Tuesday, Sep 08, 2009
Supervision at global level
BBC News: Central banks back new regulation
Can anybody clarify what is going on ? BIS has totally immunity and is apparently above the law. This group are owned by central banks which have now been given the green light for global supervision. This is really quite daunting to think that a group with legal immunity and in effect a lawless society is in control of reshaping the financial world. The euro has replaced franc, mark etc, the planned destruction of the dollar is now looking obvious. On March 10, 2003, the BIS abandoned the Swiss gold franc as the bank's unit of account and replaced it with the SDR (Special Drawing Rights) and is a unit of currency originally created by the IMF. This "basket" currently consists of the euro, yen, sterling and the US$. Is the $ in the way for the 'SDR' to become the worlds reserve currency?
8 Comments
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1. debtfree said...
Sorry to bang on about this , just looking for your repsected opinions on BIS, this is what I have so far found out about them.
"The BIS was formed with funding by the central banks of six nations, Belgium, France, Germany, Italy, Japan, and the United Kingdom"
A quick summary of their immunity
•diplomatic immunity for persons and what they carry with them (i.e., diplomatic pouches)
•no taxation on any transactions, including salaries paid to employees
•embassy-type immunity for all buildings and/or offices operated by the BIS
•no oversight or knowledge of operations by any government authority
•freedom from immigration restrictions
•freedom to encrypt any and all communications of any sort
•freedom from any legal jurisdiction
Article 2
Inviolability
•The buildings or parts of buildings and surrounding land which, whoever may be the owner thereof, are used for the purposes of the Bank shall be inviolable. No agent of the Swiss public authorities may enter therein without the express consent of the Bank. Only the President, the General Manager of the Bank, or their duly authorised representative shall be competent to waive such inviolability.
•The archives of the Bank and, in general, all documents and any data media belonging to the Bank or in its possession, shall be inviolable at all times and in all places.
•The Bank shall exercise supervision of and police power over its premises.
Article 4
Immunity from jurisdiction and execution
•The Bank shall enjoy immunity from criminal and administrative jurisdiction, save to the extent that such immunity is formally waived in individual cases by the President, the General Manager of the Bank, or their duly authorised representative.
•The assets of the Bank may be subject to measures of compulsory execution for enforcing monetary claims. On the other hand, all deposits entrusted to the Bank, all claims against the Bank and the shares issued by the Bank shall, without the prior agreement of the Bank, be immune from seizure or other measures of compulsory execution and sequestration, particularly of attachment within the meaning of Swiss law.
The BIS also may
1.act as agent or correspondent for any central bank
2.arrange with any central bank for the latter to act as its agent or correspondent;
3.enter into agreements to act as trustee or agent in connection with international settlements, provided that such agreements will not encroach on the obligations of the BIS toward any third parties
2. little professor said...
*YAWN*
Enough with the conspiraloon trash already.
3. debtfree said...
very constructive LP, thanks for you're poor and rather pathetic reply.
yet again, another who knows nothing better than to try and trash an idea by usng the words 'conspiraloon' to discredit an idea without actually sayng anything else.
4. debtfree said...
typo error on you're, instead 'your', nevermind. .
5. debtfree said...
Look LP, the chinese are conspiraloons ! call the mentalists and get the central bank chief locked up !
China's central bank chief on Monday proposed a sweeping overhaul of the global monetary system, outlining how the dollar could eventually be replaced as the world's main reserve currency by the Special Drawing Right (SDR).
This is obviously way above your head.
6. rumble said...
You have to cite your source so we can rubbish it accordingly.
Anyway, I'm off to look at the careers section of their website.
7. debtfree said...
with pleasure rumble, it's from the official BIS webiste. ha ha. oh no, disappointed it's not from a conspiracy site ?
http://www.bis.org/about/headquart-en.pdf
the china clip is from chinadaily...oh no, no ufo adverts on this website either.... damn.
http://www.chinadaily.com.cn/bizchina/2009-03/23/content_7607627.htm
go on then, rubbish the source ?
8. refusetobuy said...
Ignoring the conspiraloon stuff, there is some interesting stuff at BIS. For example, you can see the relative sized of the derivative markets here
http://www.bis.org/statistics/otcder/dt1920a.pdf
Look at the explosion in CDSs
Interestingly, interest rate swaps have also exploded. Possibly to do with the failure of the interbank market.