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To: Bald Eagle who wrote (5850)	1/14/1998 3:32:00 PM
From: CuriousGeorge	Read Replies (4) \| Respond to of 116764

Gaffe - a social or political blunder Blunder - a stupid, careless or thoughtless mistake Los Angeles Times Wednesday, January 14, 1998 Errors Made in Indonesia Policy, IMF Concedes By ART PINE, Times Staff Writer ÿ JAKARTA, Indonesia--The International Monetary Fund has conceded that some of its earlier prescriptions for rescuing the Indonesian economy backfired and inadvertently may have contributed to the collapse of the banking system here, international officials said today. ÿÿÿÿÿIn a confidential report, the fund's senior staff said IMF demands in October that Indonesia raise interest rates as part of its recovery program apparently conflicted with simultaneous instructions that the government shut down 16 large, insolvent banks. ÿÿÿÿÿWhen both policies were put into place at once, at IMF insistence, the move unexpectedly squeezed many healthy banks as well and exacerbated the pressures on the banking system, the document said. That in turn set off a new wave of capital flight. ÿÿÿÿÿDisclosure of the unintended gaffe, contained in a 17-page report distributed to the IMF's executive board in Washington last week, marked the first formal admission by the 181-country organization that some of its prescriptions here may have backfired and hurt Indonesia. ÿÿÿÿÿHowever, officials said the report was not an indictment of IMF prescriptions for other Asian countries caught up in the current turmoil, and they added that the fund was not on the verge of revamping its entire strategy, despite complaints by some critics that it has proven counterproductive. ÿÿÿÿÿ continued at ... latimes.com Copyright Los Angeles Times

To: Bald Eagle who wrote (5850)	1/14/1998 4:58:00 PM
From: Bucky Katt	Read Replies (2) \| Respond to of 116764

Wiseowl-- I see no reason to buy or sell the physical metal, buy puts or calls, and the same with the miners, just yet. The gold market is still the great abyss at this point. There will be time to jump on if it makes a decisive move in either direction. There are just too many other sectors where you can make great trades.