In
FAQ UPDATE, at 16m 25s:
Once money goes into your account, as far as you are concerned, it only ever goes out again in Re.
There we have it. This has always been implied by Peter, and now he has openly stated it. He will not pay out any sterling. If a sucker uses a cheque to pay his council tax or mortgage, the council or mortgage company won't get any sterling, UK pounds, US dollars or other recognised currency. The best they can hope for is Re units. As Peter has an infinite stock of these, I can believe he would actually "pay" them out to the debtor. He can certainly afford to be generous with something he invented and then creates from thin air. But Re are not convertible to a useful currency, therefore the debtor can't do anything with them, therefore the debtor won't accept them as payment of the debt. Moreover, the debtor is not obliged to accept anything other than legal tender. If he wants to, he can accept cheques or promissory notes or Re units or anything else, but no law compels him to.
If Peter was as competent as he claims, he would have tested the ideas himself. He would have used WeRe cheques to pay bills. But he doesn't claim to have done so, and I suppose he hasn't even tried. Why not? Because he knows they won't work.
It seems to me that Peter knows his cheques won't work. He might
want them to work, he may think that in an ideal world they
should work, but he knows they
won't actually work. Therefore he is knowingly giving false hope to suckers. At the very least, this is morally wrong.
17m 0s:
Question: "Can I sign off a cheque to pay for my friend's water bill, my mother's mortgage etc?" Absolutely not. One or two people, I said initially when they joined that maybe they could, but [now] we stipulate that if that individual can't be prepared to join the movement and pay ten pounds a month to become a member then, to be quite honest, it's a facility that we don't want to entertain. We don't want cheques flying off, people paying off someone else's financial responsibilities. If they join, they can do exactly what you're doing, but as far as we are concerned you do not pay off a third-party's debt liability. And we want to make that perfectly clear.
So cheques can't be used to pay off third-party debts, eg a neighbour's water bill. Why not? Because Peter wants the £10/month from the neighbour. Peter is very clear on this. Real-world cheques and bank accounts can be used for this purpose. No one would have any problems with me paying my neighbour's water bill from my conventional bank account. But Peter expressly forbids this. (I have no idea how he thinks he could police it.)
This is Peter's greed, pure and simple. He wants the neighbour's £10/month, plus £0.50 per cheque. He won't pay out any sterling, but claims his system will pay debts.
He even claims in that video that his system can pay entire mortgages, within £150,000.
His claims are manifestly false. In my opinion, he knows they are false and his only defence to charges of fraud would be terminal stupidity.
I'll give Peter credit for one thing. He seems to have removed from his website (including PDFs) all references to his personal Nationwide Building Society account.
