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Politics : Foreign Affairs Discussion Group

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To: Ilaine who wrote (21276)	3/13/2002 8:38:30 PM
From: Hawkmoon	Read Replies (3) of 281500

Excellent commentary on the causes of the depression CB... I was going to ask you how you were getting along with that project... Btw, it's interesting to note that Winston Churchill was widely criticized later for returning Great Britain to the pre-WWI exchange rate between the pound sterling and gold, completely ignoring the inflation that had occurred during the war. This apparently exacerbated the deflationary pressures in the UK more than the US. And there are some disturbing similarities to the late 1920s such as capital flight to the US, and American companies suffering a profits recession due to their inabilility to compete against cheap imports due to a over-valued USD. And I think this was the message that Bush was sending to the rest of the world... Reinflate/restructure your economies or we're going to look after our own economy first. Hawk

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