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To: Don Lloyd who wrote (55178)	6/26/2000 10:35:00 AM
From: Follies	Read Replies (1) \| Respond to of 116762

Somehow, this doesn't sound like the characteristics of an ideal medium of exchange. -g- Ever hear of Gresham's law?

To: Don Lloyd who wrote (55178)	6/26/2000 11:01:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 116762

well, the fact remains that in order to obtain the forex reserves they need, these countries have to produce a trade surplus, which in turn means that their economic growth must be suppressed to avoid a surge in imports. i have lived in Southern Africa for ten years and remember that this problem was regarded as the main economic crux there. the US has the advantage of having established the dollar as THE reserve currency, which enables it to just print as much of the stuff as it likes and exchange it for goods on the world markets. thus the current account deficit grows and grows. looks like the ultimate free lunch - the only problem i have is that i always thought there is no free lunch, but hey, there it is...-g- regards, hb