Smile of the day - What is yours?

[TamSV]

Originally Posted by Bibio

Tam read the second paragraph. https://en.wikipedia.org/wiki/Banknotes_of_Scotland

OK. The Scottish banks keep BOE banknotes to back-up their own cash in circulation. In the event of independence, Scottish retail banks (which aren’t really Scottish anymore in any real sense) would lose the right to print sterling.

If Scotland chooses to continue using sterling the issuing banks would need to exchange the Scottish notes with their supply of English ones.

I still don’t see the problem this gives the BOE.


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[svenrico]

Originally Posted by Seeker

FIA reviews Mercedes F1 evidence...

https://tinyurl.com/2p88apw6

Very good. Would be funny if it wasn't true !
Even with VAR refs often can't see they have been conned by a player falling down in the penalty area.

[svenrico]

Originally Posted by Bibio

Tam read the second paragraph. https://en.wikipedia.org/wiki/Banknotes_of_Scotland

i cant remember the link of where i found the information but it was buried deep in Gov BOE text. due to Scotland not having a legal tender they still remain on a barter system, there was a court case here in Kdy about a second hand shop keeper refusing to barter for furniture with a customer. the customer won the case.

you may use notes in daily life but they are worthless just like everything you own unless you want to trade it for some sheep.

Can you barter with Haggis ?
ps I have always used money when I have been to Scotland !

[MrMessy]

So my wife as taken me to a lovely hotel for my 66th birthday!

[Bibio]

Originally Posted by MrMessy

So my wife as taken me to a lovely hotel for my 66th birthday!

enjoy

[Bibio]

Originally Posted by TamSV

OK. The Scottish banks keep BOE banknotes to back-up their own cash in circulation. In the event of independence, Scottish retail banks (which aren’t really Scottish anymore in any real sense) would lose the right to print sterling.

If Scotland chooses to continue using sterling the issuing banks would need to exchange the Scottish notes with their supply of English ones.

I still don’t see the problem this gives the BOE.


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if Scotland gained its own legal tender then the BOE owes the new holding bank in Scotland the deposits they hold for the three note issuing banks in Scotland. the problem is, i very much doubt that the BOE has the reserves to do so. why do you think the Gov bailed out RBS.

Sterling is a Scottish thing as far as i know. the BOE notes only promise to pay the bearer on demand they do not state what they promise to pay.

if the Gov want us all to be stronger together then its about time they issue a UK wide legal tender.

in day to day life it does not matter its only when/if Scotland gain indy there would need to be a legal tender for trading etc.etc.

[embee]

Originally Posted by Bibio

.... the BOE notes only promise to pay the bearer on demand they do not state what they promise to pay.
.....

The BOE fiver in my pocket says

"Bank of England"
"I promise to pay the bearer on demand the sum of five pounds"
and signed by the Chief Cashier.

What's the confusion?

[Bibio]

Originally Posted by embee

The BOE fiver in my pocket says

"Bank of England"
"I promise to pay the bearer on demand the sum of five pounds"
and signed by the Chief Cashier.

What's the confusion?

five pounds of what????? cow muck, boiled sweets.....

[svenrico]

Originally Posted by embee

The BOE fiver in my pocket says

"Bank of England"
"I promise to pay the bearer on demand the sum of five pounds"
and signed by the Chief Cashier.

What's the confusion?

Yes, I don't understand why there seems to be confusion, I always thought I understood how money worked , I have been using it for years to pay for
things !

[embee]

Originally Posted by Bibio

five pounds of what????? cow muck, boiled sweets.....

Ah, right, you mean the philosophical consideration of what is exchange or payment. The pound sterling is just an accounting unit, apparently dating from the 8th or 9th century Anglo Saxon ages being equivalent to 240 silver pennies, so in essence originating as an amount of precious metal. If we use tokens for exchange of "value" it has to be a widely accepted stable item so that everyone can rate their produce against it. Of course now we don't even hold the tokens, they are just a figment of an accountants imagination, not even a number on paper, just a binary code in a memory somewhere.
So it's five pounds "worth" of value, however that is currently defined, not five pounds "of" anything.