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The Bank Of England

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A 19thC observer.

"So the Bank of England, the first English joint stock bank and destined to be the first among all banking institutions, was brought into being not so much as an instrument to promote national industry and so to encourage commerce, as a device for getting an unpopular king out of a financial hole."

Unsettled Account P172

A 1832 pamphlet

"The Bank of England has been the main cause of the commerical and pecuniary difficulties which took place in those years (1783, 1793, 1797, 1816, 1818, 1825), and produced them in each case by precisely the same means; that is, increasing its issues under circumstances which justified no increase. The consequences of so doing, it appears, has been greatly redundant currency; and when this has taken place, the bank has, unfortunately, not proceeded to cure the evil gradually, by the beginning in time to diminish its paper; but waited until great commercial distress and panic have taken place, and then suddenly contracted it, and thus led to the most disastrous results"

Unsettled Account P175

Good to see that since that time the BoE has moved on in it's competency. We are clearly in safe hands.

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