The Bank for International Settlements (BIS) is an international financial organization that was created in 1930. The BIS is headquartered in Basel, Switzerland, and is the principal center for international central bank cooperation. This means that the BIS wields a lot of power and influence over the world’s economy and financial system. The main stakeholders in the BIS are central banks and the BIS provides a forum for regular (privately held) meetings and cooperation among them. The BIS also influences the monetary policy of central banks, of which, the United States Federal Reserve System is one of those central banks.
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The Power of The Bank for International Settlements (BIS)
The Bank for International Settlements is more powerful than most people realize. Because it is the principal center for international central bank cooperation, the BIS has a lot of sway over the world’s economy and financial system. This means that the BIS can influence the monetary policy of central banks around the world. In addition, the BIS provides a forum for regular (privately held) meetings and cooperation among central banks. The Federal Reserve System is one of the central banks that belongs to the BIS.
The meetings that take place at the BIS are private and this lack of transparency is worrisome because we don’t know what Central bankers are discussing or planning behind closed doors. Given the immense power and influence that the BIS has over the world’s economy, there should be more transparency about what goes on at these meetings. Unfortunately, we only get glimpses into what goes on at these meetings through leaked documents or insider accounts.
One example of this lack of transparency occurred in 2008 when then-President George W Bush secretly met with then-Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson to discuss the impending financial crisis. This meeting was not made public until years later. If such a major meeting had taken place at any other organization, it would have been front-page news but because it took place under the auspices of the BIS, it was kept secret.
The Origins of the BIS
The BIS was founded in 1930 in Basel, Switzerland. It was created as a response to the global economic crisis of the late 1920s, which saw major banking failures in Europe and North America. The primary purpose of the BIS was (and still is) to promote international monetary and financial stability. To this end, it acts as a forum for central banks to cooperate on matters of monetary policy and regulation. It also provides banking services to central banks, including loans and foreign exchange facilities.
The Accusations Against the BIS
Many believe that the true purpose of the BIS is not to promote monetary stability, but rather to serve as a tool for the global financial elite to manipulate markets and further their own interests. These accusations have been leveled by numerous individuals and organizations over the years, including Nobel Prize-winning economist Joseph Stiglitz, renowned investigative journalist Greg Palast, and even former U.S. President John F. Kennedy.
One of the most common criticisms leveled against the BIS is that it encourages central banks to pursue policies that benefit private banks at the expense of ordinary citizens. It has been argued that by promoting deregulation, liberalization, and privatization, the BIS has helped create an environment in which private banks can operate with little oversight or regulation. This is said to have led to numerous financial crises, such as the Savings & Loan crisis of the 1980s, the Asian Financial Crisis of 1997, and most recently, the 2008 Global Financial Crisis.
The BIS has also been accused of being involved in various conspiracies, including the manipulation of gold prices and involvement in Nazi Germany’s war efforts. While there is little concrete evidence to support these claims, the lack of transparency at the BIS only adds fuel to these conspiracy theories.
Overall, the secretive nature of the BIS and its influence over global financial policies make it a controversial organization. Its true motives and actions may never be known, but it is clear that more transparency and accountability are needed for the BIS to properly serve its stated purpose of promoting monetary stability.
Currently, the BIS is promoting CBDC programable currencies which could potentially lead to the creation of a global digital currency, further extending their influence and control over the world’s financial system.
Are we heading toward a dystopian future where the BIS controls all of our money? Only time will tell…