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DELETED
163238.  Thu Apr 05, 2007 7:32 am Reply with quote

DELETED

 
Molly Cule
167328.  Wed Apr 18, 2007 10:10 am Reply with quote

Little red envelopes (hongbao in Mandarin, laisee in Cantonese and angpow in Hokkien) are Chinese New Year Presents. They are usually given by adults to children and by married people to their unmarried friends. Many people like to give crisp new notes straight from the bank. This has encouraged banks and other businesses to produce money envelopes bearing their logo, as part of their marketing strategy and service to customers. They have pictures and/or good luck messages on the front.



This envelope has a four-character inscription across the top that reads 'Welcome spring! Welcome good fortune!' Down the centre is the character fu, 'good fortune', written in outline.


http://www.thebritishmuseum.ac.uk/compass/tours/sel/enc14375/obj14387.html

 
Molly Cule
167331.  Wed Apr 18, 2007 10:11 am Reply with quote

 
Molly Cule
167332.  Wed Apr 18, 2007 10:12 am Reply with quote

 
Molly Cule
167333.  Wed Apr 18, 2007 10:13 am Reply with quote



Some local banks notes from back in the day...

http://www.thebritishmuseum.ac.uk/compass/tours/int/enc8988/enc8989/obj8992.html

 
Flash
169098.  Mon Apr 23, 2007 1:49 pm Reply with quote

Garrick sends this:

Quote:
Q: Why were there riots over the introduction of the Gregorian Calendar in 1752?

FORFEIT: Because people thought they were losing eleven days of their lives.

Answer: Because abolishing eleven days of September created huge financial problems.

BACKGROUND
It was actually because the abolition of the days September 3 to 13 created financial problems with contracts, wages and debts. Some agreements were actually destroyed because they were due to start or occur on days that no longer existed. Other agreements never officially ended for the same reason. Also, the first day of the year was altered from 25 March to January 1, creating even more problems because it upset the timing of annnual payments and complicating tenancy agreements. The apocryphal "revolting peasants" were actually landlords, employers and apprentices.

S: Popular Disturbances in England 1700-1870, John Stevenson, Longman 1979
.

I think there was also unhappiness about legislation which said that wages were to be paid for the days actually worked, whereas rents had to be paid for the whole of the notional month.

 
Flash
169102.  Mon Apr 23, 2007 2:25 pm Reply with quote

And this:

Quote:
Q: Why might psychopaths make great stockbrokers but terrible chief executives?

Answer: Because having normal emotions makes one less inclined to gamble. People with a normal sense of fear will hold back from taking risks. People without a sense of fear will weigh up the situation totally rationally and by and large make better bets. Betting is the job of a broker, but CEOs are meant to conserve and invest.

BACKGROUND: This is part of the growing research area called neuroeconomics. The study that showed psychopaths make better brokers was conducted by three US universities, which took people with and without brain lesions and gave them $20 each.

The people with brain lesions were known to have lost or significantly lowered emotions, making them "functional psychopaths". Despite the popular stereotype, psychopaths are not always violent murderers and can be usesful members of society (they are believed to be over-represented among surgeons, who perform better if they have no qualms about cutting people open).

The study got all partipants to gamble $1 a time on the toss of a coin. If they lost, they lost a dollar but if they won, they received $2.50. The logical thing to do was to gamble every time -- but the “normal” participants became anxious and passed on the chance to gamble more often. The psychopaths walked away with bigger winnings.

On the other hand, when gambling is not a psychopath's job and they are using your money, this can create huge problems. Two American professors, Robert Babiak and Paul Hare, believe that scandals such as Enron, Worldcom and the Mirror pensions swindle are caused by psychopathic CEOs gambling with other people's money.

Babiak knows what he is talking about - he is the man who invented the Psychopathy Checklist, later revised and formally adopted by pschiatry and known as the PCL-R

Sources:
Neuroeconomics workgroup:
http://ihome.ust.hk/~ecneuro/cgi-bin/press_2005-09-19.php
http://www.pfadvice.com/2006/09/12/neuroeconomics/
Babiak and Hare:
http://www.hare.org/links/saturday.html
http://www.abc.net.au/rn/talks/bbing/stories/s1158704.htm
http://www.fastcompany.com/magazine/96/open_boss.html

 
dr.bob
169201.  Tue Apr 24, 2007 4:08 am Reply with quote

Quote:
Also, the first day of the year was altered from 25 March to January 1, creating even more problems because it upset the timing of annnual payments and complicating tenancy agreements.


Typical south-of-the-border bias! ;-)

As suze pointed out in post 119933, Scotland had already changed over to using January 1st as the start of the year 152 years previously. Another example of Scotland leading the way and England playing catch-up (blimey! I sound like an SNP candidate)

Though I guess such England-centric facts aren't too surprising given the source:

Quote:
S: Popular Disturbances in England 1700-1870, John Stevenson, Longman 1979

 
Flash
170272.  Fri Apr 27, 2007 5:30 pm Reply with quote

Mat points out that there might be a bit of Gen Ig (or at least a note) associated with the idea of being entitled to exchange banknotes for gold.

The Gold Standard (the rule that all currency in issue needs to be backed by government holdings of gold) is not used by any country in the world any more - it has been replaced by a fiat (faith) system which means that currency has value simply because a government says it has. In the UK the Gold Standard was dropped during the 1st WW, adopted again in 1925, then abandoned in 1931.

The principle objection to a fiat system is that it permits a government to effectively confiscate its citizens' money by inflating.

Did anybody labour under the misapprehension that it is still possible to go into a bank and demand gold to the value of their banknotes?

 
Gray
170283.  Fri Apr 27, 2007 6:52 pm Reply with quote

*sheepishly puts up hand*

 
MatC
170313.  Sat Apr 28, 2007 4:44 am Reply with quote

Flash wrote:
it has been replaced by a fiat (faith) system


So, does Fiat the car mean "faith"?

 
MatC
170314.  Sat Apr 28, 2007 4:45 am Reply with quote

Flash wrote:
Did anybody labour under the misapprehension that it is still possible to go into a bank and demand gold to the value of their banknotes?


"I promise to pay the bearer on demand" - what are they promising to pay me?

 
Flash
170349.  Sat Apr 28, 2007 7:06 am Reply with quote

MatC wrote:
So, does Fiat the car mean "faith"?


Actually no, because I was wrong in stating that it means that in the case of the currency. The word refers to the fact that the currency's value derives from a governmental declaration (fiat).

Quote:
Latin "let it be done", 3d person singular subjunctive present, from fieri, used as passive of facere to make.


And also because FIAT the car comes from Fabbrica Italiana Automobili Torino.

Sorry.

 
MatC
170350.  Sat Apr 28, 2007 7:15 am Reply with quote

Bloody Europeans, taking liberties with our language.

Doesn't the Pope issue fiats? I do find it rather quinteresting that the currencies of the world rest solely on "So mote it be."

 
Flash
170351.  Sat Apr 28, 2007 7:19 am Reply with quote

Quote:
The "...Promise to pay the bearer the sum of ..." on Bank of England notes has nothing to do with legal tender status. The promise to pay stands good for all time and means that the Bank will pay out the face value of any genuine Bank of England note no matter how old.

The promise to pay also holds good for damaged notes, as long as enough of the note survives to prove that it was genuine and no previous claim for it has been received. The Bank's mutilated notes department receives some 25,000 claims a year for anything from fire or water damage to notes eaten by all manner of household pets. ...

The first fully printed notes appeared in 1855 relieving the cashiers of the task of filling in the name of the payee and signing each note individually. The phrasing "I promise to pay the bearer on demand the sum of ..." was introduced at this time and remains to this day.

http://www.livingstonemusic.net/moneyscam.htm

Quote:
In the 18th Century, there was a clearing-house system of banking in the United Kingdom. Banknotes, which circulated as money, were issued by private banks. These bearer notes were claims on gold held by the bank - hence the common preamble which still persists in modern Bank of England notes, "I promise to pay the bearer on demand X pounds." In that time period, that promise was actually true: a person could take a note to the bank which issued it and ask for it to be exchanged for gold. Thus, for a long time, all paper notes were issued by private banks on the basis of the gold they had in their vaults.

In Scotland, however, there was a slight exception: banknotes often had a clause that allowed the bank to suspend convertibility. Although banks were legally required to pay the bearer in gold bullion, they could temporarily suspend that conversion should they find that necessary. The suspension clause in Scottish banks was the way that system responded to clearing house "bullying" trick - whereby several banks would surreptitiously hold back notes issued by bank Z and then, one day, they would all collectively unload the notes upon bank Z and demand redemption. Naturally, as it was a fractional reserve banking system, bank Z would not be able to redeem them all. If convertibility was required by law, then bank Z would have to declare bankruptcy. This sort of ruination by a clearing house cartel against a loner bank was not uncommon in Europe and North America. Thus, Scottish law allowed for a temporary suspension of convertibility. This clause, however, was banned in 1765 and henceforth Scottish banks were required to pay the full amount on demand.

However, in 1797, rumors that French soldiers had landed on English soil led to a widespread bank run in Britain. Customers hurried to their banks demanding immediate redemption of their notes in gold bullion. The British government, realizing the dangerous consequences of the run allowed banks to suspend convertibility of the notes issued by the Bank of England.

The crisis, then, was properly averted, but the government did not quickly restore convertibility. Rather, they permitted banks to continue issuing notes without necessarily respecting their convertibility into gold. An intellectual debate proceeded immediately as lawyers, bankers and statesmen lined up for and against the maintenance of convertibility of notes into gold. On the one hand, there were the "Bullionist" group, which argued for convertibility; arrayed on the other side were the "Anti-Bullionist" who preferred the status quo of suspension.


From a good article at:
http://cepa.newschool.edu/het/schools/bullion.htm

 

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