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Unread 14 Nov 2003, 03:26   #1
Nusselt
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apparently this is legal

which doesnt make a whole lot of sense to me, if im not allowed to print my own very good copies of 'proper' money because i assume amongst other things it will affect the Bank of England's ability to control inflation why are they allowed to burn it? what would happen if we all went out and burned all our money?

http://news.bbc.co.uk/1/hi/england/w...ds/3268345.stm
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Unread 14 Nov 2003, 03:31   #2
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Re: apparently this is legal

Because anyone burning enough money to actually affect the national economy would have to be insane?
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Unread 14 Nov 2003, 03:34   #3
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Re: apparently this is legal

Actually, youre not allowed to deface the Queens Head. I would think therefore that anyone burning that amount of money without previous special consideration is in fact committing an offence.

I recall the KLF did it as a Stunt in their heyday. They burned £1 million and then attempted to sell the remnants as Artwork.

Bill Drummond was on SOOOOOO many drugs.
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Unread 14 Nov 2003, 03:44   #4
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Re: apparently this is legal

The money the bank burns doesn't have any worth. It's no longer part of M1 (Money supply) or in the circulation of money.
If you* burn your money (which is part of M1), money supply decreases, interest rates and general price level (P) increase.

m*v=p*y.



*A LOT of people
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Unread 14 Nov 2003, 03:45   #5
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Re: apparently this is legal

Quote:
Originally Posted by Entium
The money the bank burns doesn't have any worth.
For those that don't understand this please read a banknote and all will be clear.
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Unread 14 Nov 2003, 03:49   #6
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Exclamation Re: apparently this is legal

Burn them all, I say. In one big pyre outside of Doncaster.


The Church Leaders should each be given a nice pie, though.
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Unread 14 Nov 2003, 03:50   #7
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Re: apparently this is legal

Quote:
Originally Posted by Gayle29uk
For those that don't understand this please read a banknote and all will be clear.
It is worth the paper, not more. It is no longer intended to be part of the circulation. If you nonetheless used it for purchasing purposes, you would increase the amount of money the national bank actually wanted to give out.
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Unread 14 Nov 2003, 03:57   #8
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Re: apparently this is legal

Quote:
Originally Posted by Entium
It is worth the paper, not more. It is no longer intended to be part of the circulation. If you nonetheless used it for purchasing purposes, you would increase the amount of money the national bank actually wanted to give out.
How is that related to my comment?
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Unread 14 Nov 2003, 04:04   #9
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Exclamation Re: apparently this is legal

Quote:
Originally Posted by Gayle29uk
How is that related to my comment?
All the joys of mis-interpretation, my dear.
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Unread 14 Nov 2003, 04:12   #10
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Re: apparently this is legal

Quote:
Originally Posted by Gayle29uk
How is that related to my comment?
Actually I didn't understand your comment, heh...
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Unread 14 Nov 2003, 04:19   #11
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Re: apparently this is legal

Quote:
Originally Posted by Entium
Actually I didn't understand your comment, heh...
I was suggesting that anyone who didn't understand your comment should read a banknote and all would become clear.

i.e. a banknote is basically an IOU so in the hands of the issuer it's worthless.
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Unread 14 Nov 2003, 04:32   #12
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Re: apparently this is legal

Quote:
Originally Posted by Marilyn Manson
Burn them all, I say. In one big pyre outside of Doncaster.


The Church Leaders should each be given a nice pie, though.
oi.
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Unread 14 Nov 2003, 04:35   #13
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Question Re: apparently this is legal

Quote:
Originally Posted by NEWSBOT3
oi.
Are you objecting to the burning, the donation of the pies, or all of it together?
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Unread 14 Nov 2003, 04:52   #14
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Re: apparently this is legal

I object to Doncaster not being burned along with all this.
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Unread 14 Nov 2003, 04:56   #15
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Re: apparently this is legal

I was "lucky" enough to see this story on local news yesterday, so I got to see the bint shovelling in the cash (not in the least bit upset), the greasy radio man defending his actions, and then some charity woman saying that money could have bought every homeless person in Birmingham a £13 christmas present.

They would have lost a listener but I never even heard of the station before. I think they've annoyed more people than they've impressed though.
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Unread 14 Nov 2003, 05:16   #16
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Re: apparently this is legal

If you went out and burned your own money people would laugh at you. Burning someone else's money (which is what happened here) is funny though.
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Unread 14 Nov 2003, 05:23   #17
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Exclamation Re: apparently this is legal

Quote:
Originally Posted by JonnyBGood
If you went out and burned your own money people would laugh at you. Burning someone else's money (which is what happened here) is funny though.
The Church leaders say: "Burn in hell, Mr Impious."
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Unread 14 Nov 2003, 05:27   #18
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Re: apparently this is legal

Quote:
Originally Posted by Marilyn Manson
The Church leaders say: "Burn in hell, Mr Impious."
I hope god's really a fifty year old hobo named Bill. It'd be great.
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Unread 14 Nov 2003, 05:28   #19
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Re: apparently this is legal

Birmingham radio stations have always done odd things to try and get listeners. Anyone else remember BRMB's Blind-Marriage? (there was a 2 part tv program about it on ITV too)
Incidentally I've never heard of Galaxy in Brum, although it's possible I've seen an advert for it on the side of a bus.
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Unread 14 Nov 2003, 05:39   #20
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Re: apparently this is legal

i seem to remember BRMB had a competition to see who could sit on a huge block of ice the longest, leading to unpleasant injuries

edit http://www.guardian.co.uk/uk_news/st...542281,00.html

Last edited by 1-X; 14 Nov 2003 at 05:41. Reason: checked my facts :-)
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Unread 14 Nov 2003, 05:51   #21
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Re: apparently this is legal

http://www.guardian.co.uk/uk_news/st...084837,00.html
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Unread 14 Nov 2003, 06:05   #22
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Re: apparently this is legal

Quote:
Originally Posted by 1-X
I was "lucky" enough to see this story on local news yesterday, so I got to see the bint shovelling in the cash (not in the least bit upset), the greasy radio man defending his actions, and then some charity woman saying that money could have bought every homeless person in Birmingham a £13 christmas present..
By burning the money they have increased the effective value of all the money a homeless person owns, so they have in a way given money to every homeless and poor person in britain.
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Unread 14 Nov 2003, 10:55   #23
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Re: apparently this is legal

Quote:
Originally Posted by Marilyn Manson
Burn them all, I say. In one big pyre outside of Doncaster.


The Church Leaders should each be given a nice pie, though.
can we not just burn the church leaders and give the homeless ppl the nice pies???
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Unread 14 Nov 2003, 16:59   #24
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Re: apparently this is legal

well if its ok for them to burn M1 money why isnt it ok for me to create M1 money? i still dont get why its ok to destroy the money and affect the economy but not to create and affect the economy
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Unread 14 Nov 2003, 17:10   #25
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Exclamation Re: apparently this is legal

Quote:
Originally Posted by roadrunner_0
and give the homeless ppl the nice pies???
Mr Blair says "It only encourages them."
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