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To: Rmn who wrote (11479)	12/14/1997 7:28:00 PM
From: Elllk	Read Replies (1) \| Respond to of 18056

Reuters pre opening assessment of Mondays Nikkei was slow trading in range of 15,600 to 16,200 but after 25 minutes Nikkei is at 15663, down 250 or about 1.5%. Ramsey BTW in Japan farmers had instituted a system complete with paper work in appropriate financial format wherein the public could buy and hold cows, etc., instead of keeping their money in banks. The government quickly stopped it this past week. Larry

To: Rmn who wrote (11479)	12/14/1997 7:35:00 PM
From: kormac	Respond to of 18056

Ramsey, We are indeed in the era of floating rates and my understanding is that money men now hold various currencies as hedges. The same idea as having a diversified portfolio for individual investor. My own position is one of having some financial assets and some real estate. I would still like to buy a small farm and learn to grow my own food as the ultimate hedge :) Japanese are increasing the money supply at a very fast rate, so said Lawrence Lindsay a couple of days ago. Korea may be tempted to do the same thing. There is no question that we are in a period of great financial instability right now. Whether this leads inflation or deflation depends on government policies. My guess is that it will lead to deflation in the US, since money men are in charge here, but inflationary trends in Korea as people are willing to get out to demonsrate, as ABC reported just an hour ago in the Evening News. Japan will inflate, since their debts are in yen. Japan down about one percent as I write and Korea up 5.47 percent. Regards Seppo

To: Rmn who wrote (11479)	12/14/1997 8:00:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 18056

Ramsey, this question should be addressed to George Soros, he has a knack of knowing when a currency is getting out of line with the economic prowess of the country "backing" that currency. I think that normal reading of the balance sheets of countries (but with broader definitions of liabilities and assets that most people on this thread will accept) does the job. When many of our corporate infrastructure was weakned by excessive debt and layers of unecessary management, our currency declined, now that we are a little trimmer and fitter, our currency is strong. How to actually read the whole balance sheet (including all the hidden assets fo a country, like infrastructure wich is paid for cash but never depreciated, land, natural resources in the ground, the value of an educated work force capable ofg engaging more in "brain" industries" then "brawn" industries, the value of a well developped capital market including an extremely broad base and well financed venture capital community, all count in these equations, but not being a professor of finance, I would not know how to put these equations together. I am sure that some people are doing just that and that is how they know which is the next currency against which to mount a bear raid.). Zeev