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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 "Going Direct" 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 "absolute control," 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.
