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To: Mark Adams who wrote (107027)	6/6/2001 6:37:19 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

the last thought is graphically demonstrated in the recent Contrary Investor write-up. Last time rates were close to zero in real terms was 93 during the S&L rescue -- according to the writer ...

To: Mark Adams who wrote (107027)	6/6/2001 6:38:22 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

FWIW, Greenspan thinks the gold standard worked "rather well" - - from a speech in 1997: >>International stabilization was implemented by more or less automatic gold flows from those financial markets where conditions were lax to those where liquidity was in short supply. To some, myself included, the system appears to have worked rather well. To others, the gold standard was perceived as too rigid or unstable, and in any event the inability to finance discretionary policy, both monetary and fiscal, led first to a further compromise of the gold standard system after World War I, and by the 1930s it had been essentially abandoned.<< cato.org