Crucial to rescuing the British economy is a reform of the Bank of England, the issuer of money,which is the most vital,critical, relevant factor in determining the health of the British economy.
The Bank of England is owned by the government but it does not print money and give it to the government to spend for free as Chinas People s central bank does, and using a type of accountancy called single entry book keeping as described by Vienna Economics Professor Franz Hoermann in 2010.
https://www.derstandard.at/story/1285200656759/banken-erfinden-geld-aus-luft
https://www.ft.com/content/7f000b18-ca44-11e3-bb92-00144feabdc0
https://positivemoney.org/2014/04/strip-private-banks-power-create-money-financial-times-martin-wolf-endorses-positive-moneys-proposals-reform/
https://gata.org/node/11846
This direct financing of the government appears in China s Total Social Financing (TSF) number, which is different from M2 and measures the amount of funds the real world economy obtains not just from private bank loans or state bank loans but also from direct, free government money.
https://www.chinabankingnews.com/total-social-financing/
The UK does not seem to have the money concept of TSF
Though publicly owned since 1948, the BoE does not seem to give any money for free directly to the government to fund expenditure like NHS, schools. The BoE merely buys government debt and loans created using the type of accounting called double entry book keeping whereby money is always printed as a debt with interest creating the never ending debt death spiral now engulfing the West.
The Bank of England has engaged in more of this government debt financing in the last decade or so and it seems, exclusively, to help the private banks to get their debts to the government paid (debts which the government does not need to incur with private banks as it can print its own money for free under monetary financing like China and like the US Fed did before 1913!)
This help to private banks occurs when the Bank of England purchases government bonds and debt through QE so the government does not have to such large amounts of tax money to the private banks,that the state becomes bankrupt.
https://www.tandfonline.com/doi/full/10.1080/09692290.2023.2205656
https://www.bankofengland.co.uk/about/governance-and-funding
https://www.bankofengland.co.uk/monetary-policy
About 40% of all personal taxe revenue in the USA is now go to paying the governments interest to the private bankers,who own the Fed since 1913 and control the issuance of money.
https://www.heritage.org/debt/commentary/american-taxpayers-are-now-slaves-interest-payments
Like the Fed Reserve, the BoE ceased to print as much money (QE) to pay government debt obligations and forced the government to pay moreof the interest on its debt to private banks using tax money under QT.
While Reform UK does not seem to have any plan for deep monetary financing, debt cancellation and a reset of the UK s financial system and economy, it has presented a plan to stop the BoE draining 40 to 50 billion in tax money from the Treasury under the pretext of having to cover its obligations due to private banks after raising the interest rate to over 5% as part of QT (M2) for the benefit of private banks while burdening the real world UK economy, businesses,mortgage holders with crushing interest burdens for loans printed by private banks out of thin air with no equivalent collateral as part of a gigantic fraud,which allows the private banks to seize or buy up the assets of bankrupted businesses,householders for a pittance.
https://www.politico.eu/article/nigel-farage-reform-uk-debanking-bank-profits-tax-cut-bank-of-england/
The 40 to 50 billion pounds which would flow into tax cuts under Reform s lan would help the British economy.
But abolishing the taxes of 1 trillion pounds or so a year by introducing genuine monetary financing would help the British economy much, much more.
The loosers would be the private banks and the City who are draining the UK economy dry with the help of the BoE, which is only nominally a public body serving the public interest.
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