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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: MikeM54321 who wrote (2144)	8/22/1998 7:35:00 PM
From: Tom	Read Replies (3) \| Respond to of 2951

RE: 2144 "Please feel free to correct any errors." I couldn't do that, Mike. Thanks for taking the time to separate and deliver the morsels. Very tasty. On another subject: I am opposed to the activities being conducted by market speculators, and am suspicious of the employment or interests of any that do. Speculators draw their ammunition from currency systems that are nothing more than co-operative pyramid schemes which nearly every nation has accepted for its standard. Without the fractional reserve concept serving as a springboard to liquidity, and the accommodating legislation, the speculative attacks on a scale we are now witnessing would not be possible. Being, for the most part, large banking institutions and giant hedge funds, they are the sovereignless and reckless bastard entities of global trade and commerce. They operate under the guise of large-scale arbitrage that is purported to maintain the fair value of markets; which might be acceptable were the target markets in fair health. That many are not should preclude claims to fairness or equipoise. Any argument to the contrary is mooted by the fact that many of the speculators' resources are replenished circuitously via the IMF and World Bank's involvement in re-establishing or "stabilising" unhealthy economies. Keep in mind, on similar occasion in the future, that a relentless speculative attack will not be conducted on any market that is not foreseen to be a client of the IMF or parallel entity. Knowing this, it only follows that some pretend certain knowledge of an eventual bailout treatment for China. I could go on at great length, but suffices to say that were there no IMF, or similar guarantor, the speculators would be nothing more than another manageable market element.