11.25 King: "Central banks don't have real resources, they create money. People who put pressure on the ECB misunderstand the problem, this is an issue for governments."Note what he's saying there - when the Bank of England prints money, it's not backed by real resources.
Rather, money-printing is a way of devaluing the real savings which people out in the country at large own. It's a way of appropriating savers' savings. It doesn't create - it simply appropriates.
We seem to have a paucity of Christian thinkers who are applying Biblical teaching to many areas of life at the moment, and the principles of an economy is one of them. It seems to be an area that's just been wholesale handed-over to the secularists to say and do whatever they please. Is that right, when the earth is the Lord's and everything in it?
What are the ethics of the Bank of England deciding to appropriate peoples' savings in this fashion? At what point does "thou shalt not steal" apply to such activities? Is it right for the Bank of England to issue banknotes but effectively have a "carte blanche" to reduce their value as and when it pleases, after the fact? The evangelical church in the West seems sadly mute in untangling such questions today - where have the theologians gone?
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