Jim Grant Wonders When People Will Wake Up And realise That Currency Is Based On Nothing?

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

Via Infectious Greed:

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