The veterans of Russia’s KGB/FSB were chuckling to themselves, no doubt, as Russian President Vladimir Putin (right) announced his pleasure at Russia’s assumption of the presidency of the Group of Twenty (G20)* nations for 2013. Putin’s “strategic agenda proposed by Russia for the G20 in 2013” is loaded with favorable references to the FSB. The FSB acronym in Putin’s “strategic agenda” is not a reference to the dreaded Russian secret police (successor to the Soviet KGB and its earlier incarnations as the NKVD and the Cheka), however; it is a reference to the Financial Stability Board, a new institution created by the G20 leaders in 2009, ostensibly to deal with the economic crisis.
Nevertheless, the “coincidence” of choosing a name for this new, secretive global financial police with the same acronym as the Putin’s feared agency is oddly apropos. The G20’s FSB is a shadowy financial power that is headquartered inside another even more secretive, shadowy global financial powerbase, the Bank for International Settlements (BIS) in Basel, Switzerland.
Despite repeated appeals to accountability and transparency in the FSB Charter, the FSB — like the BIS and the Central Banks whose heads compose the Plenary that governs the FSB — operates in murky opaqueness, outside the controls of the U.S. Congress, national parliaments, or any constitutional constraints.
Putin’s KGB/FSB regime is represented in the BIS/FSB by: Deputy Minister of Finance Sergey Storchak; First Deputy Chairman of the Central Bank of the Russian Federation Alexey Ulyukaev; and Head of Russia’s Federal Financial Markets Service Dmitry Pankin.
Communist China is represented on the BIS/FSB by: Vice Minister of Finance Li Yong; Governor of the People’s Bank of China Zhou Xiaochuan; and Chairman of the China Banking Regulatory Commission Shang Fulin.
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Photo of Vladimir Putin: AP Images