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"...the powers of financial capitalism had another far-reaching aim, 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 banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations."
Carroll Quigley, Tragedy and Hope: A History of the World in Our Time (1966)
Originally posted by In nothing we trust
... the central banks of the world acting in concert, by secret agreements ...
The International Monetary Fund and the World Bank began their annual meeting on Saturday under pressure to tackle the global financial crisis and minimize its impact on the world's poor.
Finance leaders from the twin institutions' 185 member nations and private financiers gathered in Washington in search of an effective response to the crisis that has slowed the advanced economies to a standstill.
"Never have all of us been so dependent on the other and so interdependent. We need to work together."
Originally posted by Anonymous ATS
The BIS however does very much interest me ... I've been meaning to research exactly what it is they do for a while...
Since 1930, central bank cooperation at the BIS has taken place through the regular meetings in Basel of central bank Governors and experts from central banks and other agencies.
The Bank for International Settlements was established in 1930 to administer ("settle") the reparation payments imposed on Germany under the Treaty of Versailles following the First World War. It was also envisaged that the BIS would provide central banks with an institutional forum for cooperation.
Set up in 1930, it consisted, initially, of a group of 6 central banks and a financial institution of the USA. Granted a constitution charter by Switzerland, it was henceforth based in that country.
That America was by then a financial force to be reckoned with on the international scene is borne out by the fact that the first President appointed to the BIS was Gates W. McGarrah (ex-Chase National Bank & Federal Reserve Bank).
The BIS is the world’s oldest international financial institution, having been set up in 1930 with the twin aim of coping with reparations/loans from/to a very unstable post-World War one Germany; and more importantly, to act as a forum for central bankers in the future.
As such, it was the epitome of supra-nationality - able to circumvent all those orthodox ideals that had, over the years, become synonymous with the concept of the nation state - such as love of country, patriotism etc., - the danger, of course, being that, in certain circumstances (such as a state of war), such circumvention of patriotism by any of its board members could lead to their being accused of treasonable offences.
Currently more than 5,000 senior executives and officials from central banks and supervisory agencies participate in meetings organised by the BIS every year.
The Bilderberg Group was formed in 1954 out of the need of corporate America to ensure cohesion of purpose on the part of its European partners in the recently formed North Atlantic Alliance (NATO) - the twin aim being to facilitate the flow of American capital into the region, and to bring Germany into the Alliance (against, it should be noted, the wishes of many of the USA’s partners). That it is a group endowed with enormous political clout can be attested to by both an examination of the lists of committee members and conference attendees over the years -
The Trilateral Commission was formed in 1973, its agenda determined by the corporate-funded Brookings Institute and the Kettering Foundation - with not a little help from David Rockefeller of the Chase-Manhattan Bank.
An examination of the list of bankers involved in these bodies reveals that, of the banking organisations, the Banks for International Settlements (BIS) is the one of prime importance on the international scene - not only because of its prestigious membership (embracing as it does the head bankers of the leading industrial nations) - but also because of the significance of its links with other groups.