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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (27346)	4/12/1998 10:50:00 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Barry, I find it amazing that our "strong" dollar requires the Treasury Secretary to give his blessing before anyone sells it. That is scary. This sale doesn't mean much, but there are lots of dollars and dollar demoniated securities out there in the hands of govts. and corps that aren't doing well right now. It is hard to believe a govt. or a company will go down in flames while holding on to Treasury Bonds. So, I think it is significant. The dollar is only the reserve currency as long as everyone holds it in reserve. It is somewhat similar to the Hunt Silver Scam of the 1970s-1980s. Silver grew in value as long as the price was not so high relative to anything else that all the holders of jewelry and teaspoons were not tempted to melt them down. Then it is no longer held in reserve, it hits the market, and it really hits the market price. The dollars printed to such excess by Alan Greenspan are a disaster waiting to happen, IMHO. This sale is not enough to hurt, but if Indonesia and Thailand and others follow suit, we could be in deep kimshee. MB