Phil,
Thank you for those complimentary words.
I do try to apply reasoning to the information that I come across, to make a coherent overall view, where the individual pieces of information align and an understanding can be achieved.
I am trying to raise my level of due diligence from trying to guess what happened after the fact to perhaps seeing where we are going.
But let me tell you this game is mind-boggling!!!!!!!
Just by scratching the surface I come up to extremely puzzling pieces of information. I am attaching a section off the BIS website to show you what I mean.
When you read it would you agree that:
a) it says the initial ownership of the bank is 600,000 shares. (6 countries who could subscibe to 100,000 shares each-stated in another section). That the US government did not take any ownership, that they passed this into private hands.
Can you explain any rational reason why a government who went through so much effort with the Dawes Plan and subsequent Young Plan, to organize the creation of the BIS that it would not find it absolutely vital to have a full share ownership.
Granted the vote still goes to the US government member, but I ask you this....in the event of a conflict of interest between the needs of the American Public and the needs of the Private Individuals owning the American shares...to which does the vote favor.
Also, any idea who are the American share purchasers?
Are you getting my drift...here I was trying to dig and find the hidden agenda...and it might have been staring me in the face all along. I said in a previoud post the 'staus quo is the conspiracy' and I actually may have been right.
There is more in this section that is puzzling, as well as much of what I have read at the BIS website...but this is a good start.
bis.org
3. THE LEGAL STATUS OF THE BIS, ITS ISSUED
SHARE CAPITAL, AND ITS SHAREHOLDING
CENTRAL BANKS
In common with many of its founding central banks in 1930, the BIS
was given the legal structure of a limited company with an issued
share capital. The Hague Agreements nevertheless established the BIS
as an international organisation governed by international law with the privileges and immunities necessary for the performance of its
functions. The international legal personality of the BIS and the privileges and immunities which it has enjoyed in Switzerland since its foundation were confirmed in the Headquarters Agreement which was concluded by the Bank with the Swiss Federal Council on 10th February 1987. It is apparent from that Agreement that the BIS has a legal status in Switzerland similar to that accorded to the many other international organisations which have been established there since 1930. It should be added that the BIS is subject neither to the Swiss Federal Law concerning Banks and Savings Banks nor to the provisions of Swiss Company Law.
The authorised share capital of the Bank is 1,500 million gold francs,
divided into 600,000 shares of equal nominal value (2,500 gold francs
per share). At the close of the financial year 517,125 shares were in
issue and, in accordance with Article 7 of the Statutes of the BIS, they are paid up to the extent of 25% of their nominal value (625 gold francs per share). The amount of the paid-up capital appearing in the Balance Sheet of the BIS at 31st March 1997 thus stands at 323.2 million gold francs.
The gold franc of the BIS has a gold weight of just over 0.29 of a
gramme of fine gold, which is identical with the gold parity of the Swiss franc from the foundation of the BIS in 1930 until September 1936 when, after a number of leading countries had left the gold standard, the gold parity of the Swiss franc was suspended. The BIS employs the gold franc solely as a unit of account for balance-sheet purposes, assets and liabilities in US dollars being converted into gold francs at the fixed rate of US$ 208 per ounce of fine gold (equivalent to 1 gold franc = US$ 1.94) and all other items in currencies being converted into gold francs on the basis of market rates against the US dollar.
When the Bank's initial capital was issued, the subscribing institutions were given the option of taking up the whole of their respective national issues of shares or of arranging for those shares to be subscribed by the public. As a result, part of the Belgian and French issues and the whole of the American issue are not held by the institutions to which they were originally allocated. In all, some 86% of the Bank's issued share capital is registered in the names of central banks, the remaining 14% being held by private shareholders. While all shares carry equal rights with respect to the annual dividend, private shareholders have no right to attend or vote at General Meetings of the BIS, since all rights of voting and representation are reserved for the central bank of the country in
which the relevant national issue of shares was initially subscribed.
The following forty-one shareholding central banks have rights of
representation and voting at General Meetings of the BIS: all the G-10
central banks - namely Belgium, Canada, France, Germany, Italy,
Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and
the United States of America - and the central banks of Australia, Austria, Brazil, Bulgaria, China, the Czech Republic, Denmark, Estonia, Finland, Greece, Hong Kong, Hungary, Iceland, India, Ireland, Korea, Latvia, Lithuania, Mexico, Norway, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovakia, South Africa, Spain and Turkey.
The legal status of the Yugoslav issue of the Bank's capital remains in suspense. However, pending a comprehensive settlement of all
outstanding questions in that connection, new shares have been issued,
on an interim basis, to some of the central banks of the successor states in the territory of the former Yugoslav Federation. |
