saying: "Even if the BIS did accept the information, so what?"
EXACTLY SO... CENTRAL BANKS OWE NO ALLEGIANCE TO ANY NATION.
THEY CREATE AND RUIN NATIONS AS THEY PLEASE, ALWAYS HAVE, ALWAYS WILL.
"The risk is that central banks have now created a monster such that markets drive the economy, if not on the way up, then certainly on the way down."
IN THE GAME OF FIAT CURRENCY, BIS RULES.
IN THE GAME OF FIAT CURRENCY, WE, THE LOWLY SERFS, LOSE EVERY TIME.
THE BEST WE CAN DO IS SOMEHOW JUST GET OUT OF THE FIAT CURRENCY GAME.
WHAT THE MARKET DOES TOMORROW, THE NEXT DAY, IS PREARRANGED BY THE CENTRAL BANKS, AND BY WHOMEVER CONTROLS THOSE BANKS...
LOOKS LIKE BIS IS THE CONTROLLER, BUT WE DON'T REALLY KNOW WHO IS BEHIND THE BIS, DO WE?
WOULD YOU TRUST SOMEONE TO KNOW WHAT THEY WERE TALKING ABOUT, REGARDING CENTRAL BANKS, WHO HAS THE FOLLOWING CREDENTIALS?
"Studied law at Yale Law School and economics at the University of Amsterdam. Worked in the US Export Import Bank of the US from 1980-1985 and in the Legal Department of the World Bank from 1986-2007.
Established the Non Governmental Organization Committee of the International Law Section of the American Bar Association and the Committee on Multilateralism and the Accountability of International Organizations of the American Branch of the International Law Association."
THE PERSON WITH THOSE CREDENTIALS IS KAREN HUDES, A WHISTLEBLOWER WHO ONCE WORKED AT THE WORLD BANK, WHO SAW AND HEARD THINGS SHE FOUND VERY DISTURBING.
WOULD YOU BELIEVE ANY OF THE FINDINGS OF A SWISS RESEARCH GROUP WHO UNTANGLED THE MASSIVE WEB OF GLOBAL FINANCE?
"Conducted by a team of researchers at the Swiss Federal Institute of Technology in Zurich, Switzerland. They studied the relationships between 37 million companies and investors worldwide, and what they discovered is that there is a “super-entity” of just 147 very tightly knit mega-corporations that controls 40 percent of the entire global economy…
When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network.But the global elite don’t just control these mega-corporations.
“In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder.
Most were financial institutions.
The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.
According to Hudes, they also dominate the unelected, unaccountable organizations that control the finances of virtually every nation on the face of the planet.
The World Bank, the IMF and central banks such as the Federal Reserve literally control the creation and the flow of money worldwide.
At the apex of this system is the Bank for International Settlements.
It is the central bank of central banks.
YOU CAN READ MUCH OF WHAT WAS DISCOVERED <HERE> AND THEN DECIDE IF CENTRAL BANKS CREATED A MONSTER, OR IF CENTRAL BANKS ARE THAT MONSTER.
IN EITHER CASE... WHO OWNS THE MONSTER???
A three-part article on the BIS:
Part 1 http://www.occupy.com/article/one-bank-rule-them-all-exposing-bank-international-settlements-part-i
Part 2 http://www.occupy.com/article/bank-rule-them-all-exposing-bank-international-settlements-part-ii
Part 3 http://www.occupy.com/article/one-bank-rule-them-all-exposing-bank-international-settlements-part-iii