The Legal Character of the Bank for International Settlements

Abstract

We are all of us today, even we international lawyers, disciples of Heraclitus. The international world shows itself so clearly in a “state of flux,” that a doubt on the central doctrine of that philosopher is no longer permissible. We theorists have therefore to take heed to build our doctrines on tendencies rather than on “facts” ; otherwise when we have finished constructing our systems, it may happen that the facts are no longer what they were when we began building, and the system is out of date before it is established.