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To: Bobby Yellin who wrote (14417)	7/12/1998 4:19:00 PM
From: Al Gordon	Read Replies (2) \| Respond to of 116754

If anyone has been waiting for some "exciting times" in global markets,this week should live up to expectations. My first thoughts regarding the Japanese governments devastating defeat, are that the yen will be sold off sharply, as it now looks like promised reforms to the banking sector and promised tax cuts, will at the least be seriously delayed. Will this set off another round of currency devaluations against an ever rising U.S. dollar? Regarding the price of gold,my biggest question is how far is this currency devaluation game is going to go before it dawns on market participants that currencies are only worth the faith that is put into them.When that faith disappears you have panic. It seems to me that point is getting a lot closer. Any thoughts?

To: Bobby Yellin who wrote (14417)	7/13/1998 12:11:00 AM
From: Alex	Respond to of 116754

Rubin Denies He's Planning To Step Down As U.s. Treasury Secretary Rubin Denies He's Planning to Step Down From Treasury (Repeat) (Repeats to fix spelling of adviser in paragraph 6.) Abidjan, Ivory Coast, July 12 (Bloomberg) -- U.S. Treasury Secretary Robert Rubin said speculation he's considering leaving his job is incorrect. The New York Times reported Saturday that members of President Bill Clinton's administration expect Rubin to resign by the end of the year. The Times quoted three unidentified members of the president's Cabinet predicting Rubin's imminent departure. Rubin said that's mistaken. ''I've always said about the same thing, which is, that I'm very much focused on what I'm doing, I plan to be here for a good while, and that's it,'' he told reporters who traveled with him to Africa. Rubin said he may have erred in telling the Times he'd ''do what seems to be appropriate'' when considering resigning -- a phrase borrowed from his deliberately vague answer on whether and when the U.S. might intervene in currency markets. ''I just liked my quip around that foreign exchange thing,'' he said, sounding somewhat sheepish. Colleagues, including some of Rubin's closest advisers, said they believe he hasn't made up his mind, and that any suggestion Rubin has firm plans is nothing more than conjecture. Rubin is deeply involved in efforts to contain Asia's economic crisis, as well as work to reform the international economic system to minimize the effects of future crises. Rubin said the work intrigues him, although he may not be around to see closure on either. 'Big, Important Issues' ''I think these are very big and important issues,'' he said. As far as Asia and contagion is concerned, ''the world is going to have to work its way through these kinds of issues over an extended period of time,'' he said. ''Some changes have been made already,'' in terms of a new global economic architecture, he said. ''Some of the kinds of changes that have to be made are probably going to take years to make.'' Rubin, 59, is a former co-chairman at Goldman, Sachs & Co. He is widely respected on Wall Street and in Washington for his role in formulating the administration's economic policy. He joined the administration in January 1993, as chairman of Clinton's newly created National Economic Council. During his tenure there, Rubin was a forceful advocate of putting deficit reduction ahead of new federal spending. When Treasury Secretary Lloyd Bentsen resigned in December 1994, Clinton appointed Rubin to the post. Almost immediately, the new Treasury secretary was faced with his first crisis: helping Mexico prevent default following devaluation of the peso. Out-Maneuvering Congress Rubin engineered an end-run around a Congress reluctant to approve bilateral aid to Mexico, dipping into a fund under his control theoretically to be used to stabilize the value of the dollar. The maneuver worked. With additional aid from the International Monetary Fund, Mexico was able to right its economy; it paid back the U.S., with interest, months early. Speculation about Rubin's possible departure periodically pop up among traders, sending markets gyrating. Rubin's wife, Judy, refused to move to the capital, preferring instead to remain in New York. The secretary commutes to Washington during the week, staying at a hotel; his wife visits twice a week. ''Halfway through my first year in office there were stories I was going to leave,'' he said. Judy Rubin said the Times story was wrong to insinuate she ''hates'' Washington. ''I don't hate Washington. At least not all of it. I make a distinction between inanimate and animate'' (parts of the city), she said. Speculation about a successor has centered on Rubin's deputy, Lawrence Summers. Summers, regarded as a brilliant academician, has been working in recent months to sand some of the rough edges off his personality that have caused friction with others inside and outside the administration. Others receiving mention include James Johnson, the departing head of Fannie Mae; and former White House budget director Franklin Raines. Raines had indicated in interest in the Treasury job before leaving government to succeed Johnson at Fannie Mae. <Picture> ------------------------------------------------------------------------ c Copyright 1998, Bloomberg L.P. All Rights Reserved. bloomberg.com@@0D3*QQYAqdRWClCY/news2.cgi?T=news2_ft_topww.ht&s=550763222