The combination of economic and political
power in the same hands
is a sure recipe for
Bank for International
"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 19341930The 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.
can sometimes be prima donnas." - BIS Secretary General Gunter Baer
"BIS promotes an agenda of
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.
immunity for all buildings and/or offices operated by the BIS
4) No oversight of
operations by any
authority, they are not audited.
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
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
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
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 created
at Bretton Woods Conference.
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
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
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
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
1963 Eurodollar market is worth around $148 million.
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
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.
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
1994 US Federal Reserve buys shares in
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
# Lord George, London
# Hervé Hannoun, Paris
Christian Noyer, Paris
# Lars Heikensten, Stockholm
# Mervyn King,
# Guy Quaden, Brussels
# Jean-Pierre Roth, Zürich
Alfons Vicomte Verplaetse, Brussels
" In 1950 US corporations footed 26% of the total
US tax bill. By 1990 they were covering only 9%, contributing to massive budget
deficits and the current $14 trillion US debt. In 2009 corporate leviathans
such as Bank of America,
and ExxonMobil paid no US
federal taxes. Exxon's net profit
for that year was over $45 billion.
It 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
"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
"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
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
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
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
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 the Fed's statistical releases,
says he has never seen anything like it.
Fungible assets magically appeared
on the Fed's balance sheet.
"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
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."
"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
"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
"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
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."
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.
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
Nixon Ends Bretton Woods International Monetary
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
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
A super-sovereign reserve currency managed by a global
institution could be used to both create and control the 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
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
"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
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.
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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new perspective with which to engage reality to which its author adheres. The
author feels that the falsification of reality outside personal experience has
created a populace unable to discern propaganda from reality and that this has
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agents who wish to foist a corrupt version of reality on the human race.
Religious intolerance occurs when any group refuses to tolerate religious
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This web site marks the founding of a system of philosophy named The Truth of
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buildings and in which each and every individual is encouraged to develop a
personal relation with the Creator and Sustainer through the pursuit of the
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This web site in no way condones violence. To the contrary the
intent here is to reduce the violence that is already occurring due to the
international corporate cartels desire to control the human race. The
international corporate cartel already controls the world central banking
system, corporate media worldwide, the global industrial military entertainment
complex and is responsible for the collapse of morals, the elevation of
self-centered behavior and the destruction of global ecosystems. Civilization
is based on cooperation. Cooperation does not occur at the point of a
American social mores and values have declined precipitously over
the last century as the corrupt international cartel has garnered more and more
power. This power rests in the ability to deceive the populace in general
through corporate media by pressing emotional buttons which have been
preprogrammed into the population through prior corporate media psychological
operations. The results have been the destruction of the family and the
destruction of social structures that do not adhere to the corrupt
international elites vision of a perfect world. Through distraction and
coercion the direction of thought of the bulk of the population has been
directed toward solutions proposed by the corrupt international elite that
further consolidates their power and which further their purposes.
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