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December 12, 2011


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Chris Cook

You mention that the Exchequer collected and issued money, but you don't mention how they did it.

ie the Tally Stick, which gave us the word 'Stock' and the phrase 'rate of return' which related to the rate at which Stock was returned to the issuer.


Undated 'stock' - ie wholesale money - could easily be issued at a discount to replace Treasury debt, while credit intermediaries could easily transition to a role as service providers allocating stock issued at local or regional level.

In fact such a (capital lite) role would probably suit many banks just fine.

Chris Skinner

Ah, the good old tally stick that dates back to caveman days.

What would we have done without it ...


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