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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Stitch who wrote (4988)	7/1/1998 8:40:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 9980

Stitch, I for one cannot term Judy Shelton's essay "cogent" . She is missing the point if she think that the devaluations the Rim countries have undergone was government led for the purpose of increasing the competitiveness of their products in international markets. I also think that the idea of e-money backed by "entrepreneurs" has not been evaluated by her nor for that matter by anyone else. Central global money (and more so the control of its quantity in circulation) will be a disaster robbing sovereign governments of the ability to use monetary policy in conjunction with fiscal policy to smooth out the natural large wave ebbing of capitalistic economies. Zeev

To: Stitch who wrote (4988)	7/1/1998 8:50:00 PM
From: Frodo Baxter	Read Replies (2) \| Respond to of 9980

From your cited essay: "If governments cannot provide international monetary stability, private enterprise should have an opportunity to devise its own solution. Advances in Internet commerce suggest that some kind of e-money alternative might prove workable in the future -- at which point governments should be prepared to rescind legal-tender laws that today grant them a monopoly over currency issuance." I agree completely. In fact, I'll advance a private market solution right now. Send me your dollars, rubles, gold, ringgit, yen, pounds, euros, and anything else of value. I'll issue you my superior currency product, the kam. The kam will be completely electronic, so I won't have to send you anything back. But that's fine, as you can use the kam at all participating merchants. The kam will be backed by the full faith and credit of me. I promise I won't issue myself a pile of kams, making yours worthless. I swear.