Archives: The contemporary history of Jewish banking

Benjamin Ginsberg (item 5) shows that Jews dominated finance not only in the Christian world, but in the Islamic world too. This gives the lie to the claim that Jews had been forced into banking by Christians denying them other opportunities.

Introduction
Today our list will present you a friendly e- list of Peter Myers, that provides (inter alia) a Far East connection to the Mammonite universe. His letters consist usually of a few items connected by single idea. The Myers e-letter we forward below deals with the Jewish bankers in Asia Crisis: did they kill the Japanese de-facto
co-prosperity sphere in 1988, ushering in the long crisis of Japanese and Asian economy. Myers quotes Karl Marx, who pondered in 1855 about "the fact that Christ drove the Jewish moneychangers out of the temple, and that the moneychangers of our age enlisted on the side of tyranny happen again chiefly to be Jews". (Probably Marx would be crucified by the Jewish leftists today for this line, and the nails delivered by their shabbes-goyim Abunima and Sue Blackstone).

Myers begins with the view of a banking expert Geoffrey Gardiner who denies prominence of Jewishfinance and its influence on Asia Crisis and eventually debunks it. This is not exactly holiday reading, but very recommended for your understanding.

Letter of Peter Myers:
I don't dispute that Geoffrey - who, by the way, knows Lord Rothschild - is an expert on banking. But I feel that he discreetly sweeps certain matters under the carpet. Consider the dominant position of the Jewish lobby in the US, such that virtually all the top positions in Clinton's cabinet were filled by Jews, YET one could not say so publicly.

Or that Bush's foreign policy has largely followed the blueprints laid out by Jewish neocons. Even Samuel Huntington borrowed his "Clash of Civilizations" theme from a Jewish scholar, Bernard Lewis.

In denying the special role of Jews in finance, I believe that Geofffrey undermines his own credibility. It's as if one could write a manual on retailing, without mentioning the dominant retail chains.

Benjamin Ginsberg (item 5) shows that Jews dominated finance not only in the Christian world, but in the Islamic world too. This gives the lie to the claim that Jews had been forced into banking by Christians denying them other opportunities.

(1) "Werner is unaware of [Jewish Finance], or has written it out [of Princes of the Yen]"

(3) Karl Marx on lending to Governments, by Jewish Bankers
(4) Moses Hess on Jewish dominance in finance
(5) Benjamin Ginsberg on Jewish dominance in finance

(6) The Basle Accord of 1988 - a means of reining in Japan's banks

(1) "Werner is unaware of [Jewish Finance], or has written it out [of Princes of the Yen]"

Date: Wed, 25 May 2005 11:46:42 +0100 From:
"Geoffrey Gardiner”
Werner says nothing about Jewish finance. Either he in unaware of it, or has written it out.

It must have required some creative thinking to find a Jewish dimension to Japanese banking. I have never detected any. In the last two centuries Jewish "bankers" have not been true bankers, but the misnamed "merchant bankers," best called "fixers". They are also bullion dealers, a function still performed by N. M. Rothschild, and of minor importance in my view.

Modern European banking is - in chronological order - a creation of 1. The Templars, 2. The Lombards, 3. The Dutch, and 4. The Quakers.

(2) Reply to Geoffrey (Peter M):
Perhaps you could spell out what "merchant banks" do. I take it that they lend to governments - this is the field of banking where Karl Marx detailed Jewish pre-eminence (see item 3).

The Freemasons are the resurfaced Knights Templar,
as Stephen Zarlenga shows in his book.

Here's a clue:

"Samuelson's nephew, Lawrence Summers, is another example of a successful neoclassical economist who made it into highest
government office."

Both are Jewish. Samuelson, whose textbook on Economics has long been the standard training manual in universities, is listed among Jewish economists:
http://www.jinfo.org/Economists.html

Others listed there include Stanley Fischer, Milton Friedman, Alan Greenspan, Paul Krugman, Ludwig von Mises, Ayn Rand, Murray Rothbard, Jeffrey Sachs, Joseph Stiglitz, Lawrence Summers.

Lawrence Summers is Jewish:
http://www.yucommentator.com/v67i4/israelcorner/address.html

"Indeed, I was struck during my years in the Clinton administration that the existence of an economic leadership team with people like Robert Rubin, Alan Greenspan, Charlene Barshefsky and many others that was very heavily Jewish passed without comment or notice -- it was something that would have been inconceivable a generation or two ago, as indeed it would have been inconceivable a generation or two ago that Harvard could have a Jewish President."

Would the media have noticed if Clinton's cabinet had been Islamic instead?

It is astonishing how many of the key players in
the Asia Crisis were Jewish:

Jewish Hedge Fund managers:
George Soros, Warren Buffet, Michael Steinhardt

Clinton's cabinet:
Madeline Allbright (Secretary of State, i.e. Foreign Minister)
Robert Rubin (US Treasurer)
Mickey Kantor (Secretary for Trade, in charge of
GATT and WTO)
William Cohen (Secretary for Defence)
Sandy Berger (National Security Adviser)
Alan Greenspan was head of the Federal Reserve.
Martin Wolfensohn was head of the World Bank (now
succeeded by another Jew, Paul Wolfowitz)
Stanley Fischer was running the IMF (as Chief Economist there; in 2001 he became Governor of the Bank of Israel) Paul Krugman was writing articles deriding the Japan model.

Re the struggle between Jewish finance and Japanese finance, I have to repeat a bit about the Basle Accord. This is at item 6 below.

The speculators wanted to bring down the "Asia Model". At the time, South-East Asia was, to some extent, a "co-prosperity sphere"
of Japan; so Japan was one target.

George Soros wrote, in his book The Alchemy of Finance, "Japan has been accumulating assets abroad, while the United States has been amassing debts. ... President Reagan ... pursued the illusion of
military superiority at the cost of rendering our leading position in the
world economy illusory; while Japan wanted to keep growing in the shadow of the United States as long as possible. ... Japan has, in fact, emerged as the banker to the world" (1987; New Preface 1994, John Wiley & Sons, New York), p. 350.

Usurping Soros' own role, perhaps? Soros continues,

“... the prospect of Japan's emerging as the dominant financial power in the world is very disturbing, not only from the point of view of the United States but also from that of the entire Western civilization" (p. 353).

"The United States and Britain are members of the same culture. This is not true of Japan. ... The Japanese think in terms of subordination. Contrast this with the notion that all men are created equal ... Japan is a nation on the rise; we have become decadent" (p. 354).

ASEAN was another target. Its decision to admit Burma was seen as defiance of the US ... these speculators seem to imagine themselves champions of "human rights", a sort of Robin Hood. They objected to Burma's joining ASEAN, but not to Vietnam's joining.

Burma is important to them partly because it's a satellite of China; it gives China some access to the Indian Ocean.

In the Sydney Morning Herald of February 19, 1998,
economist Max Walsh commented, "A little-noticed but significant feature of the Asian crisis has been the demise of the yen bloc."

(3) Karl Marx on lending to Governments, by Jewish Bankers The Karl Marx Library Volume 5 On Religion (arranged and edited, with an introd, and new translations, by Saul K. Padover McGraw-Hill Book Company New York 1972):

{p. 219} The Jewish Bankers of Europe*

TAKE Austria, for instance - a country which suffers from chronic scarcity of cash. What is she doing at this moment? She proposes to raise money by negotiating the mortgage bonds of the landowners
of the Austrian dominions. But how is such an operation possible?

Through the Jewish houses, who, shut out from all more honorable branches of business, have acquired in this an inevitable degree of aptitude. There are in Vienna the Rothschilds, and Arnsteins, and Eskeles, and the Jew-Greek house of Seria, for whom the management of a loan of $100,000,000 is a matter of most easy accomplishment. The way they start at the loan is to get all their correspondents to canvass their business constituencies, and with the allurements of a particular commission, their correspondents of course do their best to ensnare their customers.

The broad facts we have pointed out have naturally produced all over Europe, especially in its northern, western, and central portions where the indolence which prevails in the southern part (as Italy, Spain, and Portugal) is modified by climate, all manner and kinds of capitalists, speculators, and jobbers, who have no other business beyond that of dealing in money. Now there are posted in every point of Europe Jewish agents who represent this business and who are the correspondents of other leading Jews. It must here be borne in mind that for one big fish, like Rothschild, there are thousands of minnows. These make play and find food chiefly in Amsterdam, London, Frankfurt, Vienna, Berlin, Hamburg, Paris, and Brussels, and, as a general thing, loans are distributed among them in the following proportion:
* From "The Loan mongers of Europe," published in the New York Daily Tribune, November 22, 1855.

{p. 220} Amsterdam, say $25,000,000 London $25,000,000 Frankfurt $15,000,000 Vienna $10,000,000 Berlin $10,000,000 Hamburg $5,000,000 Paris $5,000,000 Brussels $5,000,000 Total $100,000,000.

Beside the regular agents every one of these places swarms with Jews who aid in placing the stock. All over Germany and Holland, in Hanover, Brunswick, Chassell, Carlsruhe [sic], Mannheim, Cologne, Rotterdam, The Hague, Antwerp, and again in Poland and the adjoining countries, in Breslau, Cracow [Krakow], Warsaw, and so almost throughout Europe, there are to be found in almost every town a handful of Jews who deem it an honor to take a little of the new stock on speculation if the Rothschilds or any other of the great Jewish houses are connected with the negotiation. It is this business Free Masonry among the Jewish bankers which has brought the barter trade in government securities to its present height. ...

{p. 221} The Russian Loan*

THE issue of a new Russian loan affords a practical illustration of the system of loan mongenng in Europe, to which we have heretofore called the attention of our readers.

This loan is brought out under the auspices of the house of Stieglitz at St. Petersburg. Stieglitz is to Alexander what Rothschild is to Francis Joseph, what Fould is to Louis Napoleon. The late Czar Nicholas made Stieglitz a Russian baron, as the late Kaiser Franz made old Rothschild an Austrian baron, while Louis Napoleon has made a Cabinet Minister of Fould, with a free ticket to the Tuileries for the females of his family. Thus we find every tyrant backed by a Jew, as is every pope by a Jesuit. In truth, the cravings of oppressors would be hopeless, and the practicability of war out of the question, if there were not an army of Jesuits to smother thought and a handful of Jews to ransack pockets.

The loan is for fifty millions of rubles, to be issued in 5-percent bonds, with dividends payable at Amsterdam, Berlin, and Hamburg, at the exceedingly moderate price of 86 rubles - that is to say, in consideration of paying 86 rubles, in several installments, the paver is entitled to 5 rubles dividend per year, which amounts to nearly 6 percent, and to a bond of 100 rubles endorsed by the Russian Government, as security for his capital, which is redeemable at some remote period between this and doomsday. It is worthy of notice that Russia does not appeal, as Austria has recently done, to the moneyed enthusiasm of her own subjects, stirred up by the stimulus of bayonets and prisons; but this shows only the greater confidence which she has * Published in the New York Daily Tribune, January 4, 1856.

{p. 222} in her credit abroad, and the greater sagacity which she possesses in raising money without embarrassing and therefore without disappointing the people at home. Baron (Alexander Liudovigovich?) Stieglitz does not propose to retain one single kopeck of the fifty millions for the Greek, Sicilian, American, Polish, Livonian, Tartarian, Siberian, and Crimean sympathizers with Russia, but distributes seventeen millions of the loan to Hope & Co. of Amsterdam, the same share to Mendelssohn & Co. of Berlin, and sixteen millions to Paul Mendelssohn-Bartholdy of Hamburg. And although British and French houses do not, for obvious reasons, court a direct participation in the loan, we shall presently show that indirectly they contribute largely to furnishing their antagonists with the sinews of war.

With the exception of a small amount of 5- and 6- percent Russian bonds negotiated at London and Hamburg, and of the last Russian loan - which was taken up by the Barings-Stieglitz of St. Petersburg in connection with Hope & Co. of Amsterdam, have been the principal agencies for Russian credit with the capitalists of Western and Central Europe. The 4-percent Hope certificates, under the special auspices of Hope, and the 4-percent Stieglitz inscriptions, under the special auspices of Stieglitz, are extensively held in Holland, Switzerland, Prussia, and to some extent even in England. The Hopes of Amsterdam, who enjoy great prestige in Europe from their connection with the Dutch Government and their reputation for great integrity and immense wealth, have well deserved of the Czar for the efforts they have made to popularize his bonds in Holland. Stieglitz, who is a German Jew intimately connected with all his coreligionists in the loan mongering trade, has done the rest. Hope commanding the respect of the most eminent merchants of the age, and Stieglitz being one of the Free Masonry of Jews which has existed in all ages - these two powers combined to influence at once the highest merchants and the lowest jobbing circles, have been turned by Russia to most profitable account. Owing to these two influences, and to the ignorance which prevails about her interior resources, Russia, of all the European continental governments, stands highest in the estimation of 'Change, whatever may be thought of her in other quarters.

But the Hopes lend only the prestige of their name; the real work is done by the Jews, and can only be done by them, as they monopolize the machinery of the loan mongering mysteries by concentrating their energies upon the barter trade in securities, and the changing of money and negotiating of bills in a great measure arising there from. Take Amsterdam, for instance, a city harboring many of the worst descendants of the Jews whom Ferdinand and Isabella drove out of Spain, and who, after lingering awhile in Portugal, were driven thence also, and eventually found a safe place of retreat in Holland. In Amsterdam {p. 223} alone they number not less than 35,000, many of whom are engage in this gambling and jobbing of securities. These men have their agents at Rotterdam, The Hague, Lynden, Harlem, Nymegen, Delft, Groningen, Antwerp, Chent, Brussels, and various other places in the Netherlands and surrounding German and French territories. Their business is to watch the moneys available for investment and keenly observe where they lie. Here and there and everywhere that a little capital courts investment, there is ever one of these little Jews ready to make a little suggestion or place a little bit of a loan. The smartest highwayman in the Abruzzi is not better posted up about the locale of the hard cash in a traveler's valise or pocket than those Jews about any loose capital in the hands of a trader.

These small Jewish agents draw their supplies from the big Jewish houses, such as that of Hollander and Lehren, Konigswarter, Raphael, Stern, Sichel, Bischoffsheim of Amsterdam, Ezekiels of Rotterdam.

Hollander and Lehren are of the Portuguese sect of Jews, and practice a great ostensible devotion to the religion of their race. Lehren, like the great London Jew, Sir Moses Montefiore, has made many sacrifices for those that still linger in Jerusalem. His office, near the Amstel, in Amsterdam, is one of the most picturesque imaginable. Crowds of these Jews assemble there every day, together with numerous Jewish theologians, and around its doors are congregated all sorts and manners of Armenian, Jerusalem Barbaresque, and Polish beggars, in long robes and Oriental turbans. The language spoken smells strongly of Babel, and the perfume which otherwise pervades the place is by no means of a choice kind.

The next Jewish loan mongering concern is that of Konigswarter, who came from a Jewish colony in Furth in Bavaria, opposite Nuremberg, whose 10,000 inhabitants are all Jews with some few Roman Catholic exceptions. The Konigswarters have houses at Frankfurt, Paris, Vienna, and Amsterdam, and all these various establishments will place a certain amount of the loan. Then we have the Raphaels, who also have houses in London and Paris, who belong, like Konigswarter, to the lowest class of loan mongering Jews. The Sterns come from Frankfurt, and have houses at Paris, Berlin, London, and Amsterdam. One of the London Sterns, David, was for some time established at Madrid, but so disgusted the chivalrous Spaniards that he was compelled to quit. They have married the daughters of one of the rich London Goldsmiths, and do an immense business in stock. The only man of ability in the family is the Paris Stern.

The Bischoffsheims are, next to the Rothschilds and Hopes, the most influential house in Belgium and Holland. The Belgian Bischoffsheim is a man of great accomplishments and one of the most respected bank directors and railway magnates. They came from {p. 224} Mayence, and owing to the genius of this Belgian Bischoffsheim, have attained to their present eminence. They have houses at London, Amsterdam, Paris, Brussels, Antwerp, Frankfurt, Cologne, and Vienna, and have recently sent a clerk or agent to New York. They have intermarried with a Frankfurt Jew of the name of Goldschmidt, who, however, is not distinguished either for wealth or genius, although pretending to both. One of these Goldschmidts - and the most insignificant of the firm - presides over the London concern, while one of the Bischoflfsheims rules over that of Amsterdam, and the other over those of Brussels and of Paris.

{p. 225} ... Like the Rothschilds and the Greeks, the loan mongering Jews derive much of their strength from these family relations, as these, in addition to their lucre affinities, give a compactness and unity to their operations which insure their success.

This eastern war is destined at all events to throw some light upon this system of loan mongers as well as other svstems. Meantime the Czar will get his fifty millions and, let the English journals say what they please, if he wants five fifties more, the Jews will dig them up. Let us not be thought too severe upon these loan mongering gentry. The fact that 1855 years ago Christ drove the Jewish moneychangers out of the temple, and that the moneychangers of our age enlisted on the side of tyranny happen again chiefly to be Jews, is perhaps no more than a historical coincidence. The loan mongering Jews of Europe do only on a larger and more obnoxious scale what many others do on one smaller and less significant. But it is only because the Jews are so strong that it is timely and expedient to expose and stigmatize their organization.

{end} More at http://users.cyberone.com.au/myers/leftprot.html

(4) Moses Hess on Jewish dominance in finance

In his book The Making of Modern Zionism, Schlomo Avineri discloses that the information about the connection between Judaism and capitalism was provided to Marx by none other than Moses Hess, the "red Rabbi" who later became one of the founders of modern Zionism through his book Rome and Jerusalem. Hess died in 1875, but in 1950 his remains were moved to Israel as a tribute to his role in Zionism:

Shlomo Avineri, THE MAKING OF MODERN ZIONISM: The Intellectual Origins of the Jewish State (Basic Books, New York 1981):

[p. 36] CHAPTER 3 Moses Hess: Socialism and Nationalism as a Critique of Bourgeois Society IN MOSES HESS (18l2-75) two powerful ideological and political forces - socialism and the beginning of Jewish national thought - were integrated into a unique synthesis. When he died after decades of activity in the German and international socialist movement, the inscription on his tomb, near Cologne, read: "Father of German Social Democracy." Seventy-five years later, when the State of Israel was established, its government (then under the leadership of the Labor Party), transferred his remains from Germany and reinterred them in the cemetery of the first kibbutz, near Lake Tiberias. There he lies now among the other founders of Zionist socialism - Syrkin, Borochov, Katznelson.

[p. 37] He calls for a radical social revolution based on a rejection of bourgeois society as contrary to the universalist postulates of Hegelian thought. These writings were later greatly praised by Marx, who always acknowledged his indebtness to Hess whom he occasionally called "my communist rabbi."

[p. 40] Hess was one of the first writers in the modern era to see Judaism in national terms, even while denying it a future. At the same time, it was in this period that Hess wrote one of the harshest statements that has ever been made by a Jew about Judaism. It is connected with Marx's essay "On the Jewish Question," which he wrote in 1843 and which appeared in 1844. In the year 1845 Hess's essay, [p. 41] "On Capital," appeared which contains very severe pronouncements regarding the Jews and identifying Judaism with capitalism. Only recently has it been shown that Hess' work preceded that of Marx. Hess wrote his essay in 1843 and sent it to Marx for publication. However, it was published a year and a half later. Hence, Hess's work was known to Marx while he wrote his essay, "On the Jewish Question," and most of the images which appear in Marx' works are borrowed from Hess.

{end} More at > http://users.cyberone.com.au/myers/avineri.html

(5) Benjamin Ginsberg on Jewish dominance in finance

An American Jew and Professor of Political Science, Ginsberg discloses that in the US, "Today, though barely 2% of the nation's population is Jewish, close to half its billionaires are Jews. The chief executive officers of the three major television networks and the four largest film studios are Jews, as are the owners of the nation's largest newspaper chain and most influential newspaper, the New York Times. In the late 1960s, Jews already constituted 20% of the faculty of elite universities and 40% of the professors of elite law schools; today, these percentages doubtless are higher."
(The Fatal Embrace: Jews and the State, p.1).

{p. 2} That fully three-fourths of America's foreign aid budget is devoted to Israel's security interests is a tribute in considerable measure to the lobbying prowess of AIPAC and the importance of the Jewish community in American politics {but what does it say about "Jewish Internationalism" - that trademark Jewish concern for the poor?}.

{p. 13} In Europe this pattern was especially notable in Christian Spain from the eleventh through the fifteenth centuries. ... Jews were so prominent in the economies of the Spanish kingdoms that their tax payments were major factors in {p. 14} royal treasuries, sometimes accounting for half of all royal revenues.

{p. 15} In the eleventh century, Jews attained the highest levels of political power in Muslim Spain, including the viziership of Grenada ...

In Fatimid North Africa during the tenth and eleventh centuries, Jews were important bankers, financiers, and advisors to the caliphate. During the reign of al-Mustansir, who succeeded to the caliphate in 1036 while still a small boy, the power behind the Fatimid throne was the Jewish financier and courtier, Abu Saed Ibrahim al-Tustari. Dhimmis, or nonbelievers, were precluded from holding the very highest Fatimid offices, such as the vizierate. Paralleling the case of Christian Spain, however, several nominally converted Jews became viziers {this shows that Jewish covertness was not CAUSED by the Inquisition}.

... During the fifteenth and sixteenth centuries, Jews came to play a major role in the fiscal affairs and administration of the Ottoman empire. After the expulsion of the Jews from Spain in 1492, the Ottomans accepted thousands of refugees because they valued the financial, administrative, and manufacturing skills that the Jews brought with them. ... Jews dominated the imperial revenue system, serving as tax collectors, tax farmers, tax intendants, and tax inspectors. Jews also created and operated the imperial customs service. Indeed, so complete was Jewish control over this segment of the Ottoman state that Ottoman customs receipts were typically written in Hebrew.

{p. 24} Upon occasion, the British government also turned to Jewish banking houses to finance imperial expansion. Disraeli's purchase of the Suez Canal in 1878, for example, was made possible by Henry Oppenheim's extensive contacts in Egypt and a four million pound loan from Lionel Rothschild. The role played by Jewish capital in the creation of Britain's nineteenth-century empire was not lost on its critics. In his classic work, which became the basis of Lenin's theory of imperialism, J. A. Hobson argued that "men of a single and peculiar race, who have behind them centuries of financial experience," formed "the central ganglion of international capitalism."
{p. 25} civilization, still holds its own in man's nature, whether he is killing rats with a terrier, rejoicing in a prize fight, playing a salmon or potting dervishes. It was a fine day and we were out to kill something. Call it what you like, the experience is a big factor in the joy of living. {endquote}

The Reuters news service was particularly important in popularizing imperialism. Reuter's specialized in the collection and dissemination of news from the furthest outposts of the empire. Its dispatches, upon which all British newspapers came to rely, emphasized the positive, "civilizing" aspects of British colonial administration and military campaigns. The steady diet of campaigns, battles, and raids in Reuter's dispatches, along with news of the more mundane details of colonial rule, maintained popular interest in the empire and made it an accepted part of British life. The press benefited in a direct way from its coverage of these matters. The British popular press, like its American counterpart during the Spanish-American War, discovered that exciting tales of empire building gave an enormous boost to circulation and revenues.

Jews also played a major role in German liberalism. Before the First World War, though Jews comprised barely 1% of the German population, they constituted a major segment of the bourgeoisie and an important base of support for liberals. Jews had been particularly important in the liberal press. Two of the most important liberal newspapers, the National-Zeitung of Berlin and the Frankfurter Zeitung, were owned and edited by Jews. Of the twenty-one daily newspapers published in Berlin during the 1870s, thirteen were owned by Jews and four had important Jewish contributors. All three newspapers specializing in political satire were controlled by Jews.

In the aftermath of World War I, Jews strongly supported the creation of the liberal Weimar Republic. Indeed, a Jewish socialist, Hugo Preuss who served as minister of the interior in the provisional government established after the collapse of the monarchy, was primarily responsible for drafting the Weimar constitution. Throughout the life of the Weimar regime, Jewish businessmen, journalists, and politicians were among its most active and ardent supporters.

Through their commercial and banking activities, Jews contributed to the substantial economic development and reconstruction that took place during the Weimar era. Jewish firms accounted for nearly 80% of the business done by department and chain stores, 40% of Germany's wholesale textile firms, and 60% of all wholesale and retail clothing businesses. Almost half of all private banks were owned by Jews, as were the largest and most successful of the credit {p. 26} banks. The most important was the DD bank, formed from the merger between Arthur Salomonsohn's DiscontoGesellschaft and the Deutsche Bank. The DD bank helped to revive and rebuild Germany's heavy industry and merchant navy after World War I. The equally important Dresdner Bank was directed by Eugen Gutmann until his death in 1925 and then by Henry Nathan. The Darmstadter and Nationalbank, directed by Jakob Goldschmidt, was largely responsible for obtaining major loans of working capital for German industry Irom Holland, Sweden, and the United States.

In a continuation of the pre-World War I pattern, Jews were influential in the liberal press of the Weimar Republic. Three of the nation's most important liberal newspapers, the Berliner Tageblatt, the Vossiche Zeitung, and the Frankfurter Zeitung were owned by Jews. Jews also owned the two largest publishing houses in Germany, the Ullstein and Mosse concerns, as well as many smaller publishing firms.

In addition, Jews were extremely important in the professional, intellectual, and cultural life of Weimar Germany. Approximately 11% of Germany's physicians and 16% of its lawyers were Jews. Jewish academics, intellectuals, and artists were the leading figures in German theater, literature, music, art, architecture, science, and philosophy during the Weimar era. Jews were also the most influential critics of drama, art, music, and books as well as the owners of the most important art galleries and theaters.

{end} More at> http://users.cyberone.com.au/myers/ginsberg.html

(6) The Basle Accord of 1988 - a means of reining in Japan's banks Patrick S. J. Cormack and Bill Still write, in their book The Money Masters: How International Bankers Gained Control of America (Royalty Production Company, 1998, pp. 73-4):

"{p. 73} Regulations put into effect in 1988 by the BIS {the Bank of International Settlements}, called the Basle Capital Adequacy Accord, required the world's bankers to raise their capital and reserves to 8% of liabilities by 1992. ... those nations with the lowest bank reserves in their systems have already felt the terrible effects of this credit contraction as "{p. 74} their banks scrambled to raise money to increase their reserves to 8%. To raise the money, they had to sell stocks which depressed their stock markets and began the depression first in their countries.

Japan, which in 1988 had among the lowest capital and reserve requirements, and thus was the most effected by the regulation - has experienced a financial crash which began almost immediately, in 1989, which has wiped out a staggering 50% of the value of its stock market since 1990, and 60% of the value of its commercial real estate. The Bank of Japan has lowered its interest rates to one-half of a percent - practically giving money away to resurrect the economy, but still the depression worsens".

{end} More at> http://users.cyberone.com.au/myers/money-masters.html

Was the Basle Accord aimed at Japan especially?

Why did Japan accept it?

David Grover wrote,

'Japan's ... ability wield financial influence over the United States was actually quite limited. The U.S. still had the structural power to "set the menu" of international banking. ... pressure to pass the Basle Accord ... came from American and British bankers who claimed 'under-capitalized' Japanese banks were pinching their business unfairly.

...
'The problem facing the U.S. was to devise a strategy for placing the issue high on other states' agendas. A bilateral agreement on capital standards with Britain served this purpose nicely, as Britain shared many of the same concerns about its international bank competitiveness. Now, Japan and other countries were facing the possibility of a "zone of exclusion" disadvantageous to their international banks. Japan was now facing a unified Britain and U.S., and they were forced to come to the negotiating table. ...

'However, Japan's financial power in the late 1980s cannot simply be dismissed. Most strikingly, by 1985, it had emerged as the world's largest creditor. ...

However, it is increasingly recognized that Japan's creditor status has not in fact brought an enormous increase in power to the Japanese State. The biggest limitation on translating this creditor status into power is that the majority of funds have been lent to a country - the United States - on which Japan is heavily dependent, both militarily and economically ... '

See David Grover's analysis at http://users.cyberone.com.au/myers/basle.html

Peter Myers, 381 Goodwood Rd, Childers 4660, Australia ph +61 7 41262296> http://users.cyberone.com.au/myers Mirror:
http://mailstar.net/index.html I use a Mac & the old Mac OS; I send text from a word-processor, without attachments. If mail does not arrive, check the Trash can. To unsubscribe, reply> with "unsubscribe" in the subject line; allow 1 day.

[1] From Peter Myers’ Forum: ----- Original Message -----

From: "Israel Shamir"

To: "readers"

Sent: Monday, June 27, 2005 3:31 PM

Subject: [shamireaders] Jewish Bankers against Japan