Book: Tower of Basel by Adam Lebor.
Discover the hidden history and immense influence of the Bank for International Settlements (BIS), the world’s most secretive global financial institution and “bank for central banks”. Learn how the BIS gathers the world’s most powerful central bankers, including Ben Bernanke (US Federal Reserve), Sir Mervyn King (Bank of England), and Mario Draghi (European Central Bank), for confidential, weekend meetings where “the real work is done” over dinner.
The video traces the origins of the BIS, founded in 1930 as a result of the Young Plan for German reparations. Its key architects were Montagu Norman (Bank of England) and Hjalmar Schacht (Reichsbank). They aimed to establish an entity designed to promote cooperation while remaining “completely removed from any governmental or political control”. The BIS enjoys extraordinary legal privileges and inviolability under international treaty and Swiss law.
Explore the controversial legacy of the BIS during World War II, where it functioned as a de-facto arm of Nazi Germany. The bank accepted looted Nazi gold and maintained essential financial channels with the Reichsbank, led by figures such as BIS director and Reichsbank Vice President Emil Puhl. American president Thomas McKittrick (1940-1946) steered the bank, upholding principles of “sacred neutrality” even as the bank facilitated the transfer of Czechoslovak gold to the Nazis. Directors included powerful German figures such as Kurt von Schröder and Hermann Schmitz (CEO of IG Farben), highlighting the deep entanglement between transnational finance and the Third Reich.
Today, operating from the imposing circular Tower of Basel headquarters, the bank plays a vital postwar role in European financial integration. It managed the European Payments Union (EPU) and hosted the pivotal Delors Committee, providing technical expertise that engineered the launch of the Euro. Former General Manager Alexandre Lamfalussy left the BIS to head the precursor to the European Central Bank (ECB), earning the title “Father of the euro”.
The BIS also hosts the Basel Committee on Banking Supervision, which sets critical global standards for commercial banks. Despite its expansive global reach and network of influential committees (like the Global Economy Meeting), the BIS maintains a deep tradition of secrecy and profound unaccountability to democratic processes.
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