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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Pseudo Biologist who wrote (23913)	10/24/1997 9:45:00 AM
From: Sam Citron	Respond to of 132070

PB, Thanks. Fernandez expressed my point about the interest rate cure being worse than the disease. The disease, as far as HK is concerned, is simply anxiety. Everyone there is nervous over how being a part of China is going to change their lives, jobs and democratic institutions. Such anxiety is bound to spill over into the capital markets. Unlike Mr. Fernandez, I would not propose a "devaluation", but rather a float of the currency. As I said before, I just don't see why HK has to maintain $7.8HK to $1US, as it has for the last 15 years. I realize it may be a cheap way to run monetary policy, but I think it distorts the economy. SC