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Politics : Ask Michael Burke

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To: Hawkmoon who wrote (87295)	12/20/2000 12:43:01 PM
From: Mike M2	Read Replies (4) of 132070

Ron, never in history has a country been able maintain a current account deficit in perpetuity. Ultimately the countrys currency will suffer IMO the dollar will be no exception in spite of its reserve currency status. IMO the world's reserve currency is a privilege not a right - if we continue abuse that privilege via monetary inflation we will lose it. You ask for alternatives to the dollar - gold and the Euro. I know your views on gold very well so there is no need for the gold debate - I believe in gold and I am willing to wait as long as necessary for its comeback - even a lifetime if I am wrong so be it. i can live with it. You are very knowledgeable on many issues I would urge you to spend some time on austrian economics -it is very enlightening. Mises - the father of the modern school of Austrian economics predicted the crash and Great Depression. He refused a high level position at Kredit Anstalt - Austria because he believed they would fail - they did. The failure of Kredit Anstalt triggered an international wave of bank failures in 1931. More recently F.A. Hayek predicted the stagflation of the 1970s in his little book Tiger by the Tail - the Legacy of Keynesian inflation. mike

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