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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST

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To: Alex who wrote (46563)1/3/2000 5:57:00 AM
From: d:oug  Read Replies (1) of 116759
 
Alex, good <<Funny Money Ain't No Joke>> article

<<..exchange rate is rigidly and forever pegged to the euro.
Interest rates collapse, inflation stops dead in its tracks,
the limits of tolerance for mismanagement become very tight
and politics is taken out of public finance.>>

Question: If <<pegged to the euro>>
Then: euro is pegged to ???

<<Crummy monies are out of fashion, cool money is in.
No one nobody can possibly believe that printing money
is a particularly intelligent way to finance government.>>

If: that printing money [not] intelligent way to finance gov
Question: Is not the euro fiat money (aka funny money, uncool)?

<<.. currency stability is more important for prosperity.
There is only one way to get it: unconditional surrender,
close the central bank, give up funny money.>>

<<Europe is about to do away with the last vestige of bad
money as francs and lira and the whole obscene reminder
of political money are replaced by crisp, fresh and bright
single-digit euros.>>

To: Ron Reece From: Dougak
Question: Comment on aboves please.

The author is Ford Professor of Economics and International Management
at the Massachusetts Institute of Technology.

The Financial Times, Jan. 3, 2000
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