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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Chip McVickar who wrote (257)	6/23/1998 11:29:00 PM
From: Henry Volquardsen	Read Replies (1) of 3536

Chip, I checked out those two articles. Wim Duisenberg's comments are straight out of the central bankers handbook so no big surprise. I have a lot of respect for him and believe he intends to pursue that goal. The question will be wether he will face political interference, particularly from Paris. As far as Galbraith I have very little respect for him. He wasn't relevant 20 years ago and he is not relevant today. Much of what he says in that article is merely stating the obvious. The rest is his particular brand of specious interventionist nonsense. Galbraith and his ilk seem to believe that the answer to Asia's difficulties, and in fact any economic question anywhere in the world, is for his cadre of Keynsians to be employed telling people what to do and allocating economic activity. He convenienlty ignores how much of Asia's problems were a direct result of just his type of interventionist policies. He remains popular with the media not because of any econmoic brilliance or accomplishment on his part (he has none) but because of his ability to come up with smug, snide wuse cracks. Henry

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