The Covid-19 Pandemic, a once in a lifetime economic recession, and digitalization. These are issues that everyone has heard about. Tied to all of these issues, however, is a little known but important financial institution – the Bank for International Settlements. Also known as the “Central Bank of Central Banks”, the BIS’s role in all these issues is crucial but little understood.
World Affairs Forum (www.worldaffairsforum.org) in Stamford, CT hosts William Coen, Former Secretary General of The Basel Committee on Banking Supervision and Chair, International Financial Reporting Standards Advisory Council for a virtual conversation about the costs — monetary and social — that stem from our banking institutions, and the international bodies that work to manage the risks they create.
The crypto community has reacted with incredulity after a senior Mexican economist and the boss of the Bank for International Settlements (BIS) appeared to dismiss the notion of decentralized digital currencies such as bitcoin (BTC). In a recent speech, Agustín Carstens, the General Manager of the BIS and the former Governor of the central Bank of Mexico, claimed that central bank digital currencies (CBDCs) would roll out in the next three years, and called BTC a risky investment – adding that the token might ultimately fail. Carstens added that “bitcoin is increasingly vulnerable” as “other [tokens] already have been majority attacked,” giving examples of smaller altcoin tokens that have been the target of attempted 51% attacks. But his remarks have sparked a Twitter storm, with crypto fans rushing to the defense of the token. Binance chief Changpeng “CZ” Zhao decided to look on the light side, writing,ShapeShift CEO Erik Voorhees, meanwhile, opined that “this is just getting sad,” as banks continue to underestimate the size of the challenge coming from decentralized currencies like BTC. Others, meanwhile, took aim at Carstens’ suggestion that CBDCs were a viable alternative to crypto – or existing fiats, with one user writing:As reported, as the world’s central banks are increasingly looking into CBDC projects, their focus is shifting into more advanced stages of CBDC engagement, with more banks moving from conceptual work to experimentation. Meanwhile, popular Bitcoin podcaster Stephan Livera bristled, “Central banks, created and supported by the government, are antithetical to the very idea of sound money.”Some agreed wholeheartedly with this sentiment, writing that it was “fascinating to see” the BIS talk about “sound money” in the “context of digital currencies.”Saifedean Ammous, the author of The Bitcoin Standard, wrote that “sound money” was “still a completely nonsensical marketing buzzword” on the lips of the BIS, adding,“Sound money is chosen on the market freely, not mandated by bureaucrats through government-enforced central banking monopolies.”Others still had less nuanced reactions to Carstens’ claims.____Learn more: Europeans Warn ECB Not To Mess With Privacy in Digital EuroRussian CBDC To Create ‘Centralized Database’ of Spending, Expert WarnsSovereigns Will ‘For Sure’ Fight Against Private Crypto – Paul Tudor JonesECB President Attacks Bitcoin Again As Digital Euro In WorksBitcoin is a ‘Ponzi’ With Infinite Supply – Skeptics Chime InBitcoin Is ‘a Myth’ Says French Central Bank Policymaker
The m-CBDC Bridge initiative will further explore the capabilities of distributed ledger technologies (DLT) by developing a proof-of-concept (PoC) prototype to support real-time cross-border foreign exchange payment-versus-payment transactions in multiple jurisdictions, operating 24/7. It will analyze business use cases in a cross-border context with both domestic and foreign currencies.
Economic collapse news. Recent sharp selloffs across global financial markets are probably the first of many, as investors adjust to a world of tighter monetary conditions and the threat of economic downturn, the Bank of International Settlements (BIS) said on Sunday, Reuters reports. The “market tensions we saw during this quarter were not an isolated event,” Claudio Borio, head of the monetary and economic department at the BIS. We are also beginning to see the Bond market unravel, in particular the growing volume of bonds downgraded into bbb status. Either way as He put it so well Dark Clouds are Gathering.
Project Helvetia, a joint proof-of-concept experiment between the Bank for International Settlements’ Innovation Hub Swiss Centre, the Swiss National Bank and the financial infrastructure operator SIX Group, successfully shows the feasibility of integrating tokenised digital assets and central bank money. https://www.bis.org/publ/othp35.htm
[Spanish] Project Helvetia, a joint proof-of-concept experiment between the Bank for International Settlements’ Innovation Hub Swiss Centre, the Swiss National Bank and the financial infrastructure operator SIX Group, successfully shows the feasibility of integrating tokenised digital assets and central bank money. https://www.bis.org/publ/othp35.htm
The BIS in Basel & Nazi Germany – HD 720p.
Adam LeBor, author of Tower Of Basel, with Jim Puplava, March 1st, 2014. History of The Bank for International Settlements in Basel, The Central Bank of the Central Banks, a state within the state of Switzerland, co-founded in 1930 by J.P. Morgan’s Hjalmar Schacht who was to become Adolf Hitler’s “finance wizard”.
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A recently published volume to mark the BIS’s 90th anniversary has been included on this year’s Yicai – J.P. Morgan Financial Books of the Year List. Stijn Claessens explains why the book was written, and the topics it covers. https://www.cambridge.org/core/books/promoting-global-monetary-and-financial-stability/F14EAAC17A0D7130A9983BBF12C2C305
Sep.18 — Agustin Carstens, general manager at Bank of International Settlements, discusses central bank policy in developed countries, what more they can do, fiscal policy, China, trade negotiations, his outlook for a global recession and central bank independence. He speaks exclusively on “Bloomberg Markets: Asia.”
Since the Great Financial Crisis, cross-border real estate investment in Asia-Pacific has increased rapidly. Shim and Liu present work from the latest BIS Quarterly Review that analyses this market segment to better understand its drivers and the implications for financial stability. https://www.bis.org/publ/qtrpdf/r_qt2009b.htm
Yotta Savings: https://www.withyotta.com/?code=FRANK26
Yotta Savings is a financial services company that offers an FDIC-insured interest-bearing account with a twist. Every week, there is a lottery for a prize that is $0.10 to $10 million. For every $25 you have saved, you get a recurring ticket into this lottery.
The Peterson Institute for International Economics (PIIE) and Princeton University’s Bendheim Center for Finance cohost the conference “The Future of Money in the Digital Age” on October 16, 2019. Lael Brainard, member of the Board of Governors of the Federal Reserve System, delivers the keynote address on current developments in digital currency and policy implications. Markus K. Brunnermeier, Edwards S. Sanford Professor at Princeton University, presents his recent paper “The Digitization of Money,” followed by a high-level panel with Martin Wolf, chief economics commentator at the Financial Times; Stefan Ingves, governor of the Riksbank; Simon Potter, PIIE nonresident senior fellow; and Hyun Song Shin, head of research at the Bank for International Settlements (BIS).
Patrick Carmack is the producer of the highly-acclaimed Money Masters documentary and the author of a Monetary Reform Act that would eliminate the national debt in the US and stop the unjust practice of fractional reserve banking. He joins us today to discuss the workings of the Bank for International Settlements (BIS) in Basel, Switzerland. Known as the “central bank of central banks,” what exactly does the bank do and how is it part of the current global financial infrastructure? Is it even necessary at all?
Bekijk hier de video met insiders die je exact vertellen hoe de financiële dictatuur werkt. Ofwel, het financieel economisch monetair systeem dat de (BIS) Bank for International Settlements aanstuurt via haar centrale banken, de multinationals en de overheden van de respectievelijke landen waarin de bankkartels opereren. Sprekers zoals; Ronald Bernard, Willem Middelkoop, Joris Luyendijk en Ewald Engelen.
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 key 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 1.17 billion in 2011-2012.Since 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 1940-1946, 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 keep 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 centre 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.