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UK Money - "I promise to Pay the Bearer on Demand"

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posted on Apr, 13 2010 @ 06:47 PM
It seems in the UK the people have been mislead for some time with regard the words "I Promise to Pay the Bearer the sum of £5, £10, £20 or £50"

Most including myself have long been led into thinking that the Bank of England would pay the bearer the equivalent in gold upon presenting a note to them.

Well to my dismay apparantly this is not the case.

Here is a case of guy he went into the bank of england to present his £5 note in return for gold.

The cashier smiled politely when I slapped my rather grubby fiver on the counter and demanded 420 quid's worth of sterling silver. He shrugged and counted out five one pound coins, saying "Best we can do, I'm afraid" "I KNOW MY RIGHTS!!!!" I hollered but the cashier simply switched on a mike and announced "Sid! We've got another one!" Just then, a security guard appeared, frogmarching a customer dressed as Ghengis Khan to the front door "With you in a minute, Tom" he said. Now I admit that I didn't really expect them to hand over five Troy Pounds of sterling silver without an argument but hurling me out the front door head first is hardly the way I'd expected the Old Lady of Threadneedle Street to behave! "You've not heard the last of this!" I shouted...... but, actually, I think they have.... well, from me, anyway.

Shocking right

I was taught at school they would honour this promise upon presentation of a note, what a lie that was!

I then went to the Bank of England's website here's what they say on the matter.

What is the Bank’s “Promise to Pay”?

The words "I promise to pay the bearer on demand the sum of five [ten/twenty/fifty] pounds" date from long ago when our notes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold to the same value. For example, a £5 note could be exchanged for five gold coins, called sovereigns. But the value of the pound has not been linked to gold for many years, so the meaning of the promise to pay has changed. Exchange into gold is no longer possible and Bank of England notes can only be exchanged for other Bank of England notes of the same face value. Public trust in the pound is now maintained by the operation of monetary policy, the objective of which is price stability

So to sumarise they are say you can only present a £20 note for say 2 £10 notes. In other words folks the money itself has no value, I repeat NO VALUE.

What a con and what a lie and yet they continue to print it on every note. (se pic below)

posted on Apr, 13 2010 @ 06:54 PM
I tried to pay my taxes with one dollar notes, and they refused to accept cash - refused to cancel the debt. and our notes say
Legal Tender for all Debts Public and Private
and they refused payment....?

posted on Apr, 13 2010 @ 07:11 PM
kind of a shotty deal there

but know that its going on everywhere
not just where u r

posted on Apr, 13 2010 @ 07:15 PM
Nicely written and a much easier way to follow than the usual scam bank threads. Money like this is all over the world, it's only worth something because society is herded by the elites into placing a value on it. It's the easiest way to steal time/labour/production off 9-5 workers.

posted on Apr, 13 2010 @ 07:20 PM
I was thinking this the other day when looking at my notes and i thought the same thing and also i don't care who they out on the back of the notes they have blindly robbed us of our hard earned cash that has no real trade value except fire ember.

i dread to think where this will all end up

posted on Apr, 13 2010 @ 07:36 PM
Is this really still printed on the UK notes. Every other currency has taken it out, because all we have now in circulation are promisary notes (of debt).

For more of the real truth on this you should search for 'world freeman' and 'sovereign freeman'.

welcome to the quest BTW.

posted on Apr, 13 2010 @ 07:50 PM
WOW this is so backwards and retarded.

If you want GOLD ? And all you got is Paper Money?


Google'd buy gold, 124million hits.

[edit on 13-4-2010 by muzzleflash]

posted on Apr, 13 2010 @ 08:55 PM
Do you also expect the bank to hand over paper money when you bring in some gold necklaces and other forms of gold? Most definitely not.

But the currency still has value because it is still accepted when purchasing gold or other metals. When you're refused the right to buy gold with your money, you might have a case of your money being worthless.

posted on Apr, 14 2010 @ 01:07 AM

Originally posted by jumpingbeanz
I was thinking this the other day when looking at my notes and i thought the same thing and also i don't care who they out on the back of the notes they have blindly robbed us of our hard earned cash that has no real trade value except fire ember.

How are you being robbed blind? Do you realy think that your 5 pound (currency) is directly equal to 5 pound (weight) in gold?

I mean sure, if you were alive 100's of years ago, and converted 10 pounds of gold into a 10 pound note, youve probably got shafted, but who has?
Of course, 100's of years ago, you could have bought a house with that 10 pound note, now youre lucky if you get a 6pack. Oh no! Shafted twice!

And untill you can walk into a shop and have someone refuse to take your money, its not worthless. Infact, for 5 Pounds, you can get 5 pounds worth of goods or services. Funny how it works.

posted on Apr, 14 2010 @ 01:14 AM
I thought "the promise to pay" referred to the ability to convert from notes to coinage. For a ten pound note they gave you ten one pound coins ... and that's the promise fulfilled.

I think you're naive to expect gold for notes.

posted on Dec, 6 2010 @ 08:46 AM
I don't think people are quite getting the problem maybe. The problem is that there is no gold standard, which means, as we are all very aware, that the pound sterling has no fixed value. The value is now based on "Public Trust" which is basically how much people on average decide it's worth.

The problem is that if you have £5000 sitting in the bank, the actual amount in the bank is totally variable, and therefore you have no absolute security. If we could (which less than 100 years ago was possible) exchange our notes (which in reality is just a receipt) for gold then the pound value will be decided on the stable gold standard.
Of course you can always buy gold with the money we have today, but that isn't the point, the value of the pound is still not stable.

On a personal note, I believe the change from gold standard to public trust valuation happened to give the government complete control over their people's finances, and therefore controlling the people themselves if and when a crisis may occur (whether a deliberate one or not). Remember, the love of money is the root of all evil.

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