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To: Larry S. who wrote (4940)	12/30/1997 10:40:00 AM
From: Bobby Yellin	Respond to of 116753

will check it out..thanks so much..wonder if I should download it in case it disappears. happy holiday to you and your family!!! I would appreciate any comments on the article from you. bobby rita

To: Larry S. who wrote (4940)	12/31/1997 7:36:00 AM
From: Bobby Yellin	Read Replies (4) \| Respond to of 116753

Hi Larry: read the Crash of 1997...wish the Central Bankers and IMF would read it and come back with a rebuttal...I don't think they can... thanks for notifying us about the article.. ..Don't think Martin Armstrong will mind if I excerpt part of his article "In the words of Herbert Hoover taken from his memoirs, one can find a sense to the present. Indeed, such a currency crisis took place in 1931. Despite the fixed exchange rate system and the promise of all nations to ad-hear to the gold standard, economics and politics proved once again to be opponents in a battle to the death. Referring of this currency crisis of 1931, Hoover wrote… "During this new stage of the depression, the refugee gold and the foreign government reserve deposits were constantly driven by fear hither and yon over the world. We were to see currencies demoralized and governments embarrassed as fear drove the gold from one country to another. In fact, there was a mass of gold and short-term credit which behaved like a loose cannon on the deck of the world in a tempest-tossed era." The fears of 1931 were indeed proved correct for in the wake of these chaotic events, the vast majority of the world governments moved into default. During the days of the gold standard and fixed exchange rates, the risk of the currency belonged to governments. If the economic conditions failed to support the political establishment's desire to maintain a predetermined exchange rate, capital, sensing a problem, fled. Once the economic difficulties were exposed for all to see, confidence began to call into question everything. Country after country was analyzed closely and if the economic conditions did not support the political desire to maintain a particular exchange rate relative to gold, capital would once again flee moving from currency to currency." bobby