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To: Cynic 2005 who wrote (10669)	11/6/1998 6:48:00 PM
From: Joseph G.	Respond to of 86076

<<Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide series of bank failures. The world economies plunged into the Great Depression of the 1930's.>> Actually, GB was in a recession almost all of 20's, in later part due to Churchil's (who was exchequer than) setting the pound to the pre WWI parity with gold, which was too high. They started to lose gold (was profitable to sell L for gold cause it was to high), and asked NY Fed to lower US discount rate, which they did. After L devaluation in Sept 1931, UK did relatively OK in the 30's ...

To: Cynic 2005 who wrote (10669)	11/7/1998 9:54:00 AM
From: geewiz	Read Replies (1) \| Respond to of 86076

MMV, Awesome similarities! Here comes Dow 12,000!! And it's not just easy Al, it's now a concerted effort from all G7 countries to pump available credit. best, art

To: Cynic 2005 who wrote (10669)	11/7/1998 5:19:00 PM
From: Joseph G.	Read Replies (1) \| Respond to of 86076

<< BTW, Does this mean we are more like in 1927?>> Don't think so. Everybody went down at least 30 - 40%, but US. US$ caved in (went down) instead. But even so, commodities did not run up, particularly oil and gold are about where they were when $ was 15 -20% higher. Notice also that no major stock market run up close to prior high (Euro and Japan) but US. Of US stocks, mostly speculative darlings make new highs, or near, while resource-based (like major oils) and asset-based (like REITs) stocks are still down. It looks like winter of 1930, but without the full-blown US crash (in US$).