Emilio Kalmera, 3-November-2019
Reeling from the effects of the Global Financial Crisis, public debt-to-GDP ratios in advanced economies are at levels not seen in over half a century. Debt vulnerabilities are on the rise in many emerging markets, with some in outright default, and others facing non-trivial financing pressures. And the World Bank and the IMF assess more low-income countries to be in, or at high risk of, debt distress than at any time since the official debt relief operations of the 2000s.
~ Source: Greco, Thomas. The End of Money and the Future of Civilization (p. 78), Chelsea Green Publishing, Kindle Edition.
In Tragedy and Hope (1966), Professor Carroll Quigley revealed the key role played behind the scenes by the Bank for International Settlements (BIS) in Basel, Switzerland. The BIS was founded in 1930 to serve as the “central bank of central banks.” Quigley wrote: 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 feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. In a 1983 article in Harper’s Magazine called “Ruling the World of Money,” Edward Jay Epstein called the BIS “the most exclusive, secretive, and powerful supranational club in the world.” The BIS is composed of 55 member nations, but Epstein said the real business gets done in “a sort of inner club made up of the half dozen or so powerful central bankers who find themselves more or less in the same monetary boat” – those from Germany, the United States, Switzerland, Italy, Japan and England. He wrote: The prime value, which also seems to demarcate the inner club from the rest of the BIS members, is the firm belief that central banks should act independently of their home governments. . . . A second and closely related belief of the inner club is that politicians should not be trusted to decide the fate of the international monetary system.
The Basel Committee on Banking Supervision was created in 1974 by the central bank Governors of the Group of Ten nations. The Basel Committee draws its Secretariat from the BIS and sets the rules for banking globally, including capital requirements and reserve controls. Economist Henry C. K. Liu maintains that these rules and requirements have diverted national economies away from serving local interests to serving international high finance. He writes: National banking systems are suddenly thrown into the rigid arms of the Basel Capital Accord sponsored by the Bank of International Settlements ( BIS), or to face the penalty of usurious risk premium in securitizing international bank loans. Thus national banking systems are all forced 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. . . . 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 BIS does to national banking systems what the IMF has done to national monetary regimes. National economies under financial globalization no longer serve national interests. They operate to strengthen what US Federal Reserve chairman Alan Greenspan calls US financial hegemony in the name of private profit. . . . . 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……….Reversing the logic that a sound banking system should lead to full employment and developmental growth, BIS regulations demand high unemployment and developmental degradation in national economies as the fair price for a sound global private banking system.
See also:
http://www.henryckliu.com/page187.html
See:
https://www.npr.org/2018/12/21/679103541/japans-population-is-in-rapid-decline
and
https://www.bloomberg.com/graphics/2019-japan-economy-aging-population/
https://www.721news.com/top-story/part-1-can-government-spend-better-than-you-can/
