May aswell be me then

[Threadkiller]

Went back a good load of pages on the forum and couldn't find anybody talking about this...

So money is not backed by gold or intrinsic items?... http://www.dailymail.co.uk/news/article ... ondon.html

156 billion pounds minimum (if the above article is true) is legally floating around our country

As the title says it may aswell be me, if this article is true then everything we've been told about money not being backed by gold is a lie (up to £156bn)

Any proof to the contrary? I can't seem to think of any.

[mescalito]

But its the bank of englands, not ours.

[skweeker]

It might be in their vault, but it might not be their gold.

[skweeker]

Anyway, it's beside the point they just 'found' £156 billion because it is being measured in fictitious '£' in the first place.

They should say how heavy it is, because, that is exactly how much it is worth. Its own weight in gold.

Taking this just a touch further, even if they decided to cover the QE and derivative markets, pension plans, saving accounts and other assorted financial liabilities (funded & unfunded) by re-pegging to a gold standard with their 'available' stash, newly discovered/stolen from Libya or not, they still wouldn't have anywhere near enough ...

... unless, of course, they revise upward the physical spot price for real metal by several hundred percent or more.

£25,000 for an ounce of gold anyone?

Oh, don't forget silver. Apparently, there is less investment (bullion) grade silver available than there is gold. On Earth.

[Threadkiller]

I get what you mean but that's not my point, my point was that the money in circulation UP TO 156 billion IS backed by gold, I know that that number is nowhere near the amount in circulation I'm just infering that 156 billion of it is legal is it not?

Also, I'd like to take back the word everything from my original comment and replace it with "the foundation of what we're told", or is there no backsies?

[skweeker]

The money either is or ain't backed by gold.

If only 'some' of it where, they would call the portion backed by gold something else other than money ...

Perhaps they could call them Gold Certificates, or something like that ?

**********


Backsies are fine by me.

[ljtherock]

@ Threadkiller.

In which case, let me assume you have a house for sale at £100,000.

I will buy it from you for £200,000 but I will give you a I.O.U, signed and with a promise to pay.
You can have total trust in my financial capacity to honour the I.O.U. I have proof of this and have left proof below:

[traderfluff]

what people need to sink in is the medium of exchange....
could be what ever you think is valuable to you! you need a commodity but need means of purchase....but to purchase you need to labor for the commodity some labor in the commodity function only to purchase the commodity they labored ??

and some "educated muppet" tailors you instrument of exchange as intermediate at a price

bizarre but sad! keep electing fools and get fools to elect ......ping pong>><<ping pong.

TF

[Threadkiller]

@Lj, touche man, I've genuinely got a sliver of silver Keep it in my wallet just incase it's breaking news that all money is worthless and silver is in less supply than gold so the value shoots up and I can still buy my shopping

Again the main issue with everything we deal with is morality at the end of the day, but, you can get what I mean and in all honesty who elses gold is it going to be if it's not BoE? I know that more is in circulation than is in gold but how much of it is printed and not on screens? 156 billion? More? I'm not sure and it's too much effort for me to go through at this point in time finding out but my point still stands, maybe the first 156 billions pounds redeemed get the gold and everybody else tough shit? Who knows but it's worth debating to see what we come up with.

[ljtherock]

@Lj, touche man, I've genuinely got a sliver of silver Keep it in my wallet just incase it's breaking news that all money is worthless and silver is in less supply than gold so the value shoots up and I can still buy my shopping

Again the main issue with everything we deal with is morality at the end of the day, but, you can get what I mean and in all honesty who elses gold is it going to be if it's not BoE? I know that more is in circulation than is in gold but how much of it is printed and not on screens? 156 billion? More? I'm not sure and it's too much effort for me to go through at this point in time finding out but my point still stands, maybe the first 156 billions pounds redeemed get the gold and everybody else tough shit? Who knows but it's worth debating to see what we come up with.

None of the currency will be redeemed for gold because the gold will stay with its true owners.

The currency is only backed by our faith in it and our time/labour.
The currency is a tool designed to be used against us in the main and steal our fruits of our labour and this it truly does.