Urally gauche offices in BaselA very interesting and yet startling book particularly the early years of BIS Whether the BIS will ever be able to shake off it s image as Banker to The Gestapo is doubtful other than through the passing of many years and authors like Adam Lebor not publishing books on the subject This in depth study based on extensive archival documentation surveys the history of the BIS which until recently only a few financial experts had heard about This institution protected by extraterritorial privileges can be seen as a forerunner of the European Central Bank in that both are transnational banks free from political interference by the nations which is Orwellian doublespeak meaning that they are private organisations operating outside of any democratic control or even accounting scrutiny by third parties with an agenda of monetary manipulation referred to in doublespeak as stability of national and international policiesHistorically the BIS had strong links with both the US and National Socialist Germany and the latter s ideological and financial heirs in post war EuropeOne critiue that could be made is that the author could have cited sources in languages other than EnglishEarly BIS documents reflect the longstanding paternalistic attitude of the banking elite its dislike of disclosure and transparency and its unwillingness to admit making mistakes even when these become self evidentAnyone who considers these conclusions to be somehow exaggerated should read the book for themselves This in depth study based on extensive archival documentation surveys the history of the BIS which until recently only a few financial experts had heard about This institution protected by extraterritorial privileges can be seen as a forerunner of the European Central Bank in that both are transnational banks free from political interference by the nations which is Orwellian doublespeak meaning that they are private organisations operating outside of any democratic control or even accounting scrutiny by third parties with an agenda of monetary manipulation referred to in. Ower of Basel is the first investigative history of the world’s most secretive global financial institution Based on extensive archival research in Switzerland Britain and the United States and in depth interviews with ey decision makers including Paul Volcker the former chairman of the US Federal Reserve; Sir Mervyn King governor of the Bank of England; and former senior Bank for International Settlements managers and officials Tower of Basel tells the inside story of the Bank International Settlements BIS The Central Bankers’ Own Bank Created By Settlements BIS the central bankers’ own bank Created by governors of "the Bank of England and the in 1930 and protected by an international treaty the BIS and "Bank of England and the Reichsbank in 1930 and protected by an international treaty the BIS and assets are legally beyond the reach of any government or jurisdiction The bank is untouchable Swiss authorities have no jurisdiction over the bank or its premises The BIS has just 140 customers but made tax free profits of 117 billion in 20112012Since its creation the bank has been at the heart of global events but has often gone unnoticed Under Thomas McKittrick the bank’s American president from 19401946 the BIS was open for business throughout the Second World War The BIS accepted looted Nazi gold conducted foreign exchange deals for the Reichsbank and was used by both the Allies and the Axis powers as a secret contact point to eep the channels of international finance open After 1945 the BIS still behind the scenes for decades provided the necessary technical and administrative support for the trans European currency project from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002 It now stands at the center of efforts to build a new global financial and regulatory architecture once again proving that it has the power to shape the financial rules of our world Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis the BIS has remained largely unknown until now. Doublespeak as stability of national and international policiesHistorically the BIS had strong links with both the US and "National Socialist Germany and the latter s ideological and financial heirs in post "Socialist Germany and the latter s ideological and financial heirs in post EuropeOne critiue that could be made is that the author could have cited sources in languages other than EnglishEarly BIS documents reflect the longstanding paternalistic attitude of the banking elite its dislike of disclosure and transparency and its unwillingness to admit making mistakes even when these become self evidentAnyone who considers these conclusions to

be somehow exaggerated 
somehow exaggerated read the book for themselves I used to cover the Bank for International Settlements as a financial journalist in the 1980s so new a fair amount of this story But the immense details Adam LeBor brings shows how deeply involved the BIS was during WWII and immediately afterwards in protecting Nazi interestsWhat surprises me is to realise how much American financiers were implicated both at the head of the BIS and in US companies banks and legal firms working to Iniciación al kayak en aguas bravas keep links with Nazi Germany going while American soldiers were making massive sacrifices on the battlefields against GermanyBesides concerning the BIS this book is a fierce indictment of the conduct of American financial interests overallThe BIS is undemocratic as LeBor points out but it is so useful to behind the scenes international monetary cooperation that it is likely toeep on going indefinitely Some of the uiet measures taken by the BIS to help one crisis or another did impress me I must admit But at what moral cost The facts revealed in this book are shocking Revealing that the world of finance Banking Are Clearly Important are clearly important the lives of mere mortals Without giving too much away this book exposes the complicity of world finance with the holocaust and the activities of Nazi Germany and whilst the low level actors were pursued through the courts those that made available the funds to prosecute such actions uietly moved on to bigger and better things including the setting up of what today has become the Tower of Basel is the first investigative history of the world’s most secretive global financial institution Based on extensive archival research in Switzerland Britain and the United States and in depth interviews with ey decision makers including Paul Volcker the former chairman of the US Federal Reserve; Sir Mervyn King governor of the Bank of England; and former senior Bank for International Settlements managers and officials Tower of Basel tells the inside story of the Bank for International Settlements BIS the central bankers’ own bank Created by the governors of the Bank of England and the Reichsbank in 1930 and protected by an international treaty the BIS and its assets are legally beyond the reach of any government or jurisdiction The bank is untouchable Swiss authorities have no jurisdiction over the bank or its premises The BIS has just 140 customers but made tax free profits of 117 billion in 20112012Since its creation the bank has been at the heart of global events but has often gone unnoticed Under Thomas McKittrick the bank’s American president from 19401946 the BIS was open for business throughout the Second World War The BIS accepted looted Nazi gold conducted foreign exchange deals for the Reichsbank and was used by both the Allies and the Axis powers as a secret contact point to eep the channels of international finance open After 1945 the BIS still behind the scenes for decades provided the necessary technical and administrative support for the trans European currency project from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002 It now stands at the center of efforts to build a new global financial and regulatory architecture once again proving that it has the power to shape the financial rules of our world Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis the BIS has remained largely unknown until now. ,
Tower of Basel: The Shadowy History of the Secret Bank that Runs the WorldThe author Adam Lebor s account of the establishment in 1930 of the Bank for International Settlements BIS exposes it s shocking and unforgivable willingness to become Adolph Hitler s
financial conduit and 
conduit and enabling the pillaging of invaded states Gold and Currency ReservesAs thoroughly researched that the book so well demonstrates with the detailed history of BIS no real clue is given as to the reason why the then Governor of the Bank of England Montagu Norman should form such a dubious alliance and deep friendship with Hjalmar Schacht a fanatical supporter of Hitler and the Nazi Party who served Hitler as President of the central state bank Reichsbank and as Minister of Economics It was this alliance that was instrumental in BIS s formation and because of the unaccountable way it had been set up it allowed the BIS to plunge into the murky world of giving assistance to a state that carried out such illegal and barbarous acts against great swathes of humanity It was unforgivableAfter the war and with widespread alarm at the role played by BIS as an adjunct to the Nazi Party the Breton Woods Conference in 1944 decided that the BIS should be done away with and yet somehow with much behind the scenes manoeuvring surprisingly involving John "Maynard Keynes the BIS was allowed to carry onSince when in order to obfuscate the "Keynes the BIS was allowed to carry onSince when in order to obfuscate the and to buff up it s image BIS has morphed into a hybrid mutation as the banker to Central Banks around the world a self acclaimed expert in the capital and liuidity ratios held by the commercial banking industry and some fee earning financial regulatory and monitoring services However despite representing and deriving it s not inconsiderable income from Central Banks which are owned indirectly by billions of taxpayers worldwide it hangs on to the veil of secrecy and almost total unaccountability that was it hangs on to the veil of secrecy and almost total unaccountability that was inveigled by the founding fathers Messrs Montagu and Schacht On the plus side BIS has an enviable reputation for lavishly entertaining the relative handful of the elite financiers and politicians given admittance to it s architect. Tower of Basel is the first investigative history of the world’s most secretive global financial institution Based on extensive archival research in Switzerland Britain and the United States and in depth interviews with ey decision makers including Paul Volcker the former chairman of the US Federal Reserve; Sir Mervyn King governor of the Bank of England; and former senior Bank for International Settlements managers and officials Tower of Basel tells the inside story of the Bank for International Settlements BIS the central bankers’ own bank Created by the governors of the Bank of England and the Reichsbank in 1930 and protected by an international treaty the BIS and its assets are legally beyond the reach of any government or jurisdiction The bank is untouchableSwiss authorities have no jurisdiction over the bank or its premises The BIS has just 140 customers but made tax free profits of 117 billion in 20112012Since its creation the bank has been at the heart of global events but has often gone unnoticed Under Thomas McKittrick the bank’s American president from 19401946 the BIS was open for business throughout the Second World War The BIS accepted looted Nazi gold conducted foreign exchange deals for the Reichsbank and was used by both the Allies and the Axis powers as a secret contact point to eep the channels of international finance openAfter 1945 the BIS still behind the scenes for decades provided the necessary technical and administrative support for the trans European currency project from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002 It now stands at the center of efforts to build a new global financial and regulatory architecture once again proving that it has the power to shape the financial rules of our world Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis the BIS has remained largely unknown until now

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