It's the money of the world today, but it isn't "real" money as you say, it has no value, it should be called credits...Originally Posted by Ragmen86It is money, it just doesnt have any intrinsic value (or very little anyway), its only worth something because we all agree it does, its just a big IOU from the rest of the population effectivlyOriginally Posted by iAnjunabeatsThat is just it matey, it isn't money! And when I said sheeple, I wasn't directing it at anybody here, I'm directing at the sheeple out there, because there are plenty of them!Originally Posted by antng
thats what money is
Money, metals, and everything else only has value because we created the concept of value.Originally Posted by iAnjunabeats
It's the money of the world today, but it isn't "real" money as you say, it has no value, it should be called credits...
2 seconds research on the internet provided this, and it agrees with me, so im gonna post it
"Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can serve as money.
Money originated as commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money is without intrinsic use value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private"."
Thank you wiki
Depends on how you look at it, the "false" concept of value is more accurate when talking about money, & then the question you could ask is, why refer to British money as stirling, when it is far from it?Originally Posted by bobozillaMoney, metals, and everything else only has value because we created the concept of value.Originally Posted by iAnjunabeats
It's the money of the world today, but it isn't "real" money as you say, it has no value, it should be called credits...
@Ragmen, Wiki, hehehe, anybody can write on that........I wouldn't call that a reliable source.
fine... I suppose wiki doesnt count, another 2 secsonds research found this
http://www.investopedia.com/articles...#axzz1qJ8aIcEV
long and boring and lots of stuff about what money is
basically its an IOU, it doesnt have to be worth anything on its own
and further info as to why its not backed by a precious metal
http://pamela-grundy.suite101.com/wh...andard-a205903
Fair comment, but if it isn't worth anything on it's own, why refer to British money as stirling...........as in stirling silver? I don't call British money stirling, because it isn't. Or is it because it has the head of the Queen on it?Originally Posted by Ragmen86
Good debate btw.
I think it just a hangover from when it was actually silverOriginally Posted by iAnjunabeats
Fair comment, but if it isn't worth anything on it's own, why refer to British money as stirling...........as in stirling silver? I don't call British money stirling, because it isn't. Or is it because it has the head of the Queen on it?
Good debate btw.
quick check on internets
"There is some uncertainty as to the origin of the term "pound sterling". One source suggests it dates back to Anglo-Saxon times, when coins called sterlings were minted from silver; 240 of these sterlings weighed one pound, and large payments came to be made in "pounds of sterlings". Other references, including the Oxford English Dictionary, say a sterling was a silver penny used in England by the Normans and date the term to around 1300. For more discussion of the etymology of "sterling", see Sterling silver."
Originally Posted by Ragmen86I think it just a hangover from when it was actually silverOriginally Posted by iAnjunabeats
Fair comment, but if it isn't worth anything on it's own, why refer to British money as stirling...........as in stirling silver? I don't call British money stirling, because it isn't. Or is it because it has the head of the Queen on it?
Good debate btw.
quick check on internets
"There is some uncertainty as to the origin of the term "pound sterling". One source suggests it dates back to Anglo-Saxon times, when coins called sterlings were minted from silver; 240 of these sterlings weighed one pound, and large payments came to be made in "pounds of sterlings". Other references, including the Oxford English Dictionary, say a sterling was a silver penny used in England by the Normans and date the term to around 1300. For more discussion of the etymology of "sterling", see Sterling silver."
Yup, I know of this, but what I mean is, why refer to something as something, when it isn't anymore? Look on the bright side, at least we still have the British pound & not the Euro.
Senior Member
Just for info.. the British currency is pound sterling. We only call it pounds and British Pounds in a less formal way. When we trade overseas and on the stock exchange it's always done in pound sterling. I'm not sure where the Sterling part originated from though. Just a guess but does sterling silver not just refer to british silver? -Could be very wrong about that though.
I guess it's pretty sad that the issue of our banking system being inherently flawed and corrupt never comes up in mainstream focus (not that I expect otherwise).
It's always a case of..... Who can we punish next in order to save a few pounds, sadly the vast majority go along with this chain of thought and are 90% of the time in full support of punishing just about anybody.
I'm not 100% certain on this but pretty sure there isn't a single country on the planet that isn't in debt of billions-trillions, if there is it's very few. How people can sit back and accept this as normality is quite incredible. The banking system as we know it today is the greatest scam in human history in my opinion.
For those who were not aware, before the invasion of Libya, Libya had it's own central bank (state owned) and the country had no debts.. Now.. Under the thumb of the IMF it's in the billions already...
