In this report I talk about the new Bank of England £10 "promissory note" and how it actually is not a note as it does not discharge a debt owed.
Ten Pounds of Nothing Does Not Discharge a Debt.
7 years ago in #money by maneco64 (75)
$3.90
- Past Payouts $3.90
- - Author $3.36
- - Curators $0.54
67 votes
- conspiracy-guy: $1.03
- sesises: $0.97
- bobbylee: $0.91
- preparedwombat: $0.13
- oldman28: $0.09
- jonjon1: $0.09
- leeuw: $0.08
- saamychristen: $0.08
- doctorjohn: $0.05
- realestatecoach: $0.05
- criptomonedastv: $0.05
- natevegas: $0.03
- talltim: $0.03
- funkywanderer: $0.03
- dkmathstats: $0.03
- aaagent: $0.02
- lovemetouchme2: $0.02
- ronmamita: $0.02
- the-reginald: $0.02
- zebulon: $0.02
- and 47 more
Ah welcome to the club. You face the same fate as Australian and Canadian that burning / toilet use of worthless fiat is not an option.
New and improved fiat, now totally worthless!
You can't even wipe your ass with it!
Out of the traditional talked about uses. Wall paper is still an option. Probably less likely to fade in sunlight.
Wallpaper is good idea, but not if you had to see the queen all day.
Check into the R-value might be good insulation.
Or make rings or bracelets maybe, some girl made a dress from gum wrappers, why not fiat?
If its plastic maybe they could be used in the plastic printers.
About 20 years ago I went into the Bank of England in the City to change some damaged notes. I needed good notes for traveling abroad where damaged notes are often refused for exchange in many countries.
After a very rigorous security check in the large entrance area, I entered the banking section. I went up to one of the tellers and asked to change my notes. She at first refused to do so. To my surprise she said it was money laundering! I persisted, pointing out the promise on the notes, and that I needed new notes for exchanging abroad. I think I asked if I could have pounds of silver instead, but I've never found an answer to that question.
The woman was quite obnoxious. She reluctantly changed my few damaged notes for better ones. "Den of thieves", "money mafia", "HM con artists" are the kind of terms that come to mind when I think of the BoE. Their system only works as long as people remain ignorant of their confidence game. They pass off paper promises and debased metal coins as having value, and people believe the scam. However, hyperinflation erodes people's confidence in such "money" as they stampede out of fiat into anything tangible or usable. That's when people need to stack notes and put the central bankers who issued it on top and set fire to it. However, these days only a fraction of "money" is in the form of notes and coins. Most is digital - even more worthless when electric power is down! One advantage of digital money for bankers is that when hyperinflation comes it's not so easily seen in stacks of notes, but only more zeros on a screen.
We need to consider what are "money", "value", "medium of exchange"? Is it preferable to be more self-sufficient in the only goods of value we really need - fresh water supply, food, clothes, shelter? Then "money" would be a peripheral concept for trading goods, with the main purpose being to smooth out bartering.
Accumulation of "capital" is perhaps an evil that has given rise to bankers and their scams? Surely, in "paradise" the only value is in fully living each day, understanding that nature provides all we need? Humans have seriously disrupted nature with "capital" (both private and state), and future planning. Maybe it'll all come around to destroy human civilisation as we know it? The BOOM of nuclear explosions and the BUST of financial systems when electric power goes down are well within sight!
Then we may consider where values, worth and benefit lie...
I enjoy the market recaps and glimpse into how the day is going, the videos I like the best are the ones @maneco64 brutally lays bare that the emperor has no clothes.
@fractalfreedom thanks.
When I first seen the £10 note, my first thought were devaluation of the English currency. I have never given it ant thought about what is on our notes, I just spend it. Thank you for bringing it to my attention.
@keela You are welcome.
Maneco64 can I ask, is there silver in our silver coins?
@keela No. Up until 1919 the coins had 92.5% silver in them hence the term sterling silver. From 1920 until 1946 there was only 50% silver in the coins. Since 1947 there has been no more silver just base metals. As you can see each time the silver was taken out of the coinage was after a major war. The bankers wanted a return on their war time investments!