By John Brindley - Staff Author
BRITAIN shrieks today with horror at the prospect of the National Health Service being sold off to private companies, perhaps as a result of Brexit.
And rightly so. You don’t need a degree in economics to work out that a public service organisation in private hands means money would be its number one priority.
How then do we fail to see the truth in plain sight about our privatised financial system which has been putting its own profits first for centuries?
The Bank of England was established as an entirely private company in 1694 and that remained the case until just after the end of the Second World War when it was nominally at least nationalised.
It is now officially Government owned but operates as a private company still producing money out of thin air and setting interest rates to ensure we are even further in their debt.
But there was another notable exception that some commentators believe could be the key to ending austerity in supposedly prosperous Britain.
At the outbreak of the First World War, the Government issued the Bradbury Pound to prevent the imminent collapse of the private banks including the Bank of England itself.
This was not the time for a financial crisis when there was a war to fight.
And, interestingly, when there was a will to change the system, it took very little time or effort to find a way.
It took Parliament just two days to pass a Bill authorising that HM Treasury issue, create and control money that was both debt and interest free.
The new currency was based on the wealth and potential of the British nation rather than thin air and it worked.
High Street banks reopened and customers who had planned to withdraw their savings in gold were more than happy to accept the new notes. No problems with inflation.
This, according to Justin Walker of the New Chartist Movement, could be reintroduced today to run the economy without the need for personal taxation – but, of course, profits and vested interests, stand in the way.
Instead we have the notes and coins of the Bank of England with its shadowy structure.
In 1977 the bank set up a wholly owned subsidiary called Bank of England Nominees Ltd, a private limited company.
This company’s ominous peculiarity is that it is protected by the Official Secrets Act, its Royal Charter status and is exempt from the normal disclosure requirements other companies face to comply with the Companies Act of `1976.
This enables major players in the world of finance including the Queen of England and other Royal families to use this company to buy shares and remain anonymous.
How about this for accountability?
The latest Bank of England Nominees LTD accounts on the Company House website state that ‘ there has been no income or expenditure on the part of the company since its incorporation and accordingly no profit and loss account is submitted.’ Its total net assets were listed at £2.
And so in 2019 up to 97 per cent of the UK’s money supply privately controlled.
Little wonder so many are getting a bad deal.
A private financial system includes personal taxation, debt and interest charges, despite the Government proving more than 100 years ago none of it is necessary.
And so we return to our financially crippled NHS. Reinstate a sensible and equitable financial system and there’d be no need to sell it off to Donald Trump or anyone else for that matter!
But there has to be a will.....
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