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In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist. ↗
First of all, you must never speak of anything by its name -- in that country. So, if you see a tree on a mountain, it will be better to say 'Look at the green on the high'; for that's how they talk -- in that country. And whatever you do, you must find a false reason for doing it -- in that country. If you rob a man, you must say it is to help and protect him: that's the ethics -- of that country. And everything of value has no value at all -- in that country. You must be perfectly commonplace if you want to be a genius -- in that country. And everything you like you must pretend not to like; and anything that is there you must pretend is not there -- in that country. And you must always say that you are sacrificing yourself in the cause of religion, and morality, and humanity, and liberty, and progress, when you want to cheat your neighbour -- in that country." Good heavens!" cried Iliel, 'are we going to England? ↗
