Giants and Titans
A short note. Faisal Islam got his hands – literally – on the giants and titans. A fascinating quirk of British monetary history is the existence of £1m (“giants”) and £100m (“titans”) Bank of England notes, which are used as assets backing sterling banknotes issued privately by commercial banks in Scotland and Northern Ireland.
The video is here and is mostly about Carney’s speech on Scottish independence. The Bank’s web site has more information about Scotland & NI currency and the “backing assets”. George Selgin wrote a very good post on Scotland and the pound last year.
I am curious, how many objects are there in the world worth (nominally) £100m which you can hold in your hands? Some artwork… jewellery?