January 11th, 2009

Growing Unease About Old Lady’s Secrecy

Remember Something Odd in the Banking Bill from early December? Guido was suspicious about the removal of the requirement of the Bank of England to tell us how much money it is printing:
The 1844 Banking Bill ensured transparency in the operations of the Bank of England. It has been good enough for over 164 years.


Surely it can’t be that they don’t want us to know how fast the Bank of England’s printing presses are going to be running?

The Telegraph’s economics editor has just cottoned on to the dodge:

The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel’s Government in 1844 which originally granted the Bank the sole right to print UK money.

… Debating the issue in the House of Lords recently, Lord James of Blackheath, a Conservative peer, said: “Remove [this] control and there is nothing to stop an unreported and unmonitored flooding of the money market by the undisciplined use of the printing presses. If we went down that path we would be following a road which starts in Weimar, goes on through Harare and must not end in Westminster and London. That is the great fear that the abolition of that section will bring about – but the Bill abolishes it.”

You read it here first…

UPDATE 12 Jan : The FT is calling it Quantitative Easing Confidential. Guido is quite chuffed to have beaten the FT to the story.


Media Reader

The Piers Morgan Connection to Hacking | Indy
BBC Marr Pinko Trying to Ban the Queen | Speccie
Eric Hobsbawm: Companion of Dishonour | Standpoint
Russell Brand Comes Out as 9/11 Truther | Guardian
10 Years of Guido | Iain Dale
Tory MP Tells Leftie Jon Snow to Retire | Guardian
Guido Whips Politicians Into Shape | Guardian
Mrs Danczuk Beats Mensch to Win Guido | Telegaph
PM Congratulates Blogger Who Destroyed Minister | Mail
Revealed: Guido Fawkes Anniversary Dinner Guestlist | Peter Oborne
Give Journalists Public Interest Defence in Law | Guardian


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Austrian Chancellor Werner Faymann on Cameron’s refusal to pay the £1.7 billion EU bill by December 1st:

“Well, then he’s gonna pay on December 2nd”



Mycroft says:

Have you read the last bit of Animal Farm?

You know where the animals are looking through the Farmhouse window?

My TV screen was that window at lunch-time today.

Be careful, the sudden self-congratulatory tone, the slightly pudgy outline of indulgence and you become exactly what you should despise.

The jolly face of the Quisling Cameron poses for your camera has mesmerised and deceived you, you who were once not so deceived.

You were no firebrand, you were a damp squib in my opinion, sorry.

You need a damned good kick up the ahse!


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