Full circle from 1694?
Discussion
Well I tried this on the P&P earlier today but frankly it wasn't trivial enough... what do you guys think? Put your computers aside for a moment and just consider cold hard cash:
An interesting lesson from history... from 'The Narrow Seas, a history of the English Channel' by Reginald Hargreaves:
'Retrenchment on the Fighting Services is always popular in England, but beyond this one reduction in expenditure ecomomy halted; the huge National Debt being funded, so that its increasing burden could be passed on to posterity to deal with as best it might. By-product of this excercise in financial skulduggery was the foundation of the Bank of England. As a poem of the time goes:
[i]Blest paper credit, last and best supply
That lends curruption lighter wings to fly.[/i]
One consequence of the prevailing heavy scale of taxaion and the mood of financial irresponsibility it induced, was a growing craze for lotteries and for highly speculative investments, whose commercial soundness was in inverse ratio to the extravagant promises of high profits and quick returns dangled before the dazzled eyes of the greedy and the credulous.'
So it seems the Bank of England was founded to blank out the National Debt by issuing credit (paper money) - and that credit has been building up ever since. Maybe soon it will all go pop and we'll return to the more straightforward models of the 17th century?
An interesting lesson from history... from 'The Narrow Seas, a history of the English Channel' by Reginald Hargreaves:
'Retrenchment on the Fighting Services is always popular in England, but beyond this one reduction in expenditure ecomomy halted; the huge National Debt being funded, so that its increasing burden could be passed on to posterity to deal with as best it might. By-product of this excercise in financial skulduggery was the foundation of the Bank of England. As a poem of the time goes:
[i]Blest paper credit, last and best supply
That lends curruption lighter wings to fly.[/i]
One consequence of the prevailing heavy scale of taxaion and the mood of financial irresponsibility it induced, was a growing craze for lotteries and for highly speculative investments, whose commercial soundness was in inverse ratio to the extravagant promises of high profits and quick returns dangled before the dazzled eyes of the greedy and the credulous.'
So it seems the Bank of England was founded to blank out the National Debt by issuing credit (paper money) - and that credit has been building up ever since. Maybe soon it will all go pop and we'll return to the more straightforward models of the 17th century?
Simpo Two said:
Well I tried this on the P&P earlier today but frankly it wasn't trivial enough... what do you guys think? Put your computers aside for a moment and just consider cold hard cash:
An interesting lesson from history... from 'The Narrow Seas, a history of the English Channel' by Reginald Hargreaves:
'Retrenchment on the Fighting Services is always popular in England, but beyond this one reduction in expenditure ecomomy halted; the huge National Debt being funded, so that its increasing burden could be passed on to posterity to deal with as best it might. By-product of this excercise in financial skulduggery was the foundation of the Bank of England. As a poem of the time goes:
[i]Blest paper credit, last and best supply
That lends curruption lighter wings to fly.[/i]
One consequence of the prevailing heavy scale of taxaion and the mood of financial irresponsibility it induced, was a growing craze for lotteries and for highly speculative investments, whose commercial soundness was in inverse ratio to the extravagant promises of high profits and quick returns dangled before the dazzled eyes of the greedy and the credulous.'
So it seems the Bank of England was founded to blank out the National Debt by issuing credit (paper money) - and that credit has been building up ever since. Maybe soon it will all go pop and we'll return to the more straightforward models of the 17th century?
I planted some tulip bulbs about a month ago.An interesting lesson from history... from 'The Narrow Seas, a history of the English Channel' by Reginald Hargreaves:
'Retrenchment on the Fighting Services is always popular in England, but beyond this one reduction in expenditure ecomomy halted; the huge National Debt being funded, so that its increasing burden could be passed on to posterity to deal with as best it might. By-product of this excercise in financial skulduggery was the foundation of the Bank of England. As a poem of the time goes:
[i]Blest paper credit, last and best supply
That lends curruption lighter wings to fly.[/i]
One consequence of the prevailing heavy scale of taxaion and the mood of financial irresponsibility it induced, was a growing craze for lotteries and for highly speculative investments, whose commercial soundness was in inverse ratio to the extravagant promises of high profits and quick returns dangled before the dazzled eyes of the greedy and the credulous.'
So it seems the Bank of England was founded to blank out the National Debt by issuing credit (paper money) - and that credit has been building up ever since. Maybe soon it will all go pop and we'll return to the more straightforward models of the 17th century?
Wire me £1M and I'll send you the flowers in 3 months time.
Horse_Apple said:
I planted some tulip bulbs about a month ago. Wire me £1M and I'll send you the flowers in 3 months time.
Environmental - therefore ethical - sounds good! Cheque will be from Bank of Simpo (printed in house to reduce carbon footprint). Assets exceed 3p. Well they did yesterday, probably 2p now. Hope that's OK!
Simpo Two said:
Horse_Apple said:
I planted some tulip bulbs about a month ago. Wire me £1M and I'll send you the flowers in 3 months time.
Environmental - therefore ethical - sounds good! Cheque will be from Bank of Simpo (printed in house to reduce carbon footprint). Assets exceed 3p. Well they did yesterday, probably 2p now. Hope that's OK!
I'll email you our South Sea address.
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