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Politics : Ask Michael Burke

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To: Mike M2 who wrote (28912)	7/17/1998 8:59:00 AM
From: geewiz	Read Replies (2) of 132070

Mike, I detect a change in sentiment from the Treasury department on these devaluations. Last summer Bob Rubin was an active proponent of devaluations in the SEA currencies; this summer he is actively working to keep the Russians from devaluation, sending Lipton to broker a deal exhausting the last reserves of the IMF. Within 48hours of the Chinese comments that the low value of the yen was causing economic hardship, Larry Summers was in Beijing promising intervention to stem the slide. Bob is a smart guy. He used to be head of bond trading at Goldman Sachs. He's changed his position because he figured out that competitive devaluations were a loosing strategy. Can he stem the tide, or just plug the dike?? This new Russian effort to value their metals as reserves may be doomed or it may be the only alternative to worthless currencies. Appreciate anyone's thoughts on this, art

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