Bank of International Settlements

Global Wealth Inequality

“The combination of economic and political power in the same hands
is a sure recipe for tyranny.” - Milton Friedman

Bank for International Settlements

Lord Rothschild:
"This Is The Greatest Experiment In Monetary Policy In The History Of The World"

$217,000,000,000,000 in debt:
that's just how the global elite like it

Financial Core of the Transnational Corporate Class

World Derivatives Market Estimated As Big As $1.2 Quadrillion

America's Derivative Market is Unbelievably Huge & Totally Unregulated

General Manager's speech: Making the most of borrowed time

Meet The Secretive Group That Runs The World

Network Analysis Reveals 'Super Entity' of Global Corporate Control

The Network of Global Corporate Control

"A warehouseman, taking goods deposited with him and devoting them to his own profit, either by use or by loan to another, is guilty of a tort, a conversion of goods for which he is liable in civil, if not in criminal, law. By a casuistry which is now elevated into an economic principle, but which has no defenders outside the realm of banking, a warehouseman who deals in money is subject to a diviner law: the banker is free to use for his private interest and profit the money left in trust. . . . He may even go further. He may create fictitious deposits on his books, which shall rank equally and ratably with actual deposits in any division of assets in case of liquidation." - Elgin Groseclose, Director of the Institute for International Monetary Research 1934

1930The Bank for International Settlements (BIS) is established by Charles G. Dawes (Vice President under Calvin Coolidge from 1925-1929), Owen D. Young (founder of RCA and Chairman of General Electric from 1922 until 1939), and Hjalmar Schacht of Germany (President of the Reichsbank).

The BIS is the "central bank for the central bankers." The International Monetary Fund and the World Bank deal with governments. The BIS deals only with other central banks.

The BIS is a closed corporation owned by the 55 central banks. Major shareholders include the Federal Reserve, Bank of England, Bank of Italy, Bank of Canada, Swiss National Bank, Nederlandsche Bank, Bundesbank and Bank of France.

The heads of these central banks travel to the Basel headquarters once every two months, and the General Meeting, the BIS's supreme executive body, takes place once a year. The Basel headquarters are listening device proof. There are no public minutes of the meetings. Everything discussed is confidential.

"Central bankers can sometimes be prima donnas." - BIS Secretary General Gunter Baer

"BIS promotes an agenda of monopoly capitalist fascism." - Dean Henderson

Central bankers wield power that exceeds that of many political leaders. Their decisions affect entire economies. Central bankers set interest rates, thereby determining the cost of borrowing and the speed of global financial currents.

Central bankers are in charge of bank supervision in most countries.

The BIS, a corporation, has the status of a sovereign power and is immune from all governmental control. A summary of this immunity is listed below:

1) Diplomatic immunity for persons and what they carry with them (i.e., diplomatic pouches).

2) No taxation on any transactions, including salaries paid to employees.

3) Embassy-type immunity for all buildings and/or offices operated by the BIS worldwide.

4) No oversight of operations by any government authority, they are not audited.

5) Freedom from immigration restrictions.

6) Freedom to encrypt any and all communications of any sort.

7) Freedom from any legal jurisdiction, they even have their own police force.

The first President of BIS was Rockefeller banker Gates McGarrah - an official at Chase Manhattan and the Federal Reserve. McGarrah is the grandfather of former CIA director Richard Helms.

Historian Carroll Quigley says BIS was part of a plan, "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 to be controlled in a feudalistic fashion by the central banks of the world acting in concert by secret agreements."

1933 "Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. The money changers have fled from their high seats in the temple of our civilization." - Franklin Delano Roosevelt inaugural address

1934 New Britain magazine of London publishes a statement made by former British Prime Minister David Lloyd George that, "Britain is the slave of an international financial bloc."

1944 US lobbys unsuccessfully for BIS demise at the post-WWII Bretton Woods Conference. The IMF and the World Bank are forged at Bretton Woods Conference.

BIS holds at least 10% of monetary reserves for at least 80 of the world's central banks, the IMF and other multilateral institutions. It serves as financial agent for international agreements, collects information on the global economy and serves as lender of last resort to prevent global financial collapse.

The IMF and World Bank are central to this "New World Order".

World Bank bonds are floated by Morgan Stanley and First Boston.

The French Lazard family becomes involved in Morgan interests. Lazard Freres - France's biggest investment bank - is owned by the Lazard and David-Weill families - old Genoese banking scions represented by Michelle Davive.

A recent Chairman and CEO of Citigroup was Sanford Weill.

In planning the post-war economy it is jointly decided that the Black Eagle Trust will be used to fight communism, bribe political leaders, enhance the treasuries of US allies, and manipulate elections in foreign countries and other covert operations.

This trust is headed by Secretary of War Henry Stimson, assisted by John J. McCloy (later head of the World Bank) and Robert Lovett (later Secretary of Defense) and consultant Robert B. Anderson (later Secretary of the Treasury).

Robert B. Anderson later operated the Commercial Exchange Bank of Anguilla in the British West Indies and was convicted of running illegal offshore banking operations and tax evasion.

Investors lost about $4.4 million.


1963 Eurodollar market is worth around $148 million.

1968 Guaranty Trust launched Euro-Clear, a Brussels-based bank clearing system for Eurodollar securities. It was the first such automated endeavor. Some took to calling Euro-Clear "The Beast". Brussels serves as headquarters for the new European central bank and for NATO.

1973 Morgan officials met secretly in Bermuda to plan the repeal the Glass Steagal Act. Morgan and the Rockefeller provide financial backing for Merrill Lynch boosting it into the Big 5 of US investment banking.

1982 Eurodollar market is worth $2 trillion, while the US M-1 money supply stood at $442 billion.The utilization of Eurodollar offshore bank accounts by the super-rich costs cash-strapped governments around the world trillions of dollars in annual revenue.

1994 US Federal Reserve buys shares in BIS.

2011 Rudolf M. Elmer, former head of the Cayman Islands office of the prominent Swiss bank Julius Baer, announced that he has handed over to Wikileaks information on 2,000 prominent individuals and companies that he says engaged in tax evasion and other criminal activity.

Elmer described those exposed as "pillars of society".

At one point in time the BIS' board of directors, five elected - the rest permanent, were:

# Nout H E M Wellink, Amsterdam (Chairman of the Board of Directors)
# Hans Tietmeyer, Frankfurt am Main (Vice-Chairman)
# Axel Weber, Frankfurt am Main
# Vincenzo Desario, Rome
# Antonio Fazio, Rome
# David Dodge, Ottawa
# Toshihiko Fukui, Tokyo
# Timothy Franz Geithner, New York
# Alan Greenspan, Washington
# Lord George, London
# Hervé Hannoun, Paris
# Christian Noyer, Paris
# Lars Heikensten, Stockholm
# Mervyn King, London
# Guy Quaden, Brussels
# Jean-Pierre Roth, Zürich
# Alfons Vicomte Verplaetse, Brussels

1950 US corporations pay 26% of the total US tax bill.

1990 US corporations now cover 9% of the total US tax bill.

2009 Bank of America, General Electric and ExxonMobil pay no US federal taxes.

Exxon's net profit for that year is over $45 billion.

"Exxon utilized subsidiaries in the British Crown-controlled Bahamas, Bermuda and Cayman Islands to dodge the IRS.

These opaque offshore Eurodollar markets also launder Saudi petrodollars, CIA drug money and Mossad arms profits.

Illicit funds come out squeaky clean on the balance sheets of the global mega-banks.

Secretive Swiss banks play a key role.

The most powerful is the Bank for International Settlements." - Dean Henderson

prior to 911

"The powers of financial capitalism had a 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 feudalist fashion by the central bank 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 Basel, Switzerland (home of first World Zionist Congress, chaired by Theodor Herzl in 1897), 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 cooperative politicians by subsequent economic rewards in the business world."- Carroll Quigley Tragedy And Hope

"We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupt our government. It has done this through the corrupt practices of the moneyed vultures who control it." - Louis T. McFadden, 1932, Chairman of the House Banking & Currency Commission

"The world today, however provides a spectacle of a great concentration of Zionist power. In New York there is a concentration of Zionist financial power dominating the entire world in its material affairs, and side by side with it is the greates physical concentration of the Jews ever recorded. On the other side of the globe, there has taken place in Russia the greatest concentration of the Jewish revolutionary activity in all history. The enormously significant thing in the world today is that both this power of the purse and revolutionary activity are working in the direction of destroying the entire existing order of things, and not only are they working in a common direction, but there is a mass of evidence that they are working in unison." - Arthur Nelson Field, The Truth About the Slump


monetary squeeze of 2008

May 2007 Federal Reserve reports assets of about $836 billion, 92% of them are the federal securities. By the spring of 2008 the values of federal securities had dropped to $500 billion and total asset value had remained level until September of 2008.

Until September 2008 Between September and December the Federal Reserve allowed the Monetary Base to increase from $836 billion to $1,479 billion.

December 2008 95% of the Federal Reserve "assets" are toxic collateralized debt obligations. On December 16 the Federal Reserve cut its interbank lending rate to a range of 0% to .25%.

"The banks have exchanged $2 trillion of presumed toxic waste securities consisting of Asset-Backed Securities in sub-prime mortgages, stocks and other high-risk credits in exchange for Federal Reserve cash and US Treasury bonds. The result is that the Federal Reserve is holding some $2 trillion in largely junk paper from the financial system. Borrowers include Lehman Brothers, Citigroup and JPMorgan Chase. These banking conglomerates oppose any release of information because that might signal 'weakness' and spur short-selling or a run by depositors. The Federal Reserve does not want to discuss this. That is clearly also behind their blunt refusal to reveal the nature of their $2 trillion assets acquired from member banks and other financial institutions. Simply put, were the Fed to reveal to the public precisely what 'collateral' they held from the banks, the public would know the potential losses that the government may take." - F. William Engdahl 12/17/08

The interest tab to finance federal government expenditures was $412 billion in fiscal year 2008, or about one-third of the federal government's total income from personal income taxes which was $1,220 billion.

fungible assets

January 2009 Federal Reserve reportes assets of $2.1 trillion, an increase of $1.2 trillion from September 2008. That increase represents loans worth $1.2 trillion - a startling increase which more than doubled the size of the Monetary Base from September 2008 to January 2009.

Ben Gisin, a former banker tracking statistical releases, says he has never seen anything like it. Fungible assets magically appeared on the balance sheet of the Federal Reserve.

"The Federal Reserve's Open Market Committee authorized $300 billion in purchases of long term treasury bonds for six months. The central bank's latest efforts may help swell its balance sheet to more than $4 trillion this year." - Scott Lanman, March 25, 2009

"The Federal Reserve, like other regulators around the world, did not do all that it could have to constrain excessive risk-taking in the financial sector in the period leading up to the crisis." - Ben Salom Bernanke Sunday, November 29, 2009

Fed is paying out roughly $400 million a year for "research" - much of it to outside economists who then advocate for the Fed's agenda without disclosing their Fed ties. Seven of the eight economists on a 2009 anti-oversight letter to Congress failed to note they are or were on the Fed's payroll. The Fed "so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession."

faux economic theories

"Under a misguided set of international rules that took hold toward the end of the 1990s, banks were allowed use their own internal risk measurements to set their capital requirements." - Joe Nocera

"To understand the real cause of the credit crisis and how it can be reversed, we first need to understand credit itself what it is, where it comes from, and what the real tourniquet is that has limited its flow.

Banks actually create credit; and if private banks can do it, so could public banks or public treasuries.

The crisis is not one of "liquidity" but of "solvency."

It has been caused, not by the banks' inability to get credit (something they can create with fungible accounting entries), but by their inability to meet the capital requirement imposed by the Bank for International Settlements, the private foreign head of the international banking system.

What actually constrains bank lending is the capital adequacy requirement, something that is imposed not by our own central bank but by the Bank for International Settlements.

Called "the central bankers" central bank, the BIS pulls the strings of the private international banking system from Basel, Switzerland." - Ellen Brown

"The Fed does not need slinky women in plunging necklines to peddle money.

All it needs is low interest rates.

When rates are pushed lower than the rate of inflation, the Fed provides a subsidy for borrowing.

If I offered to give you $1.00 for every 90 cents you gave me in return, you would buy as many dollars from me as you could.

The Fed operates the same way.

It generates market activity by creating incentives for borrowing.

Borrowing leads to speculation, and speculation leads to steadily rising asset prices.

The Fed is not an unbiased observer of free market activity. The Fed drives the market.

The Fed fuels speculation and controls behavior by fixing interest rates.

The Fed IS the market, which is why it is foolish to talk about a "recovery".

The idea of recovery implies a free-standing system based on supply and demand.

The bottom line, is that the current financial architecture is not designed to work; it is designed to make a handful of speculators very rich.

These speculators own congress, the White House and the financial media, which is why there has been no meaningful change in regulations." - Mike Whitney

Inflation: It's A Wealth Redistribution Scheme

"The Federal Reserve will ask a US appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in US history." - David Glovin 01/11/10

FOIA requires federal agencies to make government documents available to the press and public. US District Judge Loretta Preska noted in her August 24, 2009 ruling that loan records are covered by FOIA and rejected the Fed's claim that their disclosure might harm banks and shareholders.

"The Fed speculates on how a borrower might enter a downward spiral of financial instability if its participation in the Federal Reserve lending programs were to be disclosed. Conjecture, without evidence of imminent harm, simply fails to meet the board's burden of proof." - US District Judge Loretta Preska

In its appeal, the Board of Governors of the Federal Reserve System argued that disclosure of "highly sensitive" documents, including 231 pages of daily lending reports, threatens to stigmatize lenders and cause them "severe and irreparable competitive injury."

eurozone foreclosures

What are they trying to hide?

"The outbreak of the current crisis and its spillover in the world have confronted us with a long-existing but still unanswered question, i.e., what kind of international reserve currency do we need to secure global financial stability and facilitate world economic growth, which was one of the purposes for establishing the International Monetary Fund?

There were various institutional arrangements in an attempt to find a solution, including the Silver Standard, the Gold Standard, the Gold Exchange Standard and the Bretton Woods system.

The above question, however, as the ongoing financial crisis demonstrates, is far from being solved, and has become even more severe due to the inherent weaknesses of the current international monetary system.

Theoretically, an international reserve currency should first be anchored to a stable benchmark and issued according to a clear set of rules, therefore to ensure orderly supply; second, its supply should be flexible enough to allow timely adjustment according to the changing demand; third, such adjustments should be disconnected from economic conditions and sovereign interests of any single country.

The acceptance of credit-based national currencies as major international reserve currencies, as is the case in the current system, is a rare special case in history.

The crisis again calls for creative reform of the existing international monetary system towards an international reserve currency with a stable value, rule-based issuance and manageable supply, so as to achieve the objective of safeguarding global economic and financial stability.

Issuing countries of reserve currencies are constantly confronted with the dilemma between achieving their domestic monetary policy goals and meeting other countries' demand for reserve currencies.

On the one hand, the monetary authorities cannot simply focus on domestic goals without carrying out their international responsibilities, on the other hand, they cannot pursue different domestic and international objectives at the same time.

They may either fail to adequately meet the demand of a growing global economy for liquidity as they try to ease inflation pressures at home, or create excess liquidity in the global markets by overly stimulating domestic demand.

The Triffin Dilemma, i.e., the issuing countries of reserve currencies cannot maintain the value of the reserve currencies while providing liquidity to the world, still exists.

The frequency and increasing intensity of financial crises following the collapse of the Bretton Woods system suggests the costs of such a system to the world may have exceeded its benefits.

Nixon Ends Bretton Woods International Monetary System

The desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.

The International Monetary Fund creates the Special Drawing Rights (SDR) when the defects of the Bretton Woods system initially emerged to mitigate the inherent risks sovereign reserve currencies caused.

A super-sovereign reserve currency managed by a global institution could be used to both create and control global liquidity.

When a country's currency is no longer used as the yardstick for global trade and as the benchmark for other currencies, the exchange rate policy of the country would be far more effective in adjusting economic imbalances.

This will significantly reduce the risks of a future crisis and enhance crisis management capability.

Special consideration should be given to giving the SDR a greater role.

The SDR has the features and potential to act as a super-sovereign reserve currency.

Moreover, an increase in SDR allocation would help the Fund address its resources problem and the difficulties in the voice and representation reform.

Therefore, efforts should be made to push forward a SDR allocation.

The scope of using the SDR should be broadened, so as to enable it to fully satisfy the member countries' demand for a reserve currency.

The SDR, which is now only used between governments and international institutions, could become a widely accepted means of payment in international trade and financial transactions.

The allocation of the SDR can be shifted from a purely calculation-based system to a system backed by real assets, such as a reserve pool, to further boost market confidence in its value.

Entrusting part of the member countries' reserve to the centralized management of the IMF will not only enhance the international community's ability to address the crisis and maintain the stability of the international monetary and financial system, but also significantly strengthen the role of the SDR.

With its universal membership, its unique mandate of maintaining monetary and financial stability, and as an international "supervisor" on the macroeconomic policies of its member countries, the IMF, equipped with its expertise, is endowed with a natural advantage to act as the manager of its member countries' reserves." - Zhou Xiaochuan, governor of the People's Bank of China 03/23/09

"The stock of money, prices and output was decidedly more unstable after the establishment of the Federal Reserve than before. Any system which gives so much power and so much discretion to a few men is a bad system. " - Milton Friedman

"I know of no severe depression, in any country or any time that was not accompanied by a sharp decline in the stock of money, and equally of no sharp decline in the stock of money that was not accompanied by a severe depression." - Milton Friedman

flipping off the soulless

One World Government

"The International Monetary Fund's Articles of Agreement prevent countries from restoring the "dual exchange rate" systems that many retained down through the 1950s and even into the 60s. It was widespread practice for countries to have one exchange rate for goods and services (sometimes various exchange rates for different import and export categories) and another for "capital movements."

Under American pressure, the IMF enforced the pretence that there is an "equilibrium" rate that just happens to be the same for goods and services as it is for capital movements. Governments that did not buy into this ideology were excluded from membership in the IMF and World Bank ­ or were overthrown.

The implication today is that the only way a nation can block capital movements is to withdraw from the IMF, the World Bank and the World Trade Organization (WTO). For the first time since the 1950s this looks like a real possibility, thanks to worldwide awareness of how the US economy is glutting the global economy with surplus "paper" dollars ­ and US intransigence at stopping its free ride. From the US vantage point, this is nothing less than an attempt to curtail its international military program." - Michael Hudson

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