Thursday, August 6, 2009
You know that the 12 Federal Reserve Banks are owned by private banksters.
And you've heard of the Bank of International Settlements (BIS), which is the "Central Banks' Central Bank".
But you probably don't know who owns BIS or how it is regulated.
Spiegel provided the answer last month:
The BIS is a closed organization owned by the 55 central banks. 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.So the private banks own the Fed (and other central banks), and the central banks, in turn, own BIS.
Interestingly, Spiegel points out that BIS is largely immune from regulation, oversight or taxes:
Formally registered as a stock corporation, it is recognized as an international organization and, therefore, is not subject to any jurisdiction other than international law.
It does not need to pay tax, and its members and employees enjoy extensive immunity. No other institution regulates the BIS, despite the fact that it manages about 4 percent of the world's total currency reserves, or €217 trillion ($304 trillion), as well as 120 tons of gold...
Central bankers are not elected by the people but are appointed by their governments. Nevertheless, they wield power that exceeds that of many political leaders. Their decisions affect entire economies, and a single word from their lips is capable of moving financial markets. They set interest rates, thereby determining the cost of borrowing and the speed of global financial currents.