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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Dwight Taylor who wrote (5597)	1/10/1998 4:23:00 PM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116756

Ben - Greenspan used the term last spring as referring to the existence of systemic risk in the international banking system. He referred to the risk of "Atomic Erosion", and held forth the opinion that it has been averted several times in the recent past by the concerted action of the Fed. One such circumstance that he cited was the Crash of '87, when the Fed flooded the sytem with liquidity to help financial institutions meet their short-term obligations. I can't remember the other circumstance that he cited, but the jist of it was that a meltdown has been narrowly averted several times. I think it might have been in his Humphrey-Hawkins testimony that he spoke about this, in any event I think he was testifying before Congress. It's really a descriptive term, don't you think? Tom Here's a good link for tracking International Monetary Policy: economeister.com