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The “Central Banks’ Central Bank” Slams the Federal Reserve

The central banks’ central bank, the Bank of International Settlements or “BIS” – which is the world’s most prestigious mainstream financial body – has slammed the policy of America’s economic leaders.

This is especially dramatic given that the banks own the Federal Reserve, and that the Federal Reserve and other central banks – in turn – own BIS. In other words, BIS is criticizing one of its main owners.

Economics professor Michael Hudson notes:

Paul Krugman has urged the Federal Reserve to simply lend banks an amount equal to their bad loans and negative equity (debts in excess of the market price of assets). He urges a “Keynesian” program of spending to re-inflate the economy back to bubble levels. This is the liberal answer: to throw money at the problem, without seeking structural reform.

[BIS] disagreed last week in its annual report. It said – and I believe that it is right – that monetary policy alone cannot solve an insolvency problem. And that is what Europe has now: not merely illiquidity for government bonds and corporate debt, but insolvency when it comes to the ability to pay.

In such circumstances, the BIS explains, it is necessary to write down the debt to the amount that can be paid – and to undertake structural reforms to prevent the Bubble Economy from recurring.

For background, see this and this.

http://www.ritholtz.com/blog/2012/07/the-central-banks-centr...

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lover's quarrel

Looks like two of these polyamorphous banks are having a lover's quarrel. No worries. I'm sure its nothing big enough to get one of them kicked out of the house :-)

Bank of Int'l Settlements and Goldman Sachs - Link


The purpose of this financial crisis is to take down the United States and the U.S. dollar as the stable datum of planetary finance and, in the midst of the resulting confusion, put in its place a Global Monetary Authority—a planetary financial control organization to “ensure this never happens again.”

Bank of Int'l Settlements and Goldman Sachs - Link

The Financial Crisis: A look behind the wizard’s curtain

BASEL II

While there surely would have been losses, truth be told, the U.S. banking system would likely have gotten through this,[the Financial Crisis] as would have the rest of the world, had it not been for an accounting rule called Basel II promulgated by the Bank for International Settlements.

Who? What?

That’s right, I said an accounting rule.

The final nail in the coffin—and this was really the wooden spike through the heart of the financial markets—was delivered in Basel, Switzerland, at the Bank for International Settlements (BIS).

Never heard of it? Neither have most people; so, let me pull back the wizard’s curtain.

Central banks are privately owned financial institutions that govern a country’s monetary policy and create the country’s money.

The Bank for International Settlements (BIS), located in Basel, Switzerland, is the central banker’s bank. There are 55 central banks around the planet that are members, but the bank is controlled by a board of directors, which is comprised of the elite central bankers of 11 different countries (U.S., UK, Belgium, Canada, France, Germany, Italy, Japan, Switzerland, the Netherlands and Sweden).

Created in 1930, the BIS is owned by its member central banks, which, again, are private entities. The buildings and surroundings that are used for the purpose of the bank are inviolable. No agent of the Swiss public authorities may enter the premises without the express consent of the bank. The bank exercises supervision and police power over its premises. The bank enjoys immunity from criminal and administrative jurisdiction.

In short, they are above the law. Read more:

The Financial Crisis: A look behind the wizard’s curtain

Even shorter. They're Outlaws! Pretending to be outside the law.

They might write rules & behave as if they are above law of the land. Nonsense. They are outlaws! Their behavior is outside the law... Behavior beyond jurisdiction of authority.

In time gone by, outlaws were those living outside the jurisdiction of the law... Some beyond the county line. Others over national borders.

Should they come into your honest & lawful jurisdiction, get a rope.

Pace Picante Sauce Commercial - 1985

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

?!

Uh, this author is hardly on the side of the BIS and its troubling history and questionable tactics.

He is a Ron Paul supporter. I heard him speak on this topic several years ago. He slammed this B[I]S bank o' thugs and in the middle of the discussion specifically pointed out Ron Paul and his HR 1207 efforts to Audit the Fed.

He also confided that a financial minister in the Chinese government had gotten hold of his book and he was sent a ticket to immediately fly over to their country to educate them. The Chinese recorded the whole conversation, put it on DVDs, and sent it out to their embassies worldwide.

Thank you. I support what you wrote.

Regarding BIS: "In short, they are above the law." - SantaClauseIsComing, DailyPaul member, 2012.

Disregarding BIS: "Even shorter. They're outlaws!" - Mark Twain, DailyPaul member, 2012.

Seems the folks running the BIS banking cartel racket pretend to be above the law of the land. Just ain't so. I am no fan of the BIS boyz. Monopoly Boyz, extraordinaire.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

$WI$$ Pivot.

Switzerland is the center, like a pivot, quite static, other countries evolve, revolve, turn upside down, have revolutions, face war and destruction, etc.
See list of Swiss stock =
1- BIS, bank of international settlements is located there, its the central bank of central banks, dictating exchange rates, interest rates, & banking policies.
2- Insurance-Re, world's insurance companies join this great pool, masters of actuarial sciences, risk & threat analysis for calculating insurance premium rates.
3- keepers of the hidden wealth of all dictators & looters, drug lords, secret accounts, etc., very often the account holder dies or gets into trouble, or lands in prison, the money is left with the banks unclaimed. Over centuries tons of real money (gold & silver) is stored with them.
4- Watch-makers, master the rate of motion =(RPM) converted thru sizes of gears into fractions of Time, i.e. hours, minutes, seconds. Remember, in the usurious system "Time i$ Money", wow. Now interest is not charged annually but over-night, or "per second for imagining about it". See the http://www.usdebtclock.org/ , it$ precision engineering.
5- Mind altering drugs, researched & produced, both kinds, depressants and anti-depressants, sleeping pills, poisons, pharma -, etc.
6- Yeast, to puff up bread, body and human minds, gives boost to the ego, used in fermentation and producing alcoholic drinks that remove or reduce inhibitions, specially of the religious kind, the consumer is 'free' to indulge - - in - (whatever is considered sin or unlawful).
7- Provided mercenary forces to princes, even today the Swiss guards are the protectors of the Papacy.
8- HQ of ICRC, the Red-Cross, is the Swiss flag in reverse. The cover is to provide care in war zones, also collect u$eful data.
9- Inn-keepers, leaders in the hospitality industry, hotels, luxury resorts, pandering, etc.
10- Conference center of elites, the UN is for clerks & peons, those with real authority go to Geneva meetings, or Davos meetings of CEOs and central bank governors.
11- world council of churches, Priori de Sion, secret societies, Masons, Lions, Rotary, or create 'new thought', a sec, second, sect, secular.
12- Meeting of Zion was held at Basel in 1880s, for creation of a zionist state in Palestine, 25 years before the 1st world war. The israeli army is structured on the model of the swiss, compulsory military service of able bodied citizens, with a huge reserve force, well armed.
13- Proclaims Sovereignty, did not join the UN as late as 2002, only to slip into the club & look 'ordinary'. Women's right to vote was given very late.
http://en.wikipedia.org/wiki/Switzerland#Religion
+ $ +

the meetings at Davos, Basel & Geneva - are of those who give continuity to the $y$tem. Govts may come and go, people are in & out of office, when their term expires they are gone.
At the apex of the larger pyramid, as printed on the one dollar note, there is a small triangle, call it the eye, or trinity. 3 jokers/yokers watch over it.
1- the oldest one is the church, including the papacy with its many branches, cardinals & bishops. They claim to be the keepers of the Word, the vice-regents. these impostors cover all the sins of demons, on payment of-course. The Calvinists are in the inner circle who provide 'rationalism'.
2- the british and european monarchies & the aristocrats, specially those who claim the blood-line, related to Jeru'Salem, as touted in the fictional movie - "The Da vinci Code".
3- RothsChilde & partners, cousins et'all. Banks with many subsidiaries, controlling the money supply in the world.

Because the sooner the smaller central banks collapse

The sooner the BIS can make the move to the NWO and once global currency for the globe. It is planned and orchestrated.

beephree

Is the Bank of International Settlements the Orchestra Pit?

Contingent perhaps on the definition of "is."

For those that prefer to see what "is" for themselves, Hotels near Bank for International Settlements, Basel, Switzerland.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Cartel of Cartels: a derivative story. The Compound of Compounds

Swiss Tour Guide: Our next stop is Davos, Switzerland. We will visit the Bank of International Settlements (BIS). BIS is known to bankers & their governmental indentured servants (Congressman & their international counterparts) as the Central Bank of Central Banks. It is where central banks & governments come when they can no longer print infinite amounts of debt-based confidence money ("legal tender"). The BIS is purportedly the provider of last resort for those providers of last resort that are failing to provide. Think of it as where each infinite national currency must settle for another infinite national currency.

Some think of the BIS as judge, jury & executioner of wayward bank cartels & their drunken bank members.

Bank cartel charters grant central banks the privilege to fund themselves w/o limit. The BIS may be thought of as an international banker club where bankers gather legally & tenderly to defrock each other... in front of other bankers. Please watch your step & your money as you disembark the bus. The bus leaves for Germany's Deutsche Bundesbank in 5 minutes (If this bus leaves w/o you, please catch the next link to Germany).

Warnung! Die Fütterung der Banker ist strengstens verboten!

Attention! Nourrir les banquiers est strictement interdit!

Attenzione! Nutrire i banchieri è severamente vietato!

Warning! Feeding the bankers is strictly forbidden!

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Ron Paul Has It Right

Liquidate the debt! Write it off and recast balance sheets everywhere. Accounting rules used to require that this be done. Now we have financial architects who manipulate the system for their own benefit.

The problem is not going to just float away. We are in an increasingly illiquid world.

The Fed: Loaning you blind, since 1913.

"This fiftieth year is sacred—it is a time of freedom and of celebration when everyone will receive back their original property, and slaves will return home to their families. "
—Leviticus 25:10

The Next Round of Quantitative Easing Should be a Debt Jubilee!

The Fed ignored Jubilee in its 50th year. Now the Fed comes upon its 100th year. The Fed: Loaning you blind, since 1913.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

When the wolves start attacking each other

instead of the sheep as prey, the pack falls apart.

Someone started picking on Bob Diamond.
Bob Diamond attacked BOE.
Barclays hint - we were not alone, other banks will get fined more.
BOE and Tim Geithner emails published blaming each other. (I have never before seen this sort of comms out in the open).
Now BIS wades into the fray.

Jamie Dimon is in deep trouble.
CDS mispricing should be next up for him. http://www.zerohedge.com/news/criminal-inquiry-shifts-jpmorg...
This from Huffington today
http://www.huffingtonpost.com/janet-tavakoli/jpmorgan-raises...

Banks are going to have to start reserving against Libor litigation Q3. Suits are already being prepared/filed, e.g. by municipalities.
Other banks are going to get fined over Libor.

The mis selling of interest rate swaps has yet to come out.

Fun fun fun.

"In the end, more than they wanted freedom, they wanted security. They wanted a comfortable life, and they lost it all -- security, comfort, and freedom. When ... the freedom they wished for was freedom from responsibility, then Athens ceased to be free."

+1 For Fun,

o boy, you have given so much data, a list of banksters' misdeeds. Ordinary people (&even cunning banksters) could not have imagined this a few years back. Now the game is on - cats to chase the mice.
Internet & the increased flow of info led to this situation, = the light reached to /or fell upon the banksters, & caught them with their pants down (]:)>

who cares

international bodies have least say during times of true crisis.. domestic sovereignty is going to trump when pressure at home mounts high.. all talk.. the fact they can speak openly about this should say as much. usually power wielders refrain from making comments.