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To: PaulM who wrote (6264)	1/19/1998 7:56:00 AM
From: Zardoz	Respond to of 116790

Paul, I agree. In the last few days of Japan collaspes it will take out USA in one final death march. US currency will fall on a lack of faith. People will flock to GOLD in a deflation state in a last ditch attempt to save value. Earlier last year Japan came out with a YEN denominated Euro-BOND, when the yen was at 102 Yen/USD. You can guess that at todays Yen rate 129.5/USD those bonds have deteriorated in value by as much as 25%+, and can be redemmed for very little in US dollar terms. Later this year Canada will be issueing a large US-Denominated Euro-bond. And than the Canadian currency will float upwards. This is what came out of the G-7 meetings in Washington last year... How to make money off the currency traders. I'm going to quote myself from a Jan 14, 1998 posting: "But what's controlling the price of GOLD right now is the realization that the USA will support the Japanese currency. This will cause a Quasi peg between the USD/YEN, and if ASIA has taught us anything.... pegs don't work." Comes from the comment where Mr Yen was seeking currency peg from Greenspan. "The volatility in the market place should grow during the year, until something gives. Probably a market crash. As the markets lack direction... BOND Yield down/market down? Yields up/Market up? A negative correlation." Which leads into thread: Message 3201990 Mark Bartlett is right when he suggest that the RATS {Canada/England} play, while the CATS' {US} away. Watch Canada try to raise the currency above 69.99 /US. Japan is already dead, and they didn't even know it. The first clue was 0.5% banker's rate. A flat tax is all that can prolong them now. They still have trillions in net worth, but falling hourly. I was hoping for Gold to rise in London so I could get some ABX Puts for Feb.

To: PaulM who wrote (6264)	1/19/1998 8:21:00 AM
From: Bucky Katt	Respond to of 116790

>>French Communist leader seeks euro referendum>Will it gather support? - The leader of France's Communist Party called Sunday for a referendum on the single European currency and for the European Union to make jobs and social issues its priority. At a demonstration that police said drew 9,000 people despite rainy weather, Robert Hue said he planned to take his request for a referendum to conservative President Jacques Chirac in the coming days. The Communists favor "a true monetary cooperation that is respectful of the sovereignty'' of each nation, Hue told the crowd. Hue linked the fate of the unemployed in France - where there is a 12.4 percent jobless rate - to the European currency, the euro, to be introduced starting next year. For a successful construction of Europe, "We need to reorient Europe toward social issues, employment, another way of using money,'' Hue told the crowd. "We need to loosen European constraints.'' By that Hue was referring to the criteria set up to decide which of the 15 EU nations will qualify to become part of the first wave of those introducing the euro. Qualifying nations must cut their budget deficits to 3 percent of gross domestic product. The Communists, with three ministers, are part of the governing leftist coalition headed by Prime Minister Lionel Jospin, now caught between demands by a movement of jobless workers and budget constraints imposed by the euro.