Bank of England 7 Point Plan: Similar to Central Banking Today?

Hey guys a quick history post today about central banking. Today's bank will be the Bank of England and this info comes from their charter that was issued in 1694. Central planners met in Mercer's Chapel in London to create the 7 point plan which would serve their mutual purposes:

1. The government would grant a charter to the monetary scientists to form a bank

2. The bank would be given a monopoly to issue banknotes which would circulate as England's paper currency

3. The bank would create money out of nothing with only a fraction of its total currency backed by a coin

4. The monetary scientists then would lend the government all the money it needed

5. The money created for government loans would be backed primarily by government IOUs

6. Although this money was to be created out of nothing and would cost nothing to create, the government would pay "interest" on it at the rate of 8%

7. Government IOUs would also be considered as "reserves" for creating additional loan money for private commerce. These loans also would earn interest. Thus, the monetary scientists would collect double interest on the same nothing.

Well there you have. Seems like a lot of similarities to today's Federal Reserve. History repeats itself once again. This is why it is important to study history. We need to learn from our past mistakes. As I post this, BTC is currently $7800 USD. Hopefully Bitcoin will continue to take power away from the central planners and back to the people. Thanks for stopping by. Take care and stay safe out there,

Pete