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To: Oeconomicus who wrote (143129)	6/18/2002 4:40:52 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

...because we are entering a new Dark Age marked by dirty bomb explosions inside ATM machines, and paychecks laced with anthrax. ...assuming there still are any jobs outside Chinese prisons.

To: Oeconomicus who wrote (143129)	6/18/2002 5:47:34 PM
From: fedhead	Read Replies (2) \| Respond to of 164684

As the last bastion the dollar cracks a lot of money will move to hard tangible assets as opposed to paper assets.

To: Oeconomicus who wrote (143129)	6/18/2002 8:32:24 PM
From: GST	Respond to of 164684

Two years ago the majority opinion on this thread was that stocks should be counted as "savings". What the rest of the world called "savings" those on this thread called "money on the sidelines". Even Bill, not known for his insights in the economy, recognizes now that the survivors of the bubble are those people and companies with some "money on the sidelines". The international currency system might well be entering a period of renewed instability in which people decide to keep far more of their "money on the sidelines", long predicted and slow in coming and triggered both by the collapse of our equity markets and the inevitable reckoning of the current account deficit. The last major currency turmoil just about put paper assets into a meltdown -- think LTCM. JPM might or might not be the next 9,000 pound canary in the coal mine -- all the more so because of their involvement on the short side of the gold market. I can assure you, speaking from the perspective of somebody who spends a considerable amount of time in Asia, if there is renewed currency turmoil, people will be more likely to buy gold this time around instead of the dollar. Anindo is likely right in his estimation. It does not matter if you and I lose faith in "the system" because most of us don't have any savings -- it is the Japanese and other foreign nationals who will determine "currency" prices in future years. Don't bet on the dollar. Don't bet on our stock market. And don't bet against gold.