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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (14291)2/18/1998 3:13:00 PM
From: Chip McVickar   of 18056
 
Zeev, I tend to agree with you and history certainly points in that
direction. Nationalistic overtones in themselves may very well make
for a short lived EURO.....just look at the French and German accounting
methods.

But the dream of a unified economic europe is strongly entrenched in
the burocates, politicians and powerful multi-national business leaders.
Profits just "light-up" everwhere. It is very powerful idea...a central
bank of europe.

However the stumbling block has been the floated currency and the ability
of a cenral bank to use its discretionary authority to print money and
procuce the problems we are seeing in Asia.

What's interesting here is the unexpected....

A "hard ECU" as envisioned by John Majors....But Sir Alan Walters, Thatcher's
Prime Minister, believed the only way it could work was to require the
central bank to issue money under strict rules that included anchoring
the currency to a basket of commodities. In effect a country could exchange
all their ecu's for these commodities. A unit of currency would be worth a
certain amount.

In any case...if this were the resulting package presented later this year
as the basis of the EURO...it could cause a significant run from the
dollar and US Bonds. Although this seems "far-out", kind of unrealistic
and boardering on "Gold fever" which I do not have >chuckle<.....
The trouble in Asia - combined with the desire
of powerful european forces to bring about this new central bank....

The Big Surprize might be the foundation of the New Central Bank and its
currency. Anyway just another thought and consideration to through out

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