In response to Reader Question on a Credit-Based Society: Can Interest Ever Be Repaid? I received an email from reader Keith Weiner at Monetary Metals.
Keith writes
Hi Mish,
I hope all is well.
I liked your reply to the reader question. I think it boils down to one thing. With fiat money, there is no extinguisher of debt. Debts are paid using dollars, but the dollar is itself a debt. The dollar is just a bite-sized piece of the Treasury bond. Paying a debt with a debt merely shifts it around.
The debt must rise exponentially, by at least the accrued interest, and more if the government wants what passes for growth.
The Gold Standard Institute is sponsoring an event in NYC on Nov 1. I will be talking about this problem, and numerous others that plague the dollar.
Would you be willing to share the link on your site? It’s for a good cause that I think is near to your heart as well. 🙂
Thanks so much for whatever you can do.
Best Regards,
Keith
Keith is one of the good guys. If you are in the area, the conference should be well worth attending.
Date: November 1, 2014
Time: 1:00 to 5:00pm on
Place: The 3 West Club, Midtown Manhattan
Cost: $50 (click here to register)
Conference Link: The Gold Standard: Both Good and Necessary.
You are cordially invited to join us for a presentation of ideas you won’t get anywhere else. The gold standard is the monetary system of the free market—of capitalism. Advocates of the gold standard should make the clear connection from gold to freedom, and from freedom to self-interest. Advocates of freedom should understand the destruction wrought by the dollar, and it’s not simply rising prices.
Mike “Mish” Shedlock
