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Bank of England granted new powers to print unlimited money in secret
By admin | January 12, 2009
A recent article in London’s Daily Telegraph points out how new reforms to the Bank of England will make it “far the most secretive major central [bank] in the world.” Well I’m all in favour of bank secrecy when it comes to accounts belonging to individuals, but surely different standards must apply when it comes to printing one of the world’s major currencies?
The Bank of England will literally receive a licence to print extra money without having legally to declare it – under new plans which will heighten fears that the Government will secretly pump extra cash into the economy. The new Banking Bill, currently passing through the British parliament, will repeal the 165-year-old law down by Robert Peel’s Government in 1844 which originally granted the Bank the sole right to print punds sterling. The Central Bank will no longer be obliged to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called “quantitative easing.”
This incredible proposal doesn’t really even deserve serious comment. It is literally a license to print money. One can only speculate about the damage this can do to the pound long term. And if one still has assets in pounds sterling, this is another cue to bail out!
In other news, the dollar is mysteriously rising. I talked about that this morning on the phone with Linda Dixon a Q Wealth Expert who is now running a socially-responsible mining business in Peru, well out of the clutches of the banking cartel. Linda and I agreed that the only safe course of action is to diversify out of dollars and pounds, keeping a substantial portion of your portfolio in gold, and the rest diversified across other more ‘serious’ currencies – the Swiss Franc and the Yen jump to mind.
Fortunately, we are working on bringing you new solutions. My ‘Gold Report’ will be out soon and will be available as a free download to members of Q Wealth Report, the leading newsletter for offshore banking and international wealth creation opportunities. Watch the Q Wealth site for further information. One of the solutions we will be recommending will certainly be Linda’s business. More to come on these exciting developments.
We are also pleased to offer readers a brand new five part intensive offshore course, covering topics like offshore banking, asset protection, estate planning and trusts by yours truly, plus excellent articles by Thomas Bolther and Richard Cawte with practical solutions for building wealth into the future. The question is How do you achieve the lifestyle of complete freedom without having the first $1,000,000 in the bank? The answers, I believe, you will find in this new five part intensive course, appropriately named “Secrets of the Super Rich.” Oh and did I tell you the best thing about this course? It’s free! Sign up over at QWealthReport.com
Till next time, this is Peter Macfarlane signing off from somewhere offshore…
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