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"When you are dealing with
a world chain of financial consulates, all linking up in a world system, none
of them regarded as American banks, or
British banks, or
French banks, or
Italian banks, or
German banks, but all of them
members of the World Banking System, you are obviously not dealing with
individuals who are trying to make a living." -
Henry Ford
1930
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 "international central
bank for the central bankers."
"The
international bankers
swept statesmen, politicians, journalists and jurists all to one side and
issued their orders with the imperiousness of absolute monarchs." - Lloyd
George, British Prime Minister
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 SG Gunter Baer
"BIS promotes
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
determining the cost of borrowing, the
overall money supply and
the speed of global financial
currents.
Central bankers are in charge of bank supervision in most
countries.
1932 "We
have in this country one of
the most corrupt institutions in the world.
I refer to the
Federal Reserve Board.
This evil
institution has impoverished and
bankrupt the US.
It has done this through the corrupt practices of
the moneyed vultures." -
Louis T. McFadden, chairman House Banking &
Currency
"Zionist financial
power dominates the entire world in its material affairs.
Concentrated Zionist power is
working in unison
to destroy the existing order of
things." - Arthur Nelson Field, The Truth About the
Slump
1934 "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, Institute for International Monetary
Research
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, never audited.
5)
Freedom from immigration
restrictions.
6) Freedom to encrypt any and all communications of
any sort.
7) Freedom from any legal
jurisdiction, they have their own police force.
The first President
of BIS is Rockefeller banker Gates McGarrah - an official at
Chase Manhattan and the Federal Reserve.
McGarrah is the grandfather of
former CIA director
Richard Helms.
Gates
McGarrah, a director of the Astor Foundation and chairman of the New York
Federal Reserve, was a member of the Pilgrims Society.
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 in
a feudalistic fashion
by the central banks 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 D 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.
The
financial underwriter for
international agreements monitors the global economy and serves as lender
of last resort in 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 investment bank - owned by Lazard and David-Weill
families - old Genoese banking scions represented by Michelle Davive.
A
major shareholder, 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.
This trust is headed by
Secretary of War Henry
Stimson, assisted by John J. McCloy (next head of the World Bank) and
Robert Lovett (next Secretary of Defense) and consultant Robert B. Anderson
(next Treasury Secretary).
Robert B. Anderson, operator of Commercial Exchange Bank of
Anguilla in the British West Indies is convicted of running
illegal offshore
banking operations and tax
evasion. Investors lose about $4.4 million.
"The Firm participated
actively in the postwar development of the international capital market in the
United States and in the new so-called Eurobond market that emerged in the
1960s.
As the Firm has expanded, the scope and nature of its practice
has afforded S&C the opportunity to retain lawyers in locations more
convenient to our clients.
S&C opened new U.S. branches in
Washington, D.C. (1977), Los Angeles (1984) and Palo Alto (2000).
The
Firm reopened its Paris office (which had been closed during World War II) in
1962, and opened new offices in London (1972), Melbourne (1983), Tokyo (1987),
Hong Kong (1992), Frankfurt (1995), Beijing (1999), Sydney (2001) and Brussels
(2017). " - Sullivan & Cromwell
LLP
1950 US corporations pay
26% of the total US tax bill.
1963 Eurodollar market is worth
around $148 million.
1966 " The powers of
financial capitalism had a far reaching plan, nothing less than to create
a world system of financial
control in private hands.
This system was to be controlled by a
world central bank acting in concert through secret agreements arrived at in
frequent meetings and conferences.
The apex of the system is the Bank
For International Settlements - a private bank owned by state central banks,
themselves private
corporations.
Each central bank dominates the state by control over
treasury loans, by manipulating
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
1968 Guaranty Trust launched
Euro-Clear, a Brussels-based automated bank clearing system for Eurodollar
securities.
Some took to calling
Euro-Clear "The Beast".
Brussels serves as headquarters for
NATO and the
European central bank.
1973 Morgan
officials meet 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.
1981
Eurodollar futures contract open
1990 US corporations now pay 9% of the total US
tax bill.
1982 Eurodollar market is
worth $2 trillion, while the M-1 US money supply stood at $442
billion.
Utilization of Eurodollar offshore bank accounts by the
super-rich costs cash-strapped governments globally trillions of dollars in
annual revenue.
1994
US Federal Reserve buys shares in BIS.
"Under a misguided
set of international rules that took hold toward the end of the 1990s,
banks were allowed to use internal risk measurements to set capital
requirements." - Joe Nocera
Mark-to-market or
fair market value accounting
refers to inflating asset values to assume predicted market return at time of
future sale.
This is an unrealistic valuing strategy as true fair market
value can only be known for certain at the point the exchange contract is
executed.
Fair value accounting becomes a part of Generally Accepted Accounting
Principles (GAAP) in the US.
Enron used the concept of
fair market value to inflate the
future value of electricity transmission held by off-balance-sheet "special
purpose" entities as futures
contracts which lead to the collapse of the
Enron energy futures
exchange.
Failure to employee mark-to-market is given by
Wall Street as the mitigating
cause of the
Orange County Bankruptcy (OCB).
"The more
complicated these investments are, the more a question of appropriateness comes
to the fore." - Felix Rohatyn, Lazard Freres partner and former chairman of the
Municipal Assistance Corporation.
The largest
investment bank to deal with Orange
County was Merrill
Lynch.
"It is difficult to avoid the
observation that Lombardi's drawings make visible: that since the 1970s,
criminals have warped the world banking system to their own bent.
RT
Naylor's prediction of the "mass criminalization of the financial business" and
the worst fears of Interpol chief Raymond Kendall have both come to
pass.
The BIS informed the author that "derivatives embedded in loans,
securities, and other on-balance sheet
assets (e.g. credit-linked notes) do not fall within the scope of our OTC
derivatives statistics and are therefore not reported to us unless they are a
derivative instrument that must be treated separately under FAS 133 or IAS 39.
This means that the $835 trillion in outstanding derivatives positions
reported to the BIS in June 2012 did not include the subprime mortgages market,
which De Soto estimated in excess of $500 trillion in 2009.
It is
reasonable to infer that at least one reason why the Federal Reserve has tried
to keep interest rates so low for so long is to avoid upsetting the derivatives
markets and the related hedge books of banks and other corporations." -
Patricia Goldstone
2008
Off-balance-sheet
assets, much of it securitized credit-card debt at just the four biggest US
banks - Bank of America,
Citigroup,
JP Morgan Chase and
Wells Fargo - is about $5.2 trillion,
according to annual filings.
"Asset
price inflation fueled by the Federal Reserve – is giving way to debt
deflation.
We have reached a limit in which scheduled interest and
amortization absorb the entire economic surplus.
New construction,
investment and employment are grinding to a halt.
Families and
real estate investors are using their
entire disposable income to pay creditors or face bankruptcy." - Michael Hudson
06/08
Chronic Illness and Bankruptcy
#1 Reason Americans File for Bankruptcy
March 23, 2009 Treasury Secretary Timothy Franz
Geithner, a protégé of
Henry Kissinger,
announces his latest plan which seeks to harness government and private
resources to purchase an initial half-trillion dollars of off-balance-sheet
toxic debt of investment banks.
Timothy Franz Geithner holds
out the expectation that the program will eventually could grow to $1 trillion.
"Here's the scenario:
The borrower is a retailer that has been
in business for 26 years.
They have five retail outlets, employ 90
people, have revenue of over $10 million and are
well-respected members of
their community.
In 2007, its bank approved a term loan to expand
the business.
The term loan balance is $650,000.
They also have
a $1 million working capital line of credit for inventory and they owe
$800,000.
The loan is supported by the personal guarantees of the two
business owners and UCC filings on the incorporation assets, which is basically
inventory.
The last three years, financial statements reflect a
decrease in revenue (sales) and they have sustained losses.
When the
bank made the term loan, the business's
financial statements already reflected losses.
Nonetheless, the bank wrote
covenants into their loan
agreement that required the business to produce a certain level of
profitability.
If the business did not meet this level of
profitability, the loan could be called for
"technical default" of the covenant.
From day one, the bank waived this requirement.
That is, until
this year, when they placed the loan in their "special assets/workout division"
and subsequently "called" the
loan.
The bank demanded payment in full by April 1.
It is
important to understand that this businmess never missed even one payment on
either loan.
The owners were working diligently to reduce expenses.
They hired seasoned retail consultants to guide them through the
process of restructuring their business so that they would be able to remain in
business.
The owners showed every willingness to work with the bank and
make the changes that would bring them through this
economic crisis with all commitments met
as agreed.
The owners were faced with the realization that the bank was
going to close them down.
Their new loan officers,
the decision
makers, were in another state and communicated with them through e-mail.
Let's examine the stupidity and short-sightedness of this bank's
decision.
If the bank demands payment in full on the loan, they put the
company out of business.
The bank will then sell the inventory and
perhaps get 50 cents on the dollar for the inventory.
The bank will
still sustain a loss of $750,000.
Additionally, the 90
employees will now
be out of work.
And five pieces of commercial property would become
vacant and no longer produce cash flow (rent) to the landlords.
If the
landlords cannot fill the space, and don't have the rental income, it is likely
that they will not be able to make their mortgage payments on the commercial
properties.
The domino
effect is astounding." - Joe Nocera March 10,
2009
April 24,
2009 Nonperforming
on-balance-sheet assets of JP Morgan Chase grew 185% over
the past year to $14.7 billion.
Bad assets of
Bank of America increase
229% to $25.7 billion.
Bank of America hammered with foreclosure fraud
lawsuits
Problem assets at Citigroup rose 128% to $27.4 billion, and
Wells Fargo jumped 180% to
$12.6 billion.
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 mega-banks.
Secretive Swiss banks play a key role." - Dean Henderson
2011 Rudolf M. Elmer, former head of the Cayman
Islands office of the prominent Swiss bank Julius Baer, announces 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
2015 Scapegoat Economics 2015
2019
The BIS estimates interest rate derivatives
market is the largest derivative market, with a notional amount of
outstanding of US $494 trillion.
End of Libor Creates Uncertainty for CME's Giant Eurodollar
Market
August 9, 2019 The BIS issues a
working paper calling for “unconventional monetary policy measures”
to “insulate the real economy from further deterioration in financial
conditions”.
(Un)conventional Policy and the Effective Lower
Bound
August 15, 2019 Blackrock
Inc., the world's most powerful investment fund (managing around $7 trillion in
stock and bond funds), issues a white paper titled Dealing with the next downturn.
Essentially, the
paper instructs the US Federal Reserve to inject liquidity directly into the
financial system to prevent “a dramatic downturn.”
Again, the
message is unequivocal: “An unprecedented response is needed when monetary
policy is exhausted and fiscal policy alone is not enough.
That
response will likely involve 'going direct': “finding ways to get central
bank money directly in the hands of public and private sector spenders”
while avoiding “hyperinflation. Examples include the Weimar Republic in
the 1920s as well as Argentina and Zimbabwe more recently.” - Fabio
Vighi
September 16, 2019 "Downturn
officially inaugurated by a sudden spike in the repo rates (from 2% to 10.5%).
'Repo' is shorthand for 'repurchase agreement', a contract where
investment funds lend money against collateral assets (normally Treasury
securities).
At the time of the exchange, financial operators (banks)
undertake to buy back the assets at a higher price, typically overnight.
In brief, repos are short-term collateralized loans.
They are
the main source of funding for traders in most markets, especially the
derivatives galaxy.
A lack of liquidity in the repo market can have a
devastating domino effect on all major financial sectors." - Fabio
Vighi
September 19, 2019
Donald Trump signs Executive Order 13887, establishing a
National Influenza Vaccine Task Force whose aim is to develop a
“5-year national plan to promote the use of more agile and scalable
vaccine manufacturing technologies and to accelerate development of vaccines
that protect against many or all influenza viruses.”
Understandably unwilling
to go to war with International Monetary Fund(IMF) and the
World Bank(WB) that controlled their debt,
crisis struck new democracies after WWII had to
accept IMF and the WB rules.
In the early eighties, IMF and the WB rules
got a great deal stricter.
The debt shock coincided precisely, and not
coincidentally, with a new era in relations, one that would make military
dictatorships largely unnecessary.
It was the
dawn of the era of "structural adjustment" -
dictatorship of debt.
Milton
Friedman's Chicago
School of Economics cracks
China open.
"Economic reforms" turn
China into the
sweatshop of the world.
"The Princelings", billionaires,
are children of Communist Party officials.
Although the IMF and the WB
have loaned money to 'undeveloped' countries the costs have been
staggering.
The IMF and the WB does not
make loans for altruistic purposes.
Collateral includes
infrastructure and
natural resources.
WB
and the IMF force countries to
privatize their
infrastructure to be eligible for debt relief as they did in the Asian
financial crisis.
How the IMF
helped create and worsen the Asian financial crisis
World Bank – IMF Guilty of Promoting Land Grabs, Increasing
Inequality
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