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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.81

+0.9%

Nov 19 4:00 PM EST

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To: pater tenebrarum who wrote (55170)	6/26/2000 10:31:00 AM
From: Don Lloyd	Read Replies (2) of 116762

hb - "...e) The people of Latin America are already willing to save silver without the benefit of earning interest. (All silver coinage disappears immediately)..." Somehow, this doesn't sound like the characteristics of an ideal medium of exchange. -g- Maybe the government is going to confiscate silver in exchange for silver certificates and nationalize any silver mines not already government owned? "...The fact all currencies of Latin America depend on Dollar reserves for a precarious stability produces another damaging phenomenon: interest rates cannot ever be equal to or lower than those prevailing in the United States, which places us in a situation in which we are forever to be producers whose cost of capital must be greater than the costs of capital for productive enterprises in the United States: the competitive advantage must be supplied by labor, whose income must be lowered in order to obtain exports..." If I've got this straight, Latin America has high interest rates only because of the instability of the dollar and Latin American incomes would be higher without the need to export. -g- Regards, Don

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