Peter of England: A REal guru.

[longdog]

The problem with that is the minor fact that The Bank of England has the economy of a major industrial nation behind it and the WeRe bank has nothing.

[timcurgenven1]

I think peter should come on here and do a q n a session.....

He won't be doing that anytime soon as he is having Quatloos "dealt with as we speak". So in his tiny mind we are gone, finished,kaput and are no more.
It's a bit like the "unicorn" that is "Special Police Investigation looking into court fraud" concerning Crawford's case. I wonder how that's coming along?

How exactly did he plan on having Quatloos dealt with ?

[LocalResident]

The problem with that is the minor fact that The Bank of England has the economy of a major industrial nation behind it and the WeRe bank has nothing.

Well yes, but other than that small fact there is no difference at all

[wanglepin]

How exactly did he plan on having Quatloos dealt with ?

i can't find the video, but this is the full quote:
Peter of England:

The Quatloos crowd are being taken care of as we speak and will be soon blown to the 4 corners of the earth like dessicated mud!
Karma, karma...ain't it a bitch!!

[timcurgenven1]

How exactly did he plan on having Quatloos dealt with ?

i can't find the video, but this is the full quote:
Peter of England:

The Quatloos crowd are being taken care of as we speak and will be soon blown to the 4 corners of the earth like dessicated mud!
Karma, karma...ain't it a bitch!!

Well i have obviously missed it happening then,

[exiledscouser]

How exactly did he plan on having Quatloos dealt with ?

i can't find the video, but this is the full quote:
Peter of England:

The Quatloos crowd are being taken care of as we speak and will be soon blown to the 4 corners of the earth like dessicated mud!
Karma, karma...ain't it a bitch!!

Couldn't resist....

https://www.youtube.com/watch?v=3kPi0JqvRRs

[Losleones]

The problem with that is the minor fact that The Bank of England has the economy of a major industrial nation behind it and the WeRe bank has nothing.

Well yes, but other than that small fact there is no difference at all

Ah, but Peter's Bank will shortly have the added bonus of gold backed currency & then there's his Re car insurance & free fuel. WeRe Bank may not as yet have all the services of a "real" Bank but at least your cheques will be shortly backed up by gold. How can it fail?

[wanglepin]

How exactly did he plan on having Quatloos dealt with ?

i can't find the video, but this is the full quote:
Peter of England:

The Quatloos crowd are being taken care of as we speak and will be soon blown to the 4 corners of the earth like dessicated mud!
Karma, karma...ain't it a bitch!!

Couldn't resist....

https://www.youtube.com/watch?v=3kPi0JqvRRs

you have those quotes the wrong way around

[YiamCross]

The problem with that is the minor fact that The Bank of England has the economy of a major industrial nation behind it and the WeRe bank has nothing.

Well yes, but other than that small fact there is no difference at all

Well, yes, that and the fact that the money supply is strictly controlled. We could use rocks as money but inflation would be a problem because anyone could go out into the garden, pick up a few rocks and head off to the supermarket. Wouldn't be long before a pint of milk cost a small mountain. WeRe bank is even worse, you don't have to go to the trouble of finding a rock, you can sit at your computer and add Re to your account generated by the energy you expended in, well, sitting at your computer to add Re to your account. What could possibly go wrong with that?

[timcurgenven1]

I want to see this video where he threatens quatloos

[littleFred]

The bank of England has been "lying" for a long time about how banks work, they recently started telling the truth, and its a lot closer to what PofE is saying than the old story was.

Do you have links to this "old story"? I don't mean links to people saying what the old story was, but to the actual story itself.

The number of pounds sterling (or US dollars or anything else) that exist now is a great deal more now than it was 100 years ago. So obviously it must have been created by someone. As YiamCross says, there are controls on how quickly the money supply expands.

Do banks and money itself rely on trust to operate successfully? Certainly. I "trust" that the money in my pocket won't suddenly devalue by 50% overnight, although it could happen. I trust that I can withdraw money from my bank account. I trust that when I ask my bank to transfer some of my money to someone else, they will actually do so. (Technically, I don't have any money in a bank account. Actually, it is a debt that the bank owes me. So I actually ask the bank to transfer that debt to someone else. I am paying a debt with a debt! Weird but true.)

This works for me because I bank with a real bank, not WeRe Bank. It has worked for me for 35 years. I trust it will continue to do so. WeRe Bank is different. WeRe customers cannot withdraw their money, nor successfully ask WeRe to transfer money to someone else, not least because WeRe Bank doesn't have any money.

[LocalResident]

Well, yes, that and the fact that the money supply is strictly controlled. We could use rocks as money but inflation would be a problem ....

That is 'old thinking' and is how 'everyone knows' central banking works.
Unfortunately the bank of England themselves have recently said that things don't actually work that way.

In the modern economy, most money takes the form of bank
deposits. But how those bank deposits are created is often
misunderstood: the principal way is through commercial
banks making loans. Whenever a bank makes a loan, it
simultaneously creates a matching deposit in the
borrower’s bank account, thereby creating new money.

In normal times, the central bank does not fix the amount
of money in circulation, nor is central bank money
‘multiplied up’ into more loans and deposits.

Essentially the Bank of England/ The government do not control money supply at all, all they control are interest rates.
Money supply is essentially unlimited and is constrained only by the ammount people are willing to borrow not the amount the bank is willing to create/lend.

And of course, "Control interest rates" is a bit of an issue at the moment, ask Tom Hayes about how the bank of England controls LIBOR for example....

So yes, it really IS that simple, money can (and is) created out of nothing by people sitting at computers.

http://www.bankofengland.co.uk/publicat ... 14q102.pdf

Scary world we live in.

[IDIOT]

Pisstake of England says a cheque can be written on anything, even a ballon.

DOes the balloon have to be blown up or as it is out of the packet? I'm thinking one might get a better rate of inflation.

[longdog]

Essentially the Bank of England/ The goverment do not control money supply at all, all they control are interest rates.
Money supply is essentially unlimited and is constrained only by the ammount people are willing to borrow not the amount the bank is willing to create/lend.

So yes, it really IS that simple, money can (and is) created out of nothing by people sitting at computers.

The Bank of England also have the power to regulate the money supply by controlling the percentage of deposits to loans held by the banks.

In any event it is not Poe's bank that is creating the money but the members who are depositing the funds in the form of a promissory note and drawing on that. Poe's bank isn't actually loaning money or creating money it's the members who are doing that.

It's all nonsense of course because the members don't have the money to pay down the note, their own labour is irrelevant, Poe can't sell or raise money against the notes and the note is effectively worthless.

[Losleones]

At 2h 23m in Ceylon asks a question. I do hope he's sent out some bouncy cheques.
https://m.youtube.com/watch?v=ldq1bQr_RxQ

[LocalResident]

It's all nonsense of course because the members don't have the money to pay down the note, their own labour is irrelevant, Poe can't sell or raise money against the notes and the note is effectively worthless.

The fact that people did not have the money to pay down the mortgages and they were essentially worthless did not stop a lot of banks securitising and selling those worthless mortgages on not very long ago.

Ask Leyman Bank how that works in the long term, but in the short term a lot of people got very rich....

Not saying its a good idea, just that PofE is actually a bit late to the party in creating circular money flows from nothing and selling nonsense to people who should know better.

The base issue is that actually PofE is not doing anything that the mainstream banking industry has not done before, admittedly he is not as slick a conman as they were and the numbers are a lot smaller so the number of people conned are a lot lower.

Least you think that only bankers and goverments were conned, consider

The fall of Lehman also had a strong effect on small private investors such as bond holders and holders of so-called Minibonds. In Germany structured products, often based on an index, were sold mostly to private investors, elderly, retired persons, students and families. Most of those now worthless derivatives were sold by the German arm of Citigroup, the German Citibank now owned by Crédit Mutuel.

[Zeke_the_Meek]

Howdy, chaps. First time poster - just spent the best part of two weeks reading through this laughter fest and wanted to thank you all for the solid (WeRe) gold you've provided. All throughout I was convinced the house of cards was about to fall imminently, yet here we are, 148 pages on...

Anyway, wanted to share a little exchange I had with everyone's favourite Goofer, JimmyW. About fifty pages back he posted a link to a recording of a conversation he had with the gas company regarding his refused Weary cheque, and his complete inability to grasp what was happening: https://www.youtube.com/watch?v=3JToFBSLBN8

That was a little while back. Someone in the last few days was wondering if/how ol' Jimmy could still be invested in this bunkum... happy to report he's still a little hard of thinking and 100% committed. The conversation I had with him in the comments at the weekend (apologies for length):

Zeke: Nobody is obligated in any way to accept cheques. Even if they say they accept cheques, they are entitled to refuse any cheques that they don't believe will clear; i.e. they think it's a fake cheque from a fake bank made up in a backroom print shop behind a massage parlour in Manchester by a guy who lives in a camper van and takes money from people in brown envelopes because his PayPal and own bank accounts were shut down. Think that about sums up what's happening, here.

Jimbo: lol if they want to refuse my payment that is fine by me... just fine.

Zeke: Not accepting a rubber check from a "bank" with no intention of transferring real money to cover the amount doesn't mean they're going to forget about the £600 you genuinely owe them, right?

Jimbo: so how come they have stopped chasing me for it? you need to learn howmoney really works nd how its created. /links to some Freeman crap

Zeke: That video is pseudo-intellectual woo designed to make you think you're in a secret clever club who's figured out some genius loophole. You haven't, the freeman stuff in its various guises has never verifiably worked for a single person, and the only winner is the person who - funnily enough - charges sterling for such info.

The fact that you clearly have no understanding whatsoever of how cheques work and bought so readily into the painfully obvious Weary Bank scam shows that it is you who needs to learn how money works.

I'm not the one having trouble paying the gas and trying to con my way out of a bill. I dare you to ring them up and verify that the debt has been cancelled.

Jimbo: silly c*** don't come on my channel d***head. lol

Zeke: Standard reaction whenever someone like you is forced to consider reality.

Jimbo: you live in a dream world pal you have know way of knowing cos your too stupid to work it out

Zeke: Do enlighten me. I'm genuinely interested to hear how I'm the fool when you're writing a fake cheque from a fake bank invented by a known con artist (who has vanished with everyone's real cash.)

[YiamCross]

i can't find the video, but this is the full quote:
Peter of England:

The Quatloos crowd are being taken care of as we speak and will be soon blown to the 4 corners of the earth like dessicated mud!
Karma, karma...ain't it a bitch!!

Well i have obviously missed it happening then,

Already happened. We have posts from the old colonies in the US, posts from Australia, posts from Canada, how many more corners are left with no Quatloosians?

[wserra]

Peter of England:

The Quatloos crowd are being taken care of as we speak and will be soon blown to the 4 corners of the earth like dessicated mud!
Karma, karma...ain't it a bitch!!

Do you know how often scammers have threatened us? And a dozen years later, we're still here.

Moreover, it's proof that we're doing something right.

[rumpelstilzchen]

The base issue is that actually PofE is not doing anything that the mainstream banking industry has not done before,

I am not aware of any mainstream bank that has refused to accept payment for bank fees from its customers in the currency the bank creates.