When ex-MEP Godfrey Bloom talked about how the whole banking system is a scam in the European Parliament.

By Marica Micallef

On 21st May 2013, in Strasbourg, there was a joint debate in the European Parliament about the “Banking union – single supervisory mechanism.”

Godfrey Bloom, an ex-EU MEP, UKIP (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD) group, is the speaker in the clip below of which I am producing the transcript. Godfrey Bloom spoke about how the whole banking system is a scam.

The speech was as follows:

“It is my opinion that you do not really understand the concept of banking. All the banks are broke. Bank Santander, Deutsche Bank, Royal Bank of Scotland…they’re all broke. And why are they broke? It isn’t an act of God. It isn’t some sort of Tsunami. They’re broke because we have a system called fractional reserve banking, which means that banks can loan money that they don’t actually have.  It’s a criminal scandal and it’s been going on for too long. To add to that problem, you have moral hazard, a very significant moral hazard from the political sphere. Most of the problem starts in politics and central banks which are part of the same political system. We have counterfeiting sometimes called “quantitative easing” but counterfeiting by any other name. The artificial printing of money which if any ordinary person did, they’d go to prison for a very long time. And yet governments and central banks do it all the time. Central banks repress interest rates, so we don’t have the real cost of money. And yet we blame the retail banks for manipulating LIBOR.

The sheer effrontery of this is quite astonishing. It’s central banks. It’s central banks that manipulate interest rates.

And plus, underneath all this, we talk loosely at a rather Cavalier fashion, do we not? About deposit guarantees. So, when banks go broke because of their own incompetence, and chicanery, the taxpayer picks up the tab!

It’s theft from the taxpayer!

And until we start sending bankers, and I include central bankers, and politicians to prison for this outrage, it will continue!”

And it is still continuing… Nothing has changed. “When you give the government the power to control the money supply, it grows like a tumor until it extinguishes society itself.” (Stefan Molyneux).

Is there anybody out there who is still of the idea that we are not modern slaves to the banking system?

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