The double-edged coin
Ambrose Evans-Pritchard has been tipped off that a proto-currency (codename RSCoin) is in the later stages of development by the Bank of England. There appear to be two rationales for it.
One – which the Bank not surprisingly is very keen to stress – is that such a thing under CB control would ‘erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system (FRB)’.
For those unaware of funny money fraud FRB accountancy, CB-recognised Commercial Banks are allowed to do the following when they lend: take the loan amount from another column, but leave it still recorded in the original column. Thus, if the loan is paid back, they end up with twice the sum they started with plus a usurious profit; if the loan is not repaid, they make a tiny loss on staff admin costs. As George Cole once remarked in Minder, “You get the ‘ang of this one Terence, and the world’s your lobster”.
However, there is also a dark side called the second rationale: RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on money supply and respond to crises very rapidly…..because everyone’s acquisition and expenditure on it will be digitally monitored. It would, writes AEP, ‘gain to mass acceptance since the ledger would remain exclusively in the hands of the central bank, with the ‘trust’ factor of state authority.’
Oh dear. What trust factor would that be? Also, see that Trojan Horse, see that clever way to bring in the abolition of cash…see that tax take rise, see yet more surveillance.
Sneaky Snooper Law
And talking of surveillance, the ‘Snoopers Charter’ will provide police with the power to hack into computers and smart phones, as well as access to other online activity more or less continuously. In an age where our UK police force is so politicised, Theresa May is either Naziette of the Decade or just plain thick. The jury is out.
However, this and other Westminster antics have spurred Note My Vote on to do exactly the kind of research I’ve been advocating for years: attitudes to the Establishment rather than political ideology/policy. The results are disturbing.
57% of the public stated they felt their vote to be worthless, and the Government does not reflect their ideals. That’s bad enough: but two thirds of voters (67%) felt there is no longer a connection between them and their MP, and a terrifying 94% of Brits felt their voice is not listened to by MPs.
That is not in any shape or form a democratic mandate to be doing what Camerlot is doing.
If only we had a Constitution to confirm that. Now then, whatever happened to all those promises, enquiries and procedural Committees that were going to look into this small matter?
Gold in them thar planes
Meanwhile, the disconnect between gold tracker prices and the metal reality here on Earth continues to show itself in many forms. Last weekend, flights shipping physical gold from Heathrow, Frankfurt and Paris reached an all time high….and all when the bourses were closed.
Almost all of it was bound for Moscow, Beijing, Hong Kong – and Kasakhstan’s weird capital city of Arista. Hint: in a dirt poor country, Arista is where the rich folks live.
A Big McCon trick
And finally, last week Slogger Mark went to McDonalds for a breakfast wrap having dropped a friend off at Manchester airport. The breakfast wrap meal with coffee cost £3.99 as advertised, and he confirmed he was going to take it out.
Mark had 5p added to his bill under the Welsh Government bag charge legislation, although research suggests Manchester is not in Wales. Equally, the legislation concerns plastic bags….whereas this one was 100% paper.
The bean counters of the Corporate State miss nothing – except the degree to which they are infecting everything with their toxic values.
The Slog 