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Jim Grant on "faith-based currencies"


machinehead

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?The dollar is an even greater achievement [than Sterling]. Whereas Sterling was convertible or exchangeable [into gold], the dollar is purely faith-based. . . Currencies are IOU nothings.?

 

Grant says the singular problem facing the world is the overextension of American finances. ?If Britain was the world?s workshop, the US is the world?s mouth,? he quipped. ?We consume more than we produce and the money winds up in the vaults of countries that consume less than they produce.?

Short the Fed's arrogance

 

If the dollar is a "faith-based currency," then you have blasphemed, Mr. Grant.

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