Enforcement of Bank of England Act 1694 on “Your Freedom”

Here’s my second input to the Your Freedom data base of “ideas” for the Coalition Government:

This act was written when the Bank of England was founded in 1694 – with the intent “not to oppress Their Majesties’ subjects”.

Its Section XXVI says the “Corporation is not to trade”. That means no “financial products”. No buying and selling of currencies, debts or other “instruments” such as “central bank money” created through “quantitative easing”.

The Act is published by the Office of Public Sector Information which is Part of The National Archives.

The Act seems to have been written with the intention of “Their Majesties’ subjects not to be oppressed” by the Corporation.

Our Early Day Motion 1297 suggests that Her Majesty’s subjects have been seriously oppressed and that this oppression needs to be addressed.

More on Enforcement of Bank of England Act 1694.

Why the idea is important:

  1. Austin Mitchell MP has formulated in Early Day Motion 1297, tabled on 20/04/2009, that HM subjects have been seriously oppressed by the Bank’s failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides by fines three times the value of abusive trading.
  2. Under the subervision of the Bank of England, all monetary and financial institutions turn electronic entries into “money”, as if their “credit money” had been printed and minted by the Royal Mint.
  3. Economists have created a pseudo-science to camouflage what banks are doing and what the effects are of the banks’ privilege to create “money” from  thin air.
  4. Nobody checks how good “credit money” is or how much is reasonable or appropriate. Thomas Edison proposed to print bills “to move trade enough to prevent stagnation but not enough to permit speculation”. See Repudiate This Lie of a Debt!
  5. “Central bank money” requires interest, but nobody creates the interest necessary to pay off any “credit money”. Therefore everybody needs to borrow from Peter to pay Paul. This means an acceleration of the need to borrow for those who need money. Since WWII, the share of Cash compared with “credit money” in the economy has gone down from 47% to barely 3%. See What is the Cash Crumble?
  6. Debts are legally enforceable. Banks encourage debts, mortgages and credit, while the Government is cutting public expenditure and announces an “austerity budget”. The only budget item that has grown is the payment of interest on the national debt. See The growth of interest payments in austerity budget.
  7. Hence the financial industry controls the real economy by controlling the national debt and lobbying in Westminster. Labour MP Norman Smith said in 1945 “there is always enough money for war, but never enough for health and education.”
  8. Our submission to the Treasury Select Committee Green Credit for Green Purposes suggests that the Treasury finances jobs with Cash that it can create without interest as easily as banks and the Bank of England do it for interest.
  9. The Treasury does not have to borrow or tax. It can use the Public Credit for Public Purposes.
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