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Politics : Ask Michael Burke

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To: Earlie who wrote (75250)	2/5/2000 11:18:00 AM
From: Don Lloyd	Read Replies (3) of 132070

Earlie - [[...The Euro, while not yet "seasoned" will very soon be accepted as an alternative and much better reserve currency (better primarily because it isn't carrying the massive debt baggage that weighs down the U.S. buck)...]] I have severe doubts about this. Economies (and governments)which are functionally socialist can survive and even seem to thrive as long as a substantial free market exists elsewhere to set competitive prices. Without the existence of such an opportunity for parasitism, and for the extortion of multinationals, continental Europe is an economic house of cards. While the Euro can easily be oversold at any particular point in time, its fundamental backing is nothing more than a questionable promise of 15% gold support. The degree of political and economic reform required in Europe is beyond any hope of realization short of war and political and economic collapse. In the intermediate and long run, US government and consumer debt, and the current account deficit, all pale in comparison with the unfunded liabilities of the entitlement programs as the US moves deliberately along the trail blazed by Europe over the last century and a half. Regards, Don

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