I have to disagree with my friend Cedars and feel that Phizzy and Aussie OZ are closer to the truth about the Truth.
I think several of the members of the original Governing Body (Ray Franz era) who were longtime associates with Rutherford, Knorr and Fred Franz probably believed their own bullshit. It's clear to me that Ray Franz had some issues in regards to some of the Society's policies and teachings, but felt overall that they were closer to the truth than any other religion. My guess is that most of the Governing Body of that time were in that same category.
On the other hand, I don't think a single one of the current Governing Body really believes anything about the religion. They all know that they don't qualify as being annointed, but they have to say they are and partake in order to be nominated and chosen to join the hallowed GB. I think they also know that what they teach has no real validity. These men are not stupid - they know that the earth wasn't created in 42000 years. They know evolution is true science. They know that 1914, 1918, and 1919 have no significance - absolutely nothing at all - in terms of the establishment of God's Kingdom. I don't really believe any of them actually believe that millions of dead bodies will be resurrected after 6000 years of human history and be recreated with the physical identities, personalities, and memories they had when they were alive. There are just too many scientific reasons to dismiss any such notions.
"Jehovah can do anything if he wants to" just won't cut it for much longer - and the Governing Body has to know that is a fact.
In fact, I doubt if they even believe in Armageddon, the 144,000, or the possibility of everlasting life on earth. There are too many reasons not to believe in any of that. I think they are very afraid of what will happen to the organization after 2014 (100 years after 1914) and nothing has happened. They have to know that the cards are quickly stacking against them in terms of their blood policy, their handling of child molesters and other criminal elements within the society, and the fact that someone will eventually expose their money-laundering schemes. When all of that happens, Don Adams and the Governing Body will have some serious explaining to do - not only to their own members, but also to civil authorities worldwide.
I'm sure that most of their meetings whenever they discuss "new light," they are all doing the "wink, wink, nudge, nudge" with each other and then assigning some poor schmuck in the Writing Department to write something up that explains it to the rank and file. But they also know that even if it makes no sense and contradicts everything they've taught before, the JW sheep will simply doze through the WT study and accept whatever they are told at the assemblies - because they have no other choice in the matter.
I am convinced that the whole organization is just one highly organized and tightly controlled scam and everyone of the Governing Body members either know that or guess that it might be true.