Friday, 1 May 2009

If only money grew on trees!


Disgraced banking boss Sir Fred Goodwin, hired an assistant at the Royal bank of Scotland who's job it was to ensure that the case machines at the firm's head office only issued bank notes signed by him. Goodwin on £703,000 a year pension, specifically hired this person to check that all the note's had his name on them - can you Adam and Eve it!

Meanwhile, coin forgery is booming it's an (illegal) business, worth £44 million. It costs a pittance to forge a £1 coin, and the mark-up is substantial. Former Assay Master to the Queen (responsible for checking hall-marks) and now a coin authenticator, Robert Matthews says: "It costs around ten or 20 pence to make a coin." The coins are very much made the same way as the Royal Mint makes their coins; punching out blank coins from a strip of brass, then striking them with the impression copied from a bona fide coin. The other method is casting, the coins are usually made of lead obtained from the nearest church roof. The process involves coating or electroplated. They don't last long in circulation because they're soft and get spotted quickly, but whatever the drawbacks it is, a boom industry and one that could undermine our entire currency at a time when so-called conifdence in the pound is already low.

History tells us in what we call primitive societies, they had no need for money, since they did not trade. In a primitive communist society, all able bodied persons would have engaged in obtaining food, and everyone would share in what was produced by hunting and gathering. There would be almost no private property, other than articles of clothing and similar personal items, because primitive society produced no surplus; what was produced was quickly consumed. The few things that existed for any length of time (tools, housing) were held communally. There would have been no state. Sounds good hey! - How primitive was that?

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