The BoE has always been privately owned? No sooner Labour are elected as the new government in May 1997, Gordon Brown goes to work on one of his primary tasks to ‘Free’ the Bank of England from its economical ties to the treasury. The decision to make the Bank of England independent was described by city economists as ‘one of the most radical changes in the BoE’s history!’ The government has ‘allegedly’ been in control of the Bank of England’s monetary policy since 1946 when it was publicly acknowledged that the bank had created a deficit of 22.2 billion pounds for the country. With the angry public mob quelled and Clement Attlee’s labour government taking control over interest and inflation rates, many economists of the time described the treasury’s 1946 take over of the monetary policy as…… ‘wait for it?’… ‘one of the most radical changes in the BoE’s history!’ Each consecutive government from 1946 to 1995 that followed managed to turn the national debt from a mere 22 billion to a staggering 300 billion pounds. At face value it seems that the government who claim ownership over the Bank of England’s monetary system are responsible for the huge debt accumulated over the last fifty years. But it appears that the most noticeable ‘radical changes’ seen within the last fifteen years are the growing number of ministers who have begun to publicly argue how little influence the government actually had over the Bank of England. It was stated by the former home secretary Michael Howard that the BoE’s alleged independence was the first step of yet another ‘radical change’ to achieving a singular European monetary union governed by the Maastricht treaty, and not by the government. It becomes very clear that setting the bank free was never the idea of Brown or the government but that of the European monetary policy laid down ten years previously by the European central banks. Brown and his conservative chancellor predecessor were simply working to a timetable set out by the BoE to be rubber stamped by the Maastricht Treaty! It does seem that the ‘radical changes in the banks history are more common than first thought! Where there does appear to be a bona fide ‘radical change’ with the government getting its grubby little hands on the BoE’s money is in 1844 and the Bank Charter Act. The profits of issue on banknotes were paid directly to the HM Treasury. A more recent ‘radical change’ was the attorney general giving the BoE immunity from prosecution during the BCCI fabulous public collapse. This caused an old question to be raised from its slumber, ‘Who actually owns the Bank of England?’ After the BCCI scandal and the grand 1997 divorce between the treasury and the Old Lady of Thread needle street, many analysts were hit with the realisation that the Treasury and the BoE may not have been married in the first place! The government was accused of sleeping with the Bank for a monetary arrangement only? This is not the first time the ownership of the Bank has come into question! In 1929 the MacMillan Committee was appointed to find out the ownership of the Bank of England, It turns out that the BoE is a private concern owned by the Rothschild banking family since 1694. The bank is still privately owned by the same family today. And given the un-negotiable stance by the Rothschilds forbidding any control of the monetary system to the government whatsoever it does seem that setting the bank free in modern times is a smoke and mirrors trick.
“Give me control of a nations money and I care not who makes its laws!”
Mayer Amschel Rothschild
Of course, he knew whomever had control of the money also made the laws!
