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This discussion has been archived.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, 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.

    Starting Score:    0  points
    Moderation   +2  
       Insightful=1, Informative=1, Total=2
    Extra 'Informative' Modifier   0  
    Total Score:   2