William Paterson

Insuring Risky Investments – Central Bank Style

If you’ve thought that the recent decisions by central banks to bail out investors who gambled and lost on sub-prime mortgages was odd, you’re not alone. If you thought that the bailout flies in the face of all you’ve been taught about the power and sanctity of the market, you’ve got company. And that company is none other than Mervyn King, governor of the Bank of England – the same bank which was born around the time when wealthy Scots seeking greater engagement in the Trans-Atlantic Slave Trade and a toe hold in Panama lost their loot behind the Darien Scheme of William Paterson, and born again when gold was discovered in Africa in the 1880’s.

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