Headquarters of The Bank for International Settlements, Switzerland. Photograph: Wikicommons
Basle, Switzerland, is home to one of the most influential financial institutions on the planet, yet its existence is largely unknown to the general public. The Bank for International Settlements (BIS) is the oldest operating financial organisation on the globe, functioning as the nexus point for international central banking, encompassing 60 highly influential countries of the world.
Founded in May 1930, the BIS plays a pivotal role in shaping the world’s economic environment, with its roots tracing back to the formation of the Bank of England in 1694, and the Bank of France in 1803.
The mission statement of the BIS describes its role in world banking:
“The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.”
As a private bank, the BIS is viewed by many as the organ the corporate financial elite use to control and influence fiscal policy around the globe. Mayer Rothschild famously remarked in 1791, commenting on the degree of control private bankers can have over a country’s affairs if given the power to create and regulate their monetary policy:
“Give me control of a nation’s money supply and I care not who makes the laws.”
Secretive conferences are held bi-monthly in Switzerland, where the major bank Governors of the world meet to discuss and plan the future economic policy of its members. Details of the meeting are not disclosed to the press.
Operations within the bank are centred in 3 offices, spread across the planet. The main office is located in Basle, Switzerland, with a second base in Hong Kong managing the region of Asia and the Pacific, and a final branch is situated in Mexico City (the Americas).
Controlling the activities of the bank is the Board of Directors, which is chaired by Christian Noyer, the Governor of the Central Bank of France. The heart of the Board consistently includes the Central Bank Governors of 6 countries; Belgium, France, Germany, Italy, the United Kingdom and the United States, with the possibility of an additional 3 Governors from other member states banks serving on the Board. A variety of International Bankers, influential bureaucrats and economists make up the rest of the board.
Mark Carney (Governor of the Bank of England), Janet Yellen (Chairman of the Board of Governors of the Federal Reserve System, CFR member), and Mario Draghi (President of the European Central Bank) are some of the most distinguished members of the present Board.
The membership of the BIS has grown rapidly since its inception in 1930. When first formed, 8 countries made up the membership of the bank. Today: the membership is more than 7 times greater than in 1930, encompassing 60 nations of the world – with Iran and Syria being noticeable exceptions from the list.
An individual who was privy to the activities of the BIS during the middle of the 20th century, was Professor Carroll Quigley, a Professor of International Relations at Georgetown University. He was a mentor to Bill Clinton, and a person who was exposed to the elites agenda through his involvement with the Round Table Groups – most notably the British based Royal Institute for International Affairs, and the influential American branch, the Council on Foreign Relations.
In his 1966 work Tragedy and Hope, Quigley reveals his role as the historian for this private international cabal:
“In fact, this network, which we may identify as the Round Table Groups, has no aversion to cooperating with the Communists, or any other group, and frequently does so. I know of the operations of this network because I have studied it for twenty years and was permitted for two years, in the early 1960’s, to examine its papers and secret records. I have no aversion to it or to most of its aims and have, for much of my life, been close to it and to many of its instruments.”
He proceeds, outlining the plan the financial elite had for the BIS:
“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.”
Since its formation, the BIS has operated as a private organisation, completely independent of any government oversight. Gates W. McGarrah was the first chairman of the bank, a prominent international banker of his time, and the grandfather of the former CIA Director Richard McGarrah Helms. In 1931, he authored the First Six Months of the BIS, where he reveals the nature of the bank’s decision making practices from its inception:
“Governments have no connection with it or with its administration. Created by central bankers, its Board of Directors, made up of the governors of central banks, private bankers, and business industrialists, is the sole authority which fixes its policy.”
Controversy has surrounded the bank for many decades, due to its role in financing Nazi Germany in the run up to the Second World War. In 1939, the BIS complied with a transfer request – from the Nazi seized Czechoslovakian National Bank – of 23.1 metric tons of gold (£5.6 million worth) from a Czechoslovakian BIS account into an account held by the Reichsbank at the BIS. This sparked fury in Britain, as months later, courageous soldiers were fighting on the battlefield against an enemy which had previously received financial assistance through the BIS – an organisation that Montagu Norman (the Governor of The Bank of England at the time) was deeply involved with.
The BIS has functioned in the position of an international money lending agency in the past, providing support to Germany and Austria in the early 1930’s, and to France and Britain in the 1960’s. In the latter half of the 20th century, the bank has also “provided finance in the context of IMF-led stabilization programmes (e.g. for Mexico in 1982 and Brazil in 1998)”, working in partnership with the IMF to implement reforms in certain nations: many of the Board of Directors at the BIS also hold high level positions at the IMF (Klaas Knot, Ignazio Visco)
At the beginning of 2013, the BIS started to implement the first phase of their latest Basle accord – Basle III – releasing a new set of banking regulations which will be fully implemented by 2019. As Michael Snyder reported in March of 2013, this latest Basle accord could have dramatic effects on the fragile global economy.
Carroll Quigley, Tragedy and Hope, 1966 – P324, P950.
Published By: The Analyst Report, 11 February, 2014