26 April 2023
Bank of England to the People: Accept you are Poorer
After unleashing the highest inflation since 1980 on the people of the United Kingdom, the chief economist at the Bank of England, Huw Pill, has told the people they must accept they are poorer. Obviously Pill was addressing workers and savers who have had at least 20% of their incomes and savings stolen by the Bank since it used the pandemic as its latest excuse to rob them.
Wealthy asset owners, on the other hand, must accept being richer. They have had their debts debased by the Bank, their assets inflated in price and their incomes increased due to rising prices.
At least Pill's partial honesty is an improvement on Andy Haldane's claims that the Bank of England had made households better off by £90,000 after inflicting a decade of financial repression on the people, guaranteeing all but the wealthiest were worse off.
This is yet more proof, as if it were needed, that the Bank of England, along with all other central banks today, is a redistributor of wealth from the poorest in society to the wealthiest; more proof that the Bank of England is an engine of poverty and inequality.