Prudent Bear Fund (BEARX): contrarian investing Message Board

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Pastimes : Prudent Bear Fund (BEARX): contrarian investing

BEARX 4.080

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Nov 6 4:00 PM EST

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To: Bonnie Bear who wrote (513)	1/2/1999 9:03:00 PM
From: Tommaso	Read Replies (2) of 793

Well,the Fed is allowing the US money supply to expand at almost unprecedented rates--certainly for peacetime. Far beyond anything in peacetime. So if other countries keep taking those dollars at what we value them, what fun for us! But at some point at least some oil prices might get stated in Euros--such as North Sea and maybe what comes out of Russia, Even the Middle East. The dollar could depreciate against the Euro and probably against other harder currencies as well. Here's a measure of my money paranoia--or dollar suspicion. I found out the other day that the AAA (automobile association) will sell Swiss Franc travelers checks to members with no fee. So I went and bought all the Swiss Franc Travelers Checks (American Express) that our local office had in stock. This worked once before for me--I think it was about 1990. If you travel in Europe, you just pay for your expenses in your appreciated travelers checks. I guess technically the IRS would want one to figure up the dollar profit and pay taxes on it but I don't see anything about that in the tax instructions. The whole US monetary system has been so badly mismanaged that some kind of wrenching adjustment is coming. Negative savings rates? Some kind of foreign currency is probably the way to go, and I am just guessing that the Swiss, being too proud to join in the Euro, are willing and able to keep their franc hard. But the yen might be better. It's just I am not planning any trips to Japan. Maybe I should.

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