Bunk Of England

One of the favourite hobgoblins of paranoia weaving conspiracyists is the idea that the Bank of England and the Federal Reserve are run by 'private bankers' (read the jews) and no amount of neon light sized evidence will sway them from this idee fixe pathology.

Federal? Reserve. The clue's in the name? Not to the clueless. Central Bank? Ditto. How about the fact that the government is involved in appointing the governor of said banks both here in the UK and the US? No, blank-out. No register.

Or what about when you tell them the Bank of England was Nationalized in 1945 by the Socialist Atlee Labour government? News to them. But when it's conspiracy time all facts and logic are conspicuous by their absence.

Try this one: why did Gordon Brown give the Bank of England 'independence' under his premiership if it was already independent from the state? Again blank-out. Of course he did no such thing, he merely called it 'independence' -you know, the kind of 'independence' the bbc has from the state, or the independence the schools have from the state. We have covered this in past posts enough times.

And what about the letter the Bank of England has to send the  government of the day if it screws up and gets its homework wrong and its economic calculations askew -as it invariably does as it is a tendentious tool of the state and has an internal bias towards  statism and against free market economics.

Imagine if I told you dear reader that you are an entirely free independent agent - but if you screw up your economic affairs you need to send me a letter explaining yourself and your grievous errors! And you have to do that each and every time you screw up!

Undeterred the conspiracists persist, blaming the bankers -shorthand as I say for the jews for all of society's ills when the very solution to the problem -which there is one- is for a total free market of banking -a separation of economics and state -free banking with all the regulations bonfired as banking contrary to the propaganda is one of the most regulated parts of the economy in most western countries which is the problem.

Billy Bragg wanted to meet the bankers in the City and in his words 'look them in the eye' as he proceeded to castigate them for causing al the imagined woes in the world. How about the bankers doing that to him a millionaire commie living in a mansion -as the only person in that meeting who was morally suspect was Bragg himself who should have been being grilled by the bankers -paragons of probity compared to him.

Let the market set interest rates not some state employed flunkey and end central banking planning once and for all.