Quis custodiet ipsos custodes? — who watches the watchers?Juvenal's question, posed in second-century Rome, is the question Volume Two of the CityCam trilogy puts to the Bank for International Settlements. Founded in Basel in 1930 as a reparations clearinghouse, the BIS has become the central bankers' central bank — convening governors under Chatham House rules, coordinating the Basel Accords, and, in October 2019, publishing the "e;Going Direct"e; paper that the March 2020 monetary response enacted at global scale.Ephors names the supervisory class through which the monetary panopticon operates: from the BIS's founding architects Norman and Schacht, through the CBDC programme and Agustín Carstens's statement of "e;absolute control,"e; to the AI systems that now perform the credit-creation and transaction-permission decisions at every scale.Volume Two of the CityCam trilogy. The watchers, named.

Quis custodiet ipsos custodes? — who watches the watchers?Juvenal's question, posed in second-century Rome, is the question Volume Two of the CityCam trilogy puts to the Bank for International Settlements. Founded in Basel in 1930 as a reparations clearinghouse, the BIS has become the central bankers' central bank — convening governors under Chatham House rules, coordinating the Basel Accords, and, in October 2019, publishing the "e;Going Direct"e; paper that the March 2020 monetary response enacted at global scale.Ephors names the supervisory class through which the monetary panopticon operates: from the BIS's founding architects Norman and Schacht, through the CBDC programme and Agustín Carstens's statement of "e;absolute control,"e; to the AI systems that now perform the credit-creation and transaction-permission decisions at every scale.Volume Two of the CityCam trilogy. The watchers, named.

Quis custodiet ipsos custodes? — who watches the watchers?Juvenal's question, posed in second-century Rome, is the question Volume Two of the CityCam trilogy puts to the Bank for International Settlements. Founded in Basel in 1930 as a reparations clearinghouse, the BIS has become the central bankers' central bank — convening governors under Chatham House rules, coordinating the Basel Accords, and, in October 2019, publishing the "e;Going Direct"e; paper that the March 2020 monetary response enacted at global scale.Ephors names the supervisory class through which the monetary panopticon operates: from the BIS's founding architects Norman and Schacht, through the CBDC programme and Agustín Carstens's statement of "e;absolute control,"e; to the AI systems that now perform the credit-creation and transaction-permission decisions at every scale.Volume Two of the CityCam trilogy. The watchers, named.