Bank Of England FINALLY Declares Its Bust!!

The Bank of England has finally come out and said what they should have said in 2009. They’ve said that the United Kingdom was bust and broke in March 2020.

The Guardian has reported:

Britain came close to effective insolvency at the onset of the coronavirus crisis as financial markets plunged into turmoil, the governor of the Bank of England has said.

Laying bare the scale of the national emergency at the early stages of the pandemic, Andrew Bailey, the governor of the Bank of England said the government would have struggled to finance the running of the country without support from the central bank.

Support, what support are we talking about?

Quantitative easing they call it. If you and I did it, they would call it counterfeiting which means creating currency out of thin air. This is not a viable solution at any cost as it devalues our spending power and leads to inflation. Examples of the same disastrous experiments are prevalent in Venezuela and Zimbabwe. This will not end well for our economy.

These types of “don’t worry, we have come to the rescue” is typical of the bullshit that is coming out of the mainstream media so we stay and play the banks game of participating in this already dead and buried economy by saving in pounds and dollars and still believe that all these are good assets for us to store our wealth in.

Where has this “rescue” money gone?

Under QE — quantitative easing, the central bank electronically creates money in order to buy bonds which are meant to be used to fund themselves

By providing an influx of new money into the bond market, they are trying to soothe investor fears over a potential lack of buyers of government bonds, which is meant to encourage them to stay in the market. It doesn’t make sense. It’s like me owning a cafe, printing money in the back and then spending it in my own cafe to buy things!

They are buying stock instruments that are basically used to fund them…its absolutely ridiculous, illegal and they are doing this and nobody is saying anything!

This is basically a Ponzi scheme.

The report also says:

During the 2008 financial crisis, the government failed to find enough buyers for some of its debt. However, Bailey said the scale of the shock in government bond markets in March and the risk of effective insolvency were unprecedented.

“We basically had a pretty near-meltdown of some of the core financial markets,” he said.

That is serious news!

They go on to say:

The rapid spread of Covid-19 and the prospect of the worst global recession since the 1930s Great Depression plunged financial markets into meltdown in March, making it harder for governments and businesses to raise money.

So, how do businesses and governments usually raise money?

Businesses create value by producing goods and services and people buy stocks and shares of the business. We then spend and they receive the rewards- profit!

Governments raise money through treasury bills and bonds at specific interest rates and other governments invest in them. This basically means that money is basically transferred around from one part of the economy to the other.

Its a vicious cycle.

The report also mentions:

The Bank used two emergency interest rate cuts at the onset of the pandemic in Britain to sink borrowing costs to the lowest level in its 326-year history, while also ramping up its quantitative easing program.

Why did the Bank of England stoop to such drastic measures?

This is because they have realized that the game is over.

The more people start pulling out of the business of currency and these other markets and start investing more into precious metals and understanding how the crypto market works, the government-backed central bank “Ponzi Scheme” will fail.

This whole situation is going to end badly for a lot of people. The only way to protect yourself against what’s coming is to educate yourself and start to store your wealth outside of this doomed system. Click here to check out my audiobook on precious metals and learn about the safest ways to protect yourselves against old money.

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Gurmit Combo | Cryptocurrency And Precious Metals Expert