Part 1: The Most Important Bank in the World

and it is accountable to no one.

Nov 27, 2022

Bank Of International Settlements (BIS) - Basel, Switzerland

Did you immediately think “The World Bank?? Well, it’s not. That cool looking building above, houses the Bank For International Settlements (BIS).

In the next few posts, we’ll explore the BIS, but first let’s dispel a few misconceptions, between the BIS, The World Bank and the International Monetary Fund (IMF).

First off they are all separate entities, however, many will mix and match these three, especially the BIS and World Bank. Here’s a quick explanation of each:

BIS - Established in Basel, Switzerland, as a result of the 1929 Young Plan, that went into effect September 1st, 1930. It was initially created to handle the payment of reparations by Germany, after World War I and as an institution for cooperation among the central banks of the various countries. It has since come to promote international monetary and financial stability and to serve as a center for economic and monetary research and consultation, a technical agency for the execution of certain specific agreements, and a banker for the world’s central banks. It is the world’s oldest international financial organization.

The World Bank (AKA - The World Bank Group or International Bank) - Founded in 1944, at the UN Monetary and Financial Conference (commonly known as the Bretton Woods Conference), which was convened to establish a new, post-World War II international economic system. It officially began operations in June 1946. It’s first loans were geared toward the postwar reconstruction of western Europe. Later in the mid-1950s, it played a major role in financing investments in infrastructural projects of developing countries, to include roads, hydroelectric dams, water and sewage facilities, maritime ports, and airports.
The World Bank Group comprises five constituent institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).

The IMF - Conceived, planned and drafted by delegates representing 44 countries, in 1944, at the UN Monetary and Financial Conference (commonly known as the Bretton Woods Conference). Since its creation, the IMF’s principal activities have included stabilizing currency exchange rates, financing the short-term balance-of-payments deficits of member countries, and providing advice and technical assistance to borrowing countries.

April 1930 - First unofficial meeting of the BIS Board of Directors in Basel.

Now that that is out of the way, lets look at the BIS. I think the best place to start is with the Sovereignty and Secrecy, the Bank commands and enjoys.

Patrick M. Wood, get’s us started with this observation:

“It is not surprising that the BIS, its offices, employees, directors and members share an incredible immunity from virtually all regulation, scrutiny and accountability.
In 1931, central bankers and their constituents were fed up with government meddling in world financial affairs. Politicians were viewed mostly with contempt, unless it was one of their own who was the politician. Thus, the BIS offered them a once-and-for-all opportunity to set up the "apex" the way they really wanted it -- private. They demanded these conditions and got what they demanded.”

An excerpt from Adam LeBor’s book Tower of Basel: The Shadowy History of the Secret Bank that Runs the World, expands on the the secrecy and privilege of the BIS: (bold text is mine)

“…The Swiss authorities have no jurisdiction over the BIS premises. Founded by an international treaty, and further protected by the 1987 Headquarters Agreement with the Swiss government, the BIS enjoys similar protections to those granted to the headquarters of the United Nations, the International Monetary Fund (IMF) and diplomatic embassies. The Swiss authorities need the permission of the BIS management to enter the bank’s buildings, which are described as “inviolable.”
The BIS has the right to communicate in code and to send and receive correspondence in bags covered by the same protection as embassies, meaning they cannot be opened. The BIS is exempt from Swiss taxes. Its employees do not have to pay income tax on their salaries, which are usually generous, designed to compete with the private sector. The general manager’s salary in 2011 was 763,930 Swiss francs, while head of departments were paid 587,640 per annum, plus generous allowances. The bank’s extraordinary legal privileges also extend to its staff and directors. Senior managers enjoy a special status, similar to that of diplomats, while carrying out their duties in Switzerland, which means their bags cannot be searched (unless there is evidence of a blatant criminal act), and their papers are inviolable. The central bank governors traveling to Basel for the bimonthly meetings enjoy the same status while in Switzerland. All bank officials are immune under Swiss law, for life, for all the acts carried out during the discharge of their duties.
The bank’s management has tried to plan for every eventuality so that the Swiss police need never be called. The BIS headquarters has high-tech sprinkler systems with multiple back-ups, in-house medical facilities, and its own bomb shelter in the event of a terrorist attack or armed conflagration. The BIS’s assets are not subject to civil claims under Swiss law and can never be seized.
The BIS strictly guards the bankers’ secrecy. The minutes, agenda, and actual attendance list of the Global Economy Meeting or the ECC are not released in any form. This is because no official minutes are taken, although the bankers sometimes scribble their own notes.”

Bor’s observations are striking, to say the least. History has consistently shown, that when secrecy and a lack transparency are normal operating practices (in any governing body), it almost always leads to corruption, treachery and tyranny. As you start to understand how the BIS, through it’s owner/stakeholders (the central banks of individual countries), influence governments and their policies…this level of secrecy and unquestioned absence of accountability, becomes very problematic and concerning.

Bor continues: (bold text is mine)

“What, then, does this matter to the rest of us? Bankers have been gathering confidentially since money was first invented. Central bankers like to view themselves as the high priests of finance, as technocrats overseeing arcane monetary rituals and a financial liturgy understood only by a small, self-selecting elite.
But the governors who meet in Basel every other month are public servants. Their salaries, airplane tickets, hotel bills, and lucrative pensions when they retire are paid out of the public purse. The national reserves held by central banks are public money, the wealth of nations. The central bankers’ discussions at the BIS, the information that they share, the policies that are evaluated, the opinions that are exchanged, and the subsequent decisions that are taken, are profoundly political. Central bankers, whose independence is constitutionally protected, control monetary policy in the developed world. They manage the supply of money to national economies. They set interest rates, thus deciding the value of our savings and investments. They decide whether to focus on austerity or growth. Their decisions shape our lives.
The BIS’s tradition of secrecy reaches back through the decades. During the 1960s, for example, the bank hosted the London Gold Pool. Eight countries pledged to manipulate the gold market to keep the price at around thirty-five dollars per ounce, in line with the provisions of the Bretton Woods Accord that governed the post–World War II international financial system. Although the London Gold Pool no longer exists, its successor is the BIS Markets Committee, which meets every other month on the occasion of the governors’ meetings to discuss trends in the financial markets. Officials from twenty-one central banks attend. The committee releases occasional papers, but its agenda and discussions remain secret.
Nowadays the countries represented at the Global Economy Meetings together account for around four-fifths of global gross domestic product (GDP)— most of the produced wealth of the world—according to the BIS’s own statistics. Central bankers now “seem more powerful than politicians,” wrote The Economist newspaper, “holding the destiny of the global economy in their hands.” How did this happen? The BIS, the world’s most secretive global financial institution, can claim much of the credit. From its first day of existence, the BIS has dedicated itself to furthering the interests of central banks and building the new architecture of transnational finance. In doing so, it has spawned a new class of close-knit global technocrats whose members glide between highly-paid positions at the BIS, the IMF, and central and commercial banks.

The BIS’s defenders deny that the organization is secretive. The bank’s archives are open and researchers may consult most documents that are more than thirty years old. The BIS archivists are indeed cordial, helpful, and professional. The bank’s website includes all its annual reports, which are downloadable, as well as numerous policy papers produced by the bank’s highly regarded research department. The BIS publishes detailed accounts of the securities and derivatives markets, and international banking statistics. But these are largely compilations and analyses of information already in the public domain. The details of the bank’s own core activities, including much of its banking operations for its customers, central banks, and international organizations, remain secret. The Global Economy Meetings and the other crucial financial gatherings that take place at Basel, such as the Markets Committee, remain closed to outsiders. Private individuals may not hold an account at BIS, unless they work for the bank. The bank’s opacity, lack of accountability, and ever-increasing influence raises profound questions— not just about monetary policy but transparency, accountability, and how power is exercised in our democracies.

The Bottom line is…The BIS is not accountable to any public authority and operates with complete autonomy and self-sufficiency.

Ok, so the concerns Bor raises, are…concerning. But for the most part, the average citizen would be hard pressed to see the secretive BIS hand, in their daily lives…even though it’s there. Why should they or you, care?

Let’s look at a topic, that is quickly inching toward center stage, in the Global Circus we live in… just behind the scamdemic…CBDC (Central Bank Digital Currency). I can hear the murmurs now…”what does this BIS bank thingy, have to do with the crazy government digital currency, conspiracy theory?” Answer…”A lot.”

Let me introduce you to the BIS Innovation Hub (BISIH)…the BIS Think Tank, if you will.

According to the BIS’s own website, the Innovation Hub is explained as follows: (bold text is mine)

The BIS Innovation Hub has a threefold mandate:
♦   We identify, in a structured and systematic way, critical trends in technology affecting central banking in different locations, and develop in-depth insights into these technologies that can be shared with the central banking community.
♦   We develop public goods in the technology space geared towards improving the functioning of the global financial system.
♦ We serve as the focal point for a network of central bank experts on innovation, with regular events to promote exchange of views and knowledge-sharing. These efforts complement the well established cooperation within the BIS-hosted committees.
Why was the Innovation Hub set up?
♦   Technology-driven innovation in financial services is accelerating, and will have major consequences for global financial systems and central banks.
♦   The IT revolution has repercussions in multiple locations simultaneously.
♦   Central banks can achieve economies of scale by working together.
In January 2021, the BIS Innovation Hub launched the BIS Innovation Network to support the Innovation Hub priorities, share knowledge about technology projects and discuss innovative answers to problem statements relevant to central banks.

It doesn’t stop there though…they need Centres to test and implement their innovative ideas.

BIS Innovation Hub Centres:
The Hub has multidisciplinary teams located in Hong Kong SAR, Singapore, Switzerland, London and Stockholm; it will also soon open centres in Toronto and Frankfurt/Paris.
The New York Innovation Center was founded in 2021 as a strategic partnership between the BIS and the Federal Reserve Bank of New York.

You might be thinking, “what does this have to do with the CBDC fear mongering everyone is spewing these days?” Since the BISIH is the Think Tank/R&D arm of the bank, their activities are a perfect barometer for us to watch.

To wit…the BISIH has 11 CBDC projects either in progress or concluded, that are focused on the creation, implementation and management of CBDC, on the global stage.

It is worth revisiting a few BISIH bullets from above…”we develop in-depth insights into these technologies that can be shared with the central banking community…we develop public goods in the technology space geared towards improving the functioning of the global financial system…we serve as the focal point for a network of central bank experts on innovation”.

What should become apparent, is that global financial and political trends and changes, have always been orchestrated by the world’s financiers/bankers…and not by the regional/local governments and central banks. Just as the WEF elites are making decisions about the societal future you will be made to live in, the banking elites at the BIS are actively orchestrating the financial and political future, you will be subject to. It is not a stretch to say that both entities, work hand in hand.

Take a look at the 11 BISIH projects, dealing with CBDC and understand that the creation and implementation of a global digital currency goes far beyond your national government or central bank…and certainly far surpasses your individual opinion or acceptance of it. Simply put…you have no choice in the matter.