Part 1: Letter from New Zealand
Part 2: The world is in good hands
Part 3: Sovereignty – who actually owns this nation
Part 4: Wheels within wheels
Part 5: The Venetians and the concept of oligarchy
Part 6: The assault on science and the great climate scam
Part 7: Atonalism and the assault on society
Part 8: Understanding is half the battle
Part 9: The resistance
Part 10: Who rules the world – further reading
The following eight parts draw heavily on:
Venice’s War Against Western Civilization
Ian Parker-Joseph here and here
Ken Craggs here and here
Extensive 2017 contributions by reader Distant Relative
Various other contributors over the journey
Notice: As these eight parts were from 2010-14, in revamping it today in 2017, it was not always clear where the contributors left off and where I was writing – it was generally clear but not always. If that’s borne in mind, then I don’t think I’ll go through and try to separate them now.
Thomas Harrington McKittrick, in 1939, was made president of the Bank for International Settlements whose originally stated purpose was to provide the Allies with reparations to be paid by Germany for World War I. McKittrick’s offsiders were Hermann Shmitz, head of I.G. Farben, Baron Kurt von Schroder, head of the J.H. Stein Bank of Cologne [officer and financier of the Gestapo], Dr. Walther Funk of the Reichsbank and Emil Puhl.
Funk and Puhl were Hitler’s personal appointees to the board.
In March 1938, when the Nazis marched into Vienna, much of the gold of Austria was looted and packed into vaults controlled by the Bank for International Settlements.
Later, at the Nuremberg trials, Funk said that Puhl had informed him in 1942 that the Gestapo had deposited gold coins, and other gold, from the concentration camps, in the Reichsbank. Puhl had been in charge of this.
Jewels, monocles, spectacle frames, watches, cigarette cases, and gold dentures had flowed into the Reichsbank, supplied by Puhl from Heinrich Himmler’s resources. They were melted down into gold bars; he did not add how many bars were marked for shipment to Switzerland. Each gold bar weighed 20 kilograms.
In March 1939, storm troopers arrested the directors of the Czech National Bank and demanded that they yield up $48 million gold reserve. The Czechs said that they had already shifted the gold to the BIS with instructions that it be forwarded to Montagu Norman at the Bank of England. The Czech directors asked the Dutch BIS president, J.W. Beyen, to return the gold to Basel.
Beyen spoke with BIS general manager Roger Auboin of the Bank of France, then called London and instructed Norman to return the gold, which Norman did and the gold went to fund Germany’s war effort.
Or did it? J.W. Beyen ran into London economic journalist Paul Einzig who asked aobut the Czech gold, to which Beyen replied: “It is all technical. The gold never left London.”
The arrangement between the BIS and its member banks was that transactions were not normally made by shipments, as that would show up in counts. Thus, Montagu Norman authorized Beyen and then replaced the same amount from the Czech National Bank holdings in London.
Sir Otto Niemeyer of the Bank of England, BIS board member and Chairman Montague Norman remained in office for the BIS throughout the war. On May 27, 1941, Secretary of State Cordell Hull telegraphed U.S. Ambassador John G. Winant in London, asking for a report on the continuing relationship between the BIS and the British government.
Niemeyer admitted that the government of Great Britain was still a client of the Bank and had accepted a dividend from it, largely from Nazi sources. Niemeyer said that he believed the British should continue the association for the duration as well as lend the Bank their tacit approval, “If only for the reason that a useful role in post-war settlements might later have an effect.”
Just after February 5, 1942, McKittrick was reappointed and arranged a loan of several million Swiss gold francs to the Nazi government of Poland and the collaborative government of Hungary. In the spring of 1943, he was issued an Italian diplomatic visa to travel by train and auto to Rome and was met at the border by the SS, who gave him safe conduct.
McKittrick then went to Lisbon and by Swedish ship to the United States. In Manhattan in April he had meetings with Leon Fraser and with the heads of the Federal Reserve Bank. He then went to Berlin on a U.S. passport to provide Emil Puhl of the Reichsbank with intelligence on financial problems and high-level attitudes in the United States.
At Bretton Woods, in 1944, it was proposed that the BIS be dissolved. Bankers Winthrop Aldrich an Edward E. (Ned) Brown of the American delegation and the Chase and First National banks, the Dutch delegation, J.W. Beyen, Leon Fraser of the First National Bank of New York and the British delegation, supported by Anthony Eden and the Foreign Office, strongly opposed the dissolution. John Maynard Keynes pleaded with the proposers that the BIS remain intact.
After the war, McKittrick was given a post by the Rockefellers and Winthrop Aldrich: vice-president of the Chase National Bank, a position he occupied for several years. In 1950 he invited Emil Puhl to the United States as his honoured guest.
The Basel Committee
The Wizards of Money site, in 2001, looked at the Basel Committee on Banking Supervision (BCBS), a committee of bank supervisory authorities from the G10, meeting at the Bank for International Settlements in Switzerland, which was in the process of producing the Basel Capital Accord, a regulatory accord governing world banks. WoM pointed out:
BCA does not cover non-bank financial institutions. However we are seeing various countries’ umbrella supervisors feeling the pressure to streamline regulation in the wake of financial services convergence. Banks are backed up by various bailout mechanisms including the IMF and FDIC, due to their special status of being creators of money for the (M3) money supply.
Because of this central role in money creation it is more important for confidence to be maintained in banks than in non-bank institutions. This is what maintains the overall confidence in the international monetary system.
In general the whole area of predatory lending and credit creation powers over the poor must be addressed in bank supervision standards and is currently nowhere to be found in BCA. In the US for example, the banking industry has a long history of discrimination in providing credit to various groups and a poor record of providing credit on reasonable terms in low and middle income neighborhoods.
The new BCA does not appear to address this increasing risk of exposure to hedge funds explicitly at all. With no extra capital charge on hedge fund financing, banks are probably taking excessive risks in this area. This also exacerbates the risks that hedge funds introduce into the markets by providing them with an easy source of financing.
Mergers and acquisitions between financial institutions have been accelerating. These financial empires seem to be acquiring greater powers over their own supervisors, meaning that supervisors may not be able to control them anyway, even if they wanted to. Further compounding the problem is that these same regulators are allowing mergers and acquisitions to proceed unheeded. The best example of that recently was the Federal Reserve’s speedy approval of Citigroup’s acquisition of the Mexican banking giant Banamex.
We, in 2010, would understand the accuracy of the WoM concerns far more than if we’d looked at them in 2001.
Here is the Bank for International Settlement’s UK members:
Mervyn King, Paul Tucker, Paul Fisher, Michael Cross, Jim Etherington (Deputy Secretary General)
Mervyn King is a member of the Group of 30, headed by Paul Volcker, with a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. He currently serves as Chairman of the Board of Trustees of the International House in Manhattan, NY. He was a founding member of the Trilateral Commission and is a long time member of the Bilderberg Group.
Quiz question – what do Lord Hartley Shawcross, Sir Brian Edward Mountain, Sir Kenneth Keith, Sir Kenneth Strong, Sir William Stephenson, Sir William Wiseman, Von Thurn und Taxis, Lord Helsby, Sir Arnold France, LONRHO, Cyril Hamilton, Lord O’Brien of Lotherby, Prudential Assurance, The Aspen Institute for Humanistic Studies, Thornton Bradshaw, Peter G.Peterson [former chairman of Lehman Brothers-Kuhn Loeb] and The Bronfman family in Canada all have in common? Sir Philip de Zulueta, by the way, was a particularly interesting member.
Shan’t tell you.