Bank of England to temporarily finance UK government spending

[ChimpMaster]

The gold standard can't return soon enough.

Oh dear.

[AtW]

The gold standard can't return soon enough.

Cant’t work in modern world

[scooterscot]

I'm ready for it... are you?

[scooterscot]

Cant’t work in modern world

The Bitcoin standard it is then!

[NigelJK]

<old gag>That's the good thing about Bitcoin standards, there's so many to choose from</old gag>

[CheeseSlice]

Interesting story from Reuters:

Bank of England agrees to finance UK government if markets turn sour - Reuters

From Investopedia: "Fiat money is government-issued currency that isn't backed by a commodity such as gold. Fiat money gives governments' central banks greater control over the economy because they control how much currency is printed. One danger of fiat money is that governments will print too much of it, resulting in hyperinflation"

Just beware when Rishi Sunak starts scattering his endless supply of crisp fresh £50 notes over our financial problems like it was confetti.

[AtW]

The Bitcoin standard it is then!

Tulipcoins can’t work either, obviously

[scooterscot]

One danger of fiat money is that governments will print too much of it, resulting in hyperinflation"

Just beware when Rishi Sunak starts scattering his endless supply of crisp fresh £50 notes over our financial problems like it was confetti.

Before that can happen though, there's a need to increase the physical money supply. Before that time, we're more likely to have deflation. A lot of it. People want cash, can't get it (see below) then this results in people not spending it. You can thank the Tories in the mid-80's for bank deregulation for the pickle we're in now.

'Money Supply M1 in the United Kingdom increased to 1835526 GBP Million in February from 1814637 GBP Million in January of 2020.'

'Money Supply M2 in the United Kingdom increased to 2472269 GBP Million in February from 2471137 GBP Million in January of 2020.'


So a difference of £0.6 trillion that does not actually exist but a computer in the BoE says it does. Crt-Alt-Del, that'll fix it.

[DodgyAccountant]

Cant’t work in modern world

1944 - Bretton Woods

to

15/08/1971 - Nixon 'temporarily' suspends convertability of USD to gold