Tag Archives: fiat currencies

Money, States, Gold and Power. Shall we start a Silver Bank?

David Davis

I have no idea if such things exist. But a simultaneous reading of the LPUK’s manifesto section on “money”, plus a realisation of what “The Pound Sterling” meant, led me to put the title question.

It is not expected that the Bank of England, or HM treasury, owns the copyright in the term “Pound Sterling®” , or even reads this bolg, so perhaps the ® attached to “Pound Sterling“, if any, could be seized. We could become differentiated from “the Pound”, or “Sterling”, or even “The Pound in Your Pocket“.

There is much more silver in the world than Gold. King Offa of Mercia understood this very well in the 7th Century, and his standardised Silver Penny was revered for centuries. “People they do say” that only 160,000 tonnes of Gold has ever been harvested, but I think this is out of date. More like 200,000++. But this is not sufficient to back perhaps hundreds of trillions of Pounds and Dollars.

A libertarian-driven Silver Bank would issue money. But all of it would be underwritten by absolutely held silver metal, at (I suppose?) an initially agree rate per OzT. It would be desirable to call the unit of currency the Pound Sterling ®. but it would not be essential.