This petite tower behind me is the most powerful financial institution in the world. 🏦🦋🍄
It’s the Bank for International Settlements (BIS), the central bank for central banks.
Swiss authorities cannot enter this building without permission. The BIS is protected from some Swiss legal actions and is exempt from some taxes.
Here, representatives from central banks around the world meet regularly to share information and coordinate policies, especially during financial crises, and only those with an official invitation can enter.
One of its biggest scandals was during World War II, when it accepted gold from both the Allied and Axis powers, including gold stolen by the Germans. After the war, they continued their operations as if nothing happened.
Some say they even planned the 2008 financial crisis or that it was built low-key on purpose to avoid attention.
Does the BIS show why we need decentralized finance instead of central banks controlling everything behind closed doors? 🤔