1 Nisan 2015 Çarşamba

Scenarios for international banking

Diplomatic Observer, April 2015

Story of a bank, which is a criminal organisation, buys a missile tracking system for 200 million dollars is told in the movie "The International". A journalist investigates the IBBC bank and then he is murdered. The film have some messages like “wars' real benefits are debt creating” or “the aim of banking is to make us all slaves to debt”. IBBC's name was an allusion to BCCI, which had the seventh largest assets in the world when it was closed in 1991 for aiding money launder, illegal arms and drug trade.

The Turkish character in the film, Ahmet Sunay was selling a missile defence system to Israel while the missile system already been sold to Iran and Syria. Although BCCI had very little to do in Turkey, in the film, the president of the IBBC got killed in Turkey. For us, this is an interesting point.

Banks are very complicated structures. Therefore we can try to identify them from different aspects. Anıl Çeçen, a professor at the Faculty of Law of Ankara University, says that global firms have their own intelligence networks and they fight against states. He adds, the multinational companies' battle for raw resources and new markets has turned into wars against states". Pointing towards a hegemonic structure, Çeçen compares a bank which have branches in 80 countries, to a state with 80 embassies.

Bankers are key players in the game. Jacob Fugger financed the rising power of Maximilian I, provided him 850,000 guilders which used for bribing the Electors of Holy Roman Emperor. He had also financed the marriages through which the empire gained the thrones of Bohemia and Hungary. For being allowed to hold more bishopric, Albrecht von Brandenburg made donations to Vatican which also funded by Fugger. The debt was covered by the sale of indulgences. When Fugger died as a banker with a shadow on European politics, he left behind a fortune equal to seven tonnes of gold.  

Today, old bankers have been replaced by new structures. Just like the "kippen"; shaving off of the edges of gold and silver coins in the middle ages, todays banks are shaving off our savings and accounts. In Russia, around one hundred banking executives were killed in the 1990's. These murders were committed by those who tried to gain control of the banks, So that, we need to give more attention on this issue.

You know, we have an argument on the "interest rate lobby (IRL)" in Turkey. One of the economists who denied the allegations about IRL, Atilla Yeşilada ruled out that claims due to the following reasons: 1) Investors from different countries with divergent aims are investing in Turkey; 2) High interest rates do not benefit investors; 3) Leading global funds are in Turkey; 4) Banks in Turkey are not benefiting from high interest rates [1]

But the clients that Yeşilada has mentioned aren't key players of the global economy. The other investors, global funds and banks don't have the "final say" on IRL.

Oda Tv's contributor Mehmet Songur denies interest rate lobby because of that interest rates are set by the Central Bank.[2] Is it so simple? Let us remember the devilish set up of the LIBOR Scandal. At that time the manipulators contacted with authorized banks before the LIBOR rate was set. They had been able to affect the LIBOR rate for the 350 trillion dollars within global money, credit and derivatives markets. The manipulations had a cost of 6 billion to the US government. If such a system can be manipulated, in which the four lowest and four highest bidding banks are not taken into calculation, an interest rate lobby can be possible I think.

Turkey has lost USD 70 billion through tunneling and asset stripping between 1997 and 2002. Before this happens some other countries were victims of these methods of corruption. At that time, Turkish authorities had not been able to take precautions. Turkey isa a country which has paid back 1.5 trillion USD in interest over the last thirty years. That's why we can be sceptical now.


[1] Atilla Yeşilada: Yüksek Faiz Lobisi, AKP'nin Günah Keçisi
http://www.paraborsa.net/i/yuksek-faiz-lobisi-akpnin-gunah-kecisi/

[2] Mehmet Songur: Kim bu Başbakan'ın hedefindeki faiz lobisi?
http://www.odatv.com/n.php?n=kim-bu-basbakanin-hedefindeki-faiz-lobisi--0906131200

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