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To: Richnorth who wrote (997)	1/2/1998 9:17:00 PM
From: Don Green	Respond to of 1756

Very puzzled? This is the Japanese way of doing things... If you have spent any time in Japan or ever worked with the Japanese you are not puzzled at all. Don

To: Richnorth who wrote (997)	1/2/1998 11:13:00 PM
From: philv	Read Replies (1) \| Respond to of 1756

Richnorth: Why am I defending the C.B.s? Actually, I am not. I simply tried to make the point that the C.B.s are not in a united conspiracy for the reasons that I gave. That is not to say that one or the other may or may not have some plan or preferance in regards to gold. I have read many articles and happen to have in front of me one by Frank Veneroso, Dec. 9/97, in which he expresses the opinion that "one or several European Central Banks broke rank". He mentions an "uncooperative behaviour on the part of some central banks". He goes on to emphasize over and over again that the cause of the fall in the POG has been C.B. selling. "the market was absolutely contained by central bank selling." This is but one individual, but there are others. There is no limit as to the number of theories explaining the reason for the POG, or the C.B. involvement. I wish it were so easy and obvious that I could be convinced. Don't forget, most C.B.s are an extension of national governments, with head honchos regularly fired by the newly elected government. That is how Canada's own Thiessen got his job! I wouldn't be on this thread if I thought things were rosy. The C.B.s must bear their share of blame for the economic mess world-wide. But an even greater blame has to be put on the governments who created the mess in the first place. C.B.s are trying to manage this, but they may in the end be too clever by one half. I too believe we are in great danger of world-wide economic collapse, but I have great respect for the "fixers" who have demonstrated time and again their mastery against all odds. After all, look around the world, see what man has wrought. It has worked....so far anyway! Phil As an addendum read the following: Message 3055417 When you see the estimated figure of loss to the C.B.s in terms of interest (15 billion annually), you can understand the temptation to sell and lease.

To: Richnorth who wrote (997)	1/3/1998 3:18:00 PM
From: Abner Hosmer	Read Replies (2) \| Respond to of 1756

Rich - >>I am very puzzled by the stance of the Japanese Government in regard to their economic problems. Despite having much cash and sizeable holdings of US bonds, they seem so overly cautious when it comes to putting their economic house in order.<< I think the Japanese have to be very cautious in approaching their problems. Their holdings of US treasuries cannot even come close to the value of non-performing loans on their books. I think they are walking a tightrope just as far as their ability to meet their current obligations going forward. Now their economy is slipping into recession and they are trying to reverse course. Well, they've had more than 8 years to work on this, and it's to little, too late. I don't think the Asian crises is over by any means. The latest round of loans to Korea hasn't changed the situation in Japan one iota. All it has done is to keep the wave from rolling onto Japanese shores. For now.. Tom