UK Chancellors new powers to print money in secret
Banking was conceived in iniquity and born in sin. Bankers own the earth; take it away from them but leave them with the power to create credit and with the stroke of a pen they will create enough money to buy it back again. If you want to be slaves and pay the costs of your own slavery, then let the banks create money
Josiah Stamp, Governor of the Bank of England (1920).
The Chancellor has managed to pass a bill that gives him the ability to offer aid to banks that are considered to be failing in secret. That's right, if a bank is failing the British people are not to be trusted with that information. This also gives the government the ability to print money in secret, if you are unsure of the possible effect of this then check the quote from a former Governor of the bank of England above. This leads to inflation which reduces the purchasing power of your savings, is that the equivalent to not printing money but taking it directly from your bank account instead? The answer is YES! This is one of the big secrets and the primary reason the government allows the BoE to exist.
God forbid that we may have enough intelligence to move our money to a safer bank so that we don't loose it or that the shareholders sell their shares in order to preserve their capital. One of the reasons I have heard for these powers is that it will make the Chancellor's life easier, I hate to point out that his position is one of the most important in the country and therefore is likely to come with a certain level of difficulty. If he doesn't like the difficulty then he, like the rest of us, can find a different job.
Quite why the government is socialising the debt while allowing the profit to be privatised in the first place is beyond me. I thought they believed in a free market, if that is the case then they should allow the banks to fail and introduce new legalisation to prevent a similar thing happening in the future. This will cause extreme difficulty in the short/medium term but just maybe if they brought the power of money creation back into the hands of the people, rather that allowing the privately owned Bank of England to manage it for us, then we could return to a stable, slowly growing economy. I know, another pipe dream as without the BoE the government would loose the ability to secretly tax us through inflation of the money supply.
21.02.2009 11:04 - Posted by doahh - Comments: 0 - Economics & politics
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