By Henry McRandall
The downward spiral of most of the world’s economies will never be halted unless one major set of players is brought to heel – the central banks of most advanced industrialized nations.
In the U.S., the Federal Reserve, and in Canada, the Bank of Canada, are two typical examples of privatized central banks careening out of control.
In both countries, as in most others, the central banks are controlled not by either country’s “democratically” elected government but by a cabal of private banksters who are robbing their countries and their countries’ citizens blind.
Part of the explicit idea behind private bank control of countries’ central banks is to protect private investors against any possible caprices of democratic government. The more implicit idea behind it is to so control the economy as to keep all the money where it is.
The basic idea was to afford the central bank the role of restraining and influencing government economic policy.
Central banks are responsible for printing fiat money and for determining how much fiat money will be in circulation at any time and at what price or prices.
In recent years, however, these central banks have trended toward ignoring their responsibility to the general public – to whom they are not accountable – and over-emphasizing their role of protecting the value of the rich folks’ money.
It is partly as a result of this vested-interest finagling of the larger economies that we, the masses – the poor, the working class and the middle class – have been saddled with the awesome and awful burden of bailing out the greedy and criminal socioeconomic elite – the millionaires, mega-millionaires, billionaires and mega-billionaires who caused this infernal global economic meltdown in the first place.
Make no mistake about it. Yes, central banks are free to print money whenever they choose. But ultimately somebody has to pay for that money.
And the cost of those immorally wasted trillions of dollars is being borne not by the perpetrators of the economic collapse – the banksters and the corporate executives – but by its victims – the masses.
Every privately-controlled central bank in the world should be immediately nationalized and placed under the control of the “democratically” elected governments that, at least in theory, are accountable to the public.
The central banks must be brought to heel
By Henry McRandall