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>> So instead of allowing the disappointing truth to come out, the Bank of England secretly funneled money to hide the gap.

I believe that's what was meant by "fake". In other words, inauthentic.

As far as the transformation from "private institution" to central bank, are you suggesting that this was a form of Open Market Operations?

I took fake to mean that they made up a sale and created money out of nothing (or something).

This isn't what happened. They took money from their reserves and spent it.

> As far as the transformation from "private institution" to central bank, are you suggesting that this was a form of Open Market Operations?

Hu? No, the Bank was nationalised. I don't really understand what you mean or are trying to say.