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Moon phases


Is the English pound backed by Gold?

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Is the English pound backed by Gold?

Post by Ausk on Tue Aug 14, 2018 12:29 pm

Just listening to my favorite pod cast in Australia from the Know Your Rights Group.

An English listener in Aus asked the question; if Australia is a member of the British Commonwealth, can a British subject living abroad in Australia, use English pounds here in Australia?

It was agreed by the two presenters that this was a good question. One presenter said the English Pound was backed by gold and was therefore real money.

My question to readers is, is it true the English pound is backed by gold?

thanks

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Re: Is the English pound backed by Gold?

Post by daveiron on Tue Aug 14, 2018 1:12 pm

Hi Ausk,

Not since september 1931
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Re: Is the English pound backed by Gold?

Post by Ausk on Wed Aug 15, 2018 9:58 am

@daveiron wrote:Hi Ausk,

Not since september 1931

Seems the bloke on the show was not quite right.

Australia's currency has not been backed by gold since 196? whatever.

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Re: Is the English pound backed by Gold?

Post by assassin on Thu Aug 16, 2018 2:05 am

It is backed solely by debt and credit which is worthless paper with a value if it is recognised only by those silly enough to recognise it.
Money or bank notes tell you they are only credit slips where it says "I promise to pay the bearer" on them.
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