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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (106994)	6/6/2001 5:40:44 PM
From: Ilaine	Read Replies (3) \| Respond to of 436258

>>Gasoline Panic Bubble Bursts; Pump Prices Set to Fall By Richard Valdmanis NEW YORK (Reuters) - U.S. gasoline pump prices are poised to head lower following a large drop in the wholesale market, blotting out doomsday predictions of $3 gasoline this summer, industry experts said Wednesday. ``There was a lot of fear that drove prices up to begin with, and now it's clear that that fear was misplaced,'' said Ken Miller, analyst for Purvin and Gertz in Houston. ``Pump prices are certainly going to come down.'' Wholesale gasoline prices in most areas of the country have fallen between 15 and 25 percent since their highs at the end of May due to steadily growing supply. The cost of the fuel fresh from refineries in the Gulf Coast is now as low as 73 cents a gallon, compared with 91 cents less than two weeks ago. The supply growth has erased a deep deficit and brought U.S. gasoline stocks to more than six million barrels, or 3 percent, ahead of last year. This is attributed to a brisk domestic refining pace and strong imports, according to the American Petroleum Institute (API).<< dailynews.yahoo.com

To: Ilaine who wrote (106994)	6/6/2001 7:03:35 PM
From: Don Lloyd	Read Replies (2) \| Respond to of 436258

CB - ...I'd like them to explain to me how an infinitely expanding economy can be tied to a finite amount of gold without either deflation or devaluation. The Austrian theory says that any amount of any kind of money, including gold, is sufficient for any level of economic activity. It does NOT claim that the purchasing power of money will not change. If fact there is not only no possible monetary system that can stabilize the PPM, it is not possible to even measure it to any useful accuracy level. mises.org "...As Murray Rothbard succinctly put it in The Case Against the Fed: The invariable result of an increase in the supply of a good is to lower its price. For all products, except money, such an increase is socially beneficial and living standards have increased in response to consumer demand. But an increase in the supply of money cannot relieve the scarcity of goods; all it does is to make the dollar or the franc cheaper, that is, lower its purchasing power in terms of all other goods and services. Hence the great truth of monetary theory emerges: once a commodity is in sufficient supply to be adopted as money, no further increase in its supply is needed. Any quantity of money is "optimal." Once a money is established, an increase in its supply confers no social benefit...." Regards, Don