The world's secret financial structures: the G30

2024 Author: Seth Attwood | [email protected]. Last modified: 2023-12-16 15:55

Everyone is familiar with the familiar abbreviations G7 (Group of Seven) and G20 (Group of Twenty). These are informal clubs of leaders of seven and twenty states that meet every year in different parts of the world. By the way, this year the 44th meeting of the Big Seven will be held in the Canadian resort town of Malbaie. And the 13th G20 summit is scheduled for Buenos Aires.

Less is known about the G10 - the “Group of Ten”. This group was formed in 1962 on the basis of the General Agreement on Loans signed by ten economically developed countries. The agreement provided for the possibility of these countries providing loans to the International Monetary Fund. The group still exists. The finance ministers and central bank governors of the Group's member countries usually hold their annual summits just prior to the IMF and World Bank summits.

If the G10 is sometimes mentioned in textbooks on economics, then the G30 is completely silent. Only a few people know about the mysterious G30 group. But last week, unexpectedly, this abbreviation was on everyone's lips. The world media have conveyed very concise information related to the life of the European Union (EU). EU Ombudsman Emily O'Reilly called on senior officials of the European Central Bank (ECB) to stop attending G30 meetings.

This inevitably piqued the interest of journalists and the public in what is hidden behind the G30 sign. It turned out that this is an advisory group that has the status of an international non-profit organization, uniting representatives of central banks and large private banks from different countries, as well as leading world economists. Created in 1978 by banker Jeffrey Bell with the participation of the Rockefeller Foundation. The headquarters is located in Washington (USA). The Group even has its own website, although little can be learned from it about the real goals and agenda of the G30 meetings. Behind the verbal husk of PR information, it is seen that the group is formulating recommendations for central banks and the world's leading banks. The participants of the meetings further participate in the implementation of the adopted recommendations, using their administrative capabilities, connections and influence.

Here's what information about the group's leadership can be found on the website:

Chairman of the Board of Trustees - Jacob A. Frenkel, JPMorgan Chase International, Chairman.

The Chairman of the Group is Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore.

Treasurer - Guillermo Ortiz, investment bank BTG Pactual Mexico, chairman.

Chairman Emeritus - Paul A. Volcker, former chairman of the United States Federal Reserve.

Honorary Chairman - Jean-Claude Trichet, former President of the European Central Bank (ECB).

The other 25 members of the elected club are well-known people in financial, political and academic circles. Some of them currently hold very important positions in various financial and banking organizations. Others used to borrow and now act as advisors. A look at the list of club members reveals that those who were in top positions in the past are still in business. A joke-joke is very appropriate here: “There are no exes”.

From the “former” we have already named Paul Volcker, who led the Federal Reserve from 1979-1987. And this is in addition to the fact that in 1969-1974 he was the Deputy Secretary of the Treasury of the United States, and in 1975-1979. - President of the Federal Reserve Bank of New York.

Paul A. Volcker, former chairman of the US Federal Reserve.

Let us use the example of this honored chairman of the G30 to see how the Group has great opportunities to influence financial and monetary policy in the world. We can safely say that Paul Volcker is one of the key figures thanks to whom in the 70s it was possible to eliminate the gold-dollar standard and move to the Jamaican monetary and financial system based on the paper dollar.

In addition to the G30, Paul Volcker is today a member of such influential supranational organizations as the Bilderberg Club, the Trilateral Commission (he is the chairman of the North American branch of the commission), and the Council on Foreign Relations. It should also be noted that he is the chairman of the Rothschild Wolfensohn Company. And at the same time, Volcker is a long-term partner of the Rockefeller family. This experienced financier and politician, as his biography shows, was able and able to get along with both the Rothschild clan and the Rockefeller clan. Moreover, one gets the impression that Paul Volcker has been the coordinator of the actions of these clans for many decades and has more than once successfully resolved various disputes and conflicts that arose between individual groups of “owners of money”. Volcker is already 90 years old, but he is still in demand and does not miss the G30 meetings.

Among those who are conventionally referred to as "veterans" can also be called the past leaders of the BIS (Bank for International Settlements - Bank for International Settlements): Jaime Caruana, former chairman of the Central Bank of Spain and former general manager of the BIS; Christian Noyer, former chairman of the BIS and Honorary Governor of the Central Bank of France.

A prominent representative of the "veterans" is Jean-Claude Trichet, who in different years headed the Treasury of France, the Bank of France, the World Bank, the Paris Club, and in the period 2003-2011. was president of the European Central Bank.

However, many “exes” are not really “exes”. And those who have moved from one chair to another. Timothy Geithner is a prime example of such a “transient”. He was President of the Federal Reserve Bank of New York from 2003-2009, and the US Treasury Secretary from 2009-2013. He is currently actively engaged in private business, in particular, he is the president of a large American investment company Warburg Pincus. Like many other members of the Group, Timothy Geithner is also a member of such mondialist organizations as the Trilateral Commission, the Bilderberg Club, and the Council on Foreign Relations.

Some “former” bankers and financiers became parliamentarians and politicians. For example, Mervyn King was the Governor of the Bank of England from 2003-2013. Currently - a member of the upper house of the English Parliament (House of Lords).

Mervyn King is former Governor of the Bank of England.

Among the younger group, who are still too early to be called “veterans,” Philipp Hildebrand may be remembered. He currently serves as vice chairman of the giant financial holding BlackRock. It is one of the largest investment companies in the world, its assets at the end of 2017 were estimated at $ 6.3 trillion. BlackRock is one of the four largest financial holdings in the world (other holdings are Vanguard, State Street, Fidelity). I have already written about the BlackRock financial holding and drew attention to the fact that it participates in the capital of many leading private banks in the world, including Wall Street banks. And if we talk about Philip Hilderbrand, in addition to the G30, he also participates in the work of the Bilderberg Club.

Certainly, among the current “young” members of the G30, one cannot forget William C. Dudley, who is currently president of the Federal Reserve Bank of New York. Prior to that, Dudley worked for the investment bank Goldman Sachs as a partner and managing director.

Of course, the Group is dominated by those who have managed or continue to manage banks and financial institutions in the United States and the European Union. But there are heads of institutions located in other countries. For example, in Brazil and Mexico. Suddenly, we find a representative of “socialist” China on the list of members of the Group. This is the Governor of the People's Bank of China Zhou Xiaochuan. Prior to that, he was President of China Construction Bank.

The Group has several representatives of the so-called “academic” circles. These are American professor of economics Paul Krugman, professor at Harvard University Kenneth Rogoff, Japanese professor Masaaki Shirakawa, professor at Harvard University Lawrence Summers, professor at Stanford University Kevin Warsh, associate Yale University Ernesto Zedillo, Indian professor at the Chicago Business School Raghuram G. Rajan.

American professor of economics Paul Krugman.

True, when you start to study the biographies of these professors, you understand that the professor's robe is nothing more than a cover. All these representatives of "academic science" are seasoned politicians and seasoned financiers and bankers. Take the same Paul Krugman. It is curious that he is a descendant of Jews from Belarus. He was well promoted, received the Nobel "Prize" in economics (I put it in quotation marks, since Nobel did not bequeathed any prizes in economics, this is a notion of our time). But Krugman cannot be considered a “pure academician”. We learn from his biography that he was a member of the Council of Economic Advisors under the President of the United States.

And here is another representative of the "academic" circles - no less well-promoted professor Kenneth Rogoff. In a “past life” he was the chief economist of the International Monetary Fund. Even "cooler" is the biography of "Professor" Lawrence Summers - in a "past life" he was the US Treasury Secretary. The Japanese "professor" mentioned above was previously the Governor of the Bank of Japan, and the Indian “professor” was the Governor of the Reserve Bank of India. But perhaps the most amazing metamorphosis happened with Ernesto Zedillo of Yale University: in his “past life” he was the President of Mexico.

Antiglobalists and fighters against the power of the “owners of money” (they are often derisively called by the liberal media as supporters of the “world conspiracy” theory) the main pathos of their criticism and struggle is directed against such mondialist organizations as the Bilderberg Club, the Trilateral Commission, and the Council on Foreign Relations. Also under their “gun” is the forum of the World Economic Council in Davos (which just started its work today).

Unfortunately, such supranational institutions and forums as the Bank for International Settlements (BIS) in Basel and the annual meetings of heads and representatives of central banks in Jackson Hole in the United States (in August of each year) are rarely recalled. There, a policy of “owners of money” is being developed, which is then implemented through the central banks of different countries of the world. Davos looks like a big bazaar against the backdrop of the BIS and Jackson Hole. It seems that it is specially collected every year by the powers that be in order to divert public attention from those centers where the world elite makes real decisions.

But even over the BIS and Jackson Hole there is an even higher authority. And that is the Group of Thirty. Why did the EU Ombudsman demand that the European Central Bank (ECB) stop participating in the G30 meetings? Formally, because the G30 is attended by the heads and representatives of a number of banks that are under the supervision of the ECB. Such tacit contacts of the financial regulator with supervised institutions are prohibited by EU rules.

However, I think that there is a more serious reason for the prohibition of the ECB's participation in the Group. The President of the ECB is Mario Draghi. He is only formally European (Italian), but in fact he is a Goldman Sachs man. Draghi is heavily focused on his former leaders from Goldman Sachs and the Federal Reserve. Mario Draghi is on the list of the Group of Thirty, his trips to such meetings are a great opportunity to communicate with his colleagues and bosses from overseas without witnesses, to get the necessary instructions from them. Some European experts assess the activities of the Group of Thirty as destructive, since its policy is based on the idea of deregulating the economy and finance. Such deregulation is deadly for the EU banking system, which is on the brink of a crisis.

In my opinion, the EU ombudsman's statement on the ECB's participation in the G30 is an attempt to somehow ease Washington's pressure on Brussels on issues related to financial and monetary policy. I don't think Brussels will be able to escape this influence, at least in the near future.

But this attempt has a positive side. She "spotted" one of the main centers (perhaps the most important center), where the world elite makes decisions on financial and monetary issues. Remember: it's called the G30. Tomorrow, this abbreviation will probably disappear from the world's media strips again.