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To: lorne who wrote (72169)	6/22/2001 3:00:57 AM
From: c.hinton	Respond to of 116791

Have a look at the $ exchange rate verses the italian lire over the last 20 years.In 79 It was at 900 to the dollar , in 85, 2200 to the dollar ,in 90' 1150 to the dollar ,now 2200 to the dollar.We live in a world of floating rates ,and float they will.

To: lorne who wrote (72169)	6/22/2001 5:40:16 AM
From: PAUL ROBERTSON	Read Replies (1) \| Respond to of 116791

Lorne, Keep in mind that we are talking about soft targeting here and not an overnight movement. Also, deflationary forces are so strong that even at the present rate of M growth, deflation is still very much intrenched. We are not talking about massive moves here, just enough so that American business can breath. With the present dollar rates they are being suffocated right out of business.

To: lorne who wrote (72169)	6/22/2001 9:51:46 AM
From: marek_wojna	Read Replies (2) \| Respond to of 116791

<<. Wouldn't a loss of value of the US$ cause a loss of value of all who hold the US$ as a store of value and a loss of confidence in the currencies of the affected countries>> Hi,Lorne Loss of value in terms of US$ is being prevented by the bankers around the world. Is too much of stake for them now. Their prestige and jobs. I don't have doubts the present system will collapse as it is no more free market. While I'm not sure about next 3 months about POG, I'm positive that when the next quarter comes with another cuts in earnings, interest rates cut to minimum already, the freefall of dollar and maybe most of currencies begins. Search for universal currency will take the place. E-gold stand best chances.