What is money

[Add1840]

Bank of England writes that banknotes are IOUs but can only be repaid by another banknote. Is this not circular reasoning ? What are they promising you ? Is it another promise ad infinitum ?

[DaveGillie]

(08-09-2017, 08:33 AM)Add1840 Wrote: Bank of England writes that banknotes are IOUs but can only be repaid by another banknote. Is this not circular reasoning ? What are they promising you ? Is it another promise ad infinitum ?

Yes.

and the same with all Country's currency.

ultimately getting value by tradition, faith in acceptability by others and finally/ultimately by the IOU's being required to pay taxes

and that, simply, is IT.

scary huh

[oly2059]

I think they're going to cure your conundrum by taking away your bank notes and coin and by placing a micro-chip in your hand and forehead.

After all, money us "all in your head" anyway.

oly

[ModestProposals]

(08-09-2017, 02:47 PM)oly2059 Wrote: I think they're going to cure your conundrum by taking away your bank notes and coin and by placing a micro-chip in your hand and forehead.

After all, money us "all in your head" anyway.

oly

Right.  You can cut off a hand and live but you can't cut off a head and live.

[aqua]

(08-09-2017, 02:47 PM)oly2059 Wrote: I think they're going to cure your conundrum by taking away your bank notes and coin and by placing a micro-chip in your hand and forehead.

After all, money us "all in your head" anyway.

oly

England did decide to keep Venezuela's gold.

Bank Of England We Have A Problem: Venezuela Wants Its Gold Back ...


https://www.silverdoctors.com › Gold › Gold News
Nov 5, 2018 - Using the time-tested, good old-fashioned
"run around" stall tactic, the BOE has a lame excuse as
to why it can't give Venezuela its gold back ...

[aqua]