THE BANK OF ENGLAND
There are few single words that have the power of “money.” Although it is not my plan to reference the dawn of money, I do note that it has been around in various forms for millennia. The area of interest today is central banks. In the United States just after the first decade iof the 20th century, powerful men conspired to create a central bank. This was not the first effort. The pretext was to find an institution which could keep our currency stable, ironing out the old “boom or bust” cycles. Additionally, as the possibility of war breaking out in Europe seemed each year more likely, the proposed institution would be a means to fund any wartime costs which the United States might incur, either through direct participation or by the support of one of the belligerents.
Needless to say, these efforts won favor, and the Federal Reserve Act was enacted by Congress into law. This act created a private central bank system, which was to work closely both with the nation’s banks, whether members or not, and with the federal government. It even took the title of “federal,” even though it was not an instrument of the federal government, per se, but of private banks. Unlike government units, it has never had a public audit. It does, however, pay property taxes, unlike federal property in the District of Columbia. the most important thing for contemporary Americans to understand is that the “Fed” was set up by rich men, mostly New Yorkers, and has ever worked to keep their descendants, cronies and “fellow travelers” in a Land of Milk and Honey, while other Americans were to taste of famine as often as plenty. The “Fed” never controlled the money in such a way as to “even out” the potential recessions and booms. In that sense, it failed. Even today, Americans witness the oncoming recession, even as the “Fed” bails out the rich Baer Sterns Merchant Bank and probably others–secretly. Big banks and Wall Street are still “kin folk” to the people who control the policies of the Federal Reserve Board and regional boards.
This American central bank is a “johnny-come-lately” as an institution. Modern Western central banking finds its genesis with The Bank of England. This is, in fact, the focus of my blog probe. As with the Federal Reserve System in America, the origins of The Bank of England are perfumed by thousands of polished “go-fors” whose reason to be is to deflect probes. After the perfumed ones come the rose petal strewers. The English are masters of the dignified, costumed parade.
But what are the real circumstances that young minds–and not so young–should understand? I want to call to your attention some sources which I believe to be reliable. Consider:
“It took a revolution in England to lay the foundation for the Bank ‘of England.’ This took place in 1688. Six years later the bank received its special privileges. Soon afterwards, a Board of Trade was set up, with John Locke as a member. This bank lost no time in getting busy to accomplish the purposes for which it had been established.
“In 1694, under the guise of a disputed succession to the throne of England, the gold gang forced William III to legalize their previous sub-rosa practice, thereby legalizing the system by means of which the gold worshippers could periodically despoil all producers and workers.
“In order to emphasize the facts, we quote from The Breakdown of Money, by Christopher Hollis:
” In 1694 the Government of William III was in sore straits for money. A company of rich men under the leadership of one William Paterson offered to lend William 1,200,000 [pounds sterling] at 8 per cent on the condition that ‘the Governor and Company of the Bank of England,’ as they called themselves, should have the right to issue notes to the full extent of its capital. That is to say, the Bank got the right to collect 1,200,000 [pounds sterling] in gold and silver and to turn it into 2,400,000 [pounds strl.], lending 1,200,000 [pounds strl.], the gold and silver, to the Government, and using the other 1,200,000 [pounds strl.], the bank-notes, themselves. Patterson was quite frank about it that this privilege which had been given to the Bank was a privilege to make up money. ‘If the proprietors of the Bank,’ he wrote, ‘can circulate their own fundation of twelve hundren thousand pounds without having more than two or three hundred thousand pounds lying dead at one time with another, this Bank will be in effect as nine hundred thousand pounds or a million of fresh money brought into the nation.’ In practice they did not keep a cash reserve of nearly two or three hundred thousand pounds. By 1696 we find them circulating 1,750,000 [pounds strl.] worth of notes against a cash reseve of 36,000 [pounds strl.].
” Intelligent critics saw that the experiment had proved that it was perfectly possible to manufacture money without any metallic backing but that it was dangerous and iniquitous to allow the privilege of that manufacture to be in private hands. For instance Bishop Berkeley, the idealist philosopher, writing in 1735 his Queries Proposed to the Consideration of the Public, asked ‘Whether it be not a mighty privilege for a private person to create a hundred pounds with a dash of his pen,’ and ‘Whether it be not evident that we may maintain a much greater outward and inward commerce, and be five times richer than we are, and our bills abroad be of far greater credit, though we had not one ounce of gold or silver in the whole island.’
“Not long after the Bank ‘of England’ began to create its private money, the rapid growth of the American Colonies attracted attention at home. Not satisfied with the profits they made through regular commerce with the Colonists, the ‘merchants’ wanted more; so began an insidious campaign to exploit the industrious Colonists.”
> Money Creators, Gertrude M. Coogan, pp. 176-177
This is not the conclusion of our look at the “Old Lady.” Nor is it the conclusion of our look at the baleful influence it had upon the prosperity of the American Colonies. The origin(s) of the central bank of England has drawn a number of intelligent researchers. Whoever William Patterson was, he was not alone. Who else was involved? Consider:
“It is important to remember that no sooner was the Dutch General [plain William Stradholder,who was elevated to Captain-General, became William, Prince of Orange] sitting upon the throne of England than he persuaded the British Treasury to borrow 1,250,000 [pounds sterling] from the Jewish bankers who had put him there. The school book history informs our children that the negotiations were conducted by Sir John Houblen and Mr. William Patterson on behalf of the British Government with money-lenders WHOSE IDENTITY REMAINED SECRET.
“Search of historical documents reveal that in order to maintain complete secrecy the negotiations regarding the terms of the loan were carried on in church. In the days of Christ the money-lenders used the Temple. In the days of William of Orange they desecrated a church.
“The international money-lenders agreed to accommodate the British Treasury to the extent of 1,250,000 [pounds strl.] providing they could dictate their own terms and conditions. This was agreed to. The terms were in part:
- That the names of those who made the loan remain secret; and that they be granted a Charter to establish a Bank of England.
- That the directors of the Bank of England be granted the legal right to establish the Gold Standard for currency by which–
- They could make loans to the value of 10 [pounds strl.] for every 1 [pound strl.] value of gold they had on deposit in their vaults.
- That they be permitted to consolidate the national debt; and secure payment of amounts due as principal and interest by direct taxation of the people.
“Thus, for the sum of 1,200,000 [pounds strl.], King William of Orange sold the people of England into economic bondage….
“The international bankers never intended that England be allowed to pay off the national indebtedness. The plan was to create international conditions which would plunge ALL nations concerned deeper and deeper into their debt.
“As far as England is concerned, in only four years, 1694 to 1698, the national debt was increased from one to sixteen million pounds sterling. This debt accumulated because of wars. It is interesting to note that John Churchill, 1650-1722, became the leading military figure during this period of English history. Because of his military genius, and his services to Britain, he was created the first Duke of Marlborough.
“The Secret Power behind the World Revolutionary Movement pulled the necessary strings and brought about The Wars of the Spanish Succession. In 1701 the Duke of Marlborough was made Commander-in-chief of the armed forces of Holland. No less an authority than the Jewish Encyclopedia records the fact that FOR HIS MANY SERVICES THE DUKE OF MARLBOROUGH RECEIVED NOT LESS THAN 6,000 [pounds strl.] A YEAR FROM THE DUTCH JEWISH BANKER, SOLOMON MEDINA.
“The events leading up to the French Revolution show how between 1698 and 1815 the National Debt of Britain was increased to 885,000,000 [pounds strl.]. By 1945 the British National Debt had reached the astronomical fugure of 22,503,532,372 [pounds strl.], and for the years 1945-46 the carrying charges alone amounted to 445,446,241 [pounds strl.]. As an Irish economist remarked ‘Only a Jewish controlled organization would insist on the odd pound.’ “
> Pawns In The Game, William Guy Carr, pp. 23-25
Now, this last citation covered a bit more than the formation of the Bank of England, but I considered the extension justified. This central bank is a “Trojan Horse” whose purpose is to bring about the conquest of the recipient. That is also the reason for the Federal Reserve Act and the central bank it created. In either case the beneficiaries of this debt-mongering operation extoll its virtues, as do their allies, agents and fronts. I dub these latter “dogs,” and they rarely bite the hand that feeds them.
Now, there are three means of acquiring wealth: 1) produce it, 2) inherit it, or 3) take it. In days gone by war and the taking of spoils, at the least, augmented whatever wealth was being produced by laborious means. To be successful using this method, one needed to have a large standing army of trained soldiers, plus a plethora of farmboys and herdboys to shanghai into the army as “extras.” If one were a part of a small group of people, conquest by force of arms, however soothing to violent souls, might not be practical route to “sudden wealth.” Yet, if a small group of people developed the needed acumen, then usury might hold the power of a conquering army. There is no reason why war lords and money lords might not work together, so long as it proved mutually advantageous. Further, if peace could be imposed on the world, as well as usury, then the masters of usury would also be the masters of the world.
The events related in regard to the loan to the Treasury by the Patterson-led group is interesting in regard to their demand to collateralize the loan by bestowing upon the lending group the right to directly tax the English subjects. This is the same right that was claimed for the Sixth Amendment by the bankers and their dogs in America, even though Justice White [about 1918) had stated in a decision that it was an “excise tax” by its nature and “nothing new.” Loan-sharking operations require “break-legs” to fetch the “vigorish” or interest. Was there a precedent to the English request for the right to tax as a collateral to a loan? Consider:
“It is these hidden incidents which reveal so much truth. It was in Spain, during the 14th Century, that the Jewish money-lenders first succeeded in having the loans they made the State secure by the right to collect the taxes levied upon the people. They used such cruelty, when demanding their Pound of Flesh, that it only required the inflammatory oratory of the priest Fernando Martenez to produce mass action which ended in one of the bloodiest massacres recorded in history. Here again is a perfect example of how thousands of innocent Jews were victimized, for the sins and crimes committed against humanity by just a few.”
> Pawns In The Game, William Guy Carr, p.17
Whether many or few, these money manipulators were able, it seems, to operate from an archipelago of connected communities, which acted as a sort of “safehouse” for one or more branches temporarily in “hot water” elsewhere. What is important to understand is that their efforts never ceased over many centuries. Their set-backs were eventually countered by “great leaps forward.”
In my view the Bank of England was one such “great leap forward.”
Downnlaced, 2008.