7. April in an article in the Telegraph of London, under the title "The G20 is moving the world, a step towards a global currency, writes Ambrose Evans-Pritchard
"An article, in paragraph 19 of the Press of State and Government of G-20 should be issued to the revolution in global financial order.
"We have agreed on a general allocation of SDRs to inject $ 250 billion (170 billion pounds) for the global economy and to support the increase in global liquidity," he said. SDRs are Special Drawing Rights, a documentCurrency issued by the International Monetary Fund, which had remained dormant for half a century.
"In reality, the leaders of the G20, the IMF has made it possible to create the power to make money and the beginning of the world" quantitative easing. "They have a de facto currency to play in the world. It is beyond the control of a body sovereign. conspiracy theorists will love. "
Because they want. The article is subtitled "The world is a step forward in support of a global currency, a world central bank,monetary policy for the entire humanity. That naturally raises the question of who or what they used to a world central bank, by the power of monetary policy and global financial services policy for the whole of humanity? If the central bankers of the world are meeting in Washington last September issue covertly discussed which agency might be able to take this role very impressive and formidable. A former governor of the Bank of England said:
"[T] he answer may already be neglected in the face,Shape of the Bank for International Settlements (BIS). . . . The IMF is more couch its warnings about the economic issues discussed in a very diplomatic, but the BIS is more independent and work in a better position so that when the power is given "." 1
And if the vision of a world currency outside the control of the government, rather than the conspiracy theorists as the BIS, the use for which there will certainly be. The BIS has been plagued by scandal when the pro-Nazi sentiments stigmatizedin 1930. Headquartered in Basel, Switzerland, in 1930, the BIS, as "the most exclusive, mysterious and powerful supranational club in the world." Charles Higham wrote in his book "Trading with the enemy, which, by the end 1930, the BIS has taken a distortion openly pro-Nazi, a question on a BBC Timewatch film" Hitler on the bank 'mission expanded in 1998, 2 in 1944, the U.S. government supported a resolution to request the dissolution of the Bretton WoodsBIS, the Czech Republic after allegations of stealing the money in the money laundering Nazi-occupied Europe, but central bankers in a cold Quiet American Managed 3
In Tragedy and Hope: A History of the World in Our Time (1966), found Mr. Carroll Quigley, the key role in the global financial world, the BIS has played in the background. Dr. Quigley was a professor of history at Georgetown University, where he was the mentor of President Bill Clinton. There was also an insider,prepared by the powerful clique that he calls "international bankers". His credibility is the fact that he actually married the objectives of increase. He wrote:
"I know that the operation of this network, because I studied it for twenty years and was permitted for two years to examine, in early 1960 for its secret documents and files. I have no aversion or most of their targets and were an important part of my life for his neighbor, and many of their instruments …. [I] n general, myMain difference of opinion is that he wants to remain unknown, and I think his role in history is significant enough to be known. "
Quigley said that the international banking network:
"[T] he powers of financial capitalism had an ambitious goal, nothing less than a world system of financial control in private hands capable of the political system of each country to dominate the economy and create the world as a whole. This system must be controlled in order feudalcentral banks of the world acting in concert, by secret agreements in frequent private meetings and conferences. The summit of the system was the Bank for International Settlements in Basel, Switzerland, a private bank owned by the world's central banks which were themselves private corporations. "
The key to their success, "said Quigley, was that international bankers manipulate and take control of the system of money of a nation, then it seemsbe controlled by the government. The statement "one of the eighteenth century by the patriarch of what would be the world's most powerful banking dynasty. Amschel Mayer Rothschild famous Bauer said in 1791:
"Let me issue and control the currency of a nation and I care not who makes the laws."
Son of Mayer's five major capitals of Europe, has sent – London, Paris, Vienna, Berlin and Naples – in order to establish a banking system thatbeyond the control of the government. The economic and political systems of nations is not controlled by citizens, but by the banks for the benefit of the bankers. Finally, a private "central bank" has been established in almost all countries, and the system of central banks now control the economies of the world. Central banks have the power, the money in their respective countries for the press, and it is these banks, the money that governments borrow to pay its debts and finance musttheir operations. The result is a global economy that has created not only the industry but the government itself is running on a "credit (or debit) of a bank through a private network monopoly central banks of the tube, and the head of this network and the IDB, "the central bank of central banks in Basel.
BEHIND THE CURTAIN
For many years, the BIS held a very low profile, behind the scenes in an abandoned hotel. It is here that decisions were reached to devalue or to defend the currency fixedGold prices, to regulate offshore banks and to raise or lower interest rates in the short term for long. In 1977, however, the BIS gave them anonymity in exchange for an office more efficient. The new building was described as "an eighteen story circular tower of the medieval town are mistaken as a nuclear reactor." Swift as the famous "Tower of Basel" was. Today, the State enjoys immunity UP, do not pay taxes, and has its own private police force.4 It's likeRothschild presented above the law.
The BIS is now set by the 55 member states, but the club has met regularly in Basle is a group much smaller, and even in itself, there is a hierarchy. In an article published in 1983 in Harper's Magazine as "the decision of the world of money," said Edward Jay Epstein, when the real business is done in "a kind of clubs within a half-dozen powerful central bankers which are more available or less are in the same currency Boat "–Germany, USA, Switzerland, Italy, Japan and England. Epstein says:
"The most important value that seems to define the inner club of the other members of the BIS, is convinced that central banks should act independently of their governments at home …. A second, closely related conviction within the club should be that politicians can be trusted to decide the fate of the international monetary system. "
In 1974 the Basel Committee on Banking SupervisionSurveillance was established by the governors of the Group of Ten countries (now extended to twenty). The BIS is the twelve members of the secretariat of the committee. The Committee rejected the new rules for banks around the world to keep, including capital requirements and controls. In a 2003 article entitled "The Bank for International Settlements urges Global Currency", Joan Veon wrote:
"The BIS is where the central banks around the world together to analyze the global economy anddetermine what steps to take to put aside more money in their pockets, because they determine the amount of money in circulation and control very useful How will governments and banks for loan documents. . . .
"If we understand that the BIS, the strings of the world monetary system then moves to realize that they have the ability to bust, or create a boom in a country. If the country is not what donors want, and all thathave to do is sell the currency. '5
Controversial Basel
The power to make or break economies, the BIS was established in 1988 when it issued an increase in capital requirements of Basel Accord on capital for banks from 6% to 8%. Until then, Japan has emerged as the largest creditor in the world, but in Japan, banks were less than other international banks active. Increasing capital requirements forced them to reduce lending, deposit of a recession in Japan as in the sustainableUSA Today. Real estate prices fell, loans were failing, the security contract for them. What followed was a downward spiral, ending with the final failure of the banks. The banks were nationalized, although the word is not used to avoid criticism.6
Other collateral damage of the Basel Convention has produced a wave of suicides among Indian farmers can obtain loans. The BIS capital adequacy of credit guarantees to private borrowers, the weighting of a "risk"determined by the riskiness of private rating agencies, and could not ensure the farmers and small entrepreneurs, the agency fee. Banks then assigned a risk of 100 per cent for loans, and then resisted the granting of loans to these borrowers at high risk as more capital was needed to cover the loan. If the conscience of the nation has been awakened by suicide Indian government, he lamented the lack of interest of farmers by commercial banks, has been a policy of denouncing the FinancialThe exclusion of the weakest, but this step had little real impact on lending practices, especially given the constraints imposed by the BIS abroad.7
Similar complaints from Korea. An article in the December 12, 2008 Korea Times, entitled "A Vicious Cycle triggering calls described" as Korean entrepreneurs can not, with good increases in loan guarantees to Korean banks operating in a time of economic slowdown requires investment and easier to Credit
"The Bank of Koreahas provided more than 35 trillion won, the banks since September, when the global financial crisis has full capacity, "said an analyst at Seoul, who requested anonymity." But the effect is not with the banks to keep money in their coffers to see. It is not easy and is one of the main reasons to keep the BIS ratio is high enough to survive, "he said ….
"Ha-Joon Chang, professor of economics at the University of Cambridge, agrees with the analyst." What are the banks for theirInterest or for increasing the BIS, which is against the interests of each company. This is a bad idea, "Chang said in a recent telephone interview with The Korea Times."
In May 2002, an article in Asia Times entitled "Global Economy: A National Bank vs. The Economist Henry CK Liu noted that the Basel Convention National Banking Forced to March of the same strength, to serve needs of sophisticated global financial markets regardless of developmentNeeds of their economies. "He wrote:
"Cast [N] ational banking systems are suddenly in the rigid parts of the Basel sponsored by the Bank for International Settlements (BIS) or the pain of wearing endanger the safety of international interbank lending suddenly face …. the national policy are subject to incentives profit for private financial institutions, all members of a hierarchical system, controlled and managed by money center banks in NewYork. The result is the strength of national banking systems, which will be privatized. . . .
"Rules of the BIS only serve the sole purpose of strengthening the international private banking, risk treaties national economies …. The IMF and international banks, the BIS is a team: international banks lend recklessly to provide to borrowers in emerging economies in a foreign debt crisis, the IMF describes itself as the carrier of the virus, in the name of a coin sound monetary policy –Politics, not more, while international banks, as vulture investors, for the financial assistance of national banks to acquire sufficient capital and insolvency of the BIS. "
Ironically, Liu noted that developing countries with their own natural resources, there is no need for foreign investment that has taken on debt to foreigners:
"The application of the proceeds of state theory of money [on a sovereign state can spend its money] can a government with its own fundsMoney in all their development needs to maintain full employment without inflation. "
When governments fall into the trap of accepting foreign currency loans, however, become "debtors" in accordance with the IMF and the BIS regulations. They are forced to divert their production to exports, only the foreign currency are required to earn to pay interest on their loans. Capital of domestic banks have done enough "to be compared with the restrictions of" conditions "imposed by the International Monetary Fund Capital Requirements growing debt write-offs and restructuring through liquidation and sales, layoffs, cuts jobs to reduce costs and a freeze on investment. "Liu wrote:
"Reversing the logic of a healthy banking system and development should lead to a growth of full employment, the BIS regulations require a high level of unemployment and environmental degradation in developing economies as a fair price for a banking system strong global private.
BACKDomino to fall?
While banks in developing countries below the BIS capital requirements will be punished to avoid the big international banks, the rules, the risk, although in reality are enormous, since exposure derived from them. The mega-banks for the prevention of Basel rules separating the "likelihood" of default of the loans and sell them to investors managed by a form of derivatives known as credit default swaps.
However, it wasAppliances that banks in the United States should escape the BIS net. If you were able to mitigate the first Basel Accord, a second group was required by the legislation, known as Basel II. The new rules were established in 2004, but have not been imposed on banks in the United States until 2007 November, one month after every 14,000 times, the Dow Jones is high to reach. It was only downhill from there. Basel II has had the same effect on U.S. banks, Japanese banks had Basel I: You have since struggled tosurvive.8
Basel II requires banks to set the value of its securities at market price "of security, in general, as a mark" on the market. "9 The standard has a theoretical value, but the problem is time: it was imposed retrospectively – after the market, the banks of the work already hard on their books. Lenders that have been sufficiently capitalized to new loans were suddenly are insolvent . at least they would be bankrupt if they tried toto sell their assets, the assumption by the new system is needed. FINANCIAL ANALYST John Berlau complains
"The crisis is often the primary market as a" market failure "and the word" brand "appears to be increasing, dass But the mark-to-market rules are profoundly anti-market and impede the functioning of the market price discovery Free …. In this case, the accounting rules so that players on the ice for a good, if he does not like what the market currently provide a large marketMeasures of price discovery in agriculture affects antiques. "10
To permit the assessment of the market under the U.S. banks have created an immediate credit crisis, the economy will meet not only the United States, but ahead of countries around the world. Beginning in April 2009, said the mark-to-market rule was finally lifted by the U.S. Financial Accounting Standards Board (FASB), but critics, the change does not go far enough, and was done in response to political pressure andBankers, not a radical change of heart or action by the BIS.
And that is where the conspiracy theorists comes in. Why not withdraw or modify, at least Basel II, after the devastation caused need? Why did he stand there and watch broken global economy? It was the goal, as the economic chaos that would speed up the world in terms of creating the arms of the BIS, with its own international currency, independently generated? The action is condensed. . ..
Originally published at Global Research, April 18, 2009.
————————————————– ——————————
1. Andrew Marshall, "The Financial New World Order: Towards a global currency and one world government", Global Research (April 6, 2009).
2. Alfred Mendez, "The Network", in "The World Central Bank: The Bank for International Settlements."
3. "BIS – Bank for International Settlements: The mother of all central banks, Hubpages(2009).
4. Ibid.
5. Joan Veon: The Bank for International Settlements urges Global Currency "News with Views (August 26, 2003).
6. Peter Myers, "Updating the 1988 Basel Accord – destroyer of the Japanese financial system" (September 9, 2008).
7. Nirmal Chandra, "is the neoliberal growth inclusive as possible in India?" Ideas Network (September 2008).
8. Bruce Wiseman, "The financial crisis: a look behind the scenes of the Wizard," Canada Free Press (March 19, 2009).
9.See Ellen Brown, "Honor to whom honor" webofdebt.com / articles / creditcrunch.php (January 11, 2009).
10. John Berlau, "The international brand for the market contagion," Open Market (October 10, 2008).
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