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Politics : Ask Michael Burke

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To: NOW who wrote (88344)	1/12/2001 7:22:02 AM
From: Earlie	Read Replies (3) of 132070

Davidd: Man, the chickens are sure trying to come home to roost. Several contributors to this thread have been pointing out the inevitability of the Euro becoming a second, accepted (and better,- "no baggage") reserve currency for well over a year now. I wrote about this in TTR 18 months ago when I noted the oil producers moving to Euro-based payment requirements. The implications of this movement starting to accelerate (which it is) are more than dire for an already plunging U.S. economy. What is a massive debtor to do when the globe decides that it isn't interested in any additional IOUs or monopoly money provided as payment for decent goods? And for how much longer do foreign investors remain exposed to currency losses through the ownership of U.S. denominated assets (especially over-valued stocks)? What amazes me is that gold remains remarkably inexpensive,..... at least for the moment. (g) Best, Earlie

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