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Gold/Mining/Energy : Gold Price Monitor
GDXJ 92.99+2.9%4:00 PM EST
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To: long-gone who wrote (25382)1/5/1999 8:01:00 AM
From: Hawkmoon  Read Replies (1) of 116753
 
Richard,

I have to agree with Hutch here. The Fed has had some $150 billion on reserve for years, primarily to serve as an emergency fund in case of disasters or war.

In fact, the Fed will oftentimes ship hard currency to a location destined to be hit by a Hurricane, fulling realizing that people's ATMs and other electronic systems won't be functional.

But no has included that into M1 (that I know of). It is just a physical representation of electronic money that is already circulating, withdraw paper and the electronic account is debited.

However, as an aside, I wonder if Europeans have thought about withdrawing "mad money" for Y2K. They certainly won't be withdrawing Euros as the paper and coins aren't set to be issued for two years. Could this place considerable stress on the EMU as people beging hoarding their national currency?

Regards,

Ron
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