#QE, couterfeiting by any other name

The central bank scam

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Commissioner, Mr President, I rise again I’m afraid to make the same old hoary speech that I’ve been making here for several years, and that is, it is my opinion that you do not really understand the concept of banking.

All the banks are broke. Bank Santander, Deutsche Bank, The Royal Bank of Scotland, they’re all broke.

Oh! why are they all broke? It isn’t an act of God, it isn’t some sort of Tsunami.

They’re broke because we have a system called ‘fractional reserve banking‘, which means the banks can lend money, which they don’t actually have. Its a criminal scandal. Its been going on for too long.

To add to that problem you have moral hazard, a very significant moral hazard from the political sphere.

And most of the problems start in politics and central banks, which are part of the same political system.

We have counterfeiting, sometimes called “Quantitative Easing“, but counterfeiting by any other name.The artificial printing of money. Which, if any ordinary person did they’d go to prison for a very long time. And yet governments and central banks do it all the time!

Central banks repressed the amount of interest rates, ah! so we don’t have the real cost of money, and yet we blame the retail banks for manipulating LIBOR.

The sheer affrontry of this is quite astonishing.

Its central banks, its central banks that manipulates interest rates, Commissioner.

And plus underneath all this we talk loosely in a rather cavalier fashion, do we not? About deposit guarantees!

So when banks go broke through their own incompetence and chicanery the taxpayer picks up the tab!

Its theft from the taxpayer!

And until we start sending bankers and that include central bankers and politicians to prison for this outrage, it will continue!

Godfrey Bloom MEP
European Parliament
Strasbourg. May 21, 2013



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