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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (20189)	9/30/1998 10:54:00 PM
From: waldo	Read Replies (1) \| Respond to of 116795

From USAGOLD Forum: BC (9/30/98; 17:44:36MDT - Msg ID:293) Greenspan Comments on Gold Standard? Is Allen Greenspan preparing us for the Euro? Here are parts of an article, entitled: Greenspan's Prescription, that appeared in today's (Sep 30/98) Investors Business Daily. ...................Whenever Federal Reserve Chairman Alan Greenspan testifies to Congress, all ears are trained on the magic words: interest rates. But as policy-makers call for an update to the world's financial system, the rest of Greenspan's testimony is worth a closer look. ...Greenspan and Treasury Secretary Robert Rubin will soon chair a summit with the finance ministers and central bankers of major nations. Their topic? What kinds of institutions could have helped prevent a financial crisis in a few small Asian countries from wreaking havoc on the world economy? So far, the White House has few ideas...........By contrast, Greenspan put forth some concrete ideas on the subject in his recent testimony to the House Banking and the Senate Budget committees. The Fed chief focused on the basics - stable currencies and open markets - rather than huge bureaucracies to help ''manage'' the world economy. ...Today's major problem, he noted, is the way financial panics in one country infect others. That wasn't the case in the late 19th and early 20th century. Then, the economy was just as open to trade and global capital flows as it is now, Greenspan argued................The difference? A gold standard governed the value of currencies. That made economic policy clear for anyone to judge. It made it tough for governments to hide their mistakes. And it kept banks from lending too much. ''Imbalances were generally aborted before they got out of hand,'' Greenspan said. .................Is Greenspan calling for a gold standard? Not exactly. Later in his testimony to the House, he said, ''There are ways of simulating the effects of the positive aspects of the gold standard without actually going to it.'' ------------------------------------------------------ Friend of Another (9/30/98; 19:10:56MDT - Msg ID:296) BC Bc, ---------------That was some post! If Mr. Greenspan is trying to signal something it will not be seen by the regular wall street boys! But, you can be sure that the major world investors are moving their assets before the change takes place. America has never fought a currency war from this position. Everyone still thinks the US military might has something to do with a paper fight, it doesn't. Look at Russia, a huge military nuclear power! But they lost the financial war without a shot being fired. Could AG be sending up the white flag before the fact? I doubt it.