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To: TobagoJack who wrote (19666)	6/11/2002 11:38:46 PM
From: TobagoJack	Read Replies (1) \| Respond to of 74559

Hi Jay, you are so clueless. Gold is not money because THEY said so, by 'law' ... QUOTE An Open Letter to O'Neill and Greenspan May 31, 2002 Why Does the IMF Prohibit Gold-Backed Currency for its Member States? (Congressman Ron Paul sent this letter to both the Treasury and the Federal Reserve Bank in April. Neither has responded) *********************************************************** Dear Sirs: I am writing regarding Article 4, Section 2b of the International Monetary Fund (IMF)'s Articles of Agreement. As you may be aware, this language prohibits countries who are members of the IMF from linking their currency to gold. Thus, the IMF is forbidding countries suffering from an erratic monetary policy from adopting the most effective means of stabilizing their currency. This policy could delay a country's recovery from an economic crisis and retard economic growth, thus furthering economic and political instability. I would greatly appreciate an explanation from both the Treasury and the Federal Reserve of the reasons the United States has continued to acquiesce in this misguided policy. Please contact Mr. Norman Singleton, my legislative director, if you require any further information regarding this request. Thank you for your cooperation in this matter. Ron Paul U.S. House of Representatives **************************************************** UNQUOTE

To: TobagoJack who wrote (19666)	6/12/2002 6:43:58 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

<The club controls a bank with a $40 billion kitty in cash, government securities, and gold that constitutes about one tenth of the world's available foreign exchange.> Wow, that's more than QUALCOMM's cash hoard. Microsoft might be challenging them though. They can't control the world with such a small value. But they can keep the increasingly minor national monetary stores of value stable, while the Q currency gradually develops to do the heavy lifting required for global transactions. Mq PS: Whoa!! I just noticed your post number 19666

To: TobagoJack who wrote (19666)	6/12/2002 2:37:33 PM
From: smolejv@gmx.net	Read Replies (1) \| Respond to of 74559

Just playing the catcher in the rye... in case some casual reader missed the number 1983 in the title Ruling the World of Money By Edward Jay Epstein Harper's Magazine, 1983 ------------------------ ...means this story is sort of ... ahem ... out of date. In the meantime a thing or two happened, some members of this club died, some new faces appeared. Life (and BIS) goes on. See www.bis.org for some younger, less wrinkled BIS news. Of course, the importance of this meeting place for big cheese in world finance has not diminished since 1983. Now to the topic of the new accord: bis.org I understand it addresses the question of risk engineering (moral hazard, derivatives etc). Any infotainment items on the subject from the readers? dj