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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (85770)	11/22/2000 9:14:15 AM
From: Freedom Fighter	Read Replies (2) of 132070

Mike, I think the probabilities of a recession are starting to rise. There's a lot of wealth getting wiped away around the world these days. Worse, the central banks aren't in as good a position as far as flooding the the system with liquidity goes. The trade picture appears woefully out of balance and oil is still at around $35. In general, my libertarian tendencies are hoping that the wipeout that may be in progress gets interpreted correctly. IMO, at its core, free markets and animal instincts had only a little to do with it. The fault lies in the huge weaknesses in our monetary system, unchecked credit expansion, bailouts, and other "socialist" ideas that prevented the corrections early on and added fuel to the game later. I hope it gets interpreted that way. I'd hate to see another political attack on free markets and a strengthening of the institutions that contributed to the damage to begin with. What we need is sound money. Not necessarily gold - because that has lots of flaws too - but we definitely don't need central banks flooding the system unchecked. Wayne

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