"Global Economy: The BIS [Bank of International Settlements, 'Biz'] vs. National Banks"

In a May 2002 article in The Asia Times titled Global Economy: The BIS vs. National Banks, economist Henry C K Liu observed that the Basel Accords have forced national banking systems to march to the same tune, designed to serve the needs of highly sophisticated global financial markets, regardless of the developmental needs of their national economies.

He wrote:

[N]ational banking systems are suddenly thrown into the rigid arms of the Basel Capital Accord sponsored by the Bank of International Settlement (BIS), or to face the penalty of usurious risk premium in securing international interbank loans. . . . National policies suddenly are subjected to profit incentives of private financial institutions, all members of a hierarchical system controlled and directed from the money center banks in New York. The result is to force national banking systems to privatize . . . . BIS regulations serve only the single purpose of strengthening the international private banking system, even at the peril of national economies. . . . The IMF and the international banks regulated by the BIS are a team: the international banks lend recklessly to borrowers in emerging economies to create a foreign currency debt crisis, the IMF arrives as a carrier of monetary virus in the name of sound monetary policy, then the international banks come as vulture investors in the name of financial rescue to acquire national banks deemed capital inadequate and insolvent by the BIS.

Ironically, noted Liu, developing countries with their own natural resources did not actually need the foreign investment that trapped them in debt to outsiders:

Applying the State Theory of Money [which assumes that a sovereign nation has the power to issue its own money], any government can fund with its own currency all its domestic developmental needs to maintain full employment without inflation.

The Tower of Basel: Secretive Plans for the Issuing of a Global Currency, Do we really want the Bank for International Settlements (BIS) issuing our global currency, By Ellen Brown Global Research, April 17, 2013, Global Research 18 April 2009 >>http://www.globalresearch.ca/the-tower-of-basel-secretive-plans-for-the-issuing-of-a-global-currency/13239

 

>>http://theartof12.blogspot.com/2013/02/towers-europe-basel-babel.html