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To: Tom Smith who wrote (265167)	10/29/2003 5:50:35 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

I haven't given it much thought. I guess it is sort of an approach like pollution credits to leverage free market forces to encourage a desired outcome. I had trouble seeing how to implement such a policy without disruption, and even now suspect that Warren B may be missing a bigger picture. Using policy to alter exchange encourages selection for an outcome thought to be desirable which may have unforseen consequences. Without being able to say how such an effort might make things worse, I'll just comment that transfer of wealth from US holders to non US holders may not be something to be concerned about. It may make the world better off in the long run. We already have some individuals suggesting the nation state model is outmoded, and this is the age of the sovereign individual. If this is the case, does it matter what the nationality of the wealth holder is? Or where he/she chooses to reside? And aren't some fond of claiming that 'cream rises to the top', meaning that wealth will aggregate in the hands which best understands how to deploy it? So now we are claiming, that's ok, as long as those are American hands?