Summary: The head of the European Central Bank, Jean-Claude Trichet, has given a speech on global governance/world government of fiscal matters to the invisible US government, the Council on Foreign Relations (CFR), who gives Hillary Clinton her orders about her policies. The reason is the global financial/economic crisis created by Wall Street banking circles behind the CFR, the Fed and the CFR Bill Clinton. Unabashingly, Mr. Trichet tells that the reason for the crisis is that the financial supervisory authorities of the nation states failed. Therefore, he says, it is so good that a Financial Stability Board (FSB) is being created, the  members of which include the G20, which he says have taken over world government in both crisis and normal times. Europe has introduced the European Systemic Risk Board (ESRB). Moreover, he speaks about Rothschild´s central banks and Rothschild´s  BIS, the most powerful, most corrupt and undemocratic bank, the world has seen, the central bank of central banks, together with its twin brother, the IMF, as our saviours in the ongoing crisis! In particular, we must be grateful to the Global Economy Meeting (GEM) of governors of the central banks within the BIS framework, which Mr. Trichet chairs! Oddly, all these oversight bodies are more or less the same Rothschild people who connived at the frauds in the form of subprime loans and other fancy products, the banks sold - which led to the current crisis. Now the G20 is implementing the IMF proposal on the Mutual Assessment Process (MAP) to monitor national economies instead of fraudulent banking networks. However, to keep up appearances, the EU is  introducing three new European regulatory bodies for banking, insurance and securities - on a proposal by former IMF boss, Jacques de Larosière - on the advice of Rothschild´s Financial Services Round Table, led by illuminist Pehr Gyllenhammar. Countless times Trichet speaks about global governance of global finance and economy - which automatically leads to world government. To hear this is an echo of speeches given by WTO chief Pascal Lamy and EU president, Herman van Rompuy. No wonder: Like them Mr. Trichet is a Bilderberg participant, even 10 times. Accordingly, anyone who calls quotations from Mr. Barroso´s, Sarkozy´s, Gordon Brown´s, Pres, Bush Sr.´s, Henry Kissinger´s, etc. video talking about world governance  "conspiracy theory" lives in a fantasy world - or is involved in the ongoing conspiracy. And what a conspiracy: The "financial regulators" are gigantic fraudsters, i.a. one US vice president, one US treasury secretary, drug bosses and puppets.  

In a speech before the elitist Council On Foreign Relations in New York, President of the European Central Bank Jean-Claude Trichet called for the imposition of global governance to be bossed by the G20 and the corrupt Bank for International Settlements and its twin, the IMF. The following seems an echo of  EU-president van Rompuy, who has declared 2009 the first year of global governance – and WTO boss Pascal Lamy, who also incessantly is speaking about global governance. This has a natural explanation: Mr. Trichet is also an Arch Bilderberger attendee: 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2007, 2008, 2009. 
Who after the following talks about “conspiracy theory” in the context of elitist world governance = world government lives in a fantasy world – or partakes of the conspiracy.  For the reality is undemokratic elitist conspiracy, being kept secret by the mass media.

Keynote address by Mr Jean-Claude Trichet, President of the European Central Bank, at the Council on Foreign Relations, New York, 26 April 2010. (Transcript by the Bank for International Settlements – BIS)excerpt. Video. Also see Infowars
Trichet-395“I would like to stress four points
1. global governance is of the essence to improve decisively the resilience of the global financial system. Governments had to support the financial sector by putting at risk taxpayers’ money for the equivalent of around 25 % of GDP on both sides of the Atlantic. This as unprecedented.
2. The recent turbulences not only displayed a high level of unpredictability but also an extreme rapidity in the succession of events. Global governance today must demonstrate a capacity to coordinate with agility and to decide extremely swiftly. 
3. the crisis has unleashed a tendency to reengage in financial nationalism if not mercantilism. It is imperative that effective global governance preserve the level playing field which is indispensable to foster global stability and prosperity. 
4. as we have seen the crisis has driven an historic change in the framework of global governance. In my view this transformation was overdue. But there are two immediate reasons for this change. a. the emerging economies must have a full and proper ownership of global governance. b. The industrialised countries have proven particularly clumsy when their responsibility in global governance was obviously overwhelming.

There are numerous definitions of global governance. In the economic and financial sphere I will propose that global governance comprehends not only the constellation of supranational institutions – but also the informal groupings that have progressively emerged at the global level. Those informal forums (G7, G10, G20, etc.) are key in improving global coordination in all the areas where decision making processes remain national.

One of the global governance’s primary aims should be that of facilitating the proper functioning of cross-border markets. Markets need an effective regulatory and supervisory infrastructure. Governments, central banks, international institutions and globally agreed prudential standards and codes are the means by which we collectively seek global economic stability.The principle of subsidiarity is essential.
The global financial crisis has crushed former convictions that "keeping order in one´s own house" is the best principle for securing global welfare. Globalisme

2.  Let me now turn to how our institutions of global governance in the financial sphere have fared during the crisis.
One dimension of international cooperation that I consider to have worked particularly well during the financial crisis has been that among central banks – both bilaterally and channelled through the various Basel-based committees in, for instance, the provision of cross-border liquidity. The Bank of International Settlement (BIS) itself has been “ahead of the curve” in terms of identifying unsustainable trends in the financial sector and more generally in the global economy based on a high degree of analytical depth and information sharing at a global level that the central banks’ global cooperation has been able to develop over time.

Regulatory arbitrage
We should remember the significant shortcomings that may have contributed to creating the conditions for the crisis to happen in the first place. One is the lack of coordination in financial regulation that was pervasive before the crisis and which encouraged financial institutions to engage in a large degree of regulatory arbitrage. This was the unavoidable result of the fact …, that financial regulation remained largely national, with only relatively weak coordination at the international level. Reform is essential.

Global imbalances
Another shortcoming that needs to be addressed for the future was the insufficient orientation of macroeconomic policies towards medium-term stability and sustainability. This led to the build-up of unsustainable external imbalances between deficit and surplus economies prior to the crisis. There was no effective mechanism to influence macroeconomic and structural policies in key countries. This must change.

3. Let me turn to the question of how global governance is evolving after the crisis.
After an initially hesitant response, governments implemented broadly coordinated policies, both within the EU as well as at the global level under the aegis of the G20. And central banks were able to take quick, decisive and coordinated action at short notice.

BIS-globusBut the crisis also showed that gaps in the system of global governance – in terms of both efficiency and legitimacy – have to be filled. This can be done – indeed, it is being done – by strengthening the mandate of existing international institutionsdeveloping new informal forums. Overall, the system is moving decisively towards genuine global governance that is much more inclusive, encompassing key emerging economies as well as industrialised countries.
The significant transformation of and adjusting existing or
global governance that we are engineering today is illustrated by three examples. a.the emergence of the G20 as the prime group for global economic governance at the level of ministers, governors and heads of state or government. b. The Global Economy Meeting (GEM) of central bank governors under the auspices of the BIS as the prime group for the governance of central bank cooperation. And third, the extension of c. the Financial Stability Board membership to include all the systemic emerging market economies.
In the area of central bank cooperation, the main forum is the
GEM, which gathers at the BIS headquarter in Basel. The GEM, in which all systemic emerging economies’ Central Bank governors are fully participating, has become the prime group for global governance among central banks.
I have the privilege of chairing the GEM presently.

The G20 has been effective in addressing the global crisis. We are now at the stage where this forum is making the transition from acting in a crisis resolution mode to contributing to crisis prevention. This is, in particular, the purposes of the G20 framework for strong, sustainable and balanced growth.  For this purpose a Mutual Assessment Process (MAP) has been set up that will allow to assess whether policies of individual members are collectively consistent with sustainable and balanced growth trajectories. The first steps in this MAP have been presented by Usa_deesthe IMF to the G20 Ministers and Governors last week during our spring Washington meetings. Guidance has been given to the IMF on the next steps in the process.

Strengthening institutions
The Financial Stability Board (FSB)´s membership is now largely overlapping that of the G20. The FSB has received an enhanced mandate to strengthen the international financial architecture and global financial stability, including a joint early warning exercise for the identification of risks to the global economy.
The IMF itself has overhauled its lending framework. Micro-prudential supervision will be reinforced with the creation of a European System of Financial Supervisors, including three new European supervisory authorities in banking, insurance and securities. Moreover, micro-prudential supervision will be complemented by macro-prudential supervision, focusing on the prevention of systemic risk.
All three elements I have just described are key features of systemic risk:  contagion; the build-up of financial imbalances and unsustainable trends; and the close links with the real economy and the potential for strong feedback effects. In short, the crisis has revealed the fundamental importance of systemic risk. The purpose of macro-prudential supervision is to identify sources of systemic risk and recommend remedial action. In the EU, this will be the task of the European Systemic Risk Board (ESRB). The members of the ECB’s General Council will be voting members of the ESRB, together with the three heads of the envisaged European supervisory authorities and a member of the Babel-tower-europe-many-tongues-one-voice-150Commission. Moreover, the body will comprise all national BIS-buildingsupervisory authorities.

BIS – The Tower of Basel

Who is the BIS? 
InvestorInsight: “It is the most powerful bank you ever heard of: "Promoting monetary and financial stability is  one key objective of the BIS". The bank sees as its primary job the stabilization of world financial markets. It accomplishes this through control of currencies. It currently holds 7% of the world's available foreign exchange funds, whose unit of account was switched in March of 2003 from the Swiss gold franc to Special Drawing Rights (SDR), an artificial fiat "money" with a value based on a basket of currencies (44% U.S. dollar, 34% euro, 11% Japanese yen, 11% pound sterling). The bank also controls a huge amount of gold – according to its 2005 annual report (the most recent) 712 tons. By controlling foreign exchange currency, plus gold, the BIS can go a long way toward determining the economic conditions in any given country. Remember that the next time Ben Bernanke or European Central Bank President Jean-Claude Trichet announces an interest rate hike. You can bet it didn't happen without the concurrence of the BIS Board. Obviously, this bank wields a lot of power. Anyone with the power to prevent a currency debacle can also cause one.
The BIS can launder money. E.g. U.S. tax money can be passed through the BIS to the IMF and from there anywhere. This is what happened during the Brazilian panic of 1998. Really, the money was subsidizing the big American banks (Citigroup - Rothschild, and here, JP Morgan (Rothschild) Chase and FleetBoston among them) who had made many risky loans and had no desire to pay a penalty  for their mistakes. U.S. taxpayers were told nothing about it.

Here are the BIS member national banks as of 30 June 2006: Algeria, Argentina, Australia, Austria, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, Chile, China, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong SAR, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, the Republic of Macedonia, Malaysia, Mexico, the Netherlands, New Zealand, Norway, the Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United States, plus the European Central Bank

Everything about it, including its bi-monthly member and board meetings, is shrouded in secrecy.The BIS is free from oversight. Furthermore, officers and employees of BIS "enjoy immunity from criminal and administrative jurisdiction." Finally, no claims against BIS or its deposits may be enforced "without the prior agreement of the Bank."
In other words they can do whatever they want, without consequences.The bank was a major player promoting the adoption of the euro as Europe's common currency. There are rumors that its next project is persuading the U.S., Canada and Mexico to switch to a similar regional money, perhaps to be called the "amero," and it's logical to assume
Global-unionthe bank's ultimate goal is a single world currency. That would simplify transactions and really solidify the bank's control of the planetary economy.”

Thus, we have the the chief of the European Central Bank standing before the “invisible” government of the US, who gives Hillary Clinton her orders, and would-be government of the world , Rockefeller´s Council on Foreign Relations. Incessantly, Mr. Trichet is telling that we need world governance, in particular economic world governance – through the GEM (which he chairs) of Rothschild´s Bank for International Settlements so closely interwoven with the IMF and its SDRs. His argument is that the magnitude of the current crisis was due to the insufficiency of national economic regulation – practically “forgetting” Alan Greenspan´s FED´s  responsibility for the disastrous low interest rate policy in the US and the Role of the Wall Street banks and here. So he demands strengthening of existing global institutions – and the advent of new ones. He wants the the BIS twin´s, the IMF´s brainchild, the MAP, to control and command the economies of the national states. A funny thing is, that the EU´s “new” financial regulatory bodies are largely the same that allowed the current financial crisis to develop into the current economic crisis, viz. Rothschild´s minions - as proposed by Rothschild´s European Financial Services Round Table under the direction of Pehr Gyllenhammar - then to rob us through tax payer bail-outs. And who is the BIS really: It is Rothschild´s bank – founded by Rothschild´s agents, Charles Dawes and Owen Young + Hitler´s Central bank manager to be, Hjalmar Schacht.

Andrew Hitchcock  quotes Bill Clinton´s mentor, prof. Carroll Quigley, who was allowed to study the CFR archives:"The powers of financial capitalism had (a) far reaching (plan), nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.  This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert. The apex of the system was to be the Bank For International Settlements in Basel, Switzerland.”  Here Hitchcock (see the year 1930) calls the BIS Rothschild´s first world bank.  Here is how Nathan Rothschild took power of the Bank of England in 1815 (video 59–1.04 min). In 1818 Rothschild took over the French money supply – and in 1830 the money supply of the Vatican. Here is how Rothschild´s henchmen, Paul Waburg, JP Morgan and the Rockefeller family (Nelson Aldrich) established the US Federal Reserve – and how they have been abusing it eversince. Here is how they have been working. The FSB mentioned by Trichet is a wing of Rothschild´s BIS. The bank supervision institutions mentioned by Trichet are the brainchildren of the previous IMF chief Jacques de Larosière. The board of the ECB has 3 BIS board members besides Trichet. And who triggered the current crisis? the CNBC has a bid: “The illuminati”! And indeed, they did and are doing.

Addendum - So much for the value of financial regulation
Interview with leading white-collar crime and control fraud expert, the economist William K. Black:   MMNews 21 April 2010:
A: Goldman Sachs CEO, Hank Paulson (later US Secr. of the Treasury) bought Collateralized Debt Obligations of the worst subprime mortgages backed by fraudulent liar loans, had some of them sold by his partner John Paulson, telling customers that they were the safest in the market. Then John secretely bet that the CDOs would fail, as they certainly did, as Hank Paulson  launched a successful war against securities - now as US Treasury Secretary!! This brought John Paulson an enormous gain. Then as US Treasury Secr. Paulson secured Goldman Sachs a huge bail-out with taxpayer money to sanitate Hank Paulson´s toxic CDOs. Before that, the US government even threatened Congress to introduce martial law, unless they passed Paulson´s bail-out legislation!!! Now Goldman Sachs stands trial for fraud! 

B: When Al Gore was Vice President his priority was “reinventing government.”  The premise of reinventing government was that it needed to be fundamentally changed to more closely resemble a private corporation and to partner with private firms (Mussolini´s definition of fascism).  Financial regulators were instructed to refer to the banks and S&Ls they were supposed to regulate as their “customers.”  The message they are sending is that the industry/anti-regulator partnership will work together to destroy financial regulation. It is no surprise that the federally regulated (sic) financial institutions which produced the worst frauds (or, at least, the worst we know of at this point) were S&Ls.

The Fed´s Ben Bernanke is a failed regulator that ignored every warning and refused on ideological grounds to act under HOEPA to stop the fraud epidemic. 

D: The UN-chief on drugs, Antonio Maria Costa, stated that “liquid investment capital” generated from drug trafficking helped to keep the financial system going in 2008. He said: “In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor … Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities … There were signs that some banks were rescued that way.”