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Enforcement of Bank of England Act 1694
By Sabine Mcneill of Forum for Stable Currencies
In the context of Lawsuit Week, wouldn't it be "nice" if one could sue all central banks world-wide for the "fraud" of national debts? When the first National Debt was created in 1694 by founding the Bank of England, the Act was written "with the intention not to oppress Their Majesties' subjects". Should "the Corporation" violate the Act, it would have to pay a penalty of three times the abusive trade. I reckon that "national debts" should be declared "unlawful", for they are a seriously oppressive mechanism: it makes the financial elite richer and exploits taxpayers. The penalty thus would be three times the national debt for every country! But given the fact that Central Banks like all other banks create "money" out of nothing, it shouldn't make much of a difference, but at least the money supply would be increased, and the economies would be fuelled!
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Contributor's Note
Just a far out idea as my first "intel" along my "social life with meaning"...
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Enforcement of Bank of England Act 1694
| American Monetary Institute
| Web of Debt
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Like many people, the world banks and many countries are living on tomorrow's income. The credit usage will catch up to all of them, and individuals will pay.
Good intel.
Frederick
CONTRIBUTOR'S REPLY
We'll have to see how things unfold. To me, it seems as if there is a small minority of people who still hold the strings of control. But, thanks to the net and the web, the masses seem to be learning! Thanks for your interest and comment!
Sabine
Congratulations on your succint and clever first intel. Most people just take the national debt for granted. I suppose it's easier for authoritarian states such as Singapore to not have national debts, since democracies are run by politicians with fixed term limits (and who aren't necessarily worried about the long term).
 |  | nick Dec 18, 2009 21:09 | |
CONTRIBUTOR'S REPLY
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