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To: stan_hughes who wrote (183391)	7/25/2002 11:02:00 AM
From: Tom Smith	Read Replies (1) \| Respond to of 436258

short of the discovery of a new and essentially cost-free energy supply, nothing is going to stop the pain as default overwhelms us. I suspect in our muddling socialistic ways we're headed for fixed exchange rates and fixed precious metals prices that will be tweaked at regular intervals to support the failing global player of the day. But then that's just more of the same....need new pair o' dimes.

To: stan_hughes who wrote (183391)	7/25/2002 11:08:09 AM
From: Mike M2	Respond to of 436258

Stan, sometimes the only way out of a situation is not to get into it in the first place. We cannot borrow our way to prosperity especially when much of the credit creation is used for unproductive purposes- consumer binge and debt financed corporate stock repurchases ( IBM) . AG s attempts to delay the consequences of the credit bubble results in greater wealth redistribution - the Ene, WCOM, Aldephia type guys want more!. I see no way out. As Treasury Secretary Mellon said we need to purge the rottenness out of the system. Mike