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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Serge Collins who wrote (21506)	10/13/1998 2:56:00 PM
From: E. Charters	Read Replies (1) of 116764

Russians took the loans not English or Tanzanians. Nobody else to blame. When they took the money for the most part they invested it in the New York market in high risk securities. This is their business. Do we ask people where they invest loan money that we give domestically? So its a crime they should invest it with us? They lost the money on short squeezes and the fall of the NYSE. There was some socking it away to be sure but don;t be too quick to blame crookedness when just plain inexperience and incompetence will do. When LTCM failed do we say they are crooks. No, just stupid. The point is everybody is past 21 so to speak. We cannot keep bailing out blunderers who won't save and store. It's a never ending cycle. The problem lies with the immature and stupid banks who lent the money not the Russians. I would not have out a cent in Russia either. The equipment is out of date, the rules of employment are feudal, the markets are non-existent and overseas trade is not developed. You wanted them to rebuild farm tractors and really piss it away? Russia will take 25 years to modernize and penetrate markets. By then IF they are honest they can be loaned money. But overseas loans are totally non secured. I would not recommend it. Russia has to come to the Hague and pledge their undying devotion to principles of international business security. It is non-existent in Russia now. I think people like Lebed are the only answer really. Better they develop internally with the gov't guaranteeing loans to business and tying the Ruble to gold. This way the issuance of currency will not inflate. Their gov't has to print money. It is better than IMF loans. They can NEVER pay those back. Interest money is impossible to pay back except by favourable trade of products other countries do not have. Primakov is not an economist so he should be able to see the way to cutting loose from the western inflated economies where everything is based on cheap Asian labour and automation. The Russians can do that too. They are masters at computer science and industrial automation. EC<:-}

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