Stories
Slash Boxes
Comments

Dev.SN ♥ developers

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."

 
This discussion has been archived. No new comments can be posted.
The Bank of England Declares the Pound is Fiat | Log In/Create an Account | Top | 1000 moderator points   | 23 comments | Search Discussion
Display Options Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.

  • (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?
    Starting Score:    1  point
    Moderation   0  
       Funny=1, Overrated=1, Total=2
    Extra 'Funny' Modifier   0  
    Karma-Bonus Modifier   +1  
    Total Score:   2  

  • (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.