Dominant Finance Capital Institutions – by Stephen Lendman
Most people know about the Federal Reserve, European Central Bank, Bank of England, and Bank of Japan.
Few ever heard of the Bank for International Settlements (BIS), the central bank for central bankers. Based in Basle, Switzerland, it’s a banking boss of bosses accountable to no government.
Privately owned by its member central banks, dominant ones and financial elitists have most influence to eventually implement global control under one currency.
The BIS is a secretive 55-member nation global central bank run mainly by monetary authorities in America, Germany, Switzerland, Italy, Japan and Britain.
In 2009, serving dominant banking interests, Obama proposed stealth financial reform for global monetary control.
Objective V addressed “Rais(ing) International Standards and Improving International Cooperation” by promoting global control in a single paragraph:
“The United States is playing a strong leadership role in efforts to coordinate international policy through the G-20, the Financial Stability Board, and the Basel Committee on Banking Supervision. We will use our leadership position in the international community to promote (an) initiative compatible with the domestic regulatory reforms described in this report.”
It also recommended “Strengthen(ing) the Financial Stability Board….complet(ing) its restructuring and institutionaliz(ing) its new mandate to promote global financial stability by September 2009.”
In addition, it urged “work(ing) with the Bank for International Settlements (BIS) and standard setters to develop macroprudential tools.” Obama asked other nations to follow America’s lead.
A Financial Stability Board (FSB) would be a step closer to global monetary control. G-7 nations, the BIS, IMF and other international lending agencies would dominate it. Wall Street would have greater than ever power. Dictatorial finance capital would follow.
In his 1966 book titled, “Tragedy and Hope,” Carroll Quigley said:
“(T)he 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 feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.”
Incrementally they’ve moved closer to absolute global control of money, credit and debt to dominate economies, politics, commerce, and imperial adventurism. As a result, they’ve adversely harmed popular interests benefitting them.
As little as few people know about BIS, virtually no one ever heard of the Institute of International Finance (IIF), and its enormous global power.
Created by 38 leading banks in 1983, it’s headquartered in Washington. In November 2010, it opened an Asia Representative office in Beijing.
It calls itself “the world’s only global association of financial institutions,” according to Charles Dallara, its ex officio managing director and board member.
More on its other members below. It’s a rogue’s gallery of dominant global finance capital figures.
“The IFF has evolved to meet the changing needs of the financial community, and its members include most of the world’s largest commercial banks and investment banks, as well as a growing number of insurance companies and investment management firms, in all (420) members headquartered in more than 60 countries.”
Dallara is also a former US Assistant Treasury Secretary. Unexplained Is IIF enormous global power, representing dominant finance capital.
Like BIS, it operates secretly. Its key members run it, assuring dominant financial interests are served. Its web site explains little about its mission, except for “member only content” concealed from public view.
It’s too disturbing to reveal how dominant bankers plan global finance capital control. Daily comments read like corporate media reports, telling people everything but what they most need to know.
IIF Board of Director names say more than public policy statements reveal. They include:
Chairman Josef Ackermann, Deutsche Bank’s Chairman of the Management Board and Group Executive Committee
Vice Chairman Roberto Setubal, Itau Unibanco president and CEO, as well as Unibanco Holding’s vice chairman
Vice chairman Francisco Gonzalez, BBVA chairman and CEO
Vice chairman Rick Waugh, Scotiabank president and CEO
Hassan El Sayed Abdalla, Arab African International Bank vice chairman and managing director
Walter Bayly, Banco de Credito del Peru CEO
Martin Blessing, Commerzbank chairman
Gary Cohn, Goldman Sachs Group president and CEO
Yannis Costopoulos, Alpha Bank chairman
Ibrahim Dabdoub, National Bank of Kuwait CEO
Charles Dallara, ex officio IIF managing director
Yoon-dae Euh, KB Financial Group chairman and CEO
Douglas Flint, HSBC Holdings Group chairman
James Gorman, Morgan Stanley president and CEO
Oswald Gruebel, UBS Group CEO
Jan Hommen, ING Group chairman
Eighteen other little known to the public other prominent figures are listed, representing:
Commercial Bank of China
Swiss Reinsurance Co.
PNB Paribas Group
Mizuho Corporate Bank
Zurich Financial Services
Australia and New Zealand Banking Group
JP Morgan Chase
Erste Group Bank, and
IIF’s board secretary Peter Wallison. He’s a lawyer and American Enterprise Institute Financial Studies Fellow, specializing in market deregulation.
In the 1980s, he also served as Ronald Reagan’s White House counsel and later as Treasury general counsel.
Everyone on the board is a consummate insider, committed to establishing dominant global finance capital.
Ex officio managing director Dallah called 2010 “a year of strong membership growth for the Institute….(serving) long-term interests in a stable financial system and an expanding world economy” dominant members control.
Chairman Ackermann said “the Institute has continued to support its members efficiently and effectively while providing a powerful vehicle for the global financial services industry to work together to foster growth and strengthen the stability of the global financial system” in elitist private hands to profit at the public’s expense.
IIF members now include over 420 major banks and other dominant financial institutions. Their goal is total global finance capital control.
Issue one for Occupy Wall Street protesters across America and others in Europe and the Middle East is stopping them so money power returns to public hands where it belongs.
Achieving vital social change depends on making it happen.
Stephen Lendman lives in Chicago and can be reached at firstname.lastname@example.org.
Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.