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# to my understanding
our banking system was pretty much founded by a bunch of rich guys realising that if they pooled all their money together and then invested it collectively they can get a bigger return on interest (as there's more money to use) and then that could then be split among them.

If every one withdrew their money from the banks there isn't actually enough money in existence to cover that amount and we could bankrupt the country.

It's a system that works to make a select few a fucksite richer..
(I helped save b3ta! arrangedletters, Thu 7 Jul 2011, 9:17, archived)
[challenge entry] Our money isn't even listed against the gold we own.. as Gordon Brown sold it
so despite our money having written on it "I promise to pay the bearer £x-amount of said note" there isn't actually anything other than the paper to pay that with now.
(I helped save b3ta! arrangedletters, Thu 7 Jul 2011, 9:27, archived)
# sorry dropped this: "comrad"
(I helped save b3ta! arrangedletters, Thu 7 Jul 2011, 9:28, archived)
# Didn't the UK dump
the gold standard about 60 years ago?
(I helped save b3ta! splorp ®, Thu 7 Jul 2011, 9:34, archived)
# I'm not sure when it went to be honest
I knew it had and so connected the dots I was aware of.

for including an unresearched error I'm now compo-ing that paragraph. :D
(I helped save b3ta! arrangedletters, Thu 7 Jul 2011, 10:13, archived)
# :-D
(I helped save b3ta! splorp ®, Thu 7 Jul 2011, 10:57, archived)
# Gold Standard
Sterling hasn't been directly linked to gold for a long time, but Gordon Brown did sell (at a huge loss) half of the UK's gold reserve. By announcing that he was going to sell it ahead of the sale, the market tanked. This is due to the market knowing that the sudden influx of gold would drive the price down. Gordon Brown was not a financial genius and this fuck-up cost the UK a reported £2 billion....
(Kitcar memeless in a meme filled world, Thu 7 Jul 2011, 11:37, archived)
# could tell you the exact time we fell of the gold standard
how ever you are correct when you say that there is now only paper to pay the bearer with , if mre people new and understoofd what this means then debt becomes a negative with no value at all and thus is usless as it should be now
(I helped save b3ta! fluffybunnykiller Is feasting on the clitoris of life, Mon 11 Jul 2011, 21:35, archived)