Scrap Bank of England's powers after century of boom and bust, think-tank says

Section:

By Peter Spence
The Telegraph, London
Monday, January 11, 2016

The Bank of England should abolish the Monetary Policy Committee and dump its inflation target because the regime has been responsible for creating a century of boom and bust, a think-tank has claimed.

The Adam Smith Institute, a free market think-tank, has said in a report that the central bank's monetary interventions have made the UK more prone to banking crises and have caused the wider economy to become less stable.

At present, the nine-strong Monetary Policy Committee decides on UK monetary policy. Eamonn Butler, the ASI's director, said this group of experts had "done a very poor job of managing our money."

He added: "They have created artificial booms, followed by genuinely painful busts, through decades of following their unreliable discretion."

Anthony J. Evans, the report's author and an associate professor at the ESCP Europe business school, said that after a century of failure, the bank's control of money should be replaced with a system of "free banking." ...

... For the remainder of the Telegraph's report:

http://www.telegraph.co.uk/finance/bank-of-england/12092171/Scrap-Bank-o...

... For the Adam Smith Institute's report:

http://www.adamsmith.org/research/reports/sound-money-an-austrian-propos...



ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.

Goldbroker.com is listed among GATA's recommended monetary metals dealers:

http://www.gata.org/node/173

To invest or learn more, please visit:

https://www.goldbroker.com/



Join GATA here:

Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16