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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, 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.

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  • (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