Some notes on the "greening" of the Bank of International Settlements (BIS), International Monetary Fund (IMF) and a deeper dive into the “greening” of the World Bank

Bit of a ramble, so those who prefer a couple of bullet points might want to skip this one!

Bank of International Settlements (BIS) – the central bankers central bank. It sets the rules for how each central bank around the world must treat issues like capital adequacy of the commercial banks that central banks regulate – together with how global banks should be regulated at the aggregate (global) level.

You can check out the BIS on its website, here is a link to last years Annual Report (this years report out next week, probably).

Annual Report 2021/22 (bis.org)

Here is its “General Manager”- Agustín Carstens.

(I’m saying nothing like “feed the world – stop eating for a week)

Here’s a couple of research papers that the BIS has recently published to establish its membership of the anti-human “woke” cult.

All aboard for short (green) bus designed for special needs climate change cultists:

Climate change and green finance (bis.org)

The energy transition and its macroeconomic effects (bis.org)

Macroprudential policies for addressing climate-related financial risks: challenges and trade-offs (bis.org)

Yeah, really. No problem for central bankers central bank jumping on a bus that is on the highway to hell back with ZERO credible science or consideration of the well-being of the world’s current 8 billion people or the next 2 billion.

The BIS had Special Drawing Rights (SDR’s) 311 billion of liabilities as at 31 March 2022. We can see how much that has changed if at all next week. An SDR = 1.34 US dollars – so the odd 417 billion dollars. It buys government and high quality corporate debt.

For perspective, the balance sheet of JPMorgan was around 3.7 trillion dollars last year, Bank of America was around 3.1 trillion dollars and Citicorp around 2.4 trillion dollars. So you might say that the BIS is tiny in comparison, being less than 5% of just these three US banks.

The top four Chinese banks are even bigger than JPMorgan and combined have balance sheets of 19 trillion bucks!).

The world's 100 largest banks, 2022 | S&P Global Market Intelligence (spglobal.com)

The balance sheet size of just the four largest Chinese and the three US banks cited (almost 30 trillion bucks – for just those 7 banks) puts the activities of supranational institutions totalling less than a trillion bucks.

Maybe this will also put some perspective and required emphasis on exactly what these banks are doing.

There is a “discretionary budget” within commercial banks, that represents accumulated profits from past years that corresponds with the “discretionary budgets” of supranational institutions like the BIS, IMF and World Bank.

Only a fraction of commercial banks balance sheets are discretionary. Almost all of it is matched.

Supranational bodies can allocate funds anywhere, to any country for any cause – political or cult- like. They should apply rigorous standards to the monitoring and control of such “investments”.

I doubt very much that accounting and regulatory standards are anywhere near those required in North America and Europe/UK – if they even have the numbers of accountants and compliance teams to monitor banking standards in common use.

The IMF administers SDR’s – the BIS has just under half of all SDR’s on issue.

International Monetary Fund (IMF) – adminsters “fiat” Special Drawing Rights of a basket of major currencies. The IMF “parachutes” in to countries that go “belly up” because they cannot afford the promises made by politicians and have run out of other people’s money. You can probable guess this invariably happens amongst countries with socialist/Marxist/Maoist tendencies. The IMF lost a lot of credibility when it appointed convicted felon, Christiane LaGarde as “Chair” and “Managing Director”.

Christine Lagarde convicted: IMF head found guilty of criminal charges over massive government payout | The Independent | The Independent

Not a problem though as LaGarde is now President of the European Central Bank.

Essentially, when a country goes bankrupt – experiences sever financial problems – the IMF sets down “austerity” policies, backed by other people’s money (I know, right!) to return the country’s ability to live within its means, rather than socialist/Marxist/Maoist promises and policies that only exist in cloud cuckoo land.

Now let’s turn to the “green fraud” that exists within the World Bank.

Bit of a rabbit hole to get to the “horse’s mouth”.

From here:

Majority of 2,500 “climate mitigation” projects funded by the World Bank have little to do with climate – The Expose (expose-news.com)

To here:

World Bank's climate investments are going to other projects (qz.com)

And finally to here:

Reduced visibility? Opening up World Bank climate finance data - Development Initiatives (devinit.org)

Which has this data set for you to peruse and analyse if you are so inclined.

https://devinit.org/documents/1345/WB_with_climate_coefficients.xlsx

Here’s a few selected statements from the devinit.org link.

“DI adapts World Bank data to allow users to identify which of their twenty thousand plus projects count towards the aggregate climate finance figures, and by how much.”

“The World Bank is by far the largest provider of climate finance. In the fiscal year 2022, the different arms of the Bank collectively spent US$32 billion, and according to the most recent data, it accounted for more than half of total climate finance commitments from multilateral development banks. The majority of this (US$26 billion) comes from the Bank’s two main lending arms: International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).”

“Development Initiatives (DI) has assembled the climate coefficients (for both adaptation and mitigation finance) from each individual World Bank project page and added to the list of roughly 22,000 IDA/IBRD projects, allowing users to identify which projects count towards the aggregate climate finance figures, and by how much. In the coming months we’ll be using this data to better understand the nature of World Bank climate finance.”

The expectation should be that the loans made to support “green” climate change investments should have a clear and measurable outcome.

Of course, this is not true.

Socialists/Marxists/Maoists have complete disdain for money and its usefulness in managing cause and effect of “projects” of any sort. They prefer the mantra of “we pretend to work, and they pretend to pay us”.

So here’s the kicker:

“..it’s difficult to analyse systematically .. you can’t examine the nature of all the climate finance going to a particular country, connect to other datasets to help assess impact, or see whether funds are being appropriately targeted. “

Analysis by Oxfam highlights in a sample of projects they found that the World Bank could be overstating its climate finance by 40%.

FORTY PERCENT overstated!!! In the developed world, there would be investigations, arrests and prosecutions! Not in the green clown world.

Onwards

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