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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.88+0.9%Nov 18 4:00 PM EST
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To: tshane who wrote (35549)6/18/1999 6:53:00 PM
From: PaulM  Read Replies (2) of 116762
 
Never in our history has reverse Robin Hood prevailed so much as today.

Just 12 months ago Congress was bamboozled into additional IMF aid by Rubin, Greenspan and Co. who told us the IMF had never "lost a penny" of the taxpayer's money. Today, the IMF is eating the largest sovereign default since the 30's--did I call it default?--to the tune of $90 Billion.

Of course, none of this affects the markets, because IMF money is just taxpayer money (and taxpayer gold). In fact, for the Chases and the Citibanks of the world (who aren't required to participate in debt relief) this is a great deal, because the third world is now much more able to service their debt.

On top that, we're sold these losses under the banner of "relief" for "poor countries," as the G-7 finally "gives in" to the demands of the usual rock stars, left wingers other activists playing right into their hands.

Not a bad days work.


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