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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (86326)	6/3/2002 7:05:15 PM
From: Don Lloyd	Respond to of 116762

E.C. - When I talked about credit, it was primarily limited to the very short term credit that may be contained in a 20 or 25 day credit card grace period. I was not interested in credit per se, but rather the clearing system that goes with it that has the effect of economizing on the use and demand for money. Over the long term, the development of clearing systems (offsetting net payments) has produced a large inflationary component in reducing the purchasing power of money as its demand is reduced, everything else being equal. Of course it cannot be directly isolated and observed as its effects, as well as those of the inflationary governments, are partly offset by increasing population, increasing economic participation and increasing per capita wealth. Regards, Don