THE CASHLESS SOCIETY: GRESHAM COLLEGE LECTURE 26TH MAY 2020

First of all, may I state, it was dreary having to listen to this “Professor” drone on for an hour, live.

First of all, an introduction to our dear Professor, Richard Harvey…

Who are the “Worshipful Company of Information Technologists”?

Ahh! Bill Gates and International Bankers among others.

While, as you know, the liar, Chris Whitty, funded by Gates to the tune of £31M for “Malaria Research”.

So, ok, here’s the “lecture”. We do need to be lectured to you know, by these people, who need to keep to the script like their lifestyles depended on it because, oddly enough, they DO!

Here’s the original youtube comments from the live lecture. The comments relate to points our “Professor” is making.

Rikin Patel
​will the talk remain on youtube after it finishes?

Gresham College
​Yes, the lecture will stay up after it is finished.
Welcome to live chat! Remember to guard your privacy and abide by our Community Guidelines.

Earthling
​The Worshipful Company eh? Nice one!

Earthling
​Quite right too!

Michael E.
​🙋 Hello

Earthling
​Electronic money is absolutely fine. The issue is how money is created.

Earthling
​The obfuscation of how money is actually created.

JONATHAN SUTCLIFFE
​cashless tyranny? indeed. this lockdown you’ve all harped on about…. a mere diversion and experiment r.e what various aspects of surveillance culture can be bolstered and improved upon.

JONATHAN SUTCLIFFE
​why the borse countries are being touted as the instigators of this is beyond me..

Earthling
​The charging of usury and the fact that promissory notes are exchanged for bank notes with the bank then charging interest on them of your own created money.

Conway Yury
​And, if the power grid is down!

James Driscoll
​Mammon must feed

Earthling
​Ah Sweden that didn’t have a lockdown?

Earthling
​Hmmmm

JONATHAN SUTCLIFFE
​why you think virtual currencies will ease terrorism is also beyond my comprehension. that cash virtual or no is the main symbol of personal liberty is pause for thought.

JONATHAN SUTCLIFFE
​why are crazy religious people being allowed to hound me from pillar to post? can you answer me?

Earthling
​Before you discuss cashless society, discuss the creation of money! Otherwise everything you say is of no value. It is misleading.

Earthling
​Are you Gresham people intelligent but, at the same time, ignorant? Or do you just stick to the agenda?

Earthling
​One minute with Whitty he says Ro<1 means a disease is dying, the next Covid 19, even at Ro<1 will never be wiped out.

Earthling
​Odd that don’t you think?

Helen
​@Earthling hes literally discussing cash creation/production right now

Miguel Rodriguez
​Hi 🙂

Earthling
​No-one DOES want it in the present state of money creation.

Hugh MacDonald
​@Helen Yeah they’re being a bit shrill

Earthling
​@Helen: Continue your ignorance madam.

Hugh MacDonald
​And that was that

Earthling
​Then again, I’m 3 mins behind.

Gresham College
​Keep it civil in the comments please! We have lots of lecture on the subject of business, economics etc at our website: https://www.gresham.ac.uk/watch/

Hugh MacDonald
​I think the relationship people have with banks is interesting and important. I don’t know how much people actually trust banks, and yet practically people put significant trust in them.

Hugh MacDonald
​@Gresham College Yes I’ve been watching numerous of your lectures.

Gresham College
​👍

JONATHAN SUTCLIFFE
​maybe bring back paper notes if plastic notes are so apt to be breeding grounds for viruses…

Earthling
​You are speaking about the physical cost of manufacturing paper and distributing it. that has nothing to do with money creation.

JONATHAN SUTCLIFFE
​virtual credit i.e digital based economies will be far easier to destabilize and steal or replicate fake accounts than forge hi-tech notes. surely you need to be serious about this…

mark wood
​I like to keep both options open. Cashless is useful and also makes you less of a target for street crime. If you card is stolen you can ring the bank, but if cash is taken then its gone.

Earthling
​Cash is NOT money! Cash is a physical representation of it.

mark wood
​But cashless also has problems. I have cash at home in case I lose my card or it mistakenly gets taken by a faulty cash machine. Cash can carry you over till the problem is resolved.

JONATHAN SUTCLIFFE
​most governments rushing into this without thinkingit through – like most things.

Deborah Adeniji
​IV a question 4 professor: The British Empire first instituted a world without cash, right?

Earthling
​We can have a cashless society within an entirely different system of money creation and economics based upon mathematics where the money created represents the property within the economic system.

JONATHAN SUTCLIFFE
​i.d theft, hacking into accounts, theft of bank details and transfer of monies, virtually, are all palpable fears…

Earthling
​The issue is not cashless, the issue is creation.

JONATHAN SUTCLIFFE
​you are suggesting that fiscal institutions need to be mature enough when dealing with other folks’ money. you surely know thay are not…

Earthling
​And that hyperinflation is due to how money is created and the usury added to it. If you create £100 and distribute it, only that principal exists so how, then do we pay back principal and interest?

Earthling
​You can’t. It’s impossible.

Earthling
​I have no fears of cashless. The issue is creation. Talk creation before talking physical manifestation.

Deborah Adeniji
​If so, then wouldn’t the British Empire be a foreshadowing of what Revelation 13 is talking about?

JONATHAN SUTCLIFFE
​it would be easier to flood an economy with virtual monies than palpable. the system is far too flawed to sustain a country’s economy. computer wizardry is needed to fend off these hacks…

Fat5h
​why do not anyone define a new concept of value relying on real assets and production which has basically 2 variants: time and energy?

Earthling
​Sorry but your talk really is redundant. And I am sure you know why.

Earthling
​@Fat5h That’s the sort of conversation these people never wish to have.

JONATHAN SUTCLIFFE
​bit coin. you’re going to erase a historically entrenched virtual coinage system for this virtual economic forum? i don’t thinkthis is the way forward

Gresham College
​@Earthling We’re sorry you feel that way – there are a lot of people out there talking about money and this lecture is just on one aspect of the discussion.

Gresham College
​Heres an example of another lecture on money from Gresham: https://www.gresham.ac.uk/lectures-an…

Gresham College
​Or this one: https://www.gresham.ac.uk/lectures-an…

Gresham College
​[message retracted]

Earthling
​@Gresham College Point me to any of your lectures which discuss a genuinely different (and more correct/non corrupt) way of creating money. I assume, then you must know the present way is corrupt?

Earthling
​I will check those out.

Michael E.
​Anyone who thinks they have complete anonymity should google trap wire surveillance system.

JONATHAN SUTCLIFFE
​no issue with budgeting at all. issues with this lackof maturity required in others e.g thefts and the like.. refer to banks… simple, really.

Earthling
​But here is my question: Why does the college not promote a countrywide debate on money creation? You have that ability and it is clear to anyone with any intelligence on the subject that the current

Earthling
​system is flawed and corrupt to the core.

Conway Yury
​Hang on, the US Treasury has its own trading desk!

JONATHAN SUTCLIFFE
​chinese inability to comprehend western style banking… flooding building market with cash, building home for no one.. whole cityscapes bereft of residents… refer to brazilia..

JONATHAN SUTCLIFFE
​brazilia? city in brazil which built some socialist idyllic city scape and was left deserted. the chinese model seems similar… if we believe reports…

Michael E.
​There was a episode from the tv series sliders from the 90’s that go fairly deep into what the faults could be in a society was run by digital banks.

JONATHAN SUTCLIFFE
​our friend here seems to be promoting asiatic designs on economic platform. system – key word. the design is totally flawed.

Conway Yury
​Agree with you JS!

mark wood
​They also like to boil folk in hot oil:)

Gresham College
​Here is a series from Jagjit Chadha on Money, Monetary Policy and Central Banks: https://www.gresham.ac.uk/series/mone…

Earthling
​You can have a cashless society without an existing bank system account.

Earthling
​A human right or a legal person’s right? Can we get the terms right please? You don’t have “human” rights unless you are considered a person.

JONATHAN SUTCLIFFE
​uk decimization. destabilization of uk economy in readiness for euro or as was the ecu… whatever happened to the ecu?

Earthling
​You can go cashless without a bank account per se. Just not in today’s system.

Earthling
​@Gresham College Thanks, I’ll check it out.

Gresham College
​Our business professor was recently talking about the vodafone M-pesa system in this lecture: https://www.gresham.ac.uk/lectures-an…

Gresham College
​https://en.wikipedia.org/wiki/M-Pesa

Earthling
​I remember. My ice creams became more expensive!

JONATHAN SUTCLIFFE
​no need to implement experiments with economy if sweden is so keen to be at the forfront of casless. cashless? i aint keen…

Miguel Rodriguez
​A cashless society will be a society and an economy run solely on a digital invisible sphere. I think Nations should be more concerned about their citizens means of creating and allocating wealth.

Earthling
​I really do wonder why you academics are so willing to go with the flow though since it impacts you just as negatively as the rest of us while those who own the system just enjoy the show.

Earthling
​It just seems like a waste of brainpower speaking and debating all this instead of concentrating fully on the main issue.

mark wood
​It is easier to keep track of your spending with cash. If you have little in your account and someone you pay takes the cash at a time other than immediately you are at risk of going into overdraft.

mark wood
​One instance can incur banks charges higher than a weeks income. So for low income cashless can be risky and harmful to your well-being.

JONATHAN SUTCLIFFE
​that fraud you described is rife within banking community and most fiscal institutions is it not. so if they’re in on it then you or i have no chance of parity or redress

Miguel Rodriguez
​Not to mention the harm an EMP can cause to such electronic system. Computers aren’t permanent and are flawed by its creators.

mark wood
​But for most of us that does not apply

Earthling
​My concern about security is not the money being stolen by anyone “on the street” but the total control of the “authorities” to simply shut down your access to it because you may be a dissenter.

Earthling
​Do you address the control aspects?

mark wood
​Earthling. One doctor could put you away if wanted. Credit checks already have a hierarchy of acceptance that place you as a citizen as worthy or not.

Earthling
​That ratio is far less than Covid 19 deaths yet the government assumed control! Hmmmm.

mark wood
​The individual is just a cog in the machine, unless you are wealthy:)

Earthling
​@mark wood Indeed. Scary huh?

mark wood
​🙂

Earthling
​JP Morgan? Respectable? LOL

Earthling
​This has been very entertaining.

Miguel Rodriguez
​I will accept finely carved rocks as payment.

mark wood
​Compressed carbon is also accepted:)

Earthling
​@Miguel Rodriguez I’ll accept your promissory note directly rather than through a bank but in a database.

Earthling
​@Miguel Rodriguez And you wouldn’t even have to pay a cent of interest.

Earthling
​JP Morgan wouldn’t suck you dry!

Earthling
​Bob agrees to buy with conditions and he presents his promissory note directly to her. She accepts and the exchange is presented on a database. No bank necessary.

Earthling
​Mortgage interest free. Every transaction interest free. No problem.

JONATHAN SUTCLIFFE
​excellent. the happy fraudsters go on their way…. maybe present a lecture on the ills of those who defraud one of one’s savings… again via bank staff interaction with extraneous know how

Gresham College
​@Earthling What you are suggesting sounds very much like bitcoin to me.

Gresham College
​https://www.gresham.ac.uk/lectures-an…

Earthling
​@Gresham College Nothing like bitcoin. I would not touch bitcoin with a barge pole. It inflates for one thing.

Earthling
​https://earthlinggb.wordpress.com/…/the-new-economics-will…/

Miguel Rodriguez
​I’ll accept Laser encrypted quantum quasi crystal structures as payment.

 

NOW, the explanation to Gresham College (left in the comments section of the video) regarding what needs to be implemented first, before ANY cashless society is acceptable:

 

The solution where “cashless” would not be an issue (but Gresham College, nor any other institution allied with the City of London, would ever discuss this in any depth). It would not be perfect from day one BUT it would be non corrupted and there would be no possibility of elite control. Further, the “elite” would lose their power and wealth unless they were willing to do solid work rather than use “speculative” means to establish their wealth: 1. Ex a £100K house. What if you did not issue a promissory note to the banks but simply issued it direct to the owner of the house? (this can be applied to any and all scenarios – private, public or corporate). 2. You would issue a promissory note for £100K to the house owner and the house owner’s account would be credited with the £100K directly and instantly. 3. Your account would show a debit/debt which must be paid down (and out of circulation entirely) over a period of time fitting with the type of asset purchased. In this case a house. The paydown period, in this case, could be 100 years. £100,000 paid down over 100 years is £83 per month. NO INTEREST BECAUSE THERE IS NO MIDDLEMAN WHO SIMPLY RE-PUBLISHES YOUR DEBT – i.e. The bank. Any renovations/improvements would add, appropriately, to its value. On death, the house would be sold and the asset continued to be paid for. 4. The accounting of that transaction (and all transactions nationwide or globally) would be handled by what is called a CMI (Common Monetary Infrastructure). A simple database of all obligations and the recording of all individuals and corporations accounts. Legally, we would also implement ACR “Absolute Consensual Representation” (see below). 5. There would be no such thing as a bank or a central bank. There would be no such thing as “money” from the perspective of today’s understanding of what money is (which is wrong anyhow). There would be NO INTEREST applied to ANY principal within the economy. 1: Remaining circulation in the economy 1: Equal to the remaining value of represented property (i.e. there exists NO Goldman Sachs & JP Morgans etc “betting” on Credit Default Swaps etc) 1: Remaining obligation to pay for remaining value of represented property. It is very simple: It is basic mathematics and it is pure balance as such. BALANCE IS A FUNDAMENTAL OF NATURE. THIS IS ALSO WHY THE “LAW” (although corrupted) TALKS ABOUT EQUITY. THE LAW OF EQUITY IS THE LAW OF BALANCE: HARMONY.

WHY MPE+ACR? When perpetual political betrayal sustains terminal monetary injustice across an entire world, every truly self-determined country immediately eradicates both treasons. There is no justifiable neutrality against terminal monetary impropriety; and there is no division amidst deserving people, because a singular pattern sustains the monetary arrangements of a just society. Nearly 50 years ago, our present financial quandary was projected by proof of a singular mathematically perfected economy — a singularity which holds that what we call “banking systems” are themselves terminal — that it is altogether rationally, ethically, and legally impossible to borrow money into existence from purported banking systems, firstly because, 1) legitimate debts can never precipitate to anyone who never grants the subject property from their legitimate prior possession; secondly then, because, 2) it is impossible in the pretended creation of money by purported banking systems, that banks could have established prior possession of money as a representation of entitlement, by giving up property for money which did not even exist before; and thirdly then, because likewise, 3) neither in the whole life cycle of banking’s treasonous obfuscation of our currency, does banking give up prior commensurable consideration to these mal-presumed debts — which banking only falsifies to itself by pretending it loans money into existence from its prior legitimate possession. On the contrary then, we are the only actual issuers of money, because if money is necessarily to guarantee redeemability, therefore money can only exist as enforceable promissory obligations, because only so does money comprise necessarily immutable representations of entitlement. Thus the falsified debts of purported banking are instead our own obligations to each other. The intentional falsifications of purported banking systems are therefore rational, ethical, and legal violations of our every principle of trade and contractual law; for in the whole of banking’s intentional obfuscation of money, no debt of the principal can legitimately precipitate to purported banking systems which therefore no more than publish further representations of our promissory obligations to each other. Yet the fate of the present and future world hinges upon our immediate understanding of this fact we do not and cannot borrow money into existence, for the laundering of such monumental sums of principal into the unwarrantable possession of banking systems is only the first and remarkably least of the ancient money changer’s principal crimes against us. The present global monetary calamity is the inevitable culmination of a perpetual and irreversible escalation of dispossession and debilitation, by perpetual multiplication of this falsified indebtedness to the obfuscators and faux creditors we ineptly call “banking systems”; and the agent of this irreversible escalation is the unwarranted imposition of interest: The lie “we borrow money into existence” paves the way for the further lie that interest is justified by ostensible risk of possession, whereas in fact the purported banking system has only published further representations of our promissory obligations to each other. On the contrary, it is impossible for any such risk to exist, because never in the whole life cycle of banking’s intentional obfuscation of our currency does banking give up commensurable consideration to debts it therefore only falsifies to itself. Yet thus we are forced involuntarily to sustain a vital circulation of falsified debt subjected iniquitously to interest, by perpetually borrowing principal and interest back into our general possession, with re-borrowed principal sustaining every prior sum of falsified debt; and with unwarranted interest perpetually increasing every prior sum of falsified debt by so much as periodic interest on an ever greater sum of falsified debt; and with this dedicating ever more of any given circulation to servicing the escalating sum of falsified debt, until even at an inherently escalating rate, we suffer the present, terminal debilitation under falsified conditions which only escalate the terminal condition all the further. The arguments and fact of a singular monetary justice or mathematically perfected economy™ therefore establish, 4) that it is impossible that banking systems are legitimate creditors then, because across the whole life cycle of their obfuscations of our currency, the resultant systems of exploitation give up no commensurable property to ostensibly “provide credit”; 5) that the only real creditors (who do give up property for representations of our promissory obligations) are paid in full from the outset of every such arrangement; 6) that a resultant obligation to sustain the value and redeemability of money therefore exists to the actual creditor; 7) that under “banking,” it is mathematically impossible to sustain the combined circulatory volume and disposition of money which would accomplish this purpose, because banking’s obfuscation of our promissory obligations dedicates ever more of a circulation to servicing its irreversible and inevitably terminal escalation of falsified debt; 8) that the inherent disposition and life cycle of our promissory obligations to each other is instead to retire principal upon payment, because the prior representation of entitlement stems from the obligation to pay the principal, which obligation is fulfilled upon payment; 9) that as no actual, commensurable risk of the principle to the banking system exists, neither can a fact of lending or risk of the principal exist, as ostensibly justifies interest; and thus, 10) that not only are the people the only actual issuers of money, promissory obligations, or redeemable representations of entitlement; but 11) that no legitimate means whatever exists to launder either the principal or interest into the unwarranted possession of purported banking systems or faux creditors who merely publish further representations of our issuance of promissory obligations; and thus 12) that the lie of banking is not only wholly unjustifiable, but inherently terminal; as 13) banking’s unwarranted imposition of interest forces us to maintain a vital circulation by perpetually re-borrowing interest and principal, to return the both to the general possession of surviving industry and commerce as a perpetually escalating and inevitably terminal sum of falsified debt. Thus a multitude of improprieties comprises a fatal and purposed breach of trust, perpetrated and intentionally sustained not only by purported banking, but by the vast political corruption which banking unduly makes itself both capable and compelled to purchase. Given every such potential for betrayal then, the only resolution of all such political corruption is the inherent means and objects of an absolute consensual representation, in which, by indispensable authorities of self-determination, competent societies may immediately raise every conducive means to ensure universal justice and integrity, that WE The People may finally eradicate every subversion of our vital political purposes. In proving a singular solution for the volumetric and dispositional improprieties of today’s pretended economies therefore, this proposition of mathematically perfected economy and absolute consensual representation is the only reasonable impetus for an ascendant humanity to secure inevitable justice; and of necessity then, we hold it is the duty of every apprehending citizen to ratify these authorities; that mathematically perfected economy and absolute consensual representation™ are inherent rights of every just person; that by our signatures, we and we alone rightly ratify these indispensable rights; that our ratification rightly prevails immediately over the every affair of every signatory; that to eradicate political betrayal, we must deny every seated or future government any authority whatever but to comply; and that necessarily therefore, our signatures immediately establish omnipotent personal authorities not only to fully protect ourselves from every transgression of these facts, but to prosecute every deviate for every related crime against us — each and every which deviate government, entity, and person therefore, from the moment of our signature forth, is guilty of the gravest treasons against us.

To understand the solution, we must first understand the deception. How do you otherwise find a solution for a problem you do not see or understand as existing? You can’t. It’s like punching an enemy you cannot see. So, I will attempt to explain this as clearly as I can. 1. The banks have no money. 2.The banks DO NOT “create money” they ISSUE it! 3. These issuances of currency/money are simply representations of your and my own promissory notes. 4. The underlying value of ALL money in existence is NOT gold and silver etc and never was and never shall be. Gold and silver, NO MATTER that they have been around as “money” for millennia, are nothing more than any other commodity – precious metals yes. Have an inherent value of sorts yes (but so does platinum, copper, seeds, in fact any commodity whatsoever) but they STILL represent the value you create within the existing monetary system as demonstrated by the fact they are exchanged for your promissory notes/banknotes (remember banknotes ARE promissory notes – see page 474 once more) – and, as such, they have the inherent fault of being inflationary and deflationary. [Note: Bitcoin also has this flaw and is, in no way, a solution to the world’s monetary system. Bitcoin is no more valuable than any other investment such as shares. They act in precisely the same way and, as has been shown, do nothing to prevent wild swings and do nothing, therefore, to prevent inflation and deflation] 5. Inasmuch as the banks are simply representing OUR value, all they are doing is RE-PUBLISHING our promissory notes to one another. 6. You see a house you wish to buy at £100K. You sign a promissory note (“loan”) which is a guarantee to pay – with your labour and/or assets – but, instead of being free to issue that promissory note direct to the house owner/asset holder you wish to purchase from, you are forced to issue it to the banking system. 7. What does the banking system do? It “transmutates” that promissory note having inherent value (YOURS) into it’s own printed promissory notes/banknotes. It then passes those banknotes (electronically credits the house owner’s bank balance) to the owner of the asset/house. Insodoing, the bank then turns to you “the borrower” (who has created that otherwise non existent money for the bank by way of your signature of the original promissory note) and demands you pay them the £100K PLUS interest. 8. That £100K becomes a deposit and a cash asset within the bank and adds to all the millions of other people’s promissory note creations of money to the bank’s “assets” (not their assets at all as we have seen). 9. The banks then use the fractional reserve system to multiply those deposits even further and lends out more of this “money” they say they have. All the while charging interest to each and every “borrower”. 10. This system has been in operation for centuries while we now have approximately 7 billion people on the planet. These 7 billion people (and all those generations before) have, as a whole, never had the interest money issued into the economy to pay the interest so the very most we could ever do is pay what IS issued into the world’s economy and that is PRINCIPAL ONLY. The REAL ECONOMY cannot pay back money which never physically existed because the principal issued is the ONLY amount which reflects the entire value of our labour. DO YOU SEE IT NOW? DO YOU SEE WHY THE GLOBAL DEBT (that means everyone on planet earth bar none) is what it is? So if it includes everyone then why would they do it? Because they (the world’s financial oligarchy) will always be able to pay their interest/debt off because they control the system (not that they actually do pay but that’s another story). IT IS LIKE A CASINO. THE HOUSE ALWAYS WINS. The interest is sucked out and up to the global banking elite who then use that wealth to have our governments further legislate to pay off the debt by privatising infrastructure and land/resources. In the end, the elite do not want money. Money is simply the vehicle with which they indebt the rest of us (including governments) to the point where we have to hand over control of all resources, land and infrastructure to them. Once they have achieved that, then the legal system has them in full ownership and, if you own everything, you don’t NEED money! 11. The banks OBFUSCATE the issuance of money. They fraudulently take ownership of YOUR promissory obligation and, as we have seen, this IS “money”. When you sign that obligation (“loan”) they then add it to their assets. What they then can do (and do do) is SELL that note – because it is REAL value – and the market will pay for it. An example of them selling these notes are the Credit Default Swaps and CDO’s which we heard so much of during the mortgage crisis (which still exists). They package the debts (promissory obligations) up and sell them! How can they sell them if they are not REAL MONEY? What gives them their value particularly when, as you understand it, you still have not paid off the “loan”? So here’s ANOTHER issue: If they sell these notes for money (which they do) THEN SOMEONE HAS PAID THEM THE VALUE OF YOUR MORTGAGE DEBT. THIS MEANS YOUR MORTGAGE DEBT HAS BEEN PAID OFF! BUT THE BANK STILL DEMANDS YOU PAY THE DEBT SO THEY ARE BEING PAID TWICE! THEY HAVE BEEN PAID AND YET THEY WANT PAID TWICE AND STILL DEMAND YOU PAY INTEREST ON AN ALREADY PAID OFF DEBT! Additionally, according to “law” a debt paid off is a debt no more. If the market buys your debt they have paid it off! Does the buyer come after you to pay off the debt? No. Yet they are the owner of it now. So why does the bank demand you pay an extinguished debt? 12. The obfuscation of the banks then is this: You create the money. They RE-PUBLISH that money as theirs and issue it to the owner. That is ALL the banks do! They then charge you interest on your own created money. In any other circumstance, it would be YOU who charged THEM interest for lending them money! They make HUGE profits out of your signature creating that money for them. They multiply it and lend it out again and again!

THE CASE OF SCOTLAND

Mr. Jenkin: This group of amendments falls into exactly the same category as the previous one, in that if there was one matter over which the Scottish Parliament would be expected to take control, it would be an issue of such symbolic importance as the Scottish bank note. I understand that the hon. Member for Edinburgh, West (Mr. Gorrie) is not correct about the issue of the euro, as Scottish bank notes are not themselves legal tender; they are merely promissory notes issued under the Bank Notes (Scotland) Act 1845 and the Currency and Bank Notes Act 1928. They are backed by reserves in the banks concerned, but they are not themselves legal tender. For that reason, they could remain in circulation as promissory notes if they were reissued as euro notes in the event that we joined the single currency. Of course, the European central bank and the other member states would not recognise them as legal tender, but, as they do not have such recognition in England or, indeed, in Scotland, that would not be a problem. However, it would be interesting to hear on the record whether that is also the Government’s view. The issue has symbolic importance. As the United Kingdom Parliament allowed Scottish notes to continue in issue long after the currency union between England and Scotland, it is extraordinary that they should not become the responsibility of the Scottish Parliament. Of course, the Government must reserve legal tender as United Kingdom issue over anything to do directly with currency, but, as Scottish bank notes are technically not currency, I fail to understand, and ask the Minister to explain, why promissory notes could not become a matter for the Scottish Parliament, rather than the United Kingdom Government, to supervise.

https://publications.parliament.uk/pa/cm199798/cmhansrd/vo980330/debtext/80330-22.htm

So Scotland already is ACKNOWLEDGED as working on the basis of PROMISSORY NOTES. Do you see ANY difference between YOUR lives north of the border in terms of how you use “money” to that south of the border or anywhere else? No, you don’t! And there’s a reason for that. The reason being is that just as you accept and consider these acknowledged promissory notes (obligations) as your currency, the rest of the world does precisely the same because, as explained in my blog “The new economics will be mathematics”, ALL currency throughout the world are simply no more and no less than PROMISSORY NOTES which represent each and every one of our promissory obligations to one another. THE ONLY PROBLEM WITH USING THE BANKS’ RE-PRESENTATIONS OF OUR OWN PROMISSORY OBLIGATIONS IS THAT WE NEED TO PAY INTEREST TO THESE BANKS FOR THE SIMPLE USE OF THEIR REPRESENTATION (i.e. BANK NOTES) OF OUR OWN MONEY! THAT IS ALL WE PAY INTEREST FOR YET, IF WE SIMPLY RECORDED EACH AND EVERY PROMISSORY TRANSACTION ON THE MPE (Mathematically Perfected Economy) Common Monetary Infrastructure (CMI) then we pay no interest for goods and assets we buy and, therefore, there is NO ever spiralling upward NATIONAL DEBT because the REAL economy would be perfectly reflected by the amount of promissory obligations in circulation. THE BANKS STEAL OUR OWN PROMISSORY NOTES AND REPRESENT THEM AS THEIRS. DOING SO, THEY THEN CHARGE INTEREST AND THAT INTEREST DOES NOT EXIST IN THE REAL ECONOMY THEREFORE IT CAN NEVER EVER BE PAID OFF!

Implement MPE and ACR and cashless is NOT a problem. Without it, you have absolute tyranny.

Do we need a national or federal debt? Just ask Ben Bernanke:

 

But Gresham, and the Professor here, will never talk about this. The City of London and all the “Worshipful” would crucify them if they did.