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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.67

+5.0%

Nov 10 4:00 PM EST

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To: Enigma who wrote (35312)	6/14/1999 5:50:00 AM
From: Alex	Read Replies (1) of 116753

In the Financial Mail on Sunday, June 13, 1999, Matthew Fletcher writes that "Professor Paul Krugman of the Massachusetts Institute of Technology said that the UK's fate will be decided by global factors threatening a slump of Thirties proportions." Krugman told the Financial Mail: "We've learned from the events of the past two years that even advanced countries such as Japan can be in a position where printing money does not work any more, but just piles up in bank vaults or in individual savings. It's not hard to see this happening in the US"... Krugman also believes that the growth in hedge funds, which take huge bets on the direction of international financial markets, has increased the danger of a repeat of the Thirties Depression. "Vast swathes of US business are bypassing the banks. This is working more efficiently, but it is unprotected by the conventional banking system. Because of this, the American financial system almost seized up last autumn". users.dircon.co.uk

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