Theoretically the Bank of England is a purely private institution. Its stock is owned by private investors and its officers and directors are private individuals. In practice, of course, the Bank of England is a model central bank, subordinating private profits to public weal. And in the 241 years since the bank was founded, tradition has encrusted the Old Lady of Threadneedle Street with powers over British banking that would turn a New
Dealer bright green with envy. When the Old Lady nods, the City, London's Wall Street, hops to her bidding—though not always...
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