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Moon phases
Is the English pound backed by Gold?
3 posters
Page 1 of 1
Is the English pound backed by Gold?
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
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
Ausk- Moderator
- Posts : 491
Join date : 2017-06-03
Re: Is the English pound backed by Gold?
Hi Ausk,
Not since september 1931
Not since september 1931
daveiron- Admin
- Posts : 4925
Join date : 2017-01-17
Re: Is the English pound backed by Gold?
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.
Ausk- Moderator
- Posts : 491
Join date : 2017-06-03
Re: Is the English pound backed by Gold?
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.
Money or bank notes tell you they are only credit slips where it says "I promise to pay the bearer" on them.
assassin- Admin
- Posts : 3577
Join date : 2017-01-28
Location : Wherever I Lay My Head
LionsShare likes this post
Similar topics
» English or Scottish Law
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» The History of the World System
» buying gold
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