Protect the Economy, Trade at the Benchmarks!
Day 515, 15:32
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Published in United Kingdom 
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by
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by Bank of England
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The UK has several ways of maintaining the strength of the pound
Benchmarks
1 Gold = 38.5 GBP
1 GBP = 0.027 Gold
If you have Gold or GBP to sell, sell at these benchmarks. If you need to sell quickly then contact the Ministry of Finance with this simple message:
Dear Sir,
I need to sell Gold/GBP (delete as appropriate) quickly. I have placed _____ amount on the monetary markets, could you please buy it at benchmark cost.
Thank you for your time,
name.
We will then buy your currency at benchmark. Not following these instructions will lose you money. This is a fact. If you post your offer at 37.9 GBP we will still buy it, but you'll lose money.
So follow the benchmarks, for the good of our economy, for the good of the Kingdom.
Iain Keers
Chancellor of the Exchequer
The UK has several ways of maintaining the strength of the pound
Benchmarks
1 Gold = 38.5 GBP
1 GBP = 0.027 Gold
If you have Gold or GBP to sell, sell at these benchmarks. If you need to sell quickly then contact the Ministry of Finance with this simple message:
Dear Sir,
I need to sell Gold/GBP (delete as appropriate) quickly. I have placed _____ amount on the monetary markets, could you please buy it at benchmark cost.
Thank you for your time,
name.
We will then buy your currency at benchmark. Not following these instructions will lose you money. This is a fact. If you post your offer at 37.9 GBP we will still buy it, but you'll lose money.
So follow the benchmarks, for the good of our economy, for the good of the Kingdom.
Iain Keers
Chancellor of the Exchequer
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Comments
I don't think anyone is listening. Looking at the Monetary market, people have the following:
1 Gold = 37.85 GBP
1 GBP = .028/.029 Gold.
Boo hoo. At least on eRep you can't use an iron fist like governments can IRL. I will trade at whatever the FREE market says. You have funds that can be used to affect the market, so use them or if you can't, then accept your limitations as a non-totalitarian government.
You hurt the economy and your own pocket by not trading at benchmark values. We simply buy all lower offers, meaning that you are losing money and the government getting cheap gold out of you. The simple fact is the monetary market is not free, and it's lack of freedom protects the value of GBP and the wages of our workers.
I made a hearty profit selling off all the GBP I had for 0.028 Gold each, thank you very much 😛
Thank you for putting your wallet before your country.
welcome to the free market iain
Well done those people who put themselves first hope your happy!
Put your country first(Banker IRL didn't)
"Those who would sacrifice essential Liberty for a little temporary Security deserve neither" - Benjamin Franklin
@ Cohen: We shouldn't have bailed them out, we should have arrested them for a criminal fraud. Why can't people distinguish between *trade* and *fraud*? Derivatives are nothing more than a $1 Quadrillion Ponzi scheme; the central bankers should be arrested and shut down for their criminal *anti-capitalistic* actions.
they didn't think first
the bankers? 'cause they did think, they consciously made this happen so we would accept a global regulatory body with them in charge of it.
Conspiracy theories are fun. It could be they were just trying to make their money back after the government forced them to give loans to people who couldn't afford them?
....nawwww
That's not what happened. The bankers aren't making a loss out of the crisis, just look at how their hedge funds make billions even in this economic climate.
http://www.dailymail.co.uk/news/worldnews/article-1164771/Im-having-good-crisis-says-hedge-fund-manager-1billion-world-plunged-recession.html
Government forcing property loans wasn't the cause of the real crisis, that's just the housing market.
Fractional Reserve lending (legalised fraud), and Derivatives are the main reason for the depression. There are $1.4 Quadrillion in derivatives worldwide, while all of the world's assets are worth an estimated $50 Trillion. You think a bailout will buy all those 'toxic assets', when there's about 34x as much $$$ in bad assets as there is in the real economy? Turn off the TV news mate.
"government getting cheap gold out of you. "
nice.
If the BoE wanted to they could do what they always do and post some GBP up for 0.027, buy out the cheaper offers on the gold-gbp market, and the market will be pacified for a while. Coercion isn't a constructive solution to the problem however.
http://www.erepublik.com/en/article/will-the-euk-ever-learn--781750/1/20
To be completely fair, we should lower it slightly to 0.028 which is what it has stabilised at. Every country has seen a slight rise, we're no exception. Trying to pacify it to such a thin strip is a failure.
Suggested benchmarks: 38, 0.028. The free market will do what it wants though. It's silly trying to control it with articles like this.
38.5 * 0.027 = 1.0395
Therefore, surely the BoE is making a loss by buying up offers?
Also, Lumin, shut up. That article shows him earning billions because he predicted it, those he didn't lost billions. It's how it works.
The housing market crashed in the US, then the UK, the globalisation and then withdrawal of finance started the Credit crunch, turn off the conspiracy theories.
bLz😛 The BoE buys the gold below 38.5 GBP and then sells it for 38.5 GBP. So if they buy 1 gold at 37.5 and then sell 1 gold at 38.5 they make 1 GBP profit.
That's contradictory to what this article says...