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Discussion in 'News & Current Affairs' started by scruf, Feb 13, 2007.

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  1. Leon

    Leon Non Board Moderator

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    Its pretty much like that these days now though, unless you go to the paki's and they charge you like 80p for paying by card!
    Leon, Feb 15, 2007
    #21
  2. Oasis

    Oasis Peter North-east

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    :lol:


    aye, but when they totally get rid of money, everyone would have to have some sort of card reader for when you wanna buy something off someone or give someone money. Or you could have a system online pretty much like online banking. :spangled:

    I doubt they'll get rid of money in our lifetimes like.
    Oasis, Feb 15, 2007
    #22
  3. forks

    forks still not dead

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    I seem to do a pretty good job of getting rid of money. :(

    And I still say that anyone who thinks a text book is going to tell him how to invest money and make a fortune is going to lose the lot.

    So what do economists do then?
    forks, Feb 16, 2007
    #23
  4. Leon

    Leon Non Board Moderator

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    A text book is not going to tell you what to invest in, but it will outline the theory behind calculations you can use to get an idea of the predicted return on a share, beta factors for example.

    [ame="http://en.wikipedia.org/wiki/Economics"]Economics - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Ballard_Farmers%27_Market_-_vegetables.jpg" class="image"><img alt="A vegetable vendor in a marketplace." src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/92/Ballard_Farmers%27_Market_-_vegetables.jpg/300px-Ballard_Farmers%27_Market_-_vegetables.jpg"@@AMEPARAM@@commons/thumb/9/92/Ballard_Farmers%27_Market_-_vegetables.jpg/300px-Ballard_Farmers%27_Market_-_vegetables.jpg[/ame]

    Economists have a wide range of jobs, link above will make 'everything clear'
    Leon, Feb 16, 2007
    #24
  5. B.O.B.

    B.O.B. Registered User

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    In theory you used to be able to exchange it for gold.
    B.O.B., Feb 16, 2007
    #25
  6. Phil Mitchell

    Phil Mitchell check me a dollar brer?

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    they're talking of introducing it for London in time for the Olympics...everything would be built into your Oyster card

    seems like a good idea to me until you get mugged :lol:
    Phil Mitchell, Feb 16, 2007
    #26
  7. BRID

    BRID Has name in red. Staff

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    Yep - back then it was. And it says it still (i think) .... but its just a nod back to the old days ... these days its meaningless.

    Gordon brown sold most of the countries gold a few years ago at a knock down price .... another one of labours 'great ideas'. Not.
    BRID, Feb 16, 2007
    #27
  8. French William

    French William _________________

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    Why's it not a good idea? Almost every country's done it over the last 40 years.
    French William, Feb 16, 2007
    #28
  9. scruf

    scruf Registered User

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    arrrgh, I'm not going to use a text book to tell me how to invest you flippin tart.. my point is, when you read the business section of the times, guardian etc. do you understand the concept behind it all?

    I for one don't and establishing a grasp of what makes market tick, how the government stimulates the economy, the processes behing mergers etc. is pretty essential stuff...

    savvy?
    scruf, Feb 16, 2007
    #29
  10. scruf

    scruf Registered User

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    I always wonder whether we've already passed that stage yet already though?

    Is there really a physical exchange of money between my companies corporate bank and my bank, or is it simply a figure on a computer screen?
    scruf, Feb 16, 2007
    #30
  11. BRID

    BRID Has name in red. Staff

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    What, selling the nations wealth off at a stupidly low price, just to pay for stupid NHS IT projects and to pay for chavs to sit at home, and the EU rebate we decided to forgo..... IS A GOOD IDEA?

    Your fuckin crackers.
    BRID, Feb 16, 2007
    #31
  12. French William

    French William _________________

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    I didn't say it is a good idea, I've no opinion on the matter really.

    Anyway, you've still not said why it's a bad idea, you only seem to object to what the proceeds were spent on, which is a different matter entirely.
    French William, Feb 16, 2007
    #32
  13. BRID

    BRID Has name in red. Staff

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    A nations wealth, is a nations wealth..... When all silly systems of money go tits up, then gold is all you have to rely on.

    Even though our currency is not backed on gold anymore, its an incredibly important thing to have by any country as a fall back plan, since it forms the basis for any kind of exchange of goods if times go bad.

    Its the rich countries, with actual assets and resources that will stand the test of time. We produce nothing of value any more and its only our legacy that keeps things like Sterling as valuable as it is right now - When that goes, its countries with Oil and Minerals that will be holding the cards ... and we wont have our gold to rely on anymore as a basis for our importance in this world.

    Im paraphrasing alot here but to sell off the countries wealth for ANYTHING is a horrific idea. It was only done to raise a bit more cash to waste on a few other mickey mouse projects. A bit like selling off a pair of technics 1210's and a nice mixer to pay this months phone bill.
    BRID, Feb 16, 2007
    #33
  14. andy_rocks

    andy_rocks Registered User

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    So is it fair to say that the government (Bank of england?) can define how much money is created, but the more they create then the less the value of it? Like gold, if you mine more the value of what you've got drops?

    So the amount of money isn't really the determinent of wealth, its the 'value' of goods/services being produced in the nation that decides how rich we are?
    andy_rocks, Feb 16, 2007
    #34
  15. scruf

    scruf Registered User

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    or the GNP?
    scruf, Feb 16, 2007
    #35
  16. BRID

    BRID Has name in red. Staff

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    The M3 figure is the rate at which new money is being added to the economy.

    The more money you introduce into an economy, means the banks are slacker at lending it - which means that its easier to get loans and the prices of things will rise, since you have an increasing amount of money (which is being devalued the more you create of it) chasing the same number of goods which arent being created at the same rate.

    With houses, slacker lending means that prices spiral ever upward since people can take out bigger and bigger and bigger loans and essentially a bidding war means the prices of things are pushed up. A while ago it was hard to get a mortgage which meant prices didnt go up much and things were more stable. The house price boom started when lending requirements were slackened, and essentially more money was sloshing around in the economy.

    You can argue that the rate of money supply, is the real rate of inflation, and that the figure the government TELLS you, is something they try and keep people sweet with.

    Ever wondered why your spending power seems to go down every year, even though your 'told' that prices are only going up at 3% a year ..... its probably because inflation is more like 10% a year (M3 money supply).

    Ive glossed over alot of stuff here and i dont know much about economics.... but that is a bit of a laymans overview.
    BRID, Feb 16, 2007
    #36
  17. andy_rocks

    andy_rocks Registered User

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    But isn't that measured in currency? Surely then you could just change £1 -> £2 and 'double' your GNP relative to other countries. Except everyone would demand double for everything, and the situation wouldn't really change.

    This is inflation, so presumably there is money 'entering' the system at some point, just not quite sure how and where really and why really.
    andy_rocks, Feb 16, 2007
    #37
  18. andy_rocks

    andy_rocks Registered User

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    Ah, I think Brids answered it :lol:
    andy_rocks, Feb 16, 2007
    #38
  19. Leon

    Leon Non Board Moderator

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    This is why only recently we have made the bank of england 'Independent' so it is now known as the central bank.

    This way governments in power cannot manipulate interest rates just before an election to gain votes. This used to be done to gain voters in the short run, and voters who where not savvy on economics.

    Our economy is a 'services' economy, we only export services and we rely heavily on massive imports. China's economy, as facinating as it is, is really worrying western economists!!
    Leon, Feb 17, 2007
    #39
  20. Oasis

    Oasis Peter North-east

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    Exactly, most big companies don't even need the use of cash, It's all done on computer systems. Money these days is only really used by the "regular guy" on the street. Alot of people don't even withdraw cash, they keep about £10 on them and use there cards for everything else.
    Oasis, Feb 17, 2007
    #40
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