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To: NOW who wrote (93780)	4/13/2001 9:31:19 AM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 436258

Modern invention or the multiplying of money ............... some reflections ................ Before the invention of the banks you had a gold coin and exchanged it for a goat ...... later the banks came around and you deposit the gold coin with the bank the bank lend out this money to Joe to buy a goat from Joanne. So with simple arithmetic it multiplied by 3 you had a gold coin on paper the bank had a gold coin on paper and Joanne had the real gold coin. ......... later we entered the reality of fiat money backed by the gold standard the multiplier grew to 5. The state had a gold coin, the treasury had a gold coin on paper and son. ...........next stage we eliminated the gold coin with "IN GOD WE TRUST" so now we have also GOD in the mix and our gold coin evaporated. ............next stage is issuing a piece of paper called equity stock in exchange of the "IN GOD WE TRUST" paper so we are at which multiple of the original gold coin???? ............ and least but not last we borrow "IN GOD WE TRUST" paper against the equity stock which we bought with a previous "IN GOD WE TRUST" ........................ now think about how many goats can you buy with that, and the help of your friendly bank ??????? OH, Many Many <GGG> Haim

To: NOW who wrote (93780)	4/16/2001 1:44:01 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

most importantly, he confirms what i said last week: the ECB has GAINED credibility by standing firm. ignore the propaganda to the contrary... well, we know that there are inflationary pressures...but i still think it's a cyclical phenomenon within the larger deflationary trend. e.g. the concrete example from Noland's report, rising rentals due to higher utility bills, increase deflationary pressures elsewhere, as they contribute to falling demand.