Who Owns the Bank of England?

[radderfire]

What dose that have to do with the Bank of England - you're talking about politicians now!

I am making the point that it is the bankers that really have control over the BoE policy, and not the government/politicians, because the politicians fear the consequences of going against the wishes of the bankers, for fear of the economy turning and them losing the next election. Thus, the politicians cannot really demand changes that actually benefit the general population, and the bankers are de facto in charge of the BoE.

 

[FloppyPoppy]

But the drugs don't work.

How do i explain to my Dr that a Werewolf told me their tablets don't work

 

[dowie]

Also, I'm getting a strange tummy tingle for dowie's line of questioning. I'm team D?

Thanks, Mags. I'm not sure about the name "team D" tho!

I am making the point that it is the bankers that really have control over the BoE policy, and not the government/politicians, because the politicians fear the consequences of going against the wishes of the bankers, for fear of the economy turning and them losing the next election. Thus, the politicians cannot really demand changes that actually benefit the general population, and the bankers are de facto in charge of the BoE.

Again you're talking about politicians - what does that have to do with the BoE?

By what mechanism are the "bankers" controlling it? Politicians don't control it either btw. that's maybe confused you a bit, it operates independently of the government.

 

[[FnG]magnolia]

I'm not an economist but

GD: *stares at OP*

 

[HungryHippos]

Do you have any proof that gold standard currency also meant that people were, on the whole, better off?

Savers were better off for sure. Encouraging saving also means more potential for investment from savings, without the government having to borrow.

What evidence to back this up here?

You call for Gold Standard currency without any proof that it's actually better to have it?

 

[Werewolf]

How do i explain to my Dr that a Werewolf told me their tablets don't work

Exactly those words.

He'll probably arrange a nice holiday somewhere relaxing for you as a bonus.

 

[Murphy]

I am making the point that it is the bankers that really have control over the BoE policy, and not the government/politicians, because the politicians fear the consequences of going against the wishes of the bankers, for fear of the economy turning and them losing the next election. Thus, the politicians cannot really demand changes that actually benefit the general population, and the bankers are de facto in charge of the BoE.

You're conflating monetary policy with fiscal policies.

 

[Ayahuasca]

This is already the thread of the year and I am not even joking.

Also, I'm getting a strange tummy tingle for dowie's line of questioning. I'm team D?

Tum E Tingle definitely works for the owner of the Bank of England. You'll find him in an upcoming AI Huxley novel.

 

[randomshenans]

The BIS is privately owned and the BoE is a member of the BIS, along with what makes up 95% of the worlds GDP. So technically...

 

[platinum87]

You're conflating monetary policy with fiscal policies.

Can you elaborate what you mean because he doesnt, atleast in the post you quoted

 

[Murphy]

Can you elaborate what you mean because he doesnt, atleast in the post you quoted

Not entirely sure what part you want me to elaborate on but I'd assumed when he said "Thus, the politicians cannot really demand changes that actually benefit the general population, and the bankers are de facto in charge of the BoE." that it was that.

As in what benefits the general population is down to fiscal policies (aka: Government policies), what benefits the bankers is mainly monetary policy although I'll confess I'm a little unclear what @radderfire means when (s)he says the bankers are in charge of the BoE (to the benefit of bankers) as (s)he could be talking about the profits they earn, the stability of the markets, the potential to earn profits, or even abuse the system so what benefits the bankers could be a mix of both fiscal and monetary policy.

 

[Orangeade]

I thought it was the Rothschilds and Lizardmen from Xenu?

Not sure about the lizardmen but the people I know at rothschild can barely master their bowel functions let along a conspiracy

Warning kids, this is your brain on crypto!

How are they doing that?

You've just admitted you were in denial of basic facts you had gotten wrong and now you're asserting some sort of conspiracy without even putting forth an argument or explanation for it let alone any evidence to support the (currently absent) argument?

By what mechanism do they control the BoE? It's governed by a Governor, Deputy Governor and board of directors, all of whom are appointed by the Crown/PM.

Well in fairness with LIBOR it was a bit murky..

 

[mid_gen]

Oh dear, they still haven't come to terms with the fact they missed the boat on Bitcoin and aren't going to get rich off doing diddly squat, which is obviously what everyone should aspire to.

 

[dowie]

Well in fairness with LIBOR it was a bit murky..

What do you mean? That was overseen by the BBA not the BoE.

 

[Orangeade]

What do you mean? That was overseen by the BBA not the BoE.

Libor: Bank of England implicated in secret recording

The BBC uncovers a secret recording that implicates the Bank of England in Libor rigging.

www.bbc.com

 

[dowie]

Libor: Bank of England implicated in secret recording

The BBC uncovers a secret recording that implicates the Bank of England in Libor rigging.

www.bbc.com

So if anything that's the total opposite of the claim being made by the other poster - rather than the banks controlling the BoE, the BoE in that situation is pressuring the banks!

 

[Ayahuasca]

aren't going to get rich off doing diddly squat

It seems to be working for Clarkson - all you need is a streaming platform to fund a TV show on the side.

 

[Mercenary Keyboard Warrior]

During the financial crisis when rates were going silly.
Seems sensible to me

As per the article, "Libor was not regulated in the UK at the time"

So the cabal who own the BOE were not in charge but were somehow wanting lower rates to reduce their profits. Dunno.

 

[Orangeade]

So if anything that's the total opposite of the claim being made by the other poster - rather than the banks controlling the BoE, the BoE in that situation is pressuring the banks!

So if anything that's the total opposite of the claim being made by the other poster - rather than the banks controlling the BoE, the BoE in that situation is pressuring the banks!

You mentioned the deputy governors and the independence but per my link

The recording calls into question evidence given in 2012 to the Treasury select committee by former Barclays boss Bob Diamond and Paul Tucker, the man who went on to become the deputy governor of the Bank of England.

For the record I'm not defending the OP but just pointing out that (naturally) the pool of talent the BOE employs is basically the same gene pool. There is a lot of overlap and always has been.

 

[Orangeade]

During the financial crisis when rates were going silly.
Seems sensible to me

As per the article, "Libor was not regulated in the UK at the time"

So the cabal who own the BOE were not in charge but were somehow wanting lower rates to reduce their profits. Dunno.

By fixing the print it meant everyone was in same step to benefit their positions not always just to keep the rate "high" as sometimes lowering it would habe been advantageous as well.