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To: Stephen O who wrote (25479)	1/5/1999 11:57:00 PM
From: Gord Bolton	Read Replies (2) \| Respond to of 116753

Looks like we have Saddam calling for a Holy War against Brittian and the U.S. And we have Clinton and Blair pushing for a holy war against Saddam. And some are saying that it has nothing to do with personalities--it's the oil, stupid--not the oil in Iraq or even in Kuwait--but the oil in Saudia Arabia that no one can do with out. Or maybe it is just a wistfull desire to return to the good old days of crusades to get away from home for a while. Whatever it is methinks that it might be good to have a little gold on hand--just in case. It would probably be safer to have a little stash of gold in Bagdad right now as opposed to a sack full of nice crisp American dollars. BTW looks like all of Asia is in the black tonight. I haven't seen that for a while.

To: Stephen O who wrote (25479)	1/6/1999 12:27:00 AM
From: Hawkmoon	Respond to of 116753

Stephen, I don't want to get into Meech Lake and all that. I merely made a point that people who feel a sense of identity, either recent or ancient, are loath to surrender that identity. Here in the US, if the economy is poor in one region of the country, people tend to migrate to other parts of the country where things are better. But we all generally speak the same language (at least those in the middle-income brackets). Europeans don't necessarily have the luxury of geographical mobility, or they are not willing, by and large, to leave their native country/language to work elsewhere. Thus, I suspect that the ECB will have to be especially "generous" with regard to interest rate policy in order to buffer the inevitable economic shocks that will ensue over the coming years. If they don't, then member gov't will feel increasing pressure from their citizens to defy the ECB. Doing this will undercut the credibility of the Euro internationally. Just my opinion. Regards, Ron