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To: Hawkmoon who wrote (27437)	2/1/1999 8:01:00 AM
From: Francis R. Biscan Jr.	Respond to of 116762

Morning Ron, >>Y'know if we were doing this "great" economically under a gold standard, I would be just voiciferous about defending that system.<< Understood......This system has served us well for along time, but I believe it is now quickly heading the route of all fiat systems. The self imposed disciplines of credit growth have now been thrown to the wind for the sake of saving itself. I believe the lack of credit discipline starts at the bottom and forces its way to the top. The personal desire to "have" before it is earned leads one down a path that few can manage. >>I'm against sudden and extreme disruptions of any system. Call me an incrementalist, but the least disruptions and the more time to make the adjustments available to everyone, the better.<< I agree, but the system leads itself towards every increasing disruptions. I believe we have almost worked our way to the top tier with undisciplined actions now being every increasingly common to prevent a bust. Money supply growth will now have to grow at a high percentage to maintain stability. IMO, we will either be able to maintain the necessary money growth to stay afloat, which will ultimately lead to substantial inflation or we will loose control and go through a significant bust cycle. >>I'm not much of an anarchist who believes the current system must be torn down violently and aggressively in order to install my own.<< Nope, one does not have to. He can simply wait for it to destroy itself. Keep working on your own, we may need it <g> Have a good day, Rich