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Non-Tech : Money Supply & The Federal Reserve -- Ignore unavailable to you. Want to Upgrade?

To: Sidney Reilly who wrote (1124)	11/23/2003 9:48:07 AM
From: Rarebird	Read Replies (1) \| Respond to of 1379

<What do you think?> I'm in basic agreement-though, in contrast to the dramatics of Mcintosh, who is always bullish on Gold, I view myself as a critical independent Gold Bug, who is a transcendental philosopher (with a Ph.D.), in the New England spirit of Emerson and Thoreau. Learning is my God and Education is my Religion. That is what I am all about. I have no other axe to grind on SI other than that. I couldn't care less what the other superficial day traders on SI think about my Gold Mining positions or stock market views. I will say, however, that I have built up a massive Gold Mining Portfolio from December of 1998, which can be verified from reading the Gold Price Monitor Thread on SI. Everyone who follows the Gold Market on SI knows that I have been forecasting much higher Gold prices for the past 5 years. I don't have time to day trade anymore. I live a full life and I have many interests. Here are my thoughts: In an interview with the British newspaper, "The Independent", only one day before the arrival in London of President Bush for a full scale State visit, Mr Javier Solana, Europe's Chief of Foreign Policy, made the following very clear. He claimed that the United States now accepts that to avoid humiliating failure in Iraq, it needs to bring its armed forces quickly under international control and speed the handover of power. It had already been pre-leaked out of White Hall that President Bush and Tony Blair would discuss an exit strategy for their forces in Iraq. Mr Solana said this: "Everybody has moved, including the United States, because the United States has a real problem and when you have a real problem, you need help. There is a 'growing consensus' that the transfer of power has to be accelerated. How fast can it be done? I would say the faster the better." There has been no refutation or even comment on Mr Solana's remarks from either the US or Britain. Mr Solana's remarks to "The Independent" have stood unrebutted and unrefuted. This leads me to think that the US and Great Britain are making a run for the exits in Iraq. Because they are doing that, they CAN'T refute Mr Solana. The US government reported this past week that the federal budget deficit widened to $US 69.5 Billion in October. That's an annualized deficit of well over $US 800 Billion. The October deficit was much larger than had ben anticipated. Add in the $US 550 Billion US current account deficit and all of the financial markets understand too clearly that the US needs external finance of about $US 1.35 TRILLION just to fund its federal government's budget deficit and the US economy's trade and current account deficits. Moreover, the US Treasury said that foreigners bought a net $US 4.19 Billion in September, down from $US 49.9 Billion in August. I found it very interesting that Citibank, one of the largest traders in global foreign exchange markets and biggest Dollar bulls, closed all its existing long Dollar positions Tuesday, November 18.