Bank of England

Hi,
how did it happen that the Bank of England was nationalised and is currently a state-owned institution? How is the government to be influenced if the central bank is no longer private?

Hi

I'm missing the conspiracy angle in your post.

What did you have in mind?

Sadly, lack of reply to this post seems to indicate that there are no serious conspiracy theorists with an understanding of the workings of those responsible for the permanent revolution.

reply to post by neformore


Hi, the words about government being influenced are the conspiracy angle.

Seems, again, that people have either not given thought to the BoE's nationalization, or are not willing to share their ideas and findings.

What? It's always been the "Governments Banker"..

It was nationalised in 1946, probably so that the dire state of the countries economy after WW2 could be more closely controlled by the Government.

The Bank of England was designed to create government debt and manipulate the economy. How are "they" achieving these aims now?

Originally posted by stumason
It was nationalised in 1946, probably so that the dire state of the countries economy after WW2 could be more closely controlled by the Government.

It was also because it acted in opposition to the Government and was generally quite naughty during the war - at one point Churchill asked one his cabinet whether Montagu Norman (then Governor of the Bank of England) was still in contact with Hjalmar Schacht (Schacht named his son after Norman), to which the reply was that they hadn't been in touch for the past year. Churchill replied that the war was in it's second year. The main gaff though was the Czech gold which had been transported to Britain for safe keeping along with the government in exile. It somehow made its way back to Nazi occupied Prague.

reply to post by KilgoreTrout

Nice story! But I'm sure the bankers have come up with a way to somehow gain their privileges back, no?

Since 1997 they have been 'independent' from the Government but only in the setting of interest rates, they are still on a pretty tight leash.

The Bank has "to maintain price stability, and, subject to that, to support the economic policy of HM Government including its objectives for growth and employment" (Bank of England Act 1998).

www.bankofengland.co.uk...

The current Governor, Mervyn King, is in favour of a stable and predictable economic policy. He is also well known for towing the government line, that is, keeping inflation below the governments 2% target. He refused to get involved in the Northern Rock fiasco etc.

If you really want to learn about English financial shenigans I suggest you have a look at the Non-Domicial Tax status that continues to attract overseas magnates to our shores. It is one of the main reasons for our 'friendship' (for that read blind-eye) with the Saudis and why our football clubs are slowly being bought out by Russian oligarchs and US multi-millionaires.

money.guardian.co.uk...

www.guardian.co.uk...

www.forbes.com...

www.tax-news.com...

www.tax-news.com...

This is where we, as in the little people, get well and truly screwed to the wall and it should come as little shock that Jacob Rothschild is one of the prime defendents of this policy.

The United Kingdom is a self proclaimed mixed economy. It's fairly logical then that our government would be in control as something as important as the "Bank of England".