Friday, November 1, 2013

Central Bankers Prepare to Flood the World with More Funny Money

The New American
November 1, 2013
Central Bankers Prepare to Flood the World with More Funny Money
Recent comments by the head of the Bank of England, the U.K.’s powerful central bank, offered further evidence that Western central bankers are preparing to shower even greater quantities of fiat currency on private banks and financial institutions — all at public expense. Already, tens of trillions of dollars’ worth of debt-based currency has been created out of thin air by the Federal Reserve, the BoE, the European Central Bank, and other central banks to prop up private mega-banks and wild spending sprees by government amid the economic crisis. With help and guidance from the BoE’s new governor, Mark Carney, analysts say all of that appears set to accelerate.

Charged with conjuring currency into existence at interest and centrally planning broad swaths of the economy, the controversial British monetary-policy institution is currently overhauling its policies to make it even easier for banks to tap the people’s wealth on demand. BoE boss Carney, a Goldman Sachs veteran from Canada with impeccable establishment credentials who has vowed to keep interest rates at rock bottom, announced some of the radical reforms during what was described in media reports as his first major speech on British financial regulation.  

Among other changes, the central banker said that the BoE would start accepting lower-grade collateral from banks in exchange for fiat-currency loans. In other words, after Western central banks already came under fire for such wealth-redistribution schemesthroughout the most recent financial crisis, the BoE will soon allow lenders seeking cash to unload even more dubious assets on the public. “None of this means financial institutions are excused from the need to manage their balance sheets prudently,” Carney claimed, denying that he was serving as a “cheerleader” for big banks.  

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