10 THE BiG DROP
under a unique legal structure that is not accountable to any
government.
During World War II, the BIS, under the direction of an
American CEO, fenced Nazi gold to help the Germans fight
the Allies.
The BIS is also the leading institution for central bank
gold manipulation today. No institution in the world keeps
more central bank secrets than the BIS. When they warn
about market bubbles, you should take heed. But they weren’t
the only ones...
Three months later, on Sept. 20, 2014, the G-20 finance
ministers met in Australia. The G-20 is a group of 20 economies
including rich countries such as the U.S. and emerging markets
such as Brazil, China and India.
Since the crisis of 2008, the G-20 has been the most im-
portant forum for directing global economic policy. The final
report of their September meeting said, “We are mindful of the
potential for a buildup of excessive riƒsk in financial markets,
particularly in an environment of low interest rates and low
asset price volatility.”
A few days after the G-20 meeting, a private think tank based
in Switzerland called the International Center for Monetary and
Banking Studies, ICMB, with strong links to major banks and
government regulators, issued its so-called “Geneva Report” on
the world economy, which it has done since 1999.
The latest Geneva Report said, “Contrary to widely held
beliefs, six years on from the beginning of the financial crisis...
the global economy is not yet on a deleveraging path. Indeed,
the ratio of global total debt... over GDP...has kept increas-
ing... and breaking new highs.” The report then goes on to
warn about the “poisonous” impact of that debt today.
On Oct. 11, 2014, shortly after the Geneva Report release,
the International Monetary Fund (IMF) issued its own warn-
ings. The head of the IMF’s most powerful policy committee