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Strategies & Market Trends : World Outlook

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To: Les H who wrote (2597)	10/1/2003 9:41:20 AM
From: Les H	Read Replies (1) of 50219

Currency interventions prove to be both fruitless and costly japantimes.co.jp This is perhaps the most ruinous outcome of the irresponsible monetary policy pursued by the Federal Reserve under Chairman Alan Greenspan. By forcing interest rates down artificially, it has caused such a massive flood of dollars into the system that no amount of intervention will be able to stem its decline on global currency markets. While forex intervention is likely to be fruitless, it involves high costs and is a distraction from implementing other policies that could promote long-term growth. Indeed, currency intervention goes against the most basic notion of financial prudence. Basically, buying dollars that are certain to be less valuable with yen that are becoming more valuable is equivalent to a "buy high, sell low" activity

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