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To: Michael who wrote (14310)	2/19/1998 12:17:00 AM
From: posthumousone	Respond to of 18056

a little off topic.......did anyone think todays CNN-whitehouse meeting was strange?? "Competing networks won some concessions from CNN after protesting to the White House late Tuesday." This is totally bizarre to me..I never thought something like this could happen in our country. A major network begging the Whitehouse for permission and access to broadcast .. OMINOUS......hmmmm

To: Michael who wrote (14310)	2/19/1998 5:35:00 PM
From: Thomas F. O'Connor	Respond to of 18056

Michael: I think we have to forget about the corruption and hope for the best. As I have said, the currency board should work, and the IMF plan will rarely work, no matter what the conditions. A stable exchange rate cannot be a by-product of the plan, but it must come first. That has been the main difficulty with IMF plans in the past, they hope that the central banks will solve the problems some how, and the currency stabilization will come later. It rarely happens. It is possible that the rupiah has improved over the past two days because of the greater possibility of a currency board in Indonesia, not a lesser one. The New York Times today in the Business Section mentioned for the first time that a "currency board might work" in Indonesia. In the article it stated that the conditions in Argentina and Bulgaria were much worse than in Indonesia and it has worked in both those places. Can you access the Wall Street Journal on the Internet? Unfortunately, they charge $49.00 per year for non-subscribers. The Journal has had three editorials out of five in the last week on the currency board, each one becoming more favorable. The main Op-Ed piece yesterday and today concerned the currency board for Indonesia, both favorable. Michael you are quite perceptive. If the currency board concept takes hold and more countries adopt it, that will put the spotlight on the Dollar and as you state (and I think you mean) "with both these standards the key issue is credible reserves". All would depend on the standing of the Dollar and hence there would be an effort by many to have the reserve currency, the Dollar, backed by more than the "full faith and credit of the U. S. Government". That is why the drumbeat of comments from all government sources all over the world against the currency board. It would eventually lead to reinstitution of fixed exchange rates and a gold or a gold exchange standard. Governments always lose some power in that circumstance. In fact, the Op-Ed piece in today's Journal is by Mark Mobius, who runs the Templeton Funds in Asia. stating that there should be a combined currency board for all the countries of South Asia. Guess what he wants it be backed by? Gold! . Finally, here is a catalogue of the barrage of comments from Government sources throughout the World against the currency board concept. Doesn't it make you wonder? search.main.yahoo.com Best