This paper offers an elementary proof that formal arithmetic is consistent. The system that will be proved consistent is a first-order theory R♯, based as usual on the Peano postulates and the recursion equations for + and ×. However, the reasoning will apply to any axiomatizable extension of R♯ got by adding classical arithmetical truths. Moreover, it will continue to apply through a large range of variation of the un- derlying logic of R♯, while on a simple and straightforward translation, the classical first-order theory P♯ of Peano arithmetic turns out to be an exact subsystem of R♯. Since the reasoning is elementary, it is formalizable within R♯ itself; i.e., we can actually demonstrate within R♯ (or within P♯, if we care) a statement ...