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To: JF Quinnelly who wrote (7725)	1/2/2003 1:54:36 AM
From: MSI	Read Replies (1) \| Respond to of 306849

So you are saying without such convertibility no money can be created by the gov't, it must be bonds or notes of some kind. I take it you also say the Fed system, owned and managed by the banks, do not accrue unfair profit or influence to private banks? That's tricky. It would seem that a note from the gov't is guaranteed by the gov't, whether it produces interest or not. If Japan can issue zero-interest notes, that seems to prove the point that no interest need be accrued. If so, that's a huge difference in gov't budget burden, and economy, if we eliminate interest on new money-creation, remove the gov't from competing in the bond market, and cut the debt cost of gov't. The banks and brokers wouldn't like it, but the people would.

To: JF Quinnelly who wrote (7725)	1/3/2003 9:23:45 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 306849

James Grant's Money of the Mind i must say i am surprised that somebody who cites Jim Grant as an information source would believe that "there is nothing that rivals American Treasury debt". are you familiar with Grant's recent writings on gold and the dollar, and US govt bonds? of the latter, he calls TIPS the "least bad bond". he is quite bullish on Newmont and quite bearish on the dollar, in my reading of his not-so-subtle arrangement of tea leaves. regards, Darfot, holder of TIPS and NEM