The UK banking system
- Thread starter zArk
- Start date
White Lotus
Provisional Buddhist
Zark, you are mainly talking out of your arse. First of all as others have pointed out, the Bank of England is not privately owned. And no, it doesn't own the other banks either. 
Furthermore, we went off the Gold Standard a long time ago - the money we issue is no longer related to gold in any way.
However, you do have one thing right: money is an illusion, albeit a complex one. It is a way of keeping score and these days, only a small amount of money is represented by paper currency printed by the Mint. What is does, is enable much more complex barters. Instead of saying: "if you give me a haunch of the animal you've just killed, I will make you 3 pots next week" it lets you go to Tesco, buy food on your credit card, and pay for it out of next week's salary.
Furthermore, we went off the Gold Standard a long time ago - the money we issue is no longer related to gold in any way.However, you do have one thing right: money is an illusion, albeit a complex one. It is a way of keeping score and these days, only a small amount of money is represented by paper currency printed by the Mint. What is does, is enable much more complex barters. Instead of saying: "if you give me a haunch of the animal you've just killed, I will make you 3 pots next week" it lets you go to Tesco, buy food on your credit card, and pay for it out of next week's salary.
Andy the Don
Wise men say only fools..
zArk said:
Why is it a private bank..?? Please do tell me..??
It was formed, based on the Dutch model, to allow the country to borrow on the strength of its gold reserves (not the case now as the gold standard disappeared years ago). The bank was formed by its subscribers, who lent the government money. The subscribers were individual citizens but the bank was incorporated by Royal Charter. The same as many livery companies & charitable institutions are form by a Royal Charter. The bank was nationilised by the Labour government in 1946.
And therefore I can safely say with hand on my heart.. that the Bank of England is not a private bank..
nino_savatte said:
It can last as long as there are large and exploitable reserves of capital, materials and resourses to borrow against. Currently these take the form of oil fields, metal and mineral extraction and other large scale industries. It's no coincidence that a good many of the major areas of the world where the transnational corporations extract and remove primary materials are war zones. These goods are then shipped to the manufacturing centres of the world (increasingly located in Eastern Europe and Asia). The West is becoming an area of (tertiary) service industries and therefore increasingly protective of it's (often colonial) holds over the dictatorships and puppet govts of those mineral-rich areas.
nino_savatte
No pasaran!
zArk said:
Is it fuck. The British economy isn't like the US economy which has been largely driven for the last 50 years by the MIC. The US has had to manufacture conflicts overseas. The only military adventures we have been involved in recently were the Falklands and the current ones.
I should like to see some proof of the influence of the defence industries on the economy.
Andy the Don
Wise men say only fools..
zArk said:
No it is not... Yes it does have an intrinsic value..
nino_savatte
No pasaran!
Jelly said:
I'm thinking more of the high street and consumer credit.
White Lotus said:Zark, you are mainly talking out of your arse. First of all as others have pointed out, the Bank of England is not privately owned. And no, it doesn't own the other banks either.
Mr white lotus, i understand this is an incredible thing to accept
The banking system was never transferred to the public domain after the English Civil War. Cromwell was loyal to the Monarchy.
The Bank of England was owned by William Paterson, as the Bank of England state. It is a corporation.
zArk said:
Oh c'mon... this could be a great ranty thread. Don't blow it with piffle
Gold's value is the base standard against which you can judge the ethereal nature of paper money.
Of course you can take the view that ALL tradable items only have value in the minds of the people doing the trading. But that way lies nihilistic madness
nino_savatte said:
Yes but these are simply service industries bouyed up and made possible by primary and secondary industry/manufacturing. How many goods on the high street these days are 'Made in Britain' ?
But as to your original statement of castles of sand - imo you are right, allbeit castles that are protected by (ex) colonial interests.
Jelly said:Oh c'mon... this could be a great ranty thread. Don't blow it with piffle
Gold's value is the base standard against which you can judge the ethereal nature of paper money.
Of course you can take the view that ALL tradable items only have value in the minds of the people doing the trading. But that way lies nihilistic madness
nihilistic? i differ.
What results is 'the real'. Beyond belief (literally)
A system based upon sign value is a simulacrae hiding the real. Re-producing itself as more than the real.
White Lotus
Provisional Buddhist
zArk said:
I think our little friend has the rare Steam-Driven version of Google, which doesn't allow him to access any facts or events from the 20th or 21st centuries.
Andy the Don
Wise men say only fools..
zArk said:
Editor/Mods - can we keep the above on record..
Firstly the Bank of England was set up after the resoration of the monarchy & was required due to the profligate spending of the Stuart kings.
William Patterson, was one of the subscribers to the BoE, he did not own the BoE.
I must go now too busy..
White Lotus said:I think our little friend has the rare Steam-Driven version of Google, which doesn't allow him to access any facts or events from the 20th or 21st centuries.
yeah, you mean i type stuff in, read stuff - learn and increase my knowledge
wow, how amazing.
i should be ashamed i guess.
Try reading "The money lenders" Anthony Sampson 1978
or
watching "The Money Masters"
Pingu
Credo
zArk said:
but you know all about how the banking system works...no?
zArk said:
10 second google returned this:
http://www.ex.ac.uk/~RDavies/arian/origins.html#paper
White Lotus said:I think our little friend has the rare Steam-Driven version of Google, which doesn't allow him to access any facts or events from the 20th or 21st centuries.
S/he's posting from 1892 and is using a time machine to access google. Unfortunately (and due to various mathematical time/spatial infringement laws) google is unable to display 'future' information as this could disrupt the time continuum
White Lotus
Provisional Buddhist
Read and learn by all means. But - as is evident here - you're not going to make sense of any information you pick up about banking or economics unless you learn something about how the whole glorious Heath-Robinson machine works. Go and read a basic introduction to the whole thing, put your information and thoughts into context, and then come and debate with us.zArk said:
Nobody is going to take your points halfway seriously when you're making such kindergarten errors of fact.
nino_savatte
No pasaran!
Jelly said:
I often hear on the business reports on the news how we "should go out an spend more". It's baffling.
White Lotus said:
Ohhhhhhh - spoilsport -
Just cos my 11 yr-old gets a few things wrong when talking about the state of the world doesn't make me halt the conversation there and then and tell him to go read some more books before he's 'qualified' to have a debate with me. If he gets the spirit of things halfway there then we can still have fun.
Lets gloss over a few misunderstandings and get to the nub of this eh?
Andy the Don said:
ermmm thats called an investor! Dear me, you dont understand Corporate structure at all do you.
Investors stump up money - Board of Governers (make decisions to create most wealth for the investors)
its that simple. Paterson was an investor and ergo was the owner
YES, LETS STICKY THIS POST
