--- begin forwarded text
Status: U
User-Agent: Microsoft-Entourage/10.0.0.1331
Date: Wed, 15 May 2002 11:22:15 +0200
Subject: Re: trillions a day?
From: "David G.W. Birch" <[EMAIL PROTECTED]>
To: Bob Hettinga <[EMAIL PROTECTED]>,
Digital Bearer Settlement List <[EMAIL PROTECTED]>
Richard Fiero e-said:
> Keep in mind that US currency is US Government debt. The more
> stashed under mattresses, the less debt has to ever be
> "repaid." As the article mentions, if non-interest bearing
> currency becomes less popular, then the debt will have to be
> financed at higher cost through interest-bearing bonds.
I don't have the source to hand, but I recall that about two-thirds of all
US currency in circulation is outside the US and unlikely to be repatriated.
This represent a massive interest-free loan from the rest of the world to
the US.
Regards,
Dave Birch.
--
== My own opinion (I think!) given solely in my capacity as an
== interested member of the general public
== mail(at)davebirches.org, http://www.davebirch.org/
--- end forwarded text
--
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R. A. Hettinga <mailto: [EMAIL PROTECTED]>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
