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Posts Archive

April, 2019

Magical Newton

August, 2017

Not the briar patch, Brer Trump!

March, 2017

A Serious Case of the DTs

January, 2017

The American Yeltsin
Sunlight Through Troubled Times
Beyond Zealots and Cold-War Warriors

December, 2016

A Vandal at the Gates of Rome

October, 2016

Are you conscious?

September, 2016

Brave New World?

August, 2016

Stop, for a moment.

July, 2016

Rupert's Coup

March, 2016

Between a Shill and a Hard Case

July, 2015

Swimming in a sea of sugar

June, 2015

Information Rich, Attention Poor
Nerds need to get out more ...

March, 2015

There is a homunculus at the end of the garden path

October, 2014

Welcome Home
Determination, not dreams
Addicted to GDP
Irony?Karma? - take your pick

August, 2014

History? Whose story?
Marketing Ebola

July, 2014

As above, so below

December, 2013

A time for tolerance

November, 2013

Thinking out of the xBox
The old ones are the best ones ...
Welcome to the Gulag

October, 2013

A timely response to spying

September, 2013

Obedience and the Machine
Ban the bible?
Fracticide - don't do it.

July, 2013

Serfing, USUK

June, 2013

Deafened by gossip

May, 2013

Who needs words...?

April, 2013

It must be true
Why would they stop?

March, 2013

Beyond belief

February, 2013

RBS: doing Fine, not Time
Pillars tumbling down
Trouble with models
A matter of perspective

January, 2013

Royal Promo
Boiling the Lance
Boson Brains Rule

November, 2012

Burning symbols

October, 2012

Charles and Jimmy's little secret
Happy Birthday
Beach bums and Magi
A Reality Check

August, 2012

A journey through riotous times

July, 2012

Caring for life
Not everyone for Tennis?
A banker lie? Unthinkable!

June, 2012

A cynical ploy
Collateral damage for The United States of Europe
Will you walk into my parlour?
Beams and motes
From one Jubilee to another

May, 2012

A crazy idea
The course of time
Sorry, Harry

April, 2012

Cracks in the Rear-View Mirror
A keeper of sheeple
Principled Policing
Say goodbye to Betty
Lessons learned
Causality and good news
Manufactured irrelevance
Corporate responsibility

March, 2012

Poppycock - without question
Who's pushing your buttons?
Investigate the Blair-Murdoch Conspiracy

February, 2012

In Praise of The Seven Liberal Arts
The real story
When giving is taking
Giving it all away

November, 2011

Poking a hornets nest
Wealth of Nations poured away
Squeaky and the Paedophile Prince
Boiling frogs
Death of an industry
Change blindness
What a world ...

October, 2011

Pictures and words
Screeching to a halt.
Taxing noise

September, 2011

Hand over your money
Breeding psychopaths
Mr Fox, is the hen house safe?
A ludicrous Conspiracy Theory
Can you believe your eyes?
Getting eye contact
Partners in Crime

July, 2011

It was the Wettins 'wot won it'

May, 2011

Heir apparently

April, 2011

Putting Emergencies in Context
Underground networks travelling First Class

March, 2011

Be careful what you ask for
Water - a tale of two countries
Here we go again ...
Wake up!!!

February, 2011

The right stuff
Revolution! ... and yet, and yet.
Follow the money
Shh - don't tell the children
Does the MoD have a Cunning Plan?

January, 2011

Met Office caught in winter weather whitewash
Read between the lines
The new parable of Noah
Banking on People

November, 2010

Wettins don't say sorry
It's just not fair ...
Remember, remember ...

October, 2010

Kindness sees no crime
Pundits in the frame
Killer drones target the middle class
A tale of two Charlies

September, 2010

A failure to discriminate ...
Good Grief
A rent-boy's rent-boy

August, 2010

Size psycho-fancy
Baiting a Wikid Trap?

July, 2010

... at the gates of Rome
Monday musings

June, 2010

Guilty - but not charged
Psychopaths at the door

May, 2010

ConDemned to the Shock Doctor
Driven by metaphor
Guns and Banksters
Death of Old Conker

April, 2010

Bankster at bay ...
Nuke Iceland?

March, 2010

It's how you say it ...
Bullying Manner
Quelle surprise!
Iceland - showing the way.

February, 2010

Small steps to a far place
Seeds of silence

January, 2010

So who needs people?
Late and censored
Freedom for life

December, 2009


October, 2009

Fools served by Zombies
BBC dogs that didn't bark ...

September, 2009

Taken Hostage

August, 2009

Have a good weekend ...
High Frequency Trading ...
Money money money
Fit for a politician

July, 2009

Inside clouds

June, 2009

Fond thoughts of Tony Blair ...
A good day ...
Midnight musing

May, 2009

aaah diddums
Zal may ...

April, 2009

Echos of a dark past
Sharks in the Shadows
Worlds Apart

January, 2009

Money Matters
Killing History

December, 2008

Home improvements
Get the Picture?

November, 2008

Barak - the movie

October, 2008

Won't get fooled again
Bankers, all of them!

September, 2008

And The Winner is ...
Light relief
A Financial 9/11
That's Lucky!
On this day

August, 2008

Mark My Words

July, 2008

The Management Myth
Sense Making Questions

June, 2008

Beware this Griffin
42 Day Folly
A Tortured Silence

May, 2008

A new Dawn needed
Is Justin Webb A Neo-Con?
The Puppy, the Mountain and the Fascists

April, 2008

Attention Pays

March, 2008

Fat Cats and Pork Pies
Fed up Darling?
Swearing - it's just not British!
Guilty - but not charged   20 June 2010

The Bank of England (BoE) was formed in 1694 as a private joint-stock company, with a capital of £1.2m which it loaned to the British Government in return for monopoly over money and banking.

The 1946 Bank of England Act was passed in order to: “bring the capital stock of the Bank of England into public ownership and bring the Bank under public control”.

This was done by:

1) transferring the existing capital stock of the Bank (Bank Stock) to the Solicitor for the Treasury and

2) issuing to the owners of the Bank Stock the equivalent amount of stock created by the treasury (Government Stock – just over £11m of treasury notes were issued - bearing 3% interest).

A key objective of the BoE is to protect the stability of the UK Financial System:

An objective of the Bank shall be to contribute to protecting and enhancing the stability of the financial systems of the United Kingdom” (1998 Act)

and it is empowered to do this by looking at the books of other banks and directing their activities:

The Bank, if they think it necessary in the public interest, may request information from and make recommendations to bankers, and may, if so authorised by the Treasury, issue directions to any banker for the purpose of securing that effect is given to any such request or recommendation” (1946 Act).

In addition, the Bank is responsible for UK Monetary Policy:

There shall be a committee of the Bank, to be known as the Monetary Policy Committee of the Bank of England, which shall have responsibility within the Bank for formulating monetary policy” (1998 Act).

The Bank supervises and licenses anyone wishing to set up in the business of banking within the UK and provides informal supervision of the City of London. Thus the Bank has a great deal of both formal and informal power over not only the money supply, but the financial system at large.

What has it done with that power in the last few years? This is (some) of what we have seen:

- Credit cards given to people to build debt (create money); houses given to people to build debt (create money). In each case the loan documents create the money.Every month the interest you are charged 'creates' money – it did not exist before.

- A bank gets into trouble (Northern Rock in UK, Bear Stearns in USA) and the government 'lends' it billions to 'help out' (they 'create' the money that is loaned). The billions are paid directly to other banks and never repaid.

- Every bit of created money is 'leveraged' 10, 100, 1000 times to create more debt, hundreds of trillions of pounds and dollars. This is called a pyramid – a Ponzi Scheme – you have to keep creating more new debt so you can pay the interest on the old debt.

- In the City of London (and every other major market), banks and hedge funds engage in 'naked short selling' where they sell shares in a company. Short selling involves selling shares that you do not own but have effectively 'borrowed'.

- Naked short selling means that the shares are not even borrowed – they do not exist – they are counterfeit! Millions of new shares can come into existence and force down the price of a stock. If the firm goes broke (or is nationalised) the counterfeit shares never have to be delivered. By this means banks like Northern Rock, Bear Stearns and Lehman brothers are destroyed.

- All the while, massive, multi-billion pound bonuses are paid to the individual bankers responsible.

So from the level of an individual with a credit card or a mortgage to the level of global investment banks we see destructive and fraudulent activity which is to the benefit of a few.

What role has the Bank of England played in all of this? - remember it should protect the stability of the UK financial system as well as regulate the money supply. It has been invisible – merely bleating on the sidelines. How come?

Who are the individuals involved with the bank? There are two main groups – the public face and the private face. The Court of Directors of the Bank are the public face: the Governor, deputy governors and other directors are all establishment figures, drawn almost exclusively from the banking, insurance or economist domains.

The private face? - secret – protected by both the Royal Charter status and the Official Secrets Act.

In 1977 the Bank of England created a wholly-owned subsidiary – Bank Of England Nominees Limited (BOEN) (no:1307478) with a share capital of £100 and two £1 shares issued. BOEN Objectives are:

To act as Nominee or agent or attorney either solely or jointly with others, for any person or persons, partnership, company, corporation, government, state, organisation, sovereign, province, authority, or public body, or any group or association of them….”

Who runs BOEN, who does it serve? - secret - the company was granted exemption from the 1977 Companies Act disclosure requirements because: “it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders”. There is Freedom of Information request here with some information.

Nathan Mayer Rothschild was certainly one of the shareholders of the Bank of England, after he rescued the bank in 1826. He was the wealthiest man in England having, amongst other things, scammed the London Stock Exchange after the battle of Waterloo (after financing both Wellington and Napolean). No doubt the Rothschilds still own government stock, along with other wealthy individuals such as the Queen.

Although the 1946 Act transferred ownership to the Treasury, it also gave control of the government stock to the previous owners:

“Trustees, executors and all other holders in any representative or fiduciary capacity of any Bank stock may hold, dispose of or otherwise deal with the Government stock issued in substitution there for in all respects as they might have held, disposed of or otherwise dealt with the Bank stock.” (1946 Act).

The net result is that the Bank Of England's liabilities have been transferred to the public, while control and profits remain with the financial cartel which originally created it.

So we have a charade, veiled behind smoke and mirrors:

- A central bank is nationalised, but control of the stock remains in secret hands.

- Details of the bank stock transferred are hidden (did they include 'toxic assets' by any chance?).

- The nationalised bank creates a subsidiary which can act for anyone it chooses, but is also secret.

- The nationalised bank is run by individuals drawn from an elite financial establishment, who profit from the current financial crisis.

As the crisis deepened the government turned to these same people for help - the very same people who authorised the plethora of destructive financial derivatives and practices like naked short selling.

More and more power has been given to the bank with each new government (Brown created the Monetary Policy Committee; Osborne transferred the Financial Services Authority function to the bank).

That power has been exercised in such a way that millions of people suffer and the gap between rich and poor increases dramatically.

It is no accident. The Governor and Directors of the Bank Of England have at the least been guilty of criminal irresponsibility and probably of being complicit in serious fraud. They must be investigated and charged as appropriate.

The Bank has failed – it must be abolished. We need to do things differently - kill the bank.

Posted by Nicholas Moore    6:23:12 pm