Re: [A-List] On the Role of Gold

["Anne Williamson" <annewilliamson@xxxxxxx>]

No, a gold-back dollar would undermine the very
swindle you identify.  The "bait" as you put it,
is the counterfeit.  Sound currency would return
the system to one of normal, mutually beneficial
trade transactions instead of the giant, destructive
scam it is.

Anne

----- Original Message -----
From: Henry C.K. Liu <hliu@xxxxxxxxxxxxxx>
To: <a-list@xxxxxxxxxxxxxxxxxxx>
Sent: Sunday, May 19, 2002 3:02 AM
Subject: Re: [A-List] On the Role of Gold


> Dollar hegemony enables the US to use its trade deficit as the bait for
its
> capital account surplus. This makes the need for a gold-backed dollar
> superfluous.
>
> Henry C.K. Liu
>
> Anne Williamson wrote:
>
> > On the Role of Gold
> >
> > by Otto Scott
> >
> > Although The Wall Street Journal lists gold as a commodity, and scorns
the
> > concept of gold as a currency, it continues to play its ancient role as
the
> > only true standard of value in times of war or crisis. These are
presumably
> > times of peace, but in fact we are riddled with cultural wars that
continue
> > to evoke murders, bombings, riots, and rebellions on the international
> > stage.
> >
> > A new level in this global conflict was reached fairly recently when
Stuart
> > Eizenstat, a former senior Carter Administration official and until
recently
> > an Undersecretary of Commerce,(1) issued a report accusing Swiss banks
of
> > accepting "gold pulled from Holocaust victim's teeth intermingled with
> > central bank gold" during World War II, and later refused to return the
> > deposits of Holocaust victims to their heirs.
> >
> > This Report escalated a campaign against Swiss banks led by former Fed
> > Chairman Paul Volker, who has been appointed head of an Independent
> > Committee of Eminent Persons, to audit the records of Swiss banks for
the
> > deposits of Holocaust victims. Lawsuits claiming very large sums have
been
> > filed, and the air is thick with charges hurled by the headline-seeking
> > Senator Alfonse D'Amato, indignant denials fading into apologetic offers
> > from the Swiss government, and the abrupt dimming of Switzerland former
> > reputation as a tiny, remarkable democracy, into a nation and system
> > motivated by unconscionable greed.
> >
> > Nazi gold, in other words, is not unimportant even after 57 years. All
gold,
> > in fact, remains immensely valuable in the views of all governments.
That is
> > why every central bank of any significance buys and holds gold in
reserve in
> > a world of almost universal paper money.
> >
> > The reason for this is not mysterious. History tells us that only gold
> > retains its value during wars and upheavals, changes of empires and
> > governments, and times of crisis. Although now officially held to be of
only
> > industrial value, gold is the oldest and most respected currency in the
> > world and the only one respected when national paper monies lose value.
> > Islam, the Orient, and citizens everywhere familiar with the
uncertainties
> > of governments such as in Italy, France, Asia, Africa, central Europe,
and
> > Latin America, often bank gold in private repositories.
> >
> > Some indication that such times loom today can be gained by the recent
> > effort of Chancellor Helmut Kohl to improve Germany ability to help
create a
> > common European currency. This program, which instead of uniting has
greatly
> > divided Europeans for several years, and is encountering continuing
> > difficulties. Its main sponsors France and Germany established certain
> > requirements before the nations involved can weld their currencies and
issue
> > a new common currency. These requirements now embarrass both
governments.
> > Their unemployment statistics are insupportably high, and their debts
are
> > beyond the minimums established for entry. Chancellor Kohl wanted to
alter
> > his nation economic statistics (though not circumstances) by raising the
> > value of the 95 million troy ounces of gold held in the reserves of his
> > nation's central bank (3) to its market price.
> >
> > If the bankers had agreed, that would have allowed Kohl not only to
balance
> > his annual budget, but would have made several billion marks available
to
> > fund his entry into the European common currency as well as launch
efforts
> > to both save his welfare state and to placate his unemployed with new
> > programs. Although it is unlikely that the Chancellor thought about it,
the
> > fact is that his proposed solution exactly paralleled the one chosen by
> > President Franklin Roosevelt when he first took office in 1933. The new
> > president first persuaded Congress to enact enabling legislation
granting
> > his office the power to demand all gold held in private hands under
pains of
> > fines or imprisonment or both, and then raised the price of gold. That
> > launched an inflation that enabled the White House to launch its
> > governmental employment programs, and become the idol of the poor and
> > unemployed. Helmut Kohl was not as fortunate as President Roosevelt.
Germany
> > central bank, irretrievably scarred by memories of not only the
inflation of
> > the early twenties but also by the worthless paper left to the people by
> > Hitler, brusquely refused to cooperate in changing the official price of
> > gold in reserve to the far higher price of gold in the marketplace.
> >
> > In the meantime, however, the frugal Swiss, under intense bombardment by
the
> > American Jewish community, "released" some of their reserve gold and
raised
> > it to the market price, in order to fund a special effort to locate and
> > repay survivors of the Holocaust from the deposits they made during the
> > thirties and forties if they (or their heirs) can be discovered.
> >
> > It is interesting to note that both steps one refused and one accepted
> > treated gold as currency by cashing it in the marketplace. That is as
close
> > to a return to a gold standard as any German administration has come in
fact
> > since its recovery in post World War II. Switzerland, of course, has
always
> > been on a gold standard in the sense established after World War I. It
will
> > of course be recalled that at one time the international financial
community
> > relied upon a real gold standard. Paper currencies were issued, backed
by
> > gold. Citizens could present paper money to banks and receive gold coin
in
> > exchange. (The West in the U.S. used silver dollars.) Raw gold could be
> > turned in to the Treasury, which would mint it and return it to the
citizen.
> > All that ended in World War I.
> >
> > In the twenties the franc, dollar, and pound were backed by gold and
> > therefore had a relatively stable value. (That is one of the reasons why
> > such a heavy exchange of property took place in Germany in the early
> > twenties, when those citizens who had access to "hard" money were able
to
> > buy property at bargain prices from people beggared by inflation.) This
was
> > a factor in the rise of Hitler.
> >
> > In the twenties, however, citizens no longer had access to gold through
an
> > exchange of paper currency with the banks. As the twenties extended, the
> > post-World War I depression was temporarily lifted by international
loans
> > and a credit inflation through the introduction of installment payments
for
> > both tangible (farms, houses, and goods) and intangible property (stocks
and
> > bonds), which created production based on promises to pay. These
promises
> > collapsed in late 1929 with the declines in the stock exchanges and
losses
> > in many banks. When payments were not met, bankruptcies almost halted
> > production; jobs vanished and a global economic crisis occurred. The
crisis
> > was especially severe in Germany when all banks failed.
> >
> > The German debacle meant that World War I reparations, paid in the
twenties
> > by Germany from international loans, would cease. That brought a group
of
> > international bankers together in 1930 to create the world's first
> > international bank. It was named the Bank for International Settlements.
It
> > originally consisted of the central banks of Belgium, France, Germany,
Great
> > Britain, Italy, and some commercial banks from the U.S. and Japan. In
1931
> > the Federal Reserve began active participation in the BIS, and soon more
> > than two-thirds of the BIS funds in America were held by the Federal
> > Reserve.
> >
> > All this resulted in the world first group of bankers operating
> > internationally independent of their governments. Only the German
directors
> > were, in this coalition, entirely controlled by their governments; later
an
> > exception of great value to Hitler. The charter of the new bank,
approved by
> > the various governments, certified its immunity from "expropriation,
> > requisitions, seizure, confiscation, prohibition, or other restrictions
of
> > gold or currency export or import, or any other similar measures."(4)
> >
> > The role of gold was central in the creation of the BIS. The new bank
was
> > authorized to "arrange with central banks to have gold earmarked for
their
> > account and transferable on their order, to open accounts through which
> > central banks could transfer their assets from one currency to another
and
> > to take such measures as the Board might think advisable within the
limits
> > of the powers granted. . . . Therefore the BIS was ready to lend gold
> > without delay. . ."(5) That meant that gold transfers from one central
bank
> > to another could be made quite swiftly and did not have to lag behind
> > physical transfers.
> >
> > As the thirties extended and Hitler came into power, the situation of
> > Switzerland worsened. Gestapo agents were especially interested in
Jewish
> > properties and holdings, and began to make demands that Jewish deposits
in
> > Swiss banks be disclosed to German authorities. In 1935, as a measure to
> > protect German Jews, Swiss banks introduced secret numbered accounts.
These
> > enabled the Swiss banks to prove that depositors were not identified by
> > name, and that therefore their identities could not be disclosed.
> >
> > That practice amounted to an expansion of Switzerland's ancient role as
the
> > protector of foreign funds deposited in Swiss banks safe from the
pressures
> > of tyrannical governments. This tradition remains a very important one.
> > Switzerland's name is almost synonymous with secret accounts. It has
always
> > refused to open its books for investigation by foreign police in pursuit
of
> > refugees either political or financial from other countries.
> >
> > This has been a cause of increasing irritation to American authorities
ever
> > since World War II, who have watched the steady increase of
international
> > depositors into Swiss banks. Washington's frustration with Switzerland
has
> > been deepened by the fact that its influence in other nations has, since
> > World War II and the end of the Cold War, grown enormous. Both nations
have,
> > in fact, grown increasingly apart in recent years. Their differences are
> > economic, political, and moral. The United States is in the midst of
what
> > President Nixon launched and named a Drug War. This effort has led to
the
> > expansion of American police authority to global levels. (6) The Swiss
> > believe that an effort to escape taxes is human and understandable, and
not
> > basically criminal. In the U.S., despite its former reputation for
> > individualism, paying taxes until recent expansions has been considered
the
> > duty of every good person.
> >
> > An equal conflict consists between the U.S. and Switzerland regarding
> > banking rules. In recent years the Drug War, and the huge sums it
entails,
> > has led Washington to enact laws not only opening bank records of all
> > transactions to the government, but rules that force banks to inform the
> > authorities of any transaction beyond the ordinary. (7) Switzerland's
bank
> > secrecy, created after the Vienna Conference of 1820 led by Metternich,
was
> > deliberately encouraged by the leading nations of Europe as an escape
from
> > the confiscations of the type installed by the briefly-lived Napoleonic
> > Empire. (8)
> >
> > World War II did nothing to lessen the Swiss belief that the
inviolability
> > of its banks was crucial to its survival though that survival was by no
> > means certain. "After Germany invaded Poland in September 1939, the
Swiss
> > army mobilized up to ten percent of the population and throughout the
war
> > went through long periods when it expected imminent attack from the
Germans.
> > That Hitler wanted Switzerland as he wanted Europe for the rest of his
> > thousand-year Reich is well documented. As Gerard Weinberg writes in his
> > history of the Second World War:
> >
> > At 1:35 a.m. on June 25, 1940, the armistice between Germany and France
went
> > into effect; a few hours later orders went out of the high command of
the
> > German army to prepare an invasion of Switzerland. . . .The plan was to
> > crush Swiss resistance quickly. . . . It was never launched as more
> > important projects came to the fore in German planning. The end of
> > Switzerland, that pimple on the face of Europe as Hitler described it in
> > August 1942, would have to wait until Germany had defeated her European
> > enemies. (9)
> >
> > "The estimate among Hitler's generals was that at least eighteen
divisions
> > were needed to dislodge the Swiss from their redoubts, and after the
failure
> > to defeat Britain and the Soviet Union, the cost of a Swiss invasion
became
> > a mountain too far." (10)
> >
> > During the war the BIS became the center of international trades even
> > between the warring powers. Its directors were well acquainted and
> > congenial, and shared some interesting ties. Per Jacobson, economic
director
> > oft he bank,(11) was the brother-in-law of Sir Archibald Nye, Vice Chief
of
> > the Imperial General Staff for the British Army. Meanwhile, President
> > Roosevelt froze the gold holdings of most of the belligerent nations in
Fort
> > Knox. At the same time, the governors of nearly all the European banks
from
> > France, Hungary, Romania, Italy, Spain, and Portugal as well as Germany
were
> > regular visitors to the BIS in Basle.
> >
> > Swiss National Bank vaults were, during this period, open to all trading
> > nations. And as a neutral, Switzerland traded with all governments. If
> > Germany wanted to sell gold for grain or fuel, the Swiss National Bank
moved
> > the gold from Germany's share in the National Vault to the section
reserved
> > for Portugal's gold. Meanwhile, while serving Germany's international
needs,
> > Switzerland was also dependent on Germany for its fuel including coal
and
> > oil and most of its food. The tiny nation is, after all, landlocked, and
> > Germany controlled all the land of Europe around it. Switzerland only
direct
> > trading route by sea is down the Rhine river northward to the North Sea
also
> > controlled by Germany. Switzerland was technically independent, but in
> > reality its freedom was precarious. Its only window of free commerce was
a
> > strip of territory from Geneva to Vichy France, which was severed when
the
> > Germans occupied all of France.
> >
> > Yet Switzerland held some strong cards. If forced to fight, it could
block
> > access to its north-south tunnels whose rail lines would have cut
Germany's
> > access to its forces in Italy. An invasion would also have ended the
> > activities of the BIS bank, through which Germany traded gold with the
world
> > beyond (and inside) Europe. The role of gold in World War II was,
obviously
> > crucial. In March 1938, when Hitler marched into Vienna, "much of the
gold
> > of Austria was looted and packed into vaults controlled by the BIS. This
> > gold was immediately credited to the Reichsbank accounts."
> >
> > In March 1939 the Nazis invaded Czechoslovakia. Storm troopers, holding
the
> > bankers at gunpoint, ordered them to transfer their nation's national
store
> > of gold, which they had placed in a BIS account in the central bank of
> > England, transferred to the Reichsbank account. Jacobson afterward said
that
> > the BIS learned only later that this transfer was ordered at gunpoint,
but
> > this statement can be disregarded as pro forma. The facts were that the
> > conquest of a small nation by a larger one is historically accompanied
by a
> > looting of assets, and Jacobson's added comment that "The Czechs never
held
> > this against the BIS" can be taken as far more significant. Losers in a
war
> > seldom expect the world to be shocked.
> >
> > Neither was trading with Germany unique in World War II. Spain, for
> > instance, cooperated with Nazi Germany, although Franco did manage to
obtain
> > the freedom from German concentration camps for thousands of Jews
descended
> > from Sephardic families, whom he had returned to Spain for the first
time in
> > centuries. (12) The Irish, who had no such ancient ties, not only traded
> > with the Nazis but gave their submarines refuge at a time when their
toll of
> > Allied shipping was deadly. Sweden, which benefited economically from
> > trading with both sides in World Wars I and II, allowed the German army
to
> > cross Sweden without protest as part of this arrangement.
> >
> > There is no question that fortunes in trading with and for Germany were
also
> > achieved by businessmen and institutions in Portugal as well as Spain,
in
> > some U.S. banking circles and some large corporations as well as in
Vichy
> > France, Portugal, and Sweden. All these nations, (13) however, also
rendered
> > services to the Allies without which the war might well have tipped the
> > German way. Switzerland, as not only the Dulles family but also Winston
> > Churchill pointed out, provided an invaluable listening post that kept
the
> > Allies apprised of events, policies, and even plans inside the Reich.
> >
> > "Switzerland also protected its own 18,000 Jewish citizens completely,
> > unlike France, which obediently deported thousands to Germany.
Switzerland
> > did more: it accepted more Jewish refugees, in terms of percentage of
> > population, than any other country. And Switzerland was and is a very
small
> > country. Its population is only 7 million now, and was probably less
then.
> > More than 14,000 Jews escaped Germany to Switzerland during the same
period
> > that 55,000 left for the United States and 15,000 went to France . . .
> >
> > [Switzerland also] accepted 50,000 French and Polish soldiers. In 1944
the
> > Swiss National Assembly voted to admit up to 14,000 Jews who were
trapped in
> > Hungary and were in the charge of Swedish diplomat Wallenberg. But
Eichmann
> > allowed only 1,400 to leave." (14)
> >
> > To put this into perspective, "the United States accepted only 21,000
Jewish
> > refugees during the war."(15) In fact, the United States, which
> > retroactively assumes that its role in World War II was purely heroic,
> > seldom admits that some of its bankers not only traded with the Nazis
> > through the BIS all during the war, but that the entire nation remained
> > aloof when Britain fought Nazi Germany alone for two years. Even then,
we
> > did not declare war against Hitler: he declared war against us.
Otherwise we
> > might have fought only against Japan.
> >
> > These points are made not to review the war, in which an estimated 40
> > million persons died and more lost their homes, possessions, and
relatives,
> > but to broaden the frame of reference beyond the fates of the bank
deposits
> > of only some sufferers in the largest of all the world many tragedies.
One
> > later tragedy was surely the Soviet-inspired Cold War, which was
> > unnecessary, frightening, and divisive for over a generation. In that
long
> > and expensive continuation of war by other means, the role of gold
continued
> > to be central. The central banks continued to amass and hold massive
gold
> > reserves, but all the governments functioned on paper money alone in the
> > postwar world. From the end of World War II until 1971, the world
functioned
> > with the United States pledge to buy gold at $35 an ounce, and to
thereby
> > maintain a dollar standard by which all other currencies would be
measured
> > in the international marketplace.
> >
> > In 1971, however, the Central Bank of France began to use its
accumulated
> > dollars to order gold from the U.S. Treasury in immense quantities. The
gold
> > reserves in Fort Knox began to fade like summer snowballs. The dollar
was
> > falling, imports began to soar and President Nixon grew alarmed. On
August
> > 15, 1971 he went on the air to announce a 10 percent Job Development
Credit
> > for investments in new equipment, a 7 percent excise tax on automobiles
to
> > assist Detroit, a small tax break for individuals, a $4.7 billion cut in
> > federal spending, an additional 10 percent tax on imported goods a
freeze on
> > wages and prices for 90 days and a temporary suspension of the
> > convertibility of the dollar into gold." (emphasis added.) (17)
> >
> > Only specialists seemed to grasp the importance of the end of the
> > gold-backed dollar. It meant that from the 15th of August 1971 through
> > today, the dollar has had nothing behind it but the promise of
politicians
> > and the printing press. The media in 1971, as economically feckless then
as
> > now,18 seemed to consider a "floating dollar" as they labeled it simply
> > another arcane measure of importance mainly to bankers and international
> > speculators.
> >
> > In reality it meant that a world currency was released to float as a
balloon
> > without limits, without roots, without stability, as high as the
credulity
> > of the world would carry it. One result was the release of a flood of
> > dollars that washed everywhere. The world eagerly accepted those
dollars,
> > because the memories of the immense power achieved by World War II
America
> > had become imbedded in the mind of the globe. The legend of the dollar
and
> > the wealth of the U.S. dazzled the world long after the dollar became
simply
> > another paper currency.
> >
> > One result was that desperate people everywhere scrambled to obtain
dollars
> > that seemed to be safety nets from untrustworthy governments. Dollars
> > "floated" abroad through foreign "aid" programs, through loans to
foreign
> > businesses, to U.S. investments abroad, and from millions of prosperous
> > American tourists who seemed to be visitors from a remote earthly
paradise.
> >
> > The Cold War made this appear a reasonable and even necessary situation.
The
> > media discussed "Eurodollars" as though they were somehow separate from
the
> > dollars used at home, on the theory that despite the fact that they
issued
> > from our Treasury printing presses, they were somehow different. In
effect,
> > the U.S. internationalized its welfare state. American dollars rained
upon
> > virtually every nation in the world in an effort to prevail in the Cold
War,
> > even as they enlarged our welfare rolls to maintain domestic political
> > stability. This raised so attractive a lure to the world's poor that our
> > borders were besieged even while our guards were withdrawn or weakened
by
> > the Courts. As in previous periods of hysterical inflation when paper
money
> > appeared to replace gold, from the history of China, the time of John
Law in
> > France, and the Tulip Craze in Holland, the laws of economic gravity
> > appeared to be repealed.
> >
> > In 1975, a few years after President Nixon's amazing economic
recklessness,
> > (19) the U.S. Government restored America right to own and trade in
gold.
> > Legal gold returned for collectors. As the international price of the
paper
> > dollar declined, the international price of physical gold rose.
Greenspan,
> > chairman of the Federal Reserve, a former follower of Ayn Rand, regards
gold
> > as a measure of the "strength" of the dollar. Since the purchasing value
of
> > today's dollar is roughly equal to a nickel in 1969, this does not mean
> > much.
> >
> > Meanwhile President Reagan, elected after President Carter watched the
> > official U.S. interest rates rise to 20 percent and inflation soar,
slowed
> > official inflation by slowing the Treasury's printing presses. He
> > accomplished this, however, by switching the Treasury presses to bond
> > issues. These borrowings, slated to be repaid in the future, met with
> > seemingly miraculous success in the international financial world. They
> > crowd the vaults of the central bank of Japan and many other nations, as
> > well as the private holdings of tens of millions of patriotic Americans.
> > Unfortunately, they are all payable in dollars. What President Reagan
> > accomplished was to halt the retail production of dollars, in exchange
for
> > wholesale borrowings.
> >
> > One result was that foreign nations could hardly refuse to subscribe to
> > successive new bond issues by Washington, lest such a refusal
precipitate a
> > drop in the price of holdings already in their possession. Sales of
these
> > holdings may do the same. Such runs could bring down the great global
empire
> > of paper dollars, which every government lists as assets.
> >
> > This situation has long since alarmed the central banks of Europe. That
is
> > the reason for the European drive toward a common European "Euro"
currency
> > to replace the dollar. The plan makes it clear that Western Europe does
not
> > want to be inside the house that Washington built when the roof falls.
This
> > has led to a drive in both European and American financial circles to
> > industrialize the Orient, through a multitude of joint ventures, to
avoid
> > being caught in a global collapse. Meanwhile, every financial center is
> > neck-deep in paper currency except for Switzerland.
> >
> > Switzerland alone has a gold-backed currency and bank secrecy. The Swiss
> > franc is the only existing alternative to fiat money floating everywhere
> > else, whose purchasers (and depositors) represent very conservative
> > investors. That is the reason that Europe led by France and Germany has
been
> > attempting to put together a new global financial system that will
continue
> > the welfare state that is only possible with paper money and inflation.
Such
> > a system cannot succeed indefinitely of course. It might last as long as
the
> > tenure of our present rulers and that is all that most rulers can
conceive.
> >
> > But Switzerland, with its real currency, is an alternative and reachable
> > system. As it stands, outside NATO and outside GATT and outside the new
Euro
> > plans conceived in Berlin, Paris and Brussels, (20) it remains in silent
> > competition to a New World Order that cannot be ignored. It is in that
> > context that the campaign on behalf of Holocaust victims and their
deposits
> > assumes an unexpected and unanticipated, but very timely, global
importance.
> > That is why Washington has taken the rare step of supporting a minority
> > campaign by threatening to freeze Swiss assets in the U.S. unless its
banks
> > placate their critics. Switzerland cannot, in other words, be allowed to
> > remain outside the Club. That is why the Swiss are understandably
alarmed,
> > because bankers rely upon reputations for honesty and fairness and a
> > campaign that attacks Swiss banks on moral issues can be deeply
injurious.
> >
> > Therefore, the overall role of gold in the world economy today is even
more
> > important than ever before as a growing threat to the rulers of a paper
> > empire.
> >
> > NOTES
> >
> > 1. And now an Undersecretary of State.
> > 2. It is interesting that there is also talk of a gold coin: the 嶰u.
> > 3. As of 1995, in World Almanac, 1997.
> > 4. Trading with the Enemy: The Whole Story by Ron Holland and Rachel
> > Murdock, Independence Press, a division of Offshore Seminars, P.O. Box
1201,
> > Skyland, NC, 28776.
> > 5. Ibid.
> > 6. See: Cops Across Borders: The Internationalization of U.S. Criminal
Law
> > Enforcement, by Ethan A. Nadelman, The Pennsylvania State University
Press,
> > University Park, Pennsylvania, 1993, Passim.
> > 7. In recent years Swiss banks have also added regulations against
accepting
> > money "laundered" from criminal activities and have instituted checks on
the
> > backgrounds of depositors.
> > 8. Which so closely resemble the even shorter reign of Hitler over
Europe.
> > 9. Going for the Gold by Matthew Stevenson, The American Spectator, May
> > 1997, p. 26.
> > 10. Ibid.
> > 11. Situated in Basle.
> > 12. Giving rise to a rumor that Franco himself was descended from a
> > Sephardic Jewish family on the maternal side.
> > 13. Except France as a nation.
> > 14. The American Spectator, op. cit.
> > 15. The Abandonment of the Jews: America and the Holocaust, 1941-45, by
> > Daniel S. Wyman.
> > 16. WWII has been termed "The Four Trillion Dollar War that Cost 40
Million
> > Lives," although the overall cost in resources and property cannot be
> > accurately ascertained. Civilian casualties can only be estimated;
military
> > statistics are more precise. Forty million is compiled from The World
> > Almanac, The Encyclopedia Americana (International Edition 1966), the
> > appendix of Battles Lost and Won, Hanson Baldwin (N.Y. 1966), the
overall
> > cited from A World in Flames: A History of World War II by M.B. Hoyle,
> > Atheneum, N.Y. 1970, p. 323.
> > 17. Nixon: The Triumph of a Politician, 1962-72, by Stephen E. Ambrose,
> > Simon and Shuster, N.Y., 1989, pp. 458,459.
> > 18. Economics are not, apparently, taught in schools of journalism. Even
the
> > news staff of The Wall Street Journal learns on the job, which is one
reason
> > for its uneven market coverage. Some do not learn quickly or well.
> > 19. It's doubtful if he ever realized the full extent of his folly: a
> > lifelong pursuit of political office did not leave much time for true
> > self-education or deep reflection.
> > 20. And perhaps London.
> >
>
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