Daily Archives: January 15, 2009

Bank of England Wants to Debase the Pound in Secret

As the global financial meltdown continues government and banking authorities become ever more desperate to preserve their flawed system of money and banking, using means of control that are increasingly despotic. Now they want to draw a more opaque curtain around their money manipulations to prevent people from taking effective action to protect themselves. For the past 165 years the Bank of England has been obliged to publish a weekly account of its balance sheet. This has at least made its inflationary actions visible and may have deterred it from more extreme abuses of the currency. Now they want to be relieved of this minimal obligation of transparency. This was reported in an article by Edmund Conway that appeared in the Telegraph of London on Saturday, January 10, 2009. In the subhead Conway says, “The Bank of England will be able to print extra money without having legally to declare it under new plans which will heighten fears that the Government will secretly pump extra cash into the economy.”

In addition to further bailouts of banks by governments around the world, we can expect ever more legislation aimed at sustaining the flawed money and banking system. That will include greater secrecy and more odious legal limitations on private initiatives that are seen as competing with conventional money and banks. We’ve seen it all before. That’s why a study of the history of money and banking is so important. – t.h.g.