Professor Carroll Quigley: Tragedy and Hope

the powers of financial capitalism had another far reaching aim, 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 feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent and private meetings and conferences.  The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations.  Each central bank, in the hands of men like Montague Norman of the the Bank of England, Benjamin Strong of the New York Federal Reserve Bank, Charles Rist of the bank of France, and Hjalmar Schact of the Reichsbank, sought to dominate its government by its ability to control Treasure loans, to manipulate foreign exchanges, to influence to the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.

     In each country the power of the central bank rested largely on its control of credit and money supply.  In the world as a whole the power of the central bankers rested very largely on their control of loans and of gold flows.

Professor Carroll Quigley. Tragedy and Hope

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