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Strategies & Market Trends : Waiting for the big Kahuna
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To: N who wrote (28075)9/16/1998 5:42:00 PM
From: yard_man  Read Replies (2) of 94695
 
Interesting:

>>There was some evidence of that process working in the latter part of the nineteenth century and
early twentieth century when international capital flows were largely uninhibited. Losses, however,
in an environment where gold standard rules were tight and liquidity constrained, were quickly
reflected in rapid increases in interest rates and the cost of capital generally. This tended to delimit
the misuse of capital and its consequences. Imbalances were generally aborted before they got out
of hand. But following World War I such tight restraints on economies were seen as too inflexible
to meet the economic policy goals of the twentieth century. <<
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