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To: PaulM who wrote (17889)	9/6/1998 10:18:00 PM
From: goldsnow	Respond to of 116786

Blair calls G7 meeting in bid to ease the panic By Sheryle Bagwell, London After resisting calls for the past two weeks to take action to calm worried global markets, the Group of Seven major industrial powers has agreed to hold an emergency meeting to discuss the continuing Russian economic crisis. British Prime Minister Mr Tony Blair, the chairman of the group, called the meeting of top G7 finance and foreign ministry officials for this week in London after first consulting the US President, Mr Bill Clinton, during his visit to Northern Ireland. Meanwhile, Russian news agencies have reported that the foreign ministers from Germany, Austria and Britain will visit Moscow this week for talks with acting Prime Minister Mr Viktor Chernomyrdin. Mr Blair, along with Mr Clinton, has been urging the Russian leadership to stick to free-market reforms ever since the collapse of the rouble and the restructuring of some of Russia's foreign debt last month caused a wave of panic in world markets. With reports at the weekend that Mr Chernomyrdin was considering implementing a radical economic stabilisation plan that would include printing lots more roubles and appointing a currency board, it would appear the West's message has not been that persuasive. Which is probably why the G7 - no-one refers to the elite club of developed nations as the G8 since Russia fell from economic grace - has decided to hold emergency talks and not wait until a new Russian government is formed. What action the G7 officials might recommend is unknown but some commentators are arguing it is time the G7 stopped asking Russia to swallow unpalatable economic remedies on its own and for the group to provide some real global leadership. The G7 nations need to ease monetary conditions in the short term and grapple with the important issue of reform of the world's capital markets over the longer term. "There is a crying need for a second Bretton Woods-type exercise, to try to devise new rules aimed at a better functioning of international capital flows," chief economist of Lehman Brothers Mr John Llewellyn told Reuters last week. "Too strong faith in laissez-faire needs to be tempered by some form of greater responsibility on the part of the G7 for the financial stability of emerging markets." afr.com.au

To: PaulM who wrote (17889)	9/6/1998 10:20:00 PM
From: Don Green	Respond to of 116786

> as the Fed RAISES rates? More than Impossible...

To: PaulM who wrote (17889)	9/6/1998 10:39:00 PM
From: C Hudson	Read Replies (2) \| Respond to of 116786

I agree with Paul. I don't think he lowers rates. The dollar may be in a sharp downturn on its own and not from an anticipation of a lowering of rates. The EURO launches in 4 months. The dollar COULD tank when it's launched as the rest of the world sells dollars to buy EUROs. Greenspan has got to know this.