UK to abolish 165 year old law that prevented government printing of money in secret

[Charles Mackay]

"The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel's Government in 1844 which originally granted the Bank the sole right to print UK money.

News of this increased secrecy will spark comparisons with Weimar Germany and Zimbabwe, where uncontrolled use of the central banks' printing presses ultimately caused hyperinflation."

http://www.telegraph.co.uk/finance/n...k-secrecy.html

[Chris]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

Is this already priced in to Sterling? I'd like to think so but I doubt it.

[Charles Mackay]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

Is this already priced in to Sterling? I'd like to think so but I doubt it.

Hope you're not holding much Sterling... Jim Rogers was interviewed the other day and thinks the UK is going in the can... pretty sure it was on Bloomberg if you want to view it.

[Mega]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

Those Limey bastards are going to get EVERTHING that coming to them!
Mike

[BadJuju]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

A friend of mine is moving from the UK to the US soon, Mega! He lives in Newcastle-upon-Tyne. I told him to convert his currency before coming. :p

[Starving Steve]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

When you have institutions like the London School of Economics that teach Keynsian economic principles, what do you expect? It should be no surprise to anyone that the idiots at the Bank of England have chosen quantitative easing even with the pound at an all-time low in foreign exchange value. ( The result will destroy what little is left of the pound. )

Clearly there has to be a shake-up of economics schools, and until this shake-up happens, don't expect anything new in economics except for devaluation and inflation. Robert Mugave, a graduate from the London School of Economics, currently runs Zimbabwe with its hyper-inflation. And Gordon Brown, another graduate from the London School of Economics, the economic genious who sold-off the Bank of England's gold at $252 per oz, is your Prime Minister.

[D-Mack]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

That is still this one month later thing, what advantage will they get by presenting the numbers one month later ?

[LargoWinch]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

A friend of mine is moving from the UK to the US soon, Mega! He lives in Newcastle-upon-Tyne. I told him to convert his currency before coming. :p

into what? Crude and Gold I hope.

All the rest is just as good as toilet paper.

[BadJuju]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

into what? Crude and Gold I hope.

All the rest is just as good as toilet paper.

If things become that bad, then what value would those things really hold? I do not see the point in holding crude or gold in total economic breakdown, especially when you have very little wealth to begin with. It would be better used on more tangible and useful assets.

[LargoWinch]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

If things become that bad, then what value would those things really hold? I do not see the point in holding crude or gold in total economic breakdown, especially when you have very little wealth to begin with. It would be better used on more tangible and useful assets.

Agreed. If you have a grand or less: buy food and keep physical cash.

If you are as wealthy as some members (good for them and glad they are with us for insight), then you need Plan B, cause last time I checked, $1 million in Chunky soup and 9mm rounds takes quite a lot a space in the closet.

[pwcmba]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

Funny! I was just wondering what 1M USD in SPAM looked like.

[Charles Mackay]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

Funny! I was just wondering what 1M USD in SPAM looked like.

Hey, have you seen the new retro cans of spam? They have WWII photos on them. I bought a few for collectors items but haven't been able to buy any more because I haven't seen them in the store for awhile.

SPAM (spiced pork and meat)

[Chris]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

Hope you're not holding much Sterling... Jim Rogers was interviewed the other day and thinks the UK is going in the can... pretty sure it was on Bloomberg if you want to view it.

Unfortunately my salary is paid in Sterling which makes the prospect of the next couple of years even more bleak. I managed to convert a big chunk of my savings into gold after discovering iTulip a few years ago (thanks again guys) but gold priced in Sterling these days is not cheap.

Still, i'll muddle through. There are others who are/will be much less fortunate and totally helpless as the government here continues to destroy their lives.

[*T*]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

When you have institutions like the London School of Economics that teach Keynsian economic principles, what do you expect?

To be fair, I'm sure Keynes would have encouraged saving in the good times. These guys are Keynes-of-convenience.

[bungee]

Re: UK to abolish 165 year old law that prevented government printing of money in secret

gold priced in Sterling these days is not cheap.

You mean it's more than it used to be but I strongly suspect it's still cheap.