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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.04

-1.4%

Nov 17 4:00 PM EST

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To: goldsnow who wrote (24928)	12/26/1998 9:55:00 AM
From: J.L. Turner	Read Replies (1) of 116762

"Japan's financial sector remains paralyzed, despite the passage of the government's bank-reform initiative. Depositors, including some Japanese banks, are unwilling to place money in Japanese banks. The demands of capital preservation in this risk-averse environment dictate taking a minor loss rather than exposing oneself to a potentially large loss, for which the odds appear to be high. Second, Japanese banks are in need of dollars to finance their overseas operations -- and ahead of the calendar year-end. On credit-quality grounds, Japanese banks have been forced to pay a premium over benchmark lending rates, but now there is a new wrinkle: U.S. and European banks have become reluctant to lend dollars to Japanese banks altogether." From Marc Chandler - The Street.com If on or about 3-31-99 the Japanese banks fail, is there any way to prevent runs on US banks and their possible failures?

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