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The Bank of England Declares the Pound is Fiat

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: 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. :)
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  • (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.
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  • (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.