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To: PaulM who wrote (5817)	1/14/1998 3:08:00 AM
From: PaulM	Respond to of 116764

What balance? chron.com

To: PaulM who wrote (5817)	1/14/1998 7:51:00 AM
From: Bill Grant	Respond to of 116764

Paul, I agree with everything you said. There is a very good article by David Malpass on the editorial page of today's WSJ which suggests other steps which should be taken immediately to avoid a global meltdown. They include: 1) US should formally state that Asian currency devaluations are globally harmful and such devaluations should be reversed; 2) Asian CBs should announce policy change aimed at shrinking monetary base to strengthen currencies and should proceed to sell their local currency assets until excess supply of currency is absorbed; 3) Once devaluations are reversed, CBs should set up currency board or adopt price-rule monetary policy to balance supply-demand and keep US$ exchange and/or price of gold constant. Article calls IMF prescription of currency weakness and tax increases damaging in that it ignores the most important goal of stable exchange rates. Bill