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Originally posted by Epiphron
Foundation X is actually claiming that their wealth isn't just imaginary fiat currency, but that it is backed by gold, which does have real tangible value.
Gold doesn't have any intrinsic value.
Originally posted by adjensen
Also, as a follow up, the UK has elected not to pursue said money.
www.zdnet.co.uk...
They don't cite the reasons, but I suspect their silence might be more a matter of not offending a member of the House of Lords than not wanting to expose some nefarious organization.
"At no point has Lord Sassoon, or any Treasury officials, held any meetings with Lord James of Blackheath or any organisation that he mentions on this subject," the spokesperson added.
When he detailed the offer on Monday, Lord James began by apologising to Lord Sassoon "because I am about to raise a subject that I should not raise", then said he had been in a two-week discussion with Lords Sassoon and Strathclyde about the matter. He went on to say that neither Lord Sassoon nor Lord Strathclyde — who is the leader of the House of Lords — gave credence to the offer.
The Treasury's statement appears to contradict Lord James' claim that he has met with Lord Sassoon to discuss Foundation X's offer, although it is not clear how he related the offer if not in some kind of meeting.
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)
I am very grateful to the noble Lord, Lord Myners. He had great trouble keeping a straight face. I have to say that I took extremely seriously my noble friend Lord James of Blackheath's suggestions that there were people who could help us out with our financial difficulty. The noble Lord, Lord Myners, thinks it is all a joke. I have been in detailed discussions over the past number of weeks with the noble Lord, Lord James of Blackheath, and of course we take seriously anyone who wants to invest in our economy. I know many people believe that there will be great opportunities in our infrastructure programme to invest in rebuilding our networks to underpin growth.