Jim Grant of Interest Rate Observer spoke with Bloomberg today about the current state of U.S. interest rates and the legitimacy of the currency.
- 1:42 Checks that should not have been written by the Treasury last year totaled$98.7 Billion
- 3:00 Coinage Act points out that penalty of debasing the currency is death
- 3:20 People need to remember that currencies are unsecured
- 3:40 Wonders when people will wake up to currencies based on nothing
- 5:40 Expects rates are likely to rise due to credit worthiness of U.S. Treasury
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