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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Chip McVickar who wrote (427)	8/20/1998 8:42:00 AM
From: Lee	Read Replies (1) of 3536

Chip, Thanks for your thoughtful response. It provides for me a new set of glasses to view the unfolding events. Your comment... "Also behind this are the governing systems of socialism, capitalism, democracy, communism and shall we say "free market systems" that seem to work independently of any national government. All seek to supply the answer to what is a stable economy.....much less a stable international system of monetary policies." ...is quite telling. At the end of this crisis we still will not know the answer, and there will be plenty of strong opinions. The hallmark of economics is that it is not a science. Economic theories can not be tested in laboratories. One can not hold all other things constant and change one variable to see the effect. (The quants will cringe) economics is the product of the collective actions of people so the rules of math and logic sometimes are overruled in the short-term creating the foundation for chaos. Mr. Kam wrote that the US productively produces the only goods that matter, nukes, planes, and ships (to paraphrase). Another hypothesis as to what should back a currency? Cheers, Lee

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