Central banks usually don’t admit their guilt in the destruction of money, but the Bank of England unwittingly comes clean.

Original Article: "The Bank of England: Money Creation in Their Own Words"
This Audio Mises Wire is generously sponsored by Christopher Condon. 

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In March 2014 the world’s oldest central bank, the Bank of England (BoE), did every advocate of sound money a big but unintentional favor by publishing an official introduction to and an official detailed account of unsound money.
Given both the importance of and the lack of publicity regarding these two seminal papers over the past nine years, even here at mises.org, the focus in this piece will be on quoting some of the BoE’s “greatest hits.” (This approach was also taken by this author in 2020 when quoting from the Black Lives Matter website prior to its being scrubbed.)
Modern Money Introduction
The BoE sets the stage in the paper “Money in the Modern Economy: An Introduction” by defining money in terms of the following three important roles:
The first role of

The Biden administration has increased federal government spending by a record $3.4 trillion since January 2021. That includes such signature bills as the American Rescue Plan Act of $1.8 trillion, the Inflation Reduction Act of $50.6 billion, and the Infrastructure Investment and Jobs Act of $764.9 billion.
As well as providing official costings for those bills, the Congressional Budget Office has found that a number of executive orders contribute nearly another $1 trillion of spending including college student debt cancellation, the end result being an additional $4.8 trillion to the net deficit.
To make a bad situation worse, there has since been the Consolidated Appropriations Act omnibus of $1.7 trillion which includes, until September 2023, $772.5 billion in