The Bank of England has played a prominent role in American history — without it, the United States would not exist.
The American colonists considered themselves loyal Englishmen to a man, but when they began to enjoy unequalled prosperity by printing and circulating their own Colonial scrip, the stockholders of the Bank of England went to George III and informed him that their monopoly of interest-bearing notes in the colonies was at stake. He banned the scrip, with the result that there was an immediate depression in the commercial life of the Americas. This was the cause of the Rebellion; as Benjamin Franklin pointed out, the little tax on tea, amounting to about a dollar a year per American family, could have been borne, but the colonists could not survive the banning of their own money.
Early descriptions of the shareholders of the Bank of England identify them as “a Society of about 1300 persons”. They included the King and Queen of England, who received shares to the value of 10,000 pounds each; Marlborough, who invested 10,000 pounds — he also invested large sums from his “commissions” in the East India Co. in 1697, and later became Governor of the Hudson Bay Company, which paid a 75% dividend; Lord Shrewsbury, who invested 10,000 pounds; Godolphin, who invested 7000 pounds — he predicted that the Bank of England would not only finance trade, but would carry the burden of her wars, which was proven true in the next three hundred years. Virginia Cowles writes, in “The Great Marlborough”: “England emerged from the war as the dominant force, because the Bank of England’s credit system enabled her to bear the burden of war without undue strain.”
The Bank of England and the Rothschilds continued to play a dominant role in the commercial life of the United States, causing panics and depressions for the Rothschilds whenever their officials were instructed to do so. When the Second Bank of the United States expired in 1836, and President Jackson refused to renew it, [thus] creating great prosperity in the United States when government funds were deposited in other banks, the Rothschilds punished the upstarts by causing the Panic of 1837. As Henry Clews writes in “Twenty-Eight Years on Wall Street”, p. 157: “The Panic of 1837 was aggravated by the Bank of England when it in one day threw out all the paper connected with the United States.”
By refusing to credit American notes and stocks, the Bank of England created financial panic among the holders of that paper. The panic enabled Rothschild’s agents, Peabody and Belmont, to reap a fortune in buying up depreciated stocks during the panic.
The Bank of England has played a prominent role in wars, revolutions, and espionage, as well as business panics. When Napoleon escaped from Elba in 1815, the London gold market jumped overnight from 4lb.6d to 5lb.7d. The leading buyer was Nathan Mayer Rothschild, who was under orders from the British Treasury to dispatch gold to the Duke of Wellington, grouping to stop Napoleon. After Waterloo, the price of gold dropped.
During the twentieth century, the most important name at the Bank of England was Lord Montagu Norman. His grandfather, George Warde Norman, had been governor of the Bank of England from 1821-1872, longer than any other man; his other grandfather, Lord Collet, was Governor of the Bank of England from 1887-89, and managing partner of Brown Shipley Co. in London for twenty-five years.
In 1894, Montague Norman was sent to New York to work in the offices of Brown Brothers; he was befriended by the W.A. Delano family, and lived with the Markoe family, partners of Brown Bros. In 1907, Norman was elected to the Court of the Bank of England. In 1912, he had a severe nervous breakdown, and was treated by [Carl] Jung in Switzerland. He became deputy governor of the Bank of England in 1916, and later served until 1944 as Governor. The Wall Street Journal wrote of him in 1927:
“Mr. M. Collet Norman, the Governor of the Bank of England, is now head and shoulders above all other British bankers. No other British banker has ever been as independent and supreme in the world of British finance as Mr. Norman is today. He has just been elected Governor for the eighth year in succession. Before the war, no Governor was allowed to hold office for more than two years; but Mr. Norman has broken all precedents. He runs his Bank and his Treasury as well. He appears to have no associations except his employees. He gives no interviews. He leaves the British financial world wholly in the thick as to his plans and ideas.”
COMMENT – Wasp – Do you have list of those who are allowed to borrow directly from the BOE ? Is that group public knoledge ? I recently read ‘ End the Fed ‘ by Ron Paul – he says that the Fed does not disclose who they lend money to . When the BOE was an obviously private entity – it was clear that they had a license to print money and a clear advantage over the rest of society . But when it was nationalised – this allowed them to claim that the BOE was operating in the national interest – although this is clearly still questionable .
If it is now the case that BOE modus operandi has changed – ie from being the govt lender to a lender to various others – it is obviously fair to ask who they now lend to – IE who do they give an unfair advantage to . Are those recipients currently borrowing at 0.5% and lending out for a guaranteed 4-5% ?( not taking into account Fractional reserve lending ) I dont believe that the recipients are operating in the public interest ! Are the top banker bonuses emanating from this obvious unfair advantage which is ultimately sponsored by the public purse ? Sean73
He added –
Wasp – I considered putting in a Freedom of Information act to the BOE – but its already beeen done – See the reply … http://www.whatdotheyknow.com/request/what_does_the_bank_of_england_do#incoming-37000 Basically ‘ We do not propose to release the remaining information you have requested ‘ – That just about sums it up … Sean73