Soldato
- Joined
- 24 Sep 2007
- Posts
- 5,633
Further to the thread on money printing last night, in which I aired my view that the Bank of England was privately held, I have looked in to this more closely. My view was that whilst it may say on the BoE website that the bank is 100% owned by the UK government, with the Treasury Solicitor holding the capital on behalf of HM Treasury, this was in fact a legal beneficiary ac type structure, with the real owners being kept private underneath (private banks and other private entities). I will concede that this may or may not be the case, it probably isn't, and legally on paper it is 100% owned by the government.
However, in practice in the real world, the BoE is entirely under the control of the private banking sector, they are calling all the shots. The legal ownership structure is really an irrelevance. The way entities are profiting from the financial system is complex and quite opaque, and certainly does not stand up to exacting accounting. The supply of new money into the system is clearly high and seemingly unlimited. You only have to look at the state of the UK economy, with high inflation (way above target in real terms), fudges such as Quantitative Easing, many people having to rely on food banks to survive and ridiculous house prices, to know that the economy is really under the control of private interests with a for-profit motive. To suggest that the BoE is run for the benefit of the wider population just does not stack up to reality. So, my point is, whatever the ownership structure on paper, the BoE is firmly under the control of private banking interests (so technically owned by them), and not the UK people, and this is why we have the high and rising inequality in the UK today. Money printing via QE is not something to help out the general population, it is a sham to save the interests of for-profit bankers, because their past greed simply did not have a grounding in real world economics and business, and got beyond the point of saving by conventional and traditional banking practices.
I hope that clarifies my position.
However, in practice in the real world, the BoE is entirely under the control of the private banking sector, they are calling all the shots. The legal ownership structure is really an irrelevance. The way entities are profiting from the financial system is complex and quite opaque, and certainly does not stand up to exacting accounting. The supply of new money into the system is clearly high and seemingly unlimited. You only have to look at the state of the UK economy, with high inflation (way above target in real terms), fudges such as Quantitative Easing, many people having to rely on food banks to survive and ridiculous house prices, to know that the economy is really under the control of private interests with a for-profit motive. To suggest that the BoE is run for the benefit of the wider population just does not stack up to reality. So, my point is, whatever the ownership structure on paper, the BoE is firmly under the control of private banking interests (so technically owned by them), and not the UK people, and this is why we have the high and rising inequality in the UK today. Money printing via QE is not something to help out the general population, it is a sham to save the interests of for-profit bankers, because their past greed simply did not have a grounding in real world economics and business, and got beyond the point of saving by conventional and traditional banking practices.
I hope that clarifies my position.
