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posted by LaminatorX on Tuesday March 25 2014, @03:15AM   Printer-friendly
from the Fiat-£ dept.

buswolley writes:

"https://www.creditwritedowns.com/2014/03/boes-shar p-shock-monetary-illusions.html

In a new paper "Money creation in the modern economy," the Bank of England admits that the pound is a fiat currency, explains how it is created, why this matters, and why virtually everything that economic textbooks say about money is wrong.

The authority of the Bank of England on these matters is not easily dismissed, and can represent a shift in thinking among the financial elites from traditional models to fiat centric models."

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  • (Score: 4, Informative) by coolgopher on Tuesday March 25 2014, @03:17AM

    by coolgopher (1157) on Tuesday March 25 2014, @03:17AM (#20849)
    • (Score: 2) by zocalo on Tuesday March 25 2014, @03:38AM

      by zocalo (302) on Tuesday March 25 2014, @03:38AM (#20851)
      Hey, *someone* had to be first... or is it second? I guess this is what happens when you have too many stories. :)
      --
      UNIX? They're not even circumcised! Savages!
      • (Score: 0) by Anonymous Coward on Tuesday March 25 2014, @04:29AM

        by Anonymous Coward on Tuesday March 25 2014, @04:29AM (#20862)

        Cue Gene Chandler.... Dupe of URL [youtube.com] ( couldn't resist )...

      • (Score: 2) by The Mighty Buzzard on Tuesday March 25 2014, @09:55AM

        by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@soylentnews.org> on Tuesday March 25 2014, @09:55AM (#20940) Journal
        Third-ish. The first was an exact dupe due to oops. The second happened the first week.
        --
        123
        456
        789
      • (Score: 0) by Anonymous Coward on Tuesday March 25 2014, @12:14PM

        by Anonymous Coward on Tuesday March 25 2014, @12:14PM (#21026)

        It's a slashdot tradition that soylentnews is proud to continue.

    • (Score: 5, Funny) by Daniel Dvorkin on Tuesday March 25 2014, @05:49AM

      by Daniel Dvorkin (1099) on Tuesday March 25 2014, @05:49AM (#20886)

      Well, see, news aggregator sites create stories by fiat ...

      --
      Pipedot [pipedot.org]:Soylent [dev.soylentnews.org]::BSD:Linux
  • (Score: 2, Offtopic) by juggs on Tuesday March 25 2014, @04:05AM

    by juggs (63) on Tuesday March 25 2014, @04:05AM (#20856)

    Editors,

    Review what has already been accepted for submission and don't blindly accept repeats of the same by a divergent path. Please.

    Otherwise we will be inundated by non-news "MH370 search resumes" "MH370 search ends for today as it's gone dark but here's a recap" type stuff.

    I know you mean well, but if you want to prove as an outlet for good news - don't repeat - unless your "audience" is broadcast.

    So many green lit lamps and you hit a red there.

    I blame poutine--

    But such is me.

    • (Score: 2) by zocalo on Tuesday March 25 2014, @08:24AM

      by zocalo (302) on Tuesday March 25 2014, @08:24AM (#20920)
      That's an interesting discussion in itself. One of the things that bugs me about the other site is the number of "minor update" stories that get posted - presumably for the clicks. That's not just developing news like the MH370 story, but also the sheer number of "$application vX.Y released" of late and similar stuff. For instance, unless there's some significant additional feature/UI change/security fix, I don't really see the need for a story every six weeks to report on the latest release of Firefox or Chrome.
      --
      UNIX? They're not even circumcised! Savages!
    • (Score: 1) by cbiltcliffe on Tuesday March 25 2014, @03:14PM

      by cbiltcliffe (1659) on Tuesday March 25 2014, @03:14PM (#21130)
      Well, since this site, for a lot of us, is supposed to be a replacement for what another unnamed site used to be, then it's only realistic that there should be a bunch of non-editing editors, dupe stories every few days, and idiot trolls posting crap about using hosts files to stop viruses using MyCleanPC.

      I don't know about you, but I feel right at home, here.....
      :P
  • (Score: 0) by Anonymous Coward on Tuesday March 25 2014, @04:19AM

    by Anonymous Coward on Tuesday March 25 2014, @04:19AM (#20859)

    Dupes distract and irritate.

    • (Score: 2) by ls671 on Tuesday March 25 2014, @05:22AM

      by ls671 (891) on Tuesday March 25 2014, @05:22AM (#20875) Homepage

      "We need a system to weed out dupes"

      In Request Tracker, there a merge functionality where you can merge dupe tickets. Why not merge dupes?

      --
      Everything I write is lies, including this sentence.
      • (Score: 0) by Anonymous Coward on Tuesday March 25 2014, @06:38PM

        by Anonymous Coward on Tuesday March 25 2014, @06:38PM (#21221)

        Request Tracker

        Link? [google.com]

        ...and I was originally thinking, down the road a piece, Tags (like the other site has) might be useful in these kinds of cases.

        -- gewg_

    • (Score: 5, Insightful) by Sir Finkus on Tuesday March 25 2014, @05:24AM

      by Sir Finkus (192) on Tuesday March 25 2014, @05:24AM (#20876)

      We have such a system, it's called "editors".

      • (Score: 1) by tristram on Tuesday March 25 2014, @12:09PM

        by tristram (836) on Tuesday March 25 2014, @12:09PM (#21023)

        We have such a system, it's called "editors".

        I'm pretty sure that we now have more than fifteen years of experience that shows that relying on editors to weed out dupes doesn't actually work.

  • (Score: 2, Funny) by c0lo on Tuesday March 25 2014, @06:30AM

    by c0lo (156) on Tuesday March 25 2014, @06:30AM (#20895)
    Of course the pound is fiat, what would you expect to be? Ferrari?
    • (Score: 0) by Anonymous Coward on Tuesday March 25 2014, @06:40AM

      by Anonymous Coward on Tuesday March 25 2014, @06:40AM (#20898)

      Since it's the British Pound, I would have expected it to be Rolls Royce, of course. Or maybe Bentley. But certainly not an Italian car.

      • (Score: 0) by Anonymous Coward on Tuesday March 25 2014, @06:45AM

        by Anonymous Coward on Tuesday March 25 2014, @06:45AM (#20899)
        The Bank of England just declared british pound to be fiat. Last time I checked, that's an italian brand
      • (Score: 1) by theluggage on Tuesday March 25 2014, @09:06AM

        by theluggage (1797) on Tuesday March 25 2014, @09:06AM (#20925)

        I would have expected it to be Rolls Royce, of course. Or maybe Bentley. But certainly not an Italian car.

        Except they've both been owned by Volkswagen for years... although I suppose the pound does have a picture of a German on it.

        Reliant Robin [wikipedia.org], maybe?

        • (Score: 1) by cbiltcliffe on Tuesday March 25 2014, @03:18PM

          by cbiltcliffe (1659) on Tuesday March 25 2014, @03:18PM (#21131)

          Great. So my money rolls over and crashes if I try a too aggressive maneuver.

          Wait....it IS a Reliant Robin!!!

    • (Score: 2, Informative) by robodog on Tuesday March 25 2014, @10:21AM

      by robodog (1365) on Tuesday March 25 2014, @10:21AM (#20953)

      Ferrari belongs to Fiat anyway.

  • (Score: 1) by bziman on Tuesday March 25 2014, @08:52AM

    by bziman (3577) on Tuesday March 25 2014, @08:52AM (#20923) Homepage

    Both versions posted by the same editor. At least it's an important story.

  • (Score: 3, Insightful) by elf on Tuesday March 25 2014, @09:57AM

    by elf (64) on Tuesday March 25 2014, @09:57AM (#20943)

    When first reading the tag line

    "The Bank of England Declares the Pound is Fiat"

    I was intrigued, because Fiat is not mentioned in the article at all nor is the probably more sensible alternative Flat.

    Editors : What has Fiat got to do with this article? :)

    On another note the article was quite interesting, coming from the UK, it was good to here from the people that have been pumping billions in to the economy by implementing quantitative easing. The conversation would apply to other nations too and its an interesting take on the text book model. I don't claim to fully understand it or the ramifications what happens in real life but the insight in to the magical world of central banks is much appreciated.

    p.s. How come an Aussy was writing an article on the UK economy?