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

To: Mark Adams who wrote (32167)	9/3/1998 11:52:00 AM
From: yard_man	Respond to of 132070

I think capital controls are a loser, but I'm no expert in this area.

To: Mark Adams who wrote (32167)	9/3/1998 12:46:00 PM
From: Merritt	Read Replies (2) \| Respond to of 132070

Mark: <What the heck does demonetarise mean?> It means they'll make them non-legal tender...of no value. The gov't says they feel that by making large denomination bills worthless, they'll encourage repatriation of foreign stashes, and stop the smuggling of large amounts of currency. Having been a Fine Arts major, I don't know what they hope to accomplish...my interpretation of foreign deposited currency is that it amounts to an interest-free loan for the issuing country...and if someone has stashed currency abroad, why would they wish to repatriate it under the current conditions? And even if someone did, what would prevent them from converting the currency now, to dollars, say, and then buying gold, diamonds, stamps, or whatever would be of value in their home country, and then smuggling that commodity into the country? Doesn't seem to make sense to me; seems more like a political ploy to move attention away from their own incompetence. Smoke and mirrors. Merritt

To: Mark Adams who wrote (32167)	9/3/1998 12:59:00 PM
From: Kathleen capps	Read Replies (1) \| Respond to of 132070

I have friends from South Africa. The govt puts limits on how much cash they can take with them when they leave the country (mark it it their passports). So I said what about credit cards? They said the govt also monitors how much is spent while they are away. I found this unbelievable but they are average middle class types and this is what they are dealing with. Now they said that anybody with real money has ways to get it out, but for the average person, other than buying a small amount of jewelry and selling it abroad or something similar (comparativly small scale schemes), they don't have much opportunity to take significant amounts of money out. Of course, like people living with opressive rules always do, they took every opportunity to circumvent the system.