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To: Robert J Mullenbach who wrote (35610)	6/20/1999 2:58:00 PM
From: TD	Read Replies (1) \| Respond to of 116835

IMO, If gold wins, then fiat currencies lose. My view is a studied one. Throughout recorded history, paper money has failed, unfortunately for the world today the US "dollar" is the world currency for all practical purposes. The history of paper money begins in China and stretches over seven dynasties and 800 years. Eight times the Chinese tried systems of unbacked paper currencies. Eight times the fiat was abandoned;several times only after the value had plummeted to zero. Often, collapse of the "official" currency was followed by a proliferation of private currencies. France, in 1790 welcomed a proposal to restore prosperity by issuing paper money. The tragedy of the assignats is well known. At first the issue was limited to 400 million livres, and was use to pay pressing government obligations. (sound familiar?) The assignats could be used to buy church land which was supposed to retire the currency from circulation, or they could continue in circulation as long as the land was available for security. (passing notes ?) But as the land was sold the government failed to destroy the money. Prices rose daily. When Queen Marie Antoinette was told the people could not afford bread, she is said to have suggested they eat cake. The royal family was guillotined, the peasants refused to accept paper money, it could not even feed the horses. The assignats were abandoned in 1796, and Napoleon who established a new money system came to power. Germany's hyperinflation 1922-1923 during this massive inflation the courts (until 1923) enforced the right of debtors to pay off their loans in the worthless marks. People that had once lived comfortably on the income from bonds or mortgages found themselves paid off in full for less than the cost of a cup of coffee. They were reduced to selling their furniture and clothing in order to buy food to live, and many chose suicide instead. Those who survived were glad to listen to the promises of the National Socialists, who were busy in Berlin ... and Hitler came to power to begin WWII. The last phases of the great Roman Empire, see "Christ and the Ceasars" that traces the fall of Rome by tracing the debased coins that it issued. My point is simple, throughout recorded history paper money has failed, in each case it has taken approximately 30 years for the financial fireworks to begin. America went off the silver standard in 1965, off the international gold standard in 1971. Take your pick I'll choose 1971+30=2001 ??? Why to Kay or not to Y2K, things are getting more interesting by the minute.

To: Robert J Mullenbach who wrote (35610)	6/20/1999 7:12:00 PM
From: Jim McMannis	Read Replies (2) \| Respond to of 116835

RE:"I sure don't understand why S Africa is not doing something. They need the jobs and income the most now, IMF and BOE sure don't care, there is something wrong here,"... What's wrong is that the "powers that be" will just give SA money if they holler loud enough.