Gold News

George Osborne's Threepenny Pound

And now over live to the House of Commons in London for chancellor George Osborne's Budget Statement...
OF COURSE, the prerequisite of sound money is a sound currency.
Thankfully Mr Deputy Speaker, the British Pound has instead become vulnerable to forgery.
Indeed, between 2009 and 2011 one operation in central London alone produced £375 billion, and immediately laundered it through the banking sector.
Its work in the currency and debt markets also cost businesses and the taxpayer billions each year in lost interest.
One pound in every three now owed by government has come from this forgery. So that debt can be written off cost-free in the coming years.
But there is still more to do – and today we take action to devalue the nation's debt still faster.
I can announce that we will move to a new, highly ironic £1 coin. Our new pound coin will blend the nominal value of £1 with inspiration from our past – the threepenny bit.
This move brings inflation forward by 50 years. It is all part of a long term economic plan.
A more resilient thruppenny for more resilient inflation.

Adrian Ash is director of research at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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