Uploaded on Wednesday 5 November, 2014 to the money trust
The Bank of England Act of 1946 and the nationalisation of the BoE
The Bank of England was taken into public ownership in 1946 pursuant to the Bank of England Act of 1946, which provided for the transfer of the whole of the bank's capital stock of Â£14,553,000 to HM Treasury. The former shareholders of the bank received all of their money back from the Treasury, and were compensated with the allocation of an additional 3% Treasury stock from the government. To this day, the UK government is still only 97% sovereign over its assets, for the Government stock could have been redeemed in 1966, twenty years after the agreement was forged, but this has not happened. The UK was financially insolvent by the close of World War Two and did not possess the means to settle outstanding debts owed to the Bank of England, hence this reality today.
Ellen Hodgson Brown, President & Founder of the Public Banking Institute (PBI) and author of such books as "The Web of Debt", The Public Bank Solution", addresses the PBI 2012 conference in Philadelphia.
Victoria Grant, seen here aged 12 years old, addresses the first annual Public Banking Conference in Philadelphia, PA. Her father and she discovered that the debt money system was what was wrong with the Canadian economy and decided to do something about it.
The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry. North Dakota is the only state to have escaped the credit crisis. For every year since 2008, it has run a budget surplus and it has the lowest unemployment figures in the US, the lowest default rate on its loans and the lowest foreclosure rate.
Mike Krauss, Chairman of the Pennsylvania Project, puts forward his proposal, based on the success of the Bank of North Dakota, to create a Public Bank for the state of Pennsylvania. Such a move would free the state from the clutches of the Fed, reduce the debt burden, boost investments and serve the public interest.
Most people hold the view that their bank deposits are safe with the big commercial banks, however, this assumption is not based on the facts. This video features official government documents detailing information that should sound anyone's alarm bells [edited].