WORLD GLOBALIZATION OF THE BANKING & REGULATORY STRUCTURE

By Joan Veon
June 29, 2009
NewsWithViews.com

BASEL, SWITZERLAND -The power base of the world has shifted…it is no longer in London, New York City, Washington D. C., or Tokyo. Neither is it in Beijing or Moscow. It is Basel, Switzerland. In 1930, the Bank for International Settlements-BIS was set up as a result of the Young Plan which was named after the man who presided over the Allied Reparation Committee, Owen D Young.

Basel was chosen as its location because everyone could get on a train from anywhere in Europe to attend its meetings. When you walk out of the main train station, the BIS is within easy walking distance of one block. A modern 18 story high building belies the power it extends globally. There is nothing about the building that calls anyone’s attention to it other than the plaque near the glass front doors that basically says it is private property. The world’s power brokers walk to the BIS without fanfare and are set apart from the citizenry by their business suit and ID pass.

Yet within its walls the world’s monetary system is being designing and directed by many illuminated and brilliant people from inside and from without, those who visit regularly from all over the world include: central bank ministers, treasury secretaries, regulators, insurance supervisors, deposit insurers and accountants. Truly the BIS is all powerful. Dr. Carroll Quigley in his book, Tragedy and Hope, wrote that,

The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalistic fashion by the central banks of the world acting in concert, by secret agreement, arrived at in frequent meetings and conferences. The apex was to be the Bank for International Settlements in Basel, Switzerland (pp. 324-25).

If this power was not evident before, it is in the process of becoming greater and more immense. While the BIS has always been the focal point of central bank activity globally, it now is finalizing the structure Dr. Quigley wrote about. Bi-monthly, the Group of Ten central bankers, along with those from majoring developing nations come together to discuss global monetary policy, among other things. Over the years it has expanded to the point that every aspect of banking, finance, insurance, deposit insurance, and regulation now constitute its core workings.

In the mid-1990s the word “globalizationâ€