What if ... 1000000 Lb. currency limit?

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Systematic
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What if ... 1000000 Lb. currency limit?

Post by Systematic » Mon Sep 11, 2017 8:01 am

What would happen if you were only allowed one bank account, and, you were not allowed more than one million pounds or its equivalent in your own nation's currency. Would it keep the people from hoarding. Would anyone dare to keep that much cash or gold at their businesses? What would happen to the economy if the super rich had to spend their money as soon as they got it?

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Arising_uk
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Re: What if ... 1000000 Lb. currency limit?

Post by Arising_uk » Mon Sep 11, 2017 3:16 pm

You'd need bloody strong foundations for a start.

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vegetariantaxidermy
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Re: What if ... 1000000 Lb. currency limit?

Post by vegetariantaxidermy » Mon Sep 11, 2017 6:07 pm

:lol:

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Harbal
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Re: What if ... 1000000 Lb. currency limit?

Post by Harbal » Mon Sep 11, 2017 6:48 pm

Systematic wrote:
Mon Sep 11, 2017 8:01 am
What would happen if you were only allowed one bank account, and, you were not allowed more than one million pounds
I've already only got one bank account with less than a million pounds in it and nothing seems to be happening.

FlashDangerpants
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Re: What if ... 1000000 Lb. currency limit?

Post by FlashDangerpants » Mon Sep 11, 2017 9:10 pm

Systematic wrote:
Mon Sep 11, 2017 8:01 am
What would happen if you were only allowed one bank account, and, you were not allowed more than one million pounds or its equivalent in your own nation's currency. Would it keep the people from hoarding. Would anyone dare to keep that much cash or gold at their businesses? What would happen to the economy if the super rich had to spend their money as soon as they got it?
If you google M3 Money Supply you will see that there are many things which aren't money of the sort you can put into a bank account that are used in such a way that they behave as money and their supply has to be taken into account when working out how much money to print or destroy in order to manage inflation. If we pretend that your suggestion was implementable without giant loopholes for the sake of argument, the effect of it would simply be to cause more wealth to be converted into some of that stuff, plus gold, bitcoin, wine and all the other commodities you can convert it into rather than bank accounts depending on the liquidity needs of the holder.

Investors in gold very rarely store the actual metal on their own premises, it lives in a vault somewhere else and what you own is a contract on it. So there's no very strong reason to worry about keeping it lying around your house.

You appear to be American, and I'm not sure why you didn't just use $ for this topic. But if you wish to abbreviate pounds as a currency the symbol is £ or you can use GBP. lb is for pounds as a weight.

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Harbal
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Re: What if ... 1000000 Lb. currency limit?

Post by Harbal » Mon Sep 11, 2017 9:18 pm

FlashDangerpants wrote:
Mon Sep 11, 2017 9:10 pm

You appear to be American,
Not another one, who keeps letting them in?

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