Small Change

[TomGoodheart 373]

http://www.bbc.co.uk/news/magazine-21145103

So it appears that not only do we have £1,000,000 (and £100,000,000) bank notes, but they are insurance against the Scots going broke! (I always though those 'Poond Noughts' looked dodgy .... )

Something you're not telling us Dave?

[azda 973]

http://www.bbc.co.uk...gazine-21145103

So it appears that not only do we have £1,000,000 (and £100,000,000) bank notes, but they are insurance against the Scots going broke! (I always though those 'Poond Noughts' looked dodgy .... )

Something you're not telling us Dave?

Aye, its a Bernhard Anyway to put the story straight Richard, it quotes this

For every pound an authorised Scottish or Northern Irish bank wants to print in the form of its own notes, it has to deposit the equivalent amount in sterling with the Bank of England.

So we deposit our money our mickey mouse stuff, fantastic, BOE will be broke in no time, especially if you're taking Irish notes to

Edited January 27, 2013 by azda

[1949threepence 3,366]

Imagine if there really was a million pound note, and you lost the bloody thing.

That said, it might be difficult for the finder to cash it in anywhere.

Possession 9/10ths of the law ?

[argentumandcoins 70]

Imagine if there really was a million pound note, and you lost the bloody thing.

That said, it might be difficult for the finder to cash it in anywhere.

Possession 9/10ths of the law ?

Nope, possession would be "theft by finding", although you would probably escape arrest as the only 2 remaining police officers in the country would be trying to work out how many extra years they have to work now to get their pensions.

[Peter 615]

John

and you got a nice pension. I have a pal here who retired after 25 years and still wears the uniform.

My brother in law worked his way up in the civil service and retired on a huge pension and now is working on a consultant basis.I think I was a mug as getting qualified as a QS...but heck we only have 1 chance.Still I have 2 houses and sometimes nice daughters a great wife 1 dog,2 cats ....nice coins..I'm OK

[Generic Lad 25]

Am I the only one that finds it odd to back up paper with... paper?

Sadly I think hyperinflation will eventually take over and we will be using million pound notes (and trillion dollar bills!) to buy everyday things.

[Rob 3,000]

Am I the only one that finds it odd to back up paper with... paper?

Sadly I think hyperinflation will eventually take over and we will be using million pound notes (and trillion dollar bills!) to buy everyday things.

No you're not.

I don't know about hyperinflation, but enough paper has been printed to insure that some inflation will ensue. At the moment things are capped because the banks have to build up reserves to cover the requirements of Basel III, but at some time in the future the banks will either be told to spend money by the politicians, or else will decide that they are holding too much capital and history will repeat itself.

A basic problem is that politicians will not ensure adequate steps are taken to safeguard the banking system unless it threatens to blow up on their watch, rather they will encourage the banks to lend money as this creates the illusion amongst Mr Average that life is great and is therefore a vote winner. That's how Gordon Brown portrayed spending 44% more than he received in tax over 5 years as prudent. To have spent 45% over would of course have been irresponsible.

As far as bankers are concerned, reforms are needed to align bonuses with physical wealth creation rather than paper profits which can be massaged up or down depend on the message that they wish to convey by the use of exceptionals. So make them hold physical assets when they trade futures - e.g. Canary Wharf would make one hell of a grain silo.

[Peter 615]

Exellent news summary and comments

I notice on USA based forums that all the silver in circulation is being coin roll searched (USA,Canada and Aussie) and stashed away.

Is anyone stocking up on bullion?

I'm buying some intersting bits from silver mustard pots to silver serving spoons...and of course a few farthing varieties.

[Generic Lad 25]

Exellent news summary and comments

I notice on USA based forums that all the silver in circulation is being coin roll searched (USA,Canada and Aussie) and stashed away.

Is anyone stocking up on bullion?

I'm buying some intersting bits from silver mustard pots to silver serving spoons...and of course a few farthing varieties.

Yep, I buy whatever silver/gold I can afford. I've got a few shops that sell for fairly cheap, I also buy bags of coins at banks and search through them for silver. Managed to find a couple rolls of silver dimes and halves that way. I'm not a huge fan of silver eagles or generic silver, mostly because the eagles are overpriced (a good $2-3 over spot and will never be rare, even in BU condition due to the massive amounts they are making) and generic silver can't be easily assayed by the average Joe so in the event of an economic collapse they aren't going to know if I've got a plated silver bar stamped .999 silver or if its the real deal, on the other hand a counterfeit Mercury dime looks quite different than a genuine one, enough difference that the average Joe should be able to tell.

[ski 1]

the chinese will soon be churning them out

if you won a million on the lottery and they paid out with one of those, you may feel a bit disappointed.....but maybe better than the big cardboard cheque they give you

Edited February 1, 2013 by ski

[1949threepence 3,366]

Imagine if there really was a million pound note, and you lost the bloody thing.

That said, it might be difficult for the finder to cash it in anywhere.

Possession 9/10ths of the law ?

Nope, possession would be "theft by finding", although you would probably escape arrest as the only 2 remaining police officers in the country would be trying to work out how many extra years they have to work now to get their pensions.

Yes, I thought that would be the case. Although I know there was some controversy over a winning lottery ticket that was found a few years ago.

Thanks John.

I assume your other remarks are an observation that Police officers can no longer retire early (or early compared to most others). It's a tough one because on the one hand a good level of physical fitness is usually required, and the ability to run, for example, may be lost by the age of 50 due to, say, painful knees. On the other hand, there is the demographic factor of increased life span affecting affordability. Someone who retired at 50 might easily be drawing their occupational pension for 40 + years thereafter.

Actually, you don't see many actual police on the beat these days. I hardly ever see one, even in the town centre. I do see quite a few PCSO's, but they're not quite the same thing.

Edited February 2, 2013 by 1949threepence

[argentumandcoins 70]

Imagine if there really was a million pound note, and you lost the bloody thing.

That said, it might be difficult for the finder to cash it in anywhere.

Possession 9/10ths of the law ?

Nope, possession would be "theft by finding", although you would probably escape arrest as the only 2 remaining police officers in the country would be trying to work out how many extra years they have to work now to get their pensions.

Yes, I thought that would be the case. Although I know there was some controversy over a winning lottery ticket that was found a few years ago.

Thanks John.

I assume your other remarks are an observation that Police officers can no longer retire early (or early compared to most others). It's a tough one because on the one hand a good level of physical fitness is usually required, and the ability to run, for example, may be lost by the age of 50 due to, say, painful knees. On the other hand, there is the demographic factor of increased life span affecting affordability. Someone who retired at 50 might easily be drawing their occupational pension for 40 + years thereafter.

Actually, you don't see many actual police on the beat these days. I hardly ever see one, even in the town centre. I do see quite a few PCSO's, but they're not quite the same thing.

A lad I worked on traffic with was due to retire in 7 years time at 48 1/2 having joined at 18 1/2 and done his full 30 years service. Due to one of the schemes advised upon by Mr Tom Winsor his service will now have to have 10 years added to it so that he will retire at 58 1/2 after 40 years service.

Some may think that it is disgraceful that police officers could finish after 30 years on full pension, but, that was the case when I joined under my conditions of service, just the same as the fact that I received no rent allowance as that was ended the year I joined for new entrants. 30 years of constant shift work in a high risk/stress environment is more than enough and, as you touched upon, physical fitness is a key element required, as noted by HM forces who pension off the lower ranks after 22 years service.

Add onto the above that the @rsehole is now advising recruiting fast track higher ranks from external sources and making it a requirement that PC entrants must be A-level qualified and the whole question of UK policing becomes an absolute nightmare. I worked with some PC's that were graduates and they were absolutely useless, good on paper but no commonsense or people skills. It was also evident that a higher proportion of graduates lacked the minerals to take on the physical aspect sometimes required in an arrest (maybe they were thinkers rather than doers?). How can anybody with a grain of sense ask a person to compile a report on an area of expertise in which they have absolutely none?

I personally think that this country is absolutely finished. The current incumbent government are as much use as tits on a bull and the opposition are even worse than that. The financial climate is showing no signs of improvement and even less signs that they have a clue what's wrong never mind how to fix it.

A kneejerk reaction in an economic slump is to cut everything to the bone that is paid out and increase anything else they can without riots ensuing. The benefits system is an absolute disgrace with some people unable to live as it is without taking even more cash from them. Nobody deserves a free ride, but some people do need a lift! Add onto that the fact that we are still giving economic aid to countries that "need it" and the whole thing really leaves a sour taste in the mouth.

Rant over, I'm away to play monopoly with toy money so that I am suitably qualified to become a government think tank economist or I may just apply for the vacant HM Inspector of Health Services post (no experience necessary apparently)

[Peter 615]

Good rant John.

Sometimes I just need to go fishing or take our dog to the beach and search for amber/fossils and then bury my head in coins.Have a Cuban and a large malt.Life isn't all bad

[TomGoodheart 373]

So we have million £ notes, but they want to withdraw the penny? Now where have I heard of that before?

Withdrawing the penny?

[1949threepence 3,366]

Imagine if there really was a million pound note, and you lost the bloody thing.

That said, it might be difficult for the finder to cash it in anywhere.

Possession 9/10ths of the law ?

Nope, possession would be "theft by finding", although you would probably escape arrest as the only 2 remaining police officers in the country would be trying to work out how many extra years they have to work now to get their pensions.

Yes, I thought that would be the case. Although I know there was some controversy over a winning lottery ticket that was found a few years ago.

Thanks John.

I assume your other remarks are an observation that Police officers can no longer retire early (or early compared to most others). It's a tough one because on the one hand a good level of physical fitness is usually required, and the ability to run, for example, may be lost by the age of 50 due to, say, painful knees. On the other hand, there is the demographic factor of increased life span affecting affordability. Someone who retired at 50 might easily be drawing their occupational pension for 40 + years thereafter.

Actually, you don't see many actual police on the beat these days. I hardly ever see one, even in the town centre. I do see quite a few PCSO's, but they're not quite the same thing.

A lad I worked on traffic with was due to retire in 7 years time at 48 1/2 having joined at 18 1/2 and done his full 30 years service. Due to one of the schemes advised upon by Mr Tom Winsor his service will now have to have 10 years added to it so that he will retire at 58 1/2 after 40 years service.

Some may think that it is disgraceful that police officers could finish after 30 years on full pension, but, that was the case when I joined under my conditions of service, just the same as the fact that I received no rent allowance as that was ended the year I joined for new entrants. 30 years of constant shift work in a high risk/stress environment is more than enough and, as you touched upon, physical fitness is a key element required, as noted by HM forces who pension off the lower ranks after 22 years service.

Add onto the above that the @rsehole is now advising recruiting fast track higher ranks from external sources and making it a requirement that PC entrants must be A-level qualified and the whole question of UK policing becomes an absolute nightmare. I worked with some PC's that were graduates and they were absolutely useless, good on paper but no commonsense or people skills. It was also evident that a higher proportion of graduates lacked the minerals to take on the physical aspect sometimes required in an arrest (maybe they were thinkers rather than doers?). How can anybody with a grain of sense ask a person to compile a report on an area of expertise in which they have absolutely none?

I personally think that this country is absolutely finished. The current incumbent government are as much use as tits on a bull and the opposition are even worse than that. The financial climate is showing no signs of improvement and even less signs that they have a clue what's wrong never mind how to fix it.

A kneejerk reaction in an economic slump is to cut everything to the bone that is paid out and increase anything else they can without riots ensuing. The benefits system is an absolute disgrace with some people unable to live as it is without taking even more cash from them. Nobody deserves a free ride, but some people do need a lift! Add onto that the fact that we are still giving economic aid to countries that "need it" and the whole thing really leaves a sour taste in the mouth.

Rant over, I'm away to play monopoly with toy money so that I am suitably qualified to become a government think tank economist or I may just apply for the vacant HM Inspector of Health Services post (no experience necessary apparently)

They shouldn't alter the terms and conditons for existing members of the police pension scheme, and definitely not using the cliff edge approach. That is just plain wrong on so many levels.

Someone like your mate who's done the 30 years, to serve maybe an extra year at most. Sliding scale perhaps, depending on age and length of service.