Promise to pay the bearer.. What if the BoE banknotes are seen as worthless and of no value. (which they are if not back by gold)
Dear Bank of England,
I came across this reply to a question from a Sandra Collins. Please read.
"Thank you for your further email of 18 December in reply to our response of 18 December to your Freedom of Information request of 20 November.
As explained previously, when a banknote is exchanged at the Bank of England you do not receive gold (or indeed securities) but banknotes of equal value and integrity. This is not the same as a currency swap i.e. exchanging one currency for a different one.
Parties to transactions need to have faith in the value of a banknote and what it represents. Public trust and confidence in the currency is essential to the functioning of the economy, and maintaining the integrity of the currency is, as you are aware, a key role of the Bank of England. Therefore, the key point here is that when you receive banknotes in exchange you can be certain of their value and what they represent. The 'promise to pay the bearer...' also means that you can exchange a Bank of England banknote, for all time, even if it is no longer in general circulation.
I hope this has now satisfactorily answered your questions on this matter. Yours sincerely
Sandra Collins
Public Information and Enquiries Group"
May I draw your attention to the third paragraph starting Parties to transactions.
In this paragraph Sandra states that parties to transactions must have faith in the value of a banknote and what it represents ect. Thus making the banknotes received in an exchange valuable.
Here is my question:
What if the parties have no faith in the BoE Banknote thus making the banknote worthless. The Banknote looses any integrity it once had.
What then comes of the 'promise to pay the bearer...'?
As, if the BoE banknote is seen as worthless to give them in an exchange when the bearer is asking for BoE to for fill their promise the BoE would simply be making the bearer another worthless promise. In act not paying the bearer anything at all.
Finally what do the three dots "..." in the "promise to pay the bearer..." represent when the promise is made by the BoE?
Yours faithfully,
Callum Wilson.
Dear Mr Wilson
We acknowledge receipt of your email dated 10 June (our ref V 98034). We will reply in due course.
If you have any queries please contact the Bank’s Public Information and Enquiries Group on 020 7601 4878.
Yours sincerely
Information Compliance Team, Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email]
Dear Enquiries,
I see you have acknowledged receipt of my FOI, this is just a reminder that the questions asked have still not been answered.
I am politely requesting an answer.
Thank you,
Yours sincerely,
Callum.
Dear Callum
Thank you for your e-mail.
Please be assured that we are actively considering your request and will respond to you as soon as possible.
Yours sincerely
Information Compliance Team, Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]
Dear Mr Wilson
Please find attached a response to your e-mail of 10 June below.
Yours sincerely
Information Compliance Team, Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]
Dear Enquiries,
I am afraid you have not answered my questions instead merely reiterated the reason for my questions. Please re-read my request quoted below and answer properly. "What if the parties have no faith in the BoE Banknote" is the main question as many do not have any faith in said promissory note. The United Kingdom uses the GBP for example and is trillions of pounds in debt. We are in recession because BoE notes have no backing meaning they are worth nothing. Wealth doesn't work on faith. People know this, thus have no faith in faith.
"Dear Bank of England,
I came across this reply to a question from a Sandra Collins.
Please read.
"Thank you for your further email of 18 December in reply to our
response of 18 December to your Freedom of Information request of
20 November.
As explained previously, when a banknote is exchanged at the Bank
of England you do not receive gold (or indeed securities) but
banknotes of equal value and integrity. This is not the same as a
currency swap i.e. exchanging one currency for a different one.
Parties to transactions need to have faith in the value of a
banknote and what it represents. Public trust and confidence in the
currency is essential to the functioning of the economy, and
maintaining the integrity of the currency is, as you are aware, a
key role of the Bank of England. Therefore, the key point here is
that when you receive banknotes in exchange you can be certain of
their value and what they represent. The 'promise to pay the
bearer...' also means that you can exchange a Bank of England
banknote, for all time, even if it is no longer in general
circulation.
I hope this has now satisfactorily answered your questions on this
matter. Yours sincerely
Sandra Collins
Public Information and Enquiries Group"
May I draw your attention to the third paragraph starting Parties
to transactions.
In this paragraph Sandra states that parties to transactions must
have faith in the value of a banknote and what it represents ect.
Thus making the banknotes received in an exchange valuable.
Here is my question:
What if the parties have no faith in the BoE Banknote thus making
the banknote worthless. The Banknote looses any integrity it once
had.
What then comes of the 'promise to pay the bearer...'?
As, if the BoE banknote is seen as worthless to give them in an
exchange when the bearer is asking for BoE to for fill their
promise the BoE would simply be making the bearer another worthless
promise. In act not paying the bearer anything at all.
Finally what do the three dots "..." in the "promise to pay the
bearer..." represent when the promise is made by the BoE?
Yours faithfully,
Callum Wilson."
Yours sincerely,
Callum
We acknowledge receipt of your email dated 27 July below (our ref V 103456).
We will reply in due course.
If you have any queries please contact the Bank's Public Information and Enquiries Group on 020 7601 4878.
Information Compliance Team, Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email]
Dear Mr Wilson,
Please find attached a response to your email dated 27 July below.
Yours sincerely
Information Compliance Team, Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email]
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kenny left an annotation ()
Faith? “Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible.
“When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers.
“These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world. By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance.
“It is thus, by discrete action, we can secure for ourselves that which has been so well planned and so successfully accomplished.”
Montague Norman - Governor of the Bank of England addressing the United States Bankers’ Association, NYC 1924 your sweat and labour is the only thing of value, why do you think the Government keep on about work/jobs all the time, only when the tories became the government all you hear is WORK HARDER. Think you are paying your mortgage and buying a new car? This might come as a bit of a shock to the eff o aye team (or probably not) but you can not pay off your mortgage which is considered as a debt with Debt Notes from the Bank of England and that's a fact, we are all considered slaves and slaves cannot own anything. Why do you think your hard earned so called money is sent electronically to the bank before you can see it? its all electronically created, its not money, the gold standard was removed only as a temporary measure, they needed it all for the next war, proof ?
Treasury statement for the Press on Britain leaving the Gold Standard, 20th September 1931 (T 163/68/18)
Transcript
PRESS NOTICE
His Majesty’s Government have decided after consultation with the Bank of England that it has become necessary to suspend for the time being the operation of Subsection (2) of Section 1 of the Gold Standard Act of 1925 which requires the Bank to sell gold at a fixed price. A bill for this purpose will be introduced immediately and it is the intention of His Majesty’s Government to ask Parliament to pass it through all its stages on Monday, 21st September. In the meantime the Bank of England have been authorised to proceed accordingly in anticipation of the action of Parliament.
The reasons which have led to this decision are as follows. Since the middle of July funds amounting to more than £200 million have been withdrawn from the London market. The withdrawals have been met partly from gold and foreign currency held by the Bank of England, partly from the proceeds of a credit of £50 million which shortly matures secured by the Bank of England from New York and Paris and partly from the proceeds of the French and American credits amounting to £50 millions recently obtained by the Government. During the last few days the withdrawals of foreign balances have accelerated so sharply that His Majesty’s Government have felt bound to take the decision mentioned above.
This decision will of course not affect obligations of His Majesty’s Government or the Bank of England which are payable in foreign currencies.The gold holding of the Bank of England amounts to some £130 million and having regard to the contingencies which may have to be met it is inadvisable to allow this reserve to be further reduced.
His Majesty’s Government are well aware that the present step is bound to have serious consequences both at home and abroad. But during the last few days the International financial markets have become demoralised and seem bent on liquidating their foreign assets in a spirit of panic. In the circumstances there was no alternative but to protect the economy of this country by the only means at our disposal.
His Majesty’s Government have secured at the cost of painful sacrifices a balanced budget and the internal position of the country is sound. This position must be maintained. It is one thing to go off the gold standard with an unbalanced Budget and uncontrolled inflation, it is quite another thing to take this measure, not because of internal financial difficulties, but because of excessive withdrawals of borrowed capital. The ultimate resources of this country are enormous, and there is no doubt that the present exchange difficulties will prove "only temporary"
That was only 86 years ago! come on people give these freedom of misinformation a chance.