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To: PaulM who wrote (4807)	12/27/1997 11:56:00 AM
From: IngotWeTrust	Respond to of 116763

"A second line of defense is the U.S. Exchange Stabilization Fund. This Treasury Department fund is authorized to deal in gold and foreign exchange to meet our obligations under the Bretton Woods Agreement regarding orderly exchange rates. Typically, transactions are in the form of currency swaps (we trade U.S. dollars for Korean won) and no budget outlays occur. Secretary Rubin has discretion to use the Exchange Stabilization Fund without getting approval from Congress. Therefore no "scoreable event" occurs. The fund is classified, for budget purposes, as a mandatory program rather than a discretionary one, and therefore would be subject to PAYGO rules. However, since no legislation is involved and no outlays are likely to occur, there would be no PAYGO impact or change in the deficit. (For details about the fund, see page 848 of the President's Budget for Fiscal Year 1998, Appendix.)" concordcoalition.org Most USA citizens hadn't heard of this ESF either until Mexican Bailout. What a hue 'n cry echoed throughout t'land when it was used, a measly $20B worth to prop them up... Yes, it exists. Yes, some of us know it. Thanks to your post & URL, now maybe more folks do! Good Work! O/49r

To: PaulM who wrote (4807)	12/27/1997 2:02:00 PM
From: Gary H	Read Replies (2) \| Respond to of 116763

Paul, That site gave the National debt. Do you know where one can find the figures for the M-2 money suppy? Cheers,

To: PaulM who wrote (4807)	12/27/1997 3:29:00 PM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116763

An excellent read is in this week's Barrons. I hope somebody has the energy to summarize its high points, which are many. Playing bubbles...Albert Edward .. a definite nonhousehold name. He explains why bailout of Korea is different from bailout of Mexico and why it should fail..he also explains why the money will be made in certain European markets because of the adjustment of interest rates to one interest rate and why there should be inflation coming from Europe..(his logic might be why one of the big wall street firms is investing in European real estate).. Indirectly his argument is a bullish case for gold besides helping somebody to get a macro picture of flows of money. Wish I were bright enough to be critical of the article but it sounds good for me. Hope one of you out there can read the article and possibly poke some holes if possible into his very logical presentation. He said the same thing that George Soros has said. Basically participate in the "bubbles" but know when to get out..