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To: PaulM who wrote (30202)	3/16/1999 8:20:00 PM
From: lorne	Respond to of 116759

Gold imports and balance of payments. India Their fundamental purpose is some sense of ultimate financial security, to which they can attribute a price far above that revealed by strict calculation. It is for this reason that government schemes to purchase gold with the sale of bonds are such non-starters. It is precisely because the people do not trust the government that they purchase gold as an ultimate security. Gold goes beyond the strict remit of conventional accountancy; it is the psychological security it provides that makes investors value it so much more than its intrinsic worth. business-standard.com

To: PaulM who wrote (30202)	3/17/1999 2:50:00 PM
From: Alex	Read Replies (2) \| Respond to of 116759

<<"There should be no doubt in anybody's mind that inflation is a thing of the past." This is a quote in Monday's Wall Street Journal from an economics professor and former chief economist of a money center bank. This quote is reminiscent of that of another famous American economist, who, in 1929, said the U.S. economy was on a permanent plateau of prosperity. Was the roaring inflation of the 1970s an aberration? Yes. But might the extremely low inflation of the 1990s also be an aberration? I would be more confident in saying that the low inflation of the 1990s is the norm if the economies of Japan and Euroland were growing more in synchronization with ours. But Japan, the third largest economy in the world after ours and Euroland's, just reported a 2.8% contraction in real GDP for calendar 1998. After growing an annual average of 3.8% in the decade of the 1980s - even with all of its structural problems - the Japanese economy has hardly registered an annual pulse on average over the past seven years. When Japanese economic growth turns positive and Euroland unemployment falls into the single digits and we still are experiencing consumer inflation below 2%, then I will be more amenable to saying that inflation is a thing of the past. >> ntrs.com