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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: 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 ...

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