Thursday, January 31, 2008

Gene Logsdon, How long can paper dollars keep a house warm?

How long can paper dollars keep a house warm?
What is wrong about allowing money to "grow" as if it were a real thing? Answer: Real things grow, mature and die. Pretend money grows and grows every second of every hour of every day and night. Pretend money therefore tends to overwhelm the growth rate of real resources.
published January 31, 2008.


I think he gets the change in teaching in usury (not really a change at all, as far as I know, but a clarification as to what counts as usury and what doesn't), but he does raise the seemingly valid point that perhaps the Church should not be involved in banking.

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