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To: Lucretius who wrote (25763)	3/17/1999 6:07:00 AM
From: accountclosed	Read Replies (2) of 86076

OLD MONEY FOR A NEW ERA "Credit is free in Tokyo overnight interest rates have been ratcheted down to zero percent and reflation is the order of the day. No longer a byproduct of an expansionary policy, the depreciation of the currency has become a policy itself. As with the pound sterling in 1992, the Thai baht in 1997 or almost any currency beginning with the letter 'r' in 1998, so with the yen in 1999: It has become expendable. Thus counting the euro, which has stumbled out of the gate (much to the satisfaction of the Continent's social democratic politicians, who regard a soft exchange rate as the next best thing to lower interest rates), two out of the world's three major currencies are in downtrends. Some of the minor currencies are in flames. Yet the monetary asset that competes directly with the currencies is quoted near its 19-year low in U.S. dollar terms. We return to gold because the bullion bear market is even more self-satisfied, cocksure and overreaching than it was when we wrote about it last fall It is a unique bear market." grantspub.com and as far as cooked rats, Bullwinkle says hometurf.com

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