The Digg Crew wants to hear your thoughts!
Please take our short survey about Digg and potential feature ideas.
The Bank for Central Banks?!
bis.org — The Bank for International Settlements (BIS) is an international organisation which fosters international monetary and financial cooperation and serves as a bank for central banks. The Fed is a member bank, and Ben Bernanke is on the Board.
diggrnumber1- 55 diggs
- digg it
- stonebear, on 04/07/2008, -1/+3The heart of the beast.
- sterntastic223, on 04/07/2008, -1/+2Guys, you still have to pay taxes, no matter what that movie says
- chaserm, on 04/07/2008, -0/+3The US Federal Reserve’s desperate attempts to keep America’s economy from sinking are remarkable for at least two reasons. First, until just a few months ago, the conventional wisdom was that the US would avoid recession. Now recession looks certain. Second, the Fed’s actions do not seem to be effective. Although interest rates have been slashed and the Fed has lavished liquidity on cash-strapped banks, the crisis is deepening.
To a large extent, the US crisis was actually made by the Fed, helped by the wishful thinking of the Bush administration. One main culprit was none other than Alan Greenspan, who left the current Fed Chairman, Ben Bernanke, with a terrible situation. But Bernanke was a Fed governor in the Greenspan years, and he, too, failed to diagnose correctly the growing problems with its policies.
Today’s financial crisis has its immediate roots in 2001, amid the end of the Internet boom and the shock of the September 11 terrorist attacks. It was at that point that the Fed turned on the monetary spigots to try to combat an economic slowdown.
What was distinctive this time was that the new borrowing was concentrated in housing. It is generally true that lower interest rates spur home buying, but this time, as is now well known, commercial and investment banks created new financial mechanisms to expand housing credit to borrowers with little creditworthiness. The Fed declined to regulate these dubious practices. Virtually anyone could borrow to buy a house, with little or even no down payment, and with interest charges pushed years into the future.
What was stunning was how the Fed, under Greenspan’s leadership, stood by as the credit boom gathered steam, barreling toward a subsequent crash. There were a few naysayers, but not many in the financial sector itself. Banks were too busy collecting fees on new loans, and paying their managers outlandish bonuses.- roosevans, on 04/08/2008, -0/+1Individuals and institutions make mistakes and inevitably learn from those mistakes. I believe Ben Bernanke and the Fed have learned form the mistakes of Alan Greenspan. It's all part of the banking process (for that matter it is all a part of the process of All Being)
- StingingNettle, on 04/07/2008, -2/+3Yes more people need to reed about the BIS. Iran, North Korea, Venezuela, and Iraq are not members coincidence?
Also from: http://www.bilderberg.org/bis.htm
"John Maynard Keynes wanted it closed down as it was used to launder money for the Nazis in World War II. Run by an inner elite representing the world's major central banks it controls most of the transferable money in the world. It uses that money to draw national governments into debt for the IMF."- diggrnumber1, on 04/08/2008, -3/+2Bilderberg! HAHAHAHAHA! Hilarious!
- siszam, on 04/08/2008, -2/+4Wow. Intelligent response. All you can do is laugh? Show proof that it's not true. You can't.
- diggrnumber1, on 04/08/2008, -1/+2i also can't prove that xenu wasn't the dictator of the "Galactic Confederacy" who, 75 million years ago, brought billions of his people to Earth in DC-8-like spacecraft, stacked them around volcanoes and killed them using hydrogen bombs.
- diggrnumber1, on 04/08/2008, -1/+2maybe you should show me some proof that it IS true
- siszam, on 04/08/2008, -2/+4Wow. Intelligent response. All you can do is laugh? Show proof that it's not true. You can't.
- diggrnumber1, on 04/08/2008, -3/+2Bilderberg! HAHAHAHAHA! Hilarious!
- AlwaysAwake, on 04/08/2008, -1/+4The "quasi-private" Federal Reserve System of banks needs to go NOW. We need to regain control over our currency. The tail is wagging the dog.
Digg is coming to a city (and computer) near you! Check out all the details on our 
© Digg Inc. 2008 — Content posted by Digg users is