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Process for crediting a promissary note

PostPosted: Mon Nov 30, 2009 11:57 pm
by cjwood555
Hi all,

Has anybody asked the straightforward question of the treasury/bank of england to provide a copy of / details of the proccess for creating money from a promissary note? A procedure should be written down and would come under FoI....


Re: Process for crediting a promissary note

PostPosted: Tue Dec 01, 2009 11:29 am
by emmanualgoldstein
You could mean two things here, I can answer one of them.

You either mean
A. How do you float a promissory note in leu of money - whats the process.
B. How do you turn a promissory note into money.

A. Im not sure about the reality of my answer to A, but I belive the official line is that the treasury determinnes how much currency is required within the constraints that there cant be so much available that there is a significant drop in the currencies value (as compared to the price of stuff) - this will cause inflation as people raise prices to get an even share. The other constraint is that it cant be too little, firstly because there has to be enough to cover the actual need for currency and secondly the more cash thats floating about the more transactions occur, the more tax they collect, the higher economic growth (for their treasure troves, not ours). So they want lots of currency floating about but if they feed too much in some people will have too much money and others will try to get some of it by charging more money.

The whole quantative easing thing is a euphemism for splashing out currency like theres no tommorrow. You dont just get given currency by the bank of england. You collect it in the form of civil servant wages rises, government grants, government contracts etc. Which basically means that some people at the top end of society are having their asses quantitavely eased by the the UK gov doing a robert mugabe on the currency.

At the same time wages are depreciating as inflation is rising and wages are rising at less than the rate of inflation which means that they are really going down. So the people at the top collecting the bonuses are seeing their income going up, and the people at the bottom are seeing their income going down. Now I know communism wasnt the greatest system ever invented, but its existence meant that there was at least pressure on our governments to ensure that this kind of thing didnt happen. Socialism is as dead as the community around that coal mine that tony blair used to work in. You know the one dont you? The one next to the steel yard that gordon brown used to work in? Or was it david cameron? Oh who knows Im sure someone in the corridors of plenty (oops) corridors of power must have some kind of background amongst the people ... well maybe, then again maybe not. Like I say this is my take on the official line of what it is they are doing, but theres a good chance that the official line inspite of its ineptness is just a bunch of crap they are feeding us thinking that we would all just love to become feudal serfs once again.

B. This ones easy, because its been done by many individuals in the past, but dont get excited til you hear the answer. The Gold Standard Act 1925 says at least two important things: firstly that we all have to accept legal tender in payment for debt, and secondly that the bank of england cannot be obliged to their promise to pay the bearer on demand the actual money that the note represents. This has the effect that if you go to "here at their headquarters" as per the notes instructions, rather than being paid in sterling silver or its equivelent in gold, you will infact be given more promissory notes in exchange for your old ones and told "thats money" kerchinggggggg!!! Of course this borders on being completely unlawful but can you name anything about the administration of this country that is not a complete infringement of liberties.

If you dont like it, go and live somewhere else. Half the fuckers telling us shit like this have dual residencies, and enough cash to float an airline let alone a plane ticket. And besides where would we fly to? Another slave colony ruled by similarly corrupt neros in their ivory towers?

Re: Process for crediting a promissary note

PostPosted: Tue Dec 01, 2009 11:55 am
by cjwood555
Hi eg,

Thanks for the reply. What I was getting at is more that a lot of our 'noca's etc hang on this lack of equal consideration / money created by promissary note / government bonds etc.... As raised in another topic, it would help the argument if conclusive proof were available. I may research the matter some more to work out how to word the question.....


Re: Process for crediting a promissary note

PostPosted: Tue Dec 01, 2009 12:05 pm
by emmanualgoldstein
Conclusive proof is in the gold standard act 1925.