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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Chip McVickar who wrote (260)	6/24/1998 11:24:00 AM
From: Henry Volquardsen	of 3536

Chip, Sorry if I came off a litle hard edged last night. I had just gotten back from the Stadium where the Braves beat my Yanks so I was in a cantakerous mood. As far as my core economic philosophy, I am a libertarian and have followed the writings of von Mises, von Hayek, Friedman et al. But I am a practical man and realize there is some value in other approaches. Not all Keynesians are bad and I am open to their points of view. I just reacted badly to the mention of Galbraith's name more because of a dislike of him personally. I've always found him somewhat smug, condescending and glib. As far as your comments re currency trends, you make a valid and important point re the Euro. It will require an unheard of amount of cooperation and civility. And this will be complicated by the very real differences in cultural attitudes and perceptions between Germany and France. Wim Duisenberg is a capable and credible banker but he will have an interesting high wire act to perform. There are some who believe, and I agree with, that only full political union will allow the Euro to survive and will become inevitable. This could lead to a very volatile period in European economics and politics. As far as currency boards, I favor them in certain circumstances. They work for Hong Kong. I oppose them in Indonesia because of the ethical questions surrounding the government. But Currency boards are not necesarrily in conflict with free market principles. In its purest form it is a one to one backing of one nation's currency with anothers. In effect the country in question surrenders all control of monetary policy. It is little different in effect from a gold standard just substituting anothe currency for gold. Henry

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