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Looks like they're going to start printing money (secretly) in the UK
#1
Nothing like having open government and accountability. Something to hide?



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Reform plan raises fears of Bank secrecy

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.



By Edmund Conway, Economics Editor
Last Updated: 7:01AM GMT 12 Jan 2009

[Image: pound_1236473c.jpg] The Bank of England will be able to print extra money


The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel's Government in 1844 which originally granted the Bank the sole right to print UK money.
The ostensible reason for the reform, which means the Bank will not have to print details of its own accounts and the amount of notes and coins flowing through the UK economy, is to allow the Bank more power to overhaul troubled financial institutions in the future, under its Special Resolution Authority.
However, some have warned that it means: "there is nothing to stop an unreported and unmonitored flooding of the money market by the undisciplined use of the printing presses."
It comes after the Bank's Monetary Policy Committee cut interest rates by half a percentage point, leaving them at the lowest level since the bank's foundation in 1694.
With the Bank rate now at 1.5pc, most economists suspect the Government and Bank will soon be forced to start quantitative easing – directly increasing the quantity of money in the economy – in a drastic attempt to prevent a recession of unprecedented depth.
Although the amount of easing is likely to be limited, news of this increased secrecy will spark comparisons with Weimar Germany and Zimbabwe, where uncontrolled use of the central banks' printing presses ultimately caused hyperinflation.
The Bank said it will still publish details of its balance sheet, but, significantly, the data – the main indicator of the extent of quantitative easing – will not be presented until more than a month has elapsed. For instance, under the new terms of the law, if the Bank were to have embarked on a policy of quantitative easing last month, the figures on this would not be published until the end of this month.
The reforms, which are likely to be implemented later this year, will make the Bank of England by far the most secretive major central in the world, experts said.
In the US, where the Federal Reserve has already cut rates to close to zero and started quantitative easing, the main way to track its purchases of securities and the expansion of its balance sheet is through precisely these same weekly accounts.
"Quite why the Bank has to keep its operations so shrouded in secrecy is a mystery to me," said Simon Ward, economist at New Star. "This [reform] will make it much more difficult to track what the Bank is doing."
Among the details which will no longer be published are those revealing the extent to which London's banks are using the Bank's deposit facilities – a yardstick of pressure in the financial system.
Debating the issue in the House of Lords recently, Lord James of Blackheath, a Conservative peer, said: "Remove [this] control and there is nothing to stop an unreported and unmonitored flooding of the money market by the undisciplined use of the printing presses.
"If we went down that path we would be following a road which starts in Weimar, goes on through Harare and must not end in Westminster and London. That is the great fear that the abolition of that section will bring about – but the Bill abolishes it."
http://www.telegraph.co.uk/finance/newsb...crecy.html
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
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#2
A researcher with time on their hands would almost certainly be able to establish that "quantitative easing" is a phrase that originated in certain thinktanks or policy advisory groups (we on DPF know the type :lollypopSmile, and has been deliberately introduced into MSM discourse.

The purpose of the phrase is to avoid the easily understood term "printing money" from being used by MSM, because the public do not want their governments to print money. Ordinary people understand that printing money ends in catastrophe.

Perhaps when we get the near inevitable consequences of printing money - dictatorship, martial law, police states, even fascism in the proper sense of the word - the thinktanks will have dreamt up a new euphemism to hide the truth from the masses.

Government of national unity anyone? :hmmmm2:

I won't be buying Their lies....
"It means this War was never political at all, the politics was all theatre, all just to keep the people distracted...."
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."

Gravity's Rainbow, Thomas Pynchon

"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war
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#3
Quote:government of national unity
. Cool. :top:

I have always also liked "democracy", "freedom" as euphemisms to befuddle the public to believe that they have a say in what happens to them -- but the ongoing banking-collapse-cum-rescue-packages prove beyond a shadow of doubt that Mr. & Mrs. Public are simply treated as forceable blood donors to keep the Vampires in the pink.

But if I were to think of a future name for what is shortly coming it would have to be the "Government of Peace and Reconciliation" -- that is "reconciliation" in the book-keeping sense, and "peace" as in the mythical goal of perpetual war.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
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#4
David Guyatt Wrote:
Quote:government of national unity
. Cool. :top:

......

But if I were to think of a future name for what is shortly coming it would have to be the "Government of Peace and Reconciliation" -- that is "reconciliation" in the book-keeping sense, and "peace" as in the mythical goal of perpetual war.

:top:

In the UK, we already have a New Labour innovation in the very Orwellian Ministry of Justice.

Of course 1984's Ministry of Love enforced loyalty and worship of Big Brother through the creation of fear, the administration of torture, and the practice of brainwashing.

I can imagine the elites summonsing Tony Blair back from his various big bank consultancies and Israel-Palestine "mission", to save the British nation. Brand Blair will be represented by a picture of him in the classic General Kitchener pose - finger pointing sternly at you - declaring: are YOU On Message?
"It means this War was never political at all, the politics was all theatre, all just to keep the people distracted...."
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."

Gravity's Rainbow, Thomas Pynchon

"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war
Reply
#5
David Guyatt Wrote:
Quote:government of national unity
.
But if I were to think of a future name for what is shortly coming it would have to be the "Government of Peace and Reconciliation" -- that is "reconciliation" in the book-keeping sense, and "peace" as in the mythical goal of perpetual war.

Oh how very true.

When I found out that I would no longer be working for the Department of Constitutional Affairs, and that my new department was going to be called the Ministry of Justice. I also thought it sounded very Orwellian as did most of the judiciary I spoke to.

But now I think it sounds like a group of super heroes who have banded together to fight for truth, justice and the "Corporate Fascist" way Confused (hence all the new laws I've seen pass through, no right to free speach, no right to protest, no right to disagree, no right to a fair trial by a jury of peers, and the latest and in my opinion one of the scariest of the past few years the new amendment to the terrorism act 2006 that makes it illegal to photograph or record a police officer).
The worm has ate the apples core, beneath the skin lies curled.
Just so many a man lies sore, from the worm within the world.
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#6
Damien Lloyd Wrote:
David Guyatt Wrote:
Quote:government of national unity
.
But if I were to think of a future name for what is shortly coming it would have to be the "Government of Peace and Reconciliation" -- that is "reconciliation" in the book-keeping sense, and "peace" as in the mythical goal of perpetual war.

Oh how very true.

When I found out that I would no longer be working for the Department of Constitutional Affairs, and that my new department was going to be called the Ministry of Justice. I also thought it sounded very Orwellian as did most of the judiciary I spoke to.

But now I think it sounds like a group of super heroes who have banded together to fight for truth, justice and the "Corporate Fascist" way Confused (hence all the new laws I've seen pass through, no right to free speach, no right to protest, no right to disagree, no right to a fair trial by a jury of peers, and the latest and in my opinion one of the scariest of the past few years the new amendment to the terrorism act 2006 that makes it illegal to photograph or record a police officer).

Streuth. Are they scared that "hello, hello, hello, wot's all this then" is somehow dangerous? Dixon of Dock Green would wilt in his size 11's.

What a bloody awful state of affairs.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#7
Sorry, I was mistaken, it's not the Terrorism act 2006, it's the counter-terrorism act 2008. Here is an artilce from the British Journal of Photography: http://www.bjp-online.com/public/showPag...age=836675
I used to be a photographer before becoming a pawn of the state, and have many friends in the industry who are as disgusted and afraid of this as I am. But I fear I have covertly diverted attention away from the topic at hand.
So the Bank of England has been given the keys to the printing press, without having to leave a paper trail for misguided accountants to use in order to warn us all of the oblivion ahead. And thats probably a good idea. I mean no one in a bank would ever do anything risky like cause hyper-inflation, or lend ridiculously high mortages to people who have absolutley no deposit over 50 or more years... Would they??

Wait... What if one of them in a depraved state actually did print so much money that a Kit-Kat cost a Billion pounds (which would of course need a brand new note to be created, I mean we don't want pictures of skips full of cash being used by people buying a can of pop do we)?

What kind of checks would be in place to prevent such a thing? I know we should make them keep a list of what they print, and publish it every month so the entire country can see that the keys are safe in the BoE hands. Oh no, sorry thats the old rule they've abolished, and so they should. old rules are old and therefore no longer relevant in a world with people in.
Old rules were for olden days before people had colour, and there was no such thing as economics. What could we possibly gain from following old rules written by olden victorian types. I mean they were a strang people obsessed with gossip and scandal, with names like Mr. Darcy. What could they possibly know of the 21st century, we've evolved, we have Big Brother on television 24hours a day, we live in glorious colour.

Abolish all of the old rules I say. Theres a whole bunch of Old rules this government have been trying to get rid of for 11 years, all written down in an old charter called the Magna Carta, but I'm deviating again.
The worm has ate the apples core, beneath the skin lies curled.
Just so many a man lies sore, from the worm within the world.
Reply
#8
Quote:Wait... What if one of them in a depraved state actually did print so much money that a Kit-Kat cost a Billion pounds (which would of course need a brand new note to be created, I mean we don't want pictures of skips full of cash being used by people buying a can of pop do we)?
I think it will all be on magnetic cards. That's how they fund the black operators. Give them credit card everything get charged then the debt deleted like it was never there.
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
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