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Look at the balance sheets of all central-banks: they show hockey-stick growth and correlate with government debt. We're in the last stages of the self-destruction of a fiat money regime. Rates themselves don't reflect anything about the time-value of money, but much more about the banking system. Anyone who doubt this can ask himself what is going to happen when banks and governments need more trillion dollar bailouts.



No need to read up on von Mises to read speculation on what happens to an economy without a fiat currency. Greece has no control over its currency, thus essentially may as well be on a gold standard. It's a hard road.




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