In 1694, the privately owned Bank of England was established to address England’s financial struggles, deceptively named to appear as a government entity. It issued loans by creating money out of nothing, causing inflation and economic instability. Backed by taxation, it legalized counterfeiting for private gain, setting a model for central banks worldwide.
This system devalues money, imposes a hidden inflation tax, and creates economic booms and busts. By 1698, government debt soared, taxes increased, and the economy suffered instability. The chapter also notes the future influence of the Rothschild family in banking.

View the summary and  video at 6. The Bank of England
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