Implode-o-Meter News - Reform plan raises fears of Bank secrecy

The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet â€“ a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel's Government in 1844 which originally granted the Bank the sole right to print UK money.

The ostensible reason for the reform, which means the Bank will not have to print details of its own accounts and the amount of notes and coins flowing through the UK economy, is to allow the Bank more power to overhaul troubled financial institutions in the future, under its Special Resolution Authority.

My, it appears the time is "a quarter past destroy-the-pound o'clock"...

Note, however, that this article misses the huge point that the Fed did essentially the same thing by eliminating M3 money supply reporting all together in 2006 (at the same time they picked Bernanke, whose one-trick gig was advocating quantitative easing. Incidentally, you can now get the data from here for free or Shadowstats, by subscription.)

So, basically, both the world's leading central banks will now be opting not to report on a timely basis (or at all) key aspects of what they are doing regarding quantitative easing (back-door money printing).

Relevant:

Reform plan raises fears of Bank secrecy