Fundamentally, is the Bank of England’s system that different from the US Federal Reserve’s?
After just about grasping how the US Federal Reserve system works, I was wondering how much it drew from the system of England’s central bank. I have read that the Bank of England is essentially the "mother system" on which central banks across the world have been modelled.
However, I have also read that, although the BoE is independent (thanks New Labour), it isn’t as privately run as the US Fed and that the Treasury gets back most of the interest it pays to the BofE.
I just can’t find as comprehensive information on the BofE as the Fed. That could suggest a number of things, but does it suggest that the Fed is unique in its corrupt practise? That the US has been "chosen" by international bankers for their most predatory economic experiments?
Think about it – the BofE has been around since the 17thC and has kept our economy, as a whole, growing steadily (correct me if I’m wrong). However, the US Federal Reserve has only been around since 1913, yet it’s almost as if the process of excess credit, inflation and other ills of fractional reserve banking have come to a head far quicker. Is there a specific reason for this?
Looking back in history to the rain of Queen Victoria, here is an extract from an article in the press dated 1998. Queen Victoria is the first sovereign of England who ever had anything to leave. All of her predecessors upon the throne bequeathed line assortments of debts to their posterity, Which Parliament was called upon to pay, and while Victoria permitted the people to be taxed to settle the private obligations of her uncles, George IV. And William IV, she herself paid the debts of her father, the Duke of Kent, with full interest, and has several times settled the liabilities of the Prince of ‘Wales to the extent of several millions of dollars.
The Bank of England: Money, Power, and Influence 1694-1994
I hope this will give you some insite in to the beginings of capitalisam.