Godfrey Bloom: Money Printing Scam at Taxpayer Expense

British UKIP MEP Godfrey Bloom calls for an end to fractional reserve banking. Joint Debate: Capital and prudential requirements for credit institutions and investment firms. European Parliament, Strasbourg, 16 April 2013

Source original: UKIPmeps YouTube channel.

(see video at the bottom of transcript)

Transcript:

Godfrey Bloom:

Well, thank you Mr. President. I think what we're doing here is a triumph, is it not, of hope over experience. You are talking about things which aren't the problem. The problem that we have is a flawed banking system. A fractional reserve banking system, where bankers can lend money that they don't have. And if you go back in time to the United States in the 1850s, that was a capital offence, you could have hanged for that.

Now we have this extraordinary situation where we've had regulation, lots of regulation is been the wrong sort of regulation, hasn't it? And so we had another disaster. And none of this is actually going to save us from another disaster down the line. It's bound to happen because we haven't addressed the real problems. And that is your fractional reserve banking system. We must have a commodity bank on the one hand and investment bank on the other hand.

So Commissioner you talk about banks ability to withstand shocks. By your definition of shock is people turning up wanting their money back. You know, that's not a shock, that's what sorta should be a day to day occurrence, and should be dealt with accordingly. And we are talking about bankers' bonuses. An absolutely wonderful way of taking everybody's eyes off the ball. What we've actually had here is criminal activity by bankers, and not a single banker has been sent to prison. This is extraordinary. Billions of pounds have been taken away from taxpayers, taken away from depositors, bond holders, and not a single banker is in jail. This is a disgrace. This is a disgrace. We really have to use the law of the land, not so much regulation.

And printing money and central banks are equally culpable, make no mistake. I'd like to see some central bankers in prison. And I call quantitative easing counterfeiting. Printing money is counterfeit. It's illegal if a private citizen did it. They would go to jail. So let's look into our own hearts. The very unpleasant arrangements that politicians, bureaucrats, and central bankers have between themselves at the expense of the taxpayer. Let's end this and let's end it now.