The Bank For Inter­na­tional Set­tle­ments and its Finan­cial Sta­bility Board, intends to wind up with vir­tual con­trol over the entire global finan­cial system, including the U.S. The pre­de­cessor step is to vest the Fed­eral Reserve with the powers of “super-regulator” over U.S. instu­tions deemed “too big to fail.”

Since before the G20 meeting in Europe ear­lier this year, China has been clam­oring for a reserve cur­rency other than “just the dollar.” They are obvi­ously con­cerned about pro­tecting their mas­sive hoard of dol­lars that resulted from years of exports to the U.S.