Meet the Secretive Committees that Run the Global Economy

banking_control_001By Andrew Gavin Marshall

There exists an overlapping and highly integrated network of institutions, committees and secret meetings of ad-hoc groups that collectively run the global economy. This network consists of finance ministries, central banks, international organizations and the various conferences and confabs that bring them together. This network is responsible for facilitating global financial diplomacy and managing the architecture of global financial governance. In short: it is the most powerful and informal political structure in the world.

With the United States at the center of the system, the Treasury Department and Federal Reserve Bank are the two most important American institutions in global financial governance – and the Treasury Secretary and Federal Reserve Chairperson are the world’s two most powerful financial diplomats. Both institutions are headquartered in Washington, D.C., just down the street from the headquarters of the International Monetary Fund (IMF) and World Bank Group, two global financial bodies created in 1944 to manage the world economy on behalf of the rich Western nations that founded them.


Twice a year, the IMF and the World Bank host large international conferences. The Spring Membership Meeting, typically held in April, and the Annual membership meeting draw a crowd consisting of most of the finance ministers and central bank governors from the IMF’s 188 member nations, representing the Fund’s Governing Board. They descend on D.C. where the meetings are typically held (though occasionally they are hosted in other countries as well), and draw scores of journalists, academics and thousands of bankers and financiers who are eager to meet, greet, wine, dine and make deals with the political decision-makers of the global economy.

The top five shareholders of the IMF (United States, Japan, Germany, France and U.K.) reflect the membership of an ad-hoc group of finance ministers that began meeting in 1973, thereafter known as the Group of Five (G-5). At the time, U.S. Treasury Secretary George Shultz described the group as “a channel for informal and very frank communication on monetary and other issues, both of a long-term and more immediate character.” But the G-5 was hardly the first of such groups.

In 1962, the Group of Ten (G-10) was formed as a meeting of finance ministers and central bank governors from the rich industrial nations, including the U.S., West Germany, Japan, France, U.K., Italy, Canada, Belgium, Sweden, Netherlands (and eventually Switzerland, although the name remained the same). The G-10 would meet alongside the leaders of the IMF, the Organization for Economic Cooperation and Development (OECD) and the Bank for International Settlements (BIS).

Following the U.S. unilateral decision to end the Bretton Woods monetary system in 1971, a series of committees and groups were established to provide forums for major economies of the world to negotiate forming a new monetary system, and to integrate developing economies into the institutional apparatus of global financial governance. The Group of Ten was utilized as one such forum.

In 1972, the G-10 laid the groundwork for the establishment of a special Committee of 20 to be formed within the IMF, whose membership reflected the composition of the IMF Executive Board, but at the ministerial level – giving it a much higher level of political authority than the board, which is composed of mid-level officials from their respective national finance ministries. The committee would include most G-10 members alongside several developing country representatives, and was formally institutionalized in late 1974 as the “Interim Committee” of the IMF.

(Although the Group of Five was formed in 1973, it wasn’t until 1975 that it held the first meeting at the head of state level, with the addition of Italy to the group. The following year, Canada was invited to participate, and thereafter it was known as the Group of Seven (G-7), effectively functioning as the steering committee for the global economy.)

Fast forward to the mid-1990s, when the G-7 nations instructed the Group of Ten to consult with emerging market economies on ways to reform the global financial architecture in cooperation with major international organizations like the IMF, World Bank, OECD, and BIS, which were increasingly opening their membership and ownership positions to large emerging market economies.

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The idea was thus: If developed countries give developing countries a stake in the existing system, they won’t use their new-found wealth and power to oppose that system. And all the while, the West was to remain at the center. Through crisis and collapse and “rescue” efforts led by the IMF, BIS and World Bank, developing and emerging market economies were encouraged to accept Western economic “advice” on how to manage their economies. If they wanted bailouts in the form of loans from international institutions, those countries had to follow conditions that demanded a total restructuring of their economies and societies along G-7 lines – designed to transform them into modern “market economies” capable of integrating into the larger global economy.

The groundwork was laid out over the following years, and in the course of 1999, the IMF’s Interim Committee was reformed into the International Monetary and Financial Committee (IMFC). The G-10 organized several seminars involving major emerging market economies and, together with the G-7, formed a new group known as the Financial Stability Forum (FSF), a meeting group of central bankers, finance ministers and regulators who were handed responsibility for maintaining financial stability in the world. Finally, 1999 also saw the organizing efforts of the G-7 result in the formation of yet another forum, the Group of Twenty (G-20).

The G-20 was born in December of 1999 at a meeting of finance ministers and central bank governors from the G-7 nations, along with Russia, China, India, Brazil, Indonesia, Korea, Australia, Mexico, Saudi Arabia, South Africa, Turkey, Argentina and the European Union. The event was attended by top officials from the IMF, World Bank and the European Central Bank. But despite all the international noise, the G20 was largely the initiative of two men: Canadian Finance Minister Paul Martin and U.S. Treasury Secretary Lawrence Summers.

The G-7, or G-8 once Russia was invited in, remained the main forum for global economic leadership. But in the midst of the global financial crisis in 2008, the G-20 was the group convened by U.S. President George W. Bush, who brought together heads of state for the first meeting that took place in Washington on November 15. That meeting produced an agreement among G-20 nations to pump trillions of dollars into their economies in order to bail out their banking systems.

In 2010, then-President of the European Central Bank, Jean-Claude Trichet, explained at a meeting of the Institute of International Finance (IIF) that the G-20 had emerged “as the prime group for global economic governance.”

Speaking to a crowd of hundreds of the world’s most powerful bankers and financiers, Trichet explained, “Global economic governance embraces supranational institutions – such as the IMF – as well as informal groupings – such as the G-7 and the G-20. Both are necessary, and both are complementary.” Trichet praised the evolving system as “moving decisively towards a much more inclusive system of global governance, encompassing key emerging economies as well as the industrialized countries.”

To this day, the hierarchy of global economic governance follows a familiar pattern. Take the IMF’s meetings, where 188 of the world’s finance ministers and central bankers meet. The International Monetary and Financial Committee (IMFC) holds a meeting, functioning as the steering committee to the Fund. And prior to IMFC meetings, the G-20 finance ministers and central bank governors hold a series of meetings, including a joint meeting with the IMFC, as they already have a significant crossover of membership.

But before the G-20 meets, the ministers and governors of the G-7 nations typically meet privately for an hour or so, attempting to form a common position or strategy in dealing with the wider groupings of the G-20 and IMFC, in which all G-7 nations are represented at the ministerial level. The chiefs of the world’s major international organizations (IMF, World Bank, OECD, WTO, BIS) participate in almost all of these meetings, acting as advisers to and receiving high-level political direction from these groups.

The hierarchy of global economic governance emanates out of the United States, in close cooperation with Germany, Japan and the other members of the Group of Seven. From there, it networks through the Group of Twenty and the IMFC, which in turn collectively function as the steering committee for the world’s major international organizations, and act as the board of directors of the global economy.

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You can read more from Andrew Gavin Marshall at Occupy.com


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9 Comments on "Meet the Secretive Committees that Run the Global Economy"

  1. We, the people, we need a parallel economic system that works for us!
    Google: gift economy, gerrilla gardening, vertical gardening…

    • A few states and/or communities have gone back to using a gold backed dollar that is independent of the Federal Reserve. I’m not exactly sure how they work, but their banks and communities will be more stable than most when the Fed note collapses. We will probably have to resort to a barter system when all else fails. That or take the mark of the beast.

      • A gold backed dollar is based on profit! produsing profit, means: abusing!
        There can be no justice, no peace, no abundance… for people if we are obliged to produce profit instead gifts!

        • We had a gold backed dollar until 1971 and it worked just fine. What doesn’t work is the interest that is being charged on the Fed notes which are backed by nothing and the trillions they printed for the government to give away which devalued the money we had. You should read up on the history of money and the banking system which is the usery you are talking about. Profit is not wrong — greed is! When a company makes profit they can hire more people and raise salaries which causes a chain reaction that makes for a better economy which benefits everybody.

  2. you forgot a few of the most powerful, most secretive and most evil secret societies existing today.
    The IMF, WHO, etc are owned and run by these:

    * The Council of 13

    * The Council of 33

    * Secret Chiefs / Great White Lodge / Great White Brotherhood

    * Order of the Quest

    * Mothers of Darkness

    * Moriah Conquering Wind

    * Supreme World Council

    * The Committee of 300 / The Olympians

    * Old (Venetian) Black Nobility

    * S∴S∴ / Third Order of the Silver Star / the Abyss

    * The Bilderberg Group / Committee of 500

    * A.A. / the Arcana Arcanorum

    * the R∴C∴ / Order of the Rosy Cross

    * Order of Palladium / New and Reformed Palladian Rite

    * Skull & Bones Society / The Order / Brotherhood of Death / Chapter 322

    * A∴A∴ / Arcanum Arcanorum / ‘Argenteum Astrum’ / Astron Argon

    * A.P.R.M.M. / Ancient and Primitive Rite of Memphis-Misraïm

    * The Round Table / Rhodes-Milner Round Table / The Group

    * Palladian Order of Skull and Bones / Chapter 592

    * the G∴D∴ / Hermetic Order of the Golden Dawn

    * Fraternitas Saturni / Brotherhood of Saturn

    * Order of the Trapezoid

    * Grand Orient de France

    * The Red Brotherhood

    * Hell Fire Club(s)

    * The Pilgrims Society

    * Le Cercle / The Circle

    * Supreme Council / Mother Council of the World

    * O.T.O. / Ordo Templi Orientis / Order of Oriental Templars

    * S.M.O.M. / Order of St. John / Sovereign Military Order of Malta

    * The Shrine / Ancient Arabic Order, Nobles of the Mystic Shrine

    * S.R.I.A. / Societas Rosicruciana in Anglia

    * Scottish Rite / York Rite

    * Fraternitas Rosae Crucis

    * Order of the Garter

    * The Temple of Set

    * The Bohemian Club

    * Order of The Hammer

    * Order of Nine Angles

    * The Black Brotherhood

    * Scroll and Key Society

    * Illuminates of Thanateros

    * B’nai B’rith / B’nai Ha’Nephilim

    * Ancient Mystical Order Rosae Crucis

    * Ecclesia Gnostica Catholica / Gnostic Catholic Church

    * Royal Institute of International Affairs

    * Council on Foreign Relations

    * Trilateral Commission

    * U.S. Mafia Council

    * The 1001 Club

    * Club of Rome

    * JASON Group

    * Quill & Dagger

    * RAND Corporation

    * Lucis Trust / Lucifer Trust

    * The MITRE Corporation

    * British Royal Society

    * Knights of Columbus

    * Share International

    * Societas Rosicruciana

    * The Bridge to Freedom

    * Phi Beta Kappa Society

    * Tavistock Institute For Human Relations
    I would like to point out there are some parallels between higher and
    lower ordres, and that the lowest degrees or position in some groups do
    not always correspond to the lowest, or highest in others. It’s..
    complicated

  3. “Run The Global Economy”
    The article is a joke. If you held trillions of dollars, or pounds or euros, would you allow Osbourne, Yellen or any other politician, whose only skill is talking crud, manage or run your investments?
    Get real, these are middle level servants, whose job is to do as they are told and make it look important. You and they know that their jobs are temporary and that they will get a “Golden Handshake” and a sinecure in some bank, when they are forced to move on.
    The decisions are taken by half a dozen people who hold control of Goldman Sachs, JP Morgan and HSBC. These people have literally quadrillions on deposit with these banks and put really bright individuals in the bank research and planning departments, doubling up as “consultants”. The consultants advise the principals and they tell the board members who and what to vote for. Then these instructions are broken down into orders and given to the temporary idiots in charge of the various “Treasury departments” of the countries.
    Their only concern is to hold and increase their wealth. Not in monetary terms, bits of paper and entries in a ledger, are worth nothing. The only thing that counts is who holds title to land and resources.
    More importantly, who can enforce (with force of arms) the title.
    Work that out and then you will see where the control is.

  4. The West’s last days are marked with the U.S. obsession with Oil. (alternate situation: will their drugs, GMO’s, kill them off?) Will the Asian “thrust” towards newer nuclear systems and renewables overtake the Western Big Oil obsessions? Will Chinese electric bullet trains displace Western fossil fuel jet engine systems? Can Science and technology provide electric cars to displace piston engine cars?

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