Britain's Banking Bill

I referred yesterday to a Banking Bill that had passed through Parliament. In my post, I noted that powers were to be given to government bodies to 'snatch' dormant bank accounts that had not been used for more than fifteen years and to appropriate them to public purposes; I also suggested that this was an expandable power that established a principle.

All of this was true. You wouldn't know it from the press, but blogland and the internet allow a reader to go and look at the act itself, and also to look at informed commentary. Surprisingly, in doing so, I noticed another Banking bill which is more than slightly worrying.

Guido Fawkes this morning, for instance, has noted it too. The bill removes an 164-year-old clause that allows the public to know what the Bank of England is up to in monetary terms, and how fast the printing presses are running.

That is a sign of what governments around the world, with some notable exceptions, are preparing for; a no-holds, last ditch effort to print money to fight deflation on a global scale.

I think that this will fail. No-one with power or influence can say that, though, for fear that they are blamed for the consequences of the thing that they expose. That's a fear that holds in many aspects of public life, and it illustrates how honesty is tied more often than one would think to courage.

I wish people were honest, though I am a badly whitewashed sepulchre myself and pretend to no peculiar morality. But, more importantly for us all, the radical effects of just saying what is happening when one is a member of the political-media class, even if one understands, clearly outweigh any perceived benefits.

Being honest is radically painful sometimes, and no human being can live without a little delusion; but we have built a society on the comfort of fantasy. Civilisation has been hollowed out on the basis of multiple lies.

Descent of the economy is accelerating, but that's not news to those of the working class whose standard of living and actual quality of life was devastated in the late nineteen seventies and nineteen eighties. I grew up in a steeltown, I worked in factories and for agencies and in the remains of a steelworks blast furnace itself one summer. I saw what recession does to working people, and I also saw how those who lived off the lies dismissed the people devastated. Look at how they are behaving now. It is interesting that middle-class tax fraud is growing just as spiteful clampdowns on those on benefits accelerate. This, too, will meet with payback.

I urge people, however, not to dwell on class war, nor to the things that divide people, whether they are a function of religion, or tradition, or our family background, or those things that lovers do that even God turns his eyes from. A deflation hits everyone apart from those already hit. The only way out is to realise that we are in it together, and to understand that we all have to get up off the floor together, or this sort of thing will happen again and again and again. I do not wish for a world of eternal recurrence--that would be a living hell.

There was never a time when distributionism seemed to make more sense. Apart, that is, from guild socialism. Now, on the edge of the new depression, I wonder how many are wondering what things would have been like if only everyone had ignored the greedy and the deluded and followed the Rhineland model. All these things, however, are for another post.


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