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To: Bobby Yellin who wrote (18957)	9/15/1998 5:35:00 PM
From: Enigma	Read Replies (1) \| Respond to of 116762

What has aid to Latin America got to do with gold? Other than a crisis averted - for now? E

To: Bobby Yellin who wrote (18957)	9/16/1998 6:02:00 AM
From: Alex	Respond to of 116762

INTERVIEW-Concrete results possible from G22-U.S. By Linda Sieg TOKYO, Sept 16 (Reuters) - There is a ''very real'' possibility that concrete results will emerge from a meeting later this month of world financial leaders on how to cope with global financial crisis, U.S. Undersecretary of State for Economic, Business and Agricultural Affairs Stuart Eizenstat told Reuters Television on Wednesday. ''I think the possibility of concrete results is very real,'' Eizenstat said in an interview. ''The president (Bill Clinton) has clearly upped the stakes by calling for a conference within 30 days to produce results by the beginning of next year. When the president of the United States does that, when you have finance ministers, central bankers coming from the G22 countries together that elevates the whole issue and puts a great deal of emphasis on the need for concrete results,'' he said. ''Everything is on the table,'' Eizenstat said when asked about a possible role for some sort of controls on short-term capital flows. ''We obviously have concerns about capital controls but we're trying to keep an open mind to as many things as possible. We don't want to be prescriptive, we want as many ideas to emerge as possible,'' he added. Eizenstat said the United States could not rule out the need for capital controls in some circumstances, but ''that as a general policy matter these are not a good result.'' Eizenstat said Europe, the United States and Japan as well as international agencies all had roles to play in what ''needs to be a coordinated stategy'' to deal with the current turmoil in world financial markets. Referring to Clinton's call to action, he said, ''It's a recognition that what's happened over the last year is new and novel. It's new and novel because the huge private sector debts, as a result of enormous capital flows which have occurred, is not a type of macro-economic imbalance in a particular country where a budget cut here and there can make a difference.'' Eizenstat reiterated Washington's calls for Japan to take speedy action to fix its banking sector and stimulate its economy for the sake of its Asian neighbours and the rest of the world. But he also said that he had become convinced, since meeting with trade and foreign ministry officials earlier in the day, that Japan does have a sense of urgency about the need to move quickly and aggressively on its economic and financial woes. ''Quite frankly, I came to Japan believing that there was a lack of a sense of urgency. In the meetings that I have had today, I have been convinced that there is, now, a sense of urgency...a real sense that Japan has an obligation not only to its own people, but to the people of Asia, to recover,'' he said. ''But the proof will be in the pudding -- we still have to see the actual implementation.'' Eizenstat said that while the United States was prepared to accept a rise in exports from the Asian countries hardest hit by the region's economic turmoil, that forbearance would not apply in equal measure to Japan's growing trade surplus. ''The only way in which Thailand, Indonesia, South Korea -- the major impacted Southeast Asian countries -- can recover is through export-led growth,'' he said. ''We recognise that their health will be shown when they can export, therefore our markets have to be open.'' ''Japan is in a different situation. Japan's growth needs to be domestic demand-led growth, not export-related growth,'' he added. ''If indeed, the only growth came from exports that further swelled a deficit that could be as high as $70 billion with Japan, that would not be a positive development.'' Eizenstat also said there was concern about a possible backlash in Japan among those irritated by what some see as Washington's constant carping on economic policy. But he added: ''I think it is important that the Japanese people understand...that we're not making demands...we're talking as partners.'' ''After all, Japan is the second largest economy in the world and it is acting in ways that will affect not just the people within its own borders but will have regional and global impact,'' he said.

To: Bobby Yellin who wrote (18957)	9/16/1998 7:35:00 AM
From: long-gone	Read Replies (3) \| Respond to of 116762

Morgy, I heard the President talk yesterday, made me madder than all H___! Just understood why we must get this guy out! He speaks out both sides of his mouth, and is always ready to bail out his buddy Rubin's friends and family farms while trying to help himself(read buying support in rural America,western America, & on Wall Street) after speaking of free & open markets! I say, if he is willing to support Latin America & farming, then all who have invested in gold mining can SUE as we are not getting "fair and equal treatment under the law"! I refuse to accept ANY FORM OF SUPPORT for ANY industry as correct! If one industry will be supported, then all must be supported! If any investor is bailed out at the expense of the American tax payer then all must be! Be that investment in a Family Farm, a mine, or Mexico!!!! rh