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Politics : Ask Michael Burke
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To: BGR who wrote (71431)12/6/1999 11:34:00 AM
From: Earlie  Read Replies (1) of 132070
 
BGR:

Just hang in there a bit> (g)

Euro was new in January and needed a bit of testing. There is also a bunch of people who think that since the European nations have fought with each other for hundreds of years, that at the first sign of adversity, they may revert to type. They of course may be right. I do note that the Euro, which many said would never happen, is alive well and almost back to where it started the year (which was initially priced as a money making opportunity for the banks). It is also backed by a bit of gold, as opposed to the U.S. greenie, backed solely by the credit worthiness (?????) of the U.S. government.

The Yen is actually doing far better than one would expect, given the massive problems over there. This speaks to the general weakness of the buck as well as anything does.

I expect gold to really fly this coming year. It is the only real currency when things get nasty, and has held up rather well to the panic-driven actions of the central banks. Supply and demand will rule and the S/D in gold boggles the mind.

Japan has essentially reached the end of the printing road. This year's deficit (42 % of GDP) has caused the buyers of the Rising Sun bonds to see red (lousy pun). If the bond boys tell you that they "aint buyin' at ANY interest rate" it's tough to sell them more fancy certs. I expect Japan to finally be forced to bite the bullet this coming year,.....which puts that nasty event right in line with a bunch of others that are slowly surfacing.

Best, Earlie
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