Lewes Forum thread

Go on, tell 'em what you think

Lewes Forum New message


On 27 Mar 2012 at 12:51am Janet Street Preacher wrote:
We dream about it, argue about it, worry about it, celebrate it, spend it, save it - but what exactly is money and why do we put our trust in it?
We invest it and gain it, and unfortunately sometimes lose it, and we give it value and worth - or at least we agree to give it a certain value. But what does it represent?
It used to be stones, or shells. It has sometimes been cigarettes, wives and, arguably, sex. Most-famously it has been gold and silver.
Now money is pieces of paper around which we have built a consensus in that we agree that it means something.
Central banks like the Bank of England hold the monopoly on producing this paper money - cold, hard cash as we know it.
This is known as "fiat currency", from the Latin "it shall be". It derives its value through government backing - but how did we make the shift from pieces of paper to clicks of a mouse?
On 27 Mar 2012 at 1:27am expat two wrote:
Good question, also - how do magnets work?
And how does a projector project black images onto a white screen?
On 27 Mar 2012 at 9:29am teacher wrote:
And why did God give snails houses and yet we have to pay for ours.
On 27 Mar 2012 at 12:48pm Penguin wrote:
That's a good question about the projectors expat two. I hadn't thought about that before but now it is going to annoy me all day!
On 27 Mar 2012 at 3:57pm scunthorpe wrote:
you think you have problems
On 27 Mar 2012 at 5:10pm bastian wrote:
maybe we all wore raelly baggy trousers with huge pockets for keeping chickens in to barter...and then skinny jeans came into fashion and the chicken pockets had to go, so money got inveneted to represent a chicken...we could have used feathers.
On 28 Mar 2012 at 9:03am middleclassandabitsmug wrote:
Any invested or banked money is just a small scratch on a hard disc.
On 29 Mar 2012 at 2:37pm krap? wrote:
JSP "Central banks like the Bank of England hold the monopoly on producing this paper money "
Yes, a monopoly on producing banknotes. This came about in the 19th Century and made it a crime for anyone else: you, me, or private banks to do so. It is counterfeiting and carries a heavy prison sentence.
However, the Act that brought about this monopoly on banknotes (and coins via Royal Mint) did not include a ban on 'digital money' - the electronic digits that make up the money we have in our bank accounts (and which is flying around in the electronic ether all the time now). This is, of course, because there was no such thing as 'digital money' or computers back then.
The old Act does not therefore explicitly exclude the creation of 'digital' money. And this is created 'out of thin' air by private banks when the make 'loans'. These 'loans' of newly-created money come into being as a debt that has to be repaid by me and you and businesses and governments PLUS interest (unlike government issued banknotes which are issued into existence debt-free)
Today the government created debt-free banknotes and coins make up just 3% of all the sterling being traded - the other 97% was created from nothing by privately owned money-creation factories (aka banks).
Which is why we are always skint and the banksters are always rolling in it.
Please look at the 'Positve Money' website and their campaign to change this.

29 posts left

Your response

You must now log in (or register) to post
Click here to add a link »
Smile Wink Sad Confused Kiss Favourite Fishing Devil Cool



Snowdrop Stairs 114:143
Snowdrop Stairs

And further ER hypocrisy in the Pells this week, with a two-car household demanding that ESCC stop funding climate change.
You... more
I like it when people find lost stuff on the forum