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To: TobagoJack who wrote (3853)	5/22/2001 11:08:54 PM
From: westpacific	Respond to of 74559

On the value of the dollar and what it represents: I was thinking about fiat (paper) currencies last night, and here's what I was thinking. When I work I deserve something real in return for my work. My work creates real value for somebody, so I think it's only fair that I receive something of real value in return. Is it fair or is it even moral that in return for my work I receive something that costs nothing to produce. In return for my time and sweat, I get chits or pieces of paper that the government stamps as "legal tender." Basically, I believe this is immoral. In return for real work, time and sweat – worthless paper that my government churns out at will – and it then prints on this paper -- "legal tender." When something is basically immoral, it will ultimately fail. Or as a great religious teacher put it, "The only power evil has is the power to destroy itself." The dollar, like all fiat currency, will eventually be reduced to worthlessness. It will destroy itself. The founding fathers were very specific in ruling against a fiat currency. But the creation of the Federal Reserve in 1913 circumvented the Constitution and allowed for the creation of fiat or paper currency. As a result, this "junk" currency called the dollar, has systematically lost purchasing power through the years, and in so doing, it has destroyed the saving of tens of millions of Americans. In the end, the fallacy, the great lie, of a paper currency will emerge for all to see. Tying to "manage" a paper currency is ridiculous. Real money doesn't have to be managed, because it possesses an intrinsic value of its own. Nothing is more mysterious to the average American than the concept of money. Which is why bankers and politicians have been able to get away with the Federal Reserve act and the creation of the paper money which we call the dollar. The definition of a dollar – there is no definition. It's just paper (actually it's cotton and linen). This from Russell. And he is soooooooooo right. Again we have an out of control FED and out of control financial system and the end is going to be the worst in history. These evils will correct, not a matter of it, but when. West

To: TobagoJack who wrote (3853)	5/22/2001 11:15:57 PM
From: westpacific	Read Replies (1) \| Respond to of 74559

China smart, US stupid. NO doubt about it. At the Target store to pick up some needed sundries. And as I enter, man loading nice new chairs with 'Made in China' stamped on side. As with every product I pick up these days. We are making a potential enemy rich, fueling their growth. American politics has lost it IMO, and China will hoard gold, build wealth and not import anything from the US. Already developing own operating system (os) based on Linux - who needs to depend on softie. They will do it all in-house - they win, we lose. Very frustrated American on this side of the pond Jay. We have a massive lack of leadership on the Hill and an even more stupid populace. West

To: TobagoJack who wrote (3853)	5/23/2001 8:25:31 AM
From: Gary H	Read Replies (1) \| Respond to of 74559

Thanks Jay, for you interesting and always informative reply. I have been getting the gold message from many quarters for some time and your remarks on China buying edges me on. I hold more gold then what most would call sensible, but I'm a point where it's go big or stay at home. The monetary systems are hell bent on making the little guy pay for it all. It's one of the ways I see to break even or better going into the economic downturn that lies ahead. Cheers PS: Did I detect a touch of Buddhism in the beginning of your post? I follow it to some degree and find it more sensible then much else.

To: TobagoJack who wrote (3853)	5/25/2001 12:22:48 PM
From: Ilaine	Respond to of 74559

Since you brought up the Serbian embassy, now maybe you can explain what the heck China was thinking of in Serbia. I assume for the sake of the argument that we did, in fact, deliberately bomb the Chinese embassy, and that the rumors that the Chinese were assisting Milosovic are true. What possible innocent motivation? In what way does Serbia affect peace in the Pacific? The Chinese are reported to be selling arms to Saddam Hussein. Again, what possible innocent motivation? I, myself, am not exactly happy about Hutchison Whampoa Ltd. controlling both ends of the Panama canal, although I do recognize that the Chinese are a major player in the shipping industry. Yeah, yeah, they don't really control the canal, really, but it's still something that worries me.