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To: CYC who wrote (21445)	9/25/2000 3:49:11 PM
From: re3	Read Replies (1) \| Respond to of 436258

Message 14451477

To: CYC who wrote (21445)	9/25/2000 4:09:40 PM
From: Ken98	Respond to of 436258

<<What isn't appreciated is that high taxes don't merely create a constant disproportionately in efficiency so that Euro would stabilize at a certain low level, rather they create an environment of progressive deterioration. This deterioration will either cause the destruction of socialism and high taxes or the failure of the Euro and a mad dash scramble by European countries to re-establish their individual currencies. Such a scramble would create a strong CB demand for gold just when the other CBs decide to curtail giving it away.>> Interesting (and timely with the election this Thurs.) points that I had not considered.

To: CYC who wrote (21445)	9/25/2000 5:02:35 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

only...the assessment of Europe's economic prospects is not correct. taxes are being lowered across Europe, formerly state-owned industries have been privatized, budget deficits have been curtailed, and regulatory and corporate restructuring proceeds apace. the full impact of the complete removal of inner-European trade barriers also remains under-appreciated by the world at large. all this is happening whether conservatives or socialists are ruling the roost...as it were, European socialists (who now call themselves 'social democrats') have moved to the political center, and are enacting reforms that one would normally have associated with their conservative opponents. furthermore, the formerly communist European East looks increasingly like its getting its act together and some countries (Poland e.g.) manage astonishing rates of economic growth (non-hedonic). also, the chances of the Euro falling apart have become increasingly remote. when the currency originally came into being, i thought it was fated to fail, due to the Euro-zone not being an ideal common currency area. but in the meantime, the Euro capital market has grown so large, and the advantages of doing business across Europe in a single currency so obvious, that i can not imagine the Euro experiment being rolled back. on the contrary, the countries that have stayed outside all see their business communities lobbying hard to move towards adoption of the Euro.