The US -like many other first-world countries, was 'sold' to other parties on Earth who wished to be in on the bountiful
riches. It's the actual worth of these numbers that has really really dwindled that concerns me.
(UK) Behind each sterling note is a promise... a promise that the note is worth something.
We usually equate that 'something' as gold, but as this 2016 information from the Bank Of England indicates, the worth
has morphed from an actual object of desire to the labour put in to create the availability of that object.
...........................
In 1978, a friend of mine quipped that he had a plan to make-up (create) company/business-named websites in order
to sell them to businesses who later would wish to own the titles. 1978... the first email in the UK was sent to the Queen
in 1976, this shows you how far ahead in the game this guy was.
The scheme was born out the idea that if he could make £1,000,000, he could live off the interest for the rest of his life.
At that time, the interest would've been £2,000-per-week ($2704 today).
A million pounds... who could imagine that amount? I was eighteen years of age then and now at sixty-one, we throw
around the words 'billion' and 'trillion' like they're regular sums of money.
We have food-banks in the UK, we have daily killings and we have a system where nobody has to die on the street via
starvation. We are rich in as much, a small island can be classified as an important country on the world stage.
The amounts of money have always been with us, it's just now easier to talk about them and what has really happened is
these amounts have just congregated into a few instead of the many.
INMHO.
riches. It's the actual worth of these numbers that has really really dwindled that concerns me.
(UK) Behind each sterling note is a promise... a promise that the note is worth something.
We usually equate that 'something' as gold, but as this 2016 information from the Bank Of England indicates, the worth
has morphed from an actual object of desire to the labour put in to create the availability of that object.
Quote:Subject/Request details: What is the value of the sterling currency? Bank of England banknotes say promise to pay the bearer
on demand, what is it that you would pay upon receipt of one of your banknotes?
What gives sterling its value, using the labour theory of value?
Date released: 25 February 2016
Disclosure:
Since the Bank of England’s (the ‘Bank’) foundation in 1694 the Bank has issued notes promising to pay the bearer a sum of money.
For much of its history the promise could be made good by the Bank paying out gold in exchange for its notes.
The link with gold helped to maintain the value of the notes, although the link was sometimes suspended, for example in wartime.
The link with gold was finally broken in 1931 and since that time there has been no other asset into which holders have the right to
convert Bank of England notes. They can only be exchanged for other Bank of England notes.
Nowadays public faith in the pound is maintained in a different way - through the Bank's operation of monetary policy, the object of
which, by statute, is price stability.
The promise to pay does not have the same meaning as it did three hundred years ago.
Nowadays, the ‘promise to pay’ holds good in perpetuity for the exchange of old series Bank of England notes which have been
withdrawn from circulation, as well as mutilated Bank of England notes, provided that certain criteria are met.
Finally, in terms of the labour theory of value, the cost to produce a banknote is minimal, however, its real value lies in the value of
the goods and services you can exchange it for...'
...........................
In 1978, a friend of mine quipped that he had a plan to make-up (create) company/business-named websites in order
to sell them to businesses who later would wish to own the titles. 1978... the first email in the UK was sent to the Queen
in 1976, this shows you how far ahead in the game this guy was.
The scheme was born out the idea that if he could make £1,000,000, he could live off the interest for the rest of his life.
At that time, the interest would've been £2,000-per-week ($2704 today).
A million pounds... who could imagine that amount? I was eighteen years of age then and now at sixty-one, we throw
around the words 'billion' and 'trillion' like they're regular sums of money.
We have food-banks in the UK, we have daily killings and we have a system where nobody has to die on the street via
starvation. We are rich in as much, a small island can be classified as an important country on the world stage.
The amounts of money have always been with us, it's just now easier to talk about them and what has really happened is
these amounts have just congregated into a few instead of the many.
INMHO.
Edith Head Gives Good Wardrobe.