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To: Pankaj Tandon who wrote (2870)	10/21/1997 5:59:00 PM
From: Sam Citron	Respond to of 10921

Pankaj, I wonder how many of these jobs are available in countries that don't subscribe to the benefits of free trade. 40,000 is probably trivial compared to number of programmers that are needed! SC

To: Pankaj Tandon who wrote (2870)	10/23/1997 10:59:00 AM
From: Sam Citron	Respond to of 10921

Pankaj, Need help from an economist with simple question: Why don't all countries simply float their currencies, allowing them to find their own trading level every day in the worldwide currency markets? Are they really afraid it would cause them to lose economic sovereignty to currency traders and foreign bankers? Are such fears justified? Or are these currency pegs and linkages set up more for convenience purposes, to facilitate easier price discovery? Wouldn't freely floating currencies avoid the dislocations we are now experiencing in S.E. Asia? It seems obvious to me that fixed currency values distort prices and can cause severe economic consequences. Raising interest rates to try to prevent capital flight, as they are now doing in HK, seems like dangerous medicine to me. Am I missing the boat? SC