JULY 27, 1694 – BANK OF ENGLAND FOUNDED

1694 – BANK OF ENGLAND FOUNDED
A private central bank, England began to borrow all of its money from corporate banks rather than simply creating it debt-free, as it had for hundreds of years.  “The result…is a kind of national financial servitude by an economy almost entirely indentured to private financial interests, a system prefigured in the Roman Republic and, in modern times, first established in Britain with the founding of the Bank of England in 1694...The idea was to subscribe a private bank with capital, and then obtain a monopoly for that bank from the government for the issuance of government debt, allowing for usurious rates; such debt was ultimately issued as bills of credit on that bank and circulated as money.” (Adrian Kuzminski, Fixing the System)