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To: Hawkmoon who wrote (57691)	8/30/2000 12:48:49 AM
From: The Vet	Read Replies (1) \| Respond to of 116763

Ron, a government budget surplus is an internal accounting matter within the country. A simple matter of moving your money from one pocket into another and claiming you have more or less to spend. Balance of payments is quite different. You cannot deny that the US is currently importing far more than it exports to the tune of billions of dollars worth of goods every month. The rest of the world is subsidising the US consumer by that amount. The US is operating on the credit supplied by the rest of the world pure and simple. You are fixated on Japan and Europe when you should be concentrating on the OPEC countries for that's where the trouble will come. Don't start talking up the US dollar to me. It consists only electronic entries and a few pieces of printed paper generated at will and without cost to the US, its people or it's government. US dollars cost the rest of the world dearly as they can't simply print them. They need to produce real goods or services in order to get them. While Greenspan raises rates at regular intervals to "control inflation" according to you if the Europeans do the same thing it is currency "intervention". So how come raising interest rates in the US has a different purpose and spin than it does somewhere else. I seemed to notice that every time the FED raised rates the US dollar strengthened considerably and we all know there was "never any inflation"!! The US dollar and all of the other fiat currencies are exactly the same as bad checks which the bearer is not game to take to the bank because he suspects its no good. Until it is presented to the account of the issuer we can all pretend that it is still worth something. As long as the deception continues then it can be passed around and accepted as something of value. The US has already defaulted on it's international debts once within our lifetimes when it suited them to do so, so lets not get into the discussion of who owes who what at the international level. The US is one of the few "free" counties which made the possession of gold by its own people illegal. Can you name one other country which purports to be free that has done that in the past 100 years? I agree with your premise that most of the rest of the world has allowed this state of affairs to continue to their own detriment and in so doing have been a willing party to the destruction of their own economies and the loss of the ability to act independently to put things right. The majority of the surplus dollars in the world will get soaked up by a few oil exporting countries (because that's where they will end up). If a convenient war does not intervene, then, when those countries suddenly discover that their banks are overflowing with rapidly devaluing US dollars, then lets have this conversation again. Providing of course that the power and lights are still on in the US at that time... Please don't get me wrong, I am not looking forward to that result but I am afraid that is what it could come to and the whole world will suffer because of it...

To: Hawkmoon who wrote (57691)	8/30/2000 8:29:41 AM
From: long-gone	Read Replies (1) \| Respond to of 116763

Hey Ron, You have always asserted: "We don't need no stinkin' gold audits", right? If you are so sure all our US owned gold is in place as reported, Why won't the IMF allow the GAO to audit the US portion of the IMF gold reserves?

To: Hawkmoon who wrote (57691)	8/30/2000 9:39:17 AM
From: LLCF	Respond to of 116763

<Wait a minute here... Which nation on this planet is currently running a governmental budget surplus as a result of the favorable economic conditions? Conditions that create more value for each investor dollar than do other economies?> I think it to tout the 'surplus' we've had [for how long? 6 months?] after decades of deficit makes little sense. Those wringing their hands at the deficit 16 years ago were dead wrong, as were those worried about Fords huge losses at the bottom of their cycle... ALso, many would say the 'favorable economic conditions' created are in good part an increase in credit... you're certainly correct that that other economies haven't been doing THAT lately. DAK