8 Dec
2002
8 Dec
'02
11:41 a.m.
Errata: "companies are forbidden from accepting them as payment" is, of course, "companies are REQUIRED TO accept them as payment". Sorry. Mark ----- Original Message ----- From: "Marcel Popescu" <mdpopescu@subdimension.com>
The reason the IOUs emitted by the Bank of England were *initially* accepted was that they were redeemable in gold or silver. *One* reason they are now accepted is that they are legal tender - you can pay your taxes with them, and companies are forbidden from accepting them as payment.