Earlier this month, the G20 leaders agreed to inject $250 billion in SDRs or Special Drawing Rights into the world economy. In an April 7 article titled “The G20 Moves the World a Step Closer to a Global Currency,” Ambrose Evans-Pritchard wrote that “In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.” The article is subtitled, “The world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity.” Which naturally raises the question, who or what will serve as this global central bank, cloaked with the power to issue the global currency and police monetary policy for all humanity? When the world’s central bankers met last September, the Bank for International Settlements was suggested . . . .
Read more here –
http://www.webofdebt.com/articles/basel.php
Translated into Italian by Marco Giacinto on www.truciolisavonesi.it here:
http://www.truciolisavonesi.it/articoli/numero199/brown.htm – Part 1
http://www.truciolisavonesi.it/articoli/numero200/brown.htm – Part 2
Filed under: Ellen Brown Articles/Commentary |
WEB OF DEBT BLOG 
Actually, there may be a valid point to the BIS issuing an international currency. It would facility international trade. But since the BIS doesn’t really have much to purchase with this money, they’d probably lend it into existence and continue the debt problem we already have…
On the other hand, I can see where having each country, province, and municipality issue its own currency, good for paying taxes, fines, and user fees assessed by the issuer might be good policy. It might be confusing having so many overlapping currencies, but it would also insulate each jurisdiction from poor monetary choices made by the others. This scheme could be extended upwards to the United Nations as an issuer for international trade and downwards to non-governmental community organizations to support their community.
If most of these currencies were issued free of debt and counterfeiting (including fractional reserve banking) were outlawed and those laws enforced, we’d be better off than we are today.
Ellen:
With both the IASB and the FASB changing their rules on mark-to-market, and with the FASB allowing US banks to place their crappy assets off-balance-sheet in QPSEs, are there really any rules at all in international banking? If the world banking system is totally corrupt, what could replace it?
Thanks for writing about these issues; before reading your book, I was clueless. Now I’m just plain befuddled.
Bill
Good points all. The basic problem is that they’re trying to cover for a fraud: banks don’t actually have the money they lend. They’re doing all this fancy footwork to try to limit the “credit” banks are allowed to create on their books. The solution would be public banking: recognize that “money” is just a legal construct facilitating the exchange of goods and services, and “credit” is a legal construct facilitating payment over time. You don’t need “reserves” if you’re a public entity extending “the full faith and credit of the United States.” You just need a body like the judiciary setting the rules, checking the deal, and making sure the parties perform (the buyer has agreed to pay over time in return for paying extra). Thanks for writing, Ellen
Ellen:
By who’s authority would any public entity be allowed to extend the full faith and credit of the United States? No entity, public or private, should be allowed to loan what they don’t own, much less charge interest or fees for doing so. The faith and credit of the United States is backed solely by the goods, services, and assets of the people withing the United States, belong only to those people, and are certainly not to be used as collateral to secure loans made by any public entity.
Michael
Why didn’t BIS retract or at least modify Basel ll after seeing the devastation it had caused? Probably for the same reason that banks in the U.S. during the Bush administration were silent when they knew that the policies of the administration, in using the Community Reinvestment Act to force their companies to make trillions of dollars in bad loans, would bankrupt their own banks.
What happens when there are great economic retractions like in the Great Depression of the 30’s? Wealth distribution favors the the wealthy. The rich get richer and the poor get poorer.
Hi Ellen,
I finally got on the Alex Jones show and urged him to have you on as a guest. He recalled your ‘Tower of Basel’ article which was posted on infowars I also mentioned that you are an advocate of sovereign money.
I look forward to hearing you there soon.
Warren
Hi Ellen,
I finally got on the Alex Jones show and urged him to have you on as a guest. He recalled your ‘Tower of Basel’ article which was posted on infowars I also mentioned that you are an advocate of sovereign money.
I look forward to hearing you there soon.
Warren
It’s the same con game the financiers have been playing since “finance” entered into the lexicon. They control the money, they screw up, or intentionally create a crisis, and then they come to the rescue with a new scheme that coincidentally endows them with greater control. In the name of financial stability, in the name of business confidence, in the name of a sound currency.
If you speak of “them”, you are accused of being a conspiracy nut.. “Wall Street” might be more acceptable, since they congregate there and in other casinos around the globe. They constitute a class of people, the financial class.
Since all they do is play with money and engage in “financial innovation”, they argue that they are the financial authority. The most powerful and influential among them do conspire to keep the financial power in the hands of the financial class. Top financiers are conspirators and the lesser players follow their lead.. The top dogs gather in Basel.
The Federal Reserve was sold to the Congress in the name of financial stability, a sound currency, and business confidence following the bad performance of the national banking system, controlled by these malefactors posing as financial authorities.
Now, even greater control and concentration of financial power in private hands is being sold as a panacea.
But they are treading softly because their ancient enemies, nationalism & patriotism, are awakening. The populist enemy is opening its eyes. The financial authorities (Tim Geithner, as an example ) cannot bear up under questioning from true authorities ( Elizabeth Warren, as an example ) and they fear the jog may be up!
The “jig”. When the jig is up, it becomes a “jog”.
Did you know that you can legally eliminate all of your debt? I have done it myself and it works! I eliminated 60k in credit card debt completely… My divorce attorney showed me how and I also cleaned up my credit report raising my credit score 80 points in just 2 weeks. Collectors have to follow strict rules by the federal gov. if they fail to follow the rules you can have the debt removed! I show you how to trap them and eliminate that debt on my website!
Let me know what you think. It is Legal Credit Cures.
Hi ellen,
what do you think of Jacques Ellul’s book Money and Power?
Click to access JacquesEllul_money.pdf
Every morning as I put my American flag out I think.
Great so instead of trashing just the American Democracy and other closely associated nations. They will be able to manipulate all systems of governments, manipulate or buy-off all elected or non-elected officials globally.
How do we as humanity protect ourselves from these either incompetent, self serving, criminal or mentally ill people. It looks as if they are spreading their power quickly now. Especially since the advent of the Internet and the ability of people to communicate and whistle blow is now giving us a possibility of voting out the elected officials that no longer believe in America and Americans.
I do believe we have the best chance of anyone. All we have to do is bring back some integrity and accountability. We could start by electing people that actually want to represent their people as representatives instead of just participating in elections like a sporting event so they can become a part of the new American institution calling itself a government.
OHH I am amazed with it. It is a good thing for my search on the net. Thanks. ^_^
The message of the “Tower of Babel” is that it fell. Its fall was, alas, the its fix! The fall is the Greatest Depression that is cooking but shall remove the Babel (“Confusion”) of Malignant Materialism hurting our modern planet. The book of Revelation Chapter 18 supplies details for event. Its Chapter 19 details the cure including the rules of “spiritual economics” that develop the material millennial globe afterwards. See “Apocalypse Secrets: Baha’i Interpretation of the Book of Revelation”.
it starts with imaginal cells.mufti-generational households, neighborhoods, communities, withdrawing from the “system” & starting their own, the solutions already exist. we just need to implement them!