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To: gregor who wrote (2695)	10/31/1997 4:21:00 PM
From: Little Joe	Read Replies (1) \| Respond to of 116822

Phil and Gregor: I think you both could be right on this deflation issue. It does seem to me the response to the current situation in years past would be to do anything to increase liquidity. They sure aren't doing that. However, there are those who say we have had inflation and it has been equity assets, particularly stocks, which have inflated. Wonder what happens when the stock market bubble is burst. In the meantime gold is down another 5+ today. It gets curioser and curiouser. Little Joe

To: gregor who wrote (2695)	10/31/1997 6:14:00 PM
From: Alex	Read Replies (2) \| Respond to of 116822

Hi Gregor. I think that there are many who agree with the deflation arguement. I posted an article here yesterday \ day before\ where a former head of the Brazil CB said that every advantage gained in the last 10 or so years by North American countries has evaporated with the devaluation of the Asian currencies. All productivity gains, downsizing, modernizations, and slash and burn "advances' - poof - gone! His take - N.A. countries will return to protectionism.

To: gregor who wrote (2695)	10/31/1997 7:38:00 PM
From: PaulM	Respond to of 116822

I have different problems with Greenspan's etstimony. Wondered whether I was hearing him right this week. On Monday, testifying before Congress, he said that the effect of the Asian situation on the American Economy "would not be negligible." On Tuesday, he says the event may be looked upon years hence as a "blessing" in disquise. He also says that stocks are more in line with proper a valuation now, even though the Dow is significantly higher than when he originally made is "irrational exuberance" speech. Obviously, the powers that be fear a crash. I suspect the Big Boys are slowly getting out--having been given the time by us sacrificial lambs. Am very bullish on gold, and anything else that's not the DOW.