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."
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The Bank of England Declares the Pound is Fiat
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(Score: 4, Informative) by coolgopher on Tuesday March 25 2014, @07:17AM
http://soylentnews.org/article.pl?sid=14/03/25/026 230 [soylentnews.org]
(Score: 2) by zocalo on Tuesday March 25 2014, @07:38AM
UNIX? They're not even circumcised! Savages!
(Score: 0) by Anonymous Coward on Tuesday March 25 2014, @08:29AM
Cue Gene Chandler.... Dupe of URL [youtube.com] ( couldn't resist )...
(Score: 2) by The Mighty Buzzard on Tuesday March 25 2014, @01:55PM
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Tuesday March 25 2014, @04:14PM
It's a slashdot tradition that soylentnews is proud to continue.
(Score: 5, Funny) by Daniel Dvorkin on Tuesday March 25 2014, @09:49AM
Well, see, news aggregator sites create stories by fiat ...
Pipedot [pipedot.org]:Soylent [soylentnews.org]::BSD:Linux
(Score: 2, Offtopic) by juggs on Tuesday March 25 2014, @08:05AM
Editors,
Review what has already been accepted for submission and don't blindly accept repeats of the same by a divergent path. Please.
Otherwise we will be inundated by non-news "MH370 search resumes" "MH370 search ends for today as it's gone dark but here's a recap" type stuff.
I know you mean well, but if you want to prove as an outlet for good news - don't repeat - unless your "audience" is broadcast.
So many green lit lamps and you hit a red there.
I blame poutine--
But such is me.
(Score: 2) by zocalo on Tuesday March 25 2014, @12:24PM
UNIX? They're not even circumcised! Savages!
(Score: 1) by cbiltcliffe on Tuesday March 25 2014, @07:14PM
I don't know about you, but I feel right at home, here.....
(Score: 0) by Anonymous Coward on Tuesday March 25 2014, @08:19AM
Dupes distract and irritate.
(Score: 2) by ls671 on Tuesday March 25 2014, @09:22AM
"We need a system to weed out dupes"
In Request Tracker, there a merge functionality where you can merge dupe tickets. Why not merge dupes?
Everything I write is lies, including this sentence.
(Score: 0) by Anonymous Coward on Tuesday March 25 2014, @10:38PM
Request Tracker
Link? [google.com]
-- gewg_
(Score: 5, Insightful) by Sir Finkus on Tuesday March 25 2014, @09:24AM
We have such a system, it's called "editors".
Join our Folding@Home team! [stanford.edu]
(Score: 1) by tristram on Tuesday March 25 2014, @04:09PM
I'm pretty sure that we now have more than fifteen years of experience that shows that relying on editors to weed out dupes doesn't actually work.
(Score: 2, Funny) by c0lo on Tuesday March 25 2014, @10:30AM
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 0) by Anonymous Coward on Tuesday March 25 2014, @10:40AM
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, @10:45AM
(Score: 1) by theluggage on Tuesday March 25 2014, @01:06PM
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, @07:18PM
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, @02:21PM
Ferrari belongs to Fiat anyway.
(Score: 1) by bziman on Tuesday March 25 2014, @12:52PM
Both versions posted by the same editor. At least it's an important story.
(Score: 3, Insightful) by elf on Tuesday March 25 2014, @01:57PM
When first reading the tag line
"The Bank of England Declares the Pound is Fiat"
I was intrigued, because Fiat is not mentioned in the article at all nor is the probably more sensible alternative Flat.
Editors : What has Fiat got to do with this article? :)
On another note the article was quite interesting, coming from the UK, it was good to here from the people that have been pumping billions in to the economy by implementing quantitative easing. The conversation would apply to other nations too and its an interesting take on the text book model. I don't claim to fully understand it or the ramifications what happens in real life but the insight in to the magical world of central banks is much appreciated.
p.s. How come an Aussy was writing an article on the UK economy?
(Score: 1) by dtremenak on Tuesday March 25 2014, @07:37PM
"Fiat" in this context is latin, for "let it be."
See also: http://en.wikipedia.org/wiki/Fiat_money [wikipedia.org]