Government Destroys National Central Banks to Build Global Supra-National Central Bank
- Government Destroys National Central Banks to Build Global Supra-National Central Bank
by Daily Bell Staff – October 19, 2016, http://www.thedailybell.com/
Mess With Central-Bank Independence at Your Peril … There are worrying signs that, against the current backdrop of record-low interest rates, politicians are tempted to start meddling. -Bloomberg
The idea of nationalizing banks is probably part of a continued strategy to destroy local and regional central banks in favor of one that is worldwide. It is surely true that the indefensible nature of central banking is even more obvious when politicians are in control.
The essential nature of central banking is that a handful of people define and control money for hundreds of millions and billions of others. But this particular observation is not made by the mainstream media. Nor is it commonly noted that the main function of central banking is to debase money. By making money (currency) less valuable, central banks reduce the value of savings and generally make it difficult for people to retain liquid wealth.
But having politicians control central banking makes the allocation of money by just a few people even more obvious and repugnant. That is one reason why those affiliated with central banks have resisted such control. Another reason is that those who control central banks control wealth and can benefit accordingly. Politicians would like to control domestic wealth just as central bankers do.
But the bigger issue is that central banks are gradually being discredited – an evolution we have long predicted. For instance, central banks have maneuvered themselves into the ludicrous position of negative interest rates and while doing so have created the biggest bubble, worldwide in history. This bubble extends across most commodities, real estate and economies generally around the world.
But while bankers would protest that doing their best to fulfill their awesome responsibilities has created the current, evolving catastrophe, the larger reality is that central banks are being discredited because that’s how something larger takes their place.
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