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To: Rarebird who wrote (36523)	7/5/1999 12:12:00 PM
From: donald martin	Respond to of 116815

<<Premeditated Murder of American Farming>> The financial authorities didn't murder "American Farming". Technology did. Here, I presume you mean the single-family multi-hundred to 1000+ acre farm. It's a great American icon, but so was the Model T and the steam locomotive. If left alone, the farming sector would contract to a point where the remaining farmers left could produce profitably. However, the crop loan program, as the article points out, encouraged the remaining farmers to over-produce. 2.8 billion bushels. Neither Greenspan nor the IMF made it possible for US farmers to produce 2.8 billions bushels. When people talk about "American Farming" like this, what they're usually looking for is a way to siphon money from one group of people (in this case consumers...who else is going to pay those higher crop prices?) to the farming special interests. As hard-hearted as it might sound, the "American Farmer" shouldn't be given any additional "subsidies"...however you want to camoflauge them. Those that aren't profitable should liquidate and commit their financial & human capital elsewhere. As far as Greenspan... Don't give him too much credit for where commodities are. He talks tough on inflation like a good central banker should, but he doesn't have as much power as the "establishment" would have you believe. M2/M3 are STILL growing at unsustainable rates. Commodities are where they are because people the world over have been burnt so badly in every other currency that they feel the US$ is the only place to be. If you want to place blame somewhere for the low, US$ denominated prices of commodities, the blame belongs squarely on the shoulders of the asian and south american monetary authorities.

To: Rarebird who wrote (36523)	7/5/1999 12:51:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116815

....Struggling U.S. farmers, responding to a U.S. government crop loan program that pays higher rates for soybeans than for other crops, are expected to produce 2.8 billion bushels of soybeans this year, a third consecutive record high...... ....."The Federal Reserve Board must end the deflationary spiral in commodity prices by pegging U.S. interest rates to GOLD and other commodity prices."..... ....."Lowering interest rates has been a good plan of attack," he said. "But the Fed now has to stabilize commodity prices by using GOLD and other commodity prices as benchmarks to set monetary policy."... Why'd they dedicate so many words to this argument?? Why not just come out and say what they mean, which can be summed up in 3 words. We want subsidies!!!! <VBG> Regards, Ron