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To: Dayuhan who wrote (2187)	8/28/1998 12:24:00 AM
From: Tom	Respond to of 2951

Steve: Appears as though those USD-based commodities prices will remain low for some time yet, barring the outbreak of some major hostilities. It's difficult to figure right now exactly what we have, or will have. How long might it take for derivatives losses to turn-up on the books? Seems they're fairly adept at hiding them. Thanks to the opposition Rubin, Greenspan and some of our legislators are giving the OTC people. No doubt the Russian collapse is deflationary. But, geez, they try to hide every damn thing. Did they sell? Who bought? Who sold? How much? I'm convinced now that much of this chicanery is for the Euro. Provide it w/ an ideal launching environment. I recall George Bush promising them a dollar-value par w/ their Euro-currency. I remember watching him say it. Who knows, Steve? We have Greenspan's little US$6 billion repo last Monday when Clinton took the stand. Some say he's been increasing circulation all year. Who knows? If you figure it out, clue me in.

To: Dayuhan who wrote (2187)	8/28/1998 1:02:00 AM
From: Tom	Respond to of 2951

Steve: It occurs to me how Greenspan & Co. have actively discouraged nations from any store of value but the U.S. dollar. It was early '96 when I saw Singapore news reporting Greenspan's asking SEAsians to buy USD's instead of gold. What do you think these countries (e.g. Russia) might be saying now? "You wanted us to buy dollars. We did. The dollars are gone. For whatever reason. And now we find ourselves without monetary support." Something like that, maybe? What will they demand for having played along? Look at the country whose gold reserves are negligible -- Canada. What does their currency look like now? Look at Australia's currency after they've sold...more than half of what they had? I'd have to look it up. And forget the other crisis detriments, the weakening begins at the point of sale. They want you to sell-down your gold reserves, but in a period where a measure of currency viability would be welcome...Pfffft! Very cute. People had better wise-up.