Monday, Sep 22, 2008
Police cause credit crunch.
Sky News: Gangs Make Mint Out Of Fake Coins
There are 30 million fake £1 coins in circulation. If the police were to suddenly stop them at source, and the banks find and destroy them, then 30 million would need to be removed from the banking system to replace current requirements for real in-use currency, as in taken out of the banking system, not shifted between banks. Thereby collapsing 300 million of mortgage funding currently available for the 40,000 housing transactions per month.
I was hoping this would be more dramatic than it ended up.
Posted by stillthinking @ 01:42 PM (417 views) Add Comment
4 Comments
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1. stillthinking said...
In a dramatic twist to this story, police have arrested Darling, found in possession of superglue, a big bag of old style 5p coins, and a pot of gold paint. He is expected to plead guilty next month with the mitigating factor of unfunded public services.
2. paul said...
Removing them might lower inflation a little ...
3. timmy t said...
Come on stillthinking... even my 6 month old daughter could represent him in court and get him off with a simple plea of insanity!
4. planning4acrash said...
This is the beginning of the propaganda for the cashless society, because cash can't be tracked. Then, you will see a micro-chipped population. Resist this with all means possible. Get into silver and gold coins.