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To: Little Joe who wrote (21308)	10/9/1998 7:16:00 PM
From: scotty	Respond to of 116753

Little Joe....Thanks, that is important..A good indicator.

To: Little Joe who wrote (21308)	10/10/1998 11:03:00 AM
From: goldsnow	Respond to of 116753

Blair attacks 'global herd mentality' of speculators By Jon Hibbs, Political Correspondent, in Hong Kong <Picture: Matt> <Picture: External Links> <Picture: >>Blair launches Internet debate [9 Oct 1998] - 10 Downing Street web site <Picture> <Picture> <Picture> <Picture>Hong Kong democrat attacks Blair over China TONY BLAIR denounced the "global herd mentality" of financial speculators yesterday and called for tougher rules to protect the victims of world money markets. Stepping up his campaign for a regulatory framework to prevent the spread of Asia's economic crisis, he said it should include a safety net for the poor. His challenge to the International Monetary Fund and the World Bank to take on a social as well as economic role came in a speech to business executives in Hong Kong on the fourth day of his visit to China. The Prime Minister attacked the use of secretive "hedge funds" operating on an almost unprecedented scale, invisible to national supervisory systems and even international financial institutions. "When collapse in one unsound market can damage the normal provision of credit to another perfectly sound risk, for no other reason than a kind of global herd mentality, then it is time to look afresh at the international financial system," he said. He renewed his call for an emergency G7 summit to agree on a strategy to cope with the unpredictable effects of the volume and speed of capital flooding around the world's financial markets. He said he had raised with President Clinton and the leaders of the other industrialised nations the prospect of widening their discussions to include representatives of countries feeling the brunt of the recession. British officials believe that if agreement could be reached to hold a G7 summit before the end of the year, others should be encouraged to submit reports about their plight. This could lead to larger gatherings of 20 or 25 nations. Mr Blair endorsed Gordon Brown's call for a code of good practice on social policy that the Chancellor put to the IMF last week. The idea is to have international agencies develop social support systems, public health programmes and education services to offset the turbulence experienced by economies such as Malaysia and Indonesia. "These will not only promote economic development now but also serve as a safety net in time of crisis," Mr Blair said. "We must show that globalisation has more to offer the poor than insecurity." The speech set out what Downing Street labelled a "patriotic" case for internationalism, urging greater openness and co-operation between countries rather than a retreat into protectionism and isolation. In a sideswipe at William Hague, the Tory leader, Mr Blair rejected "narrow nationalism" as the refuge of a country that had lost confidence in its place in the world. He said the new chapter in Britain's relationship with China had come about only because of the Government's positive engagement with Europe since Labour's election victory last year. "The blunt truth is that the rest of the world regards Britain as an integral part of Europe and respects us more, and listens to us more, when we demonstrate it." telegraph.co.uk