[A-List] Re: Return to an old standard

["Gary Santos" <evs@xxxxxxxxxxx>]

Nick and others,

You know I've been thinking about the U.S. and Rome -- a parallel that is
not unique, others have thought so, too. That the US is trying to dominate
the world using all resources that it has available to it. And, surprise, I
don't think it's that bad an idea to have a world dominated and united under
the Amercian style of democracy.

Someone said regarding US hegemony, Henry I think, the difficulty of
fighting the hegemony is that somehow the owners of US assets become US
citizens. I'm not a US citizen but my immediate family is and my loyalty, in
the event that the US is attacked, is certainly going to be pro-US when push
comes to shove and I have to choose sides. And, I have many, many American
friends in the tri-state area. As to my country? Millions are like me, I
dare say. So what if there are a few capitalists who lord it over. Gosh, in
all countries it's like that. Even in China which is just an oligarchy
controlled by, say, 200 families? Same in the Philippines. In each country,
there is an elite of rich who can just walk in their finest hotels, dressed
in the shabbiest clothes and not worry about being asked to leave.

Perhaps, I'm saying that the whole world is in a bad way. But, it is today's
reality and I don't see anyway that that is going to change.

And, if we fight the US and allow other countries to grow stronger, aren't
we then tempting fate and creating a situation that can lead to a much
larger war? A system of inequity is inherent in all societies so what's
wrong with having the largest kid on the block put some order to the
inequity? At least, if all of us become US citizens, we can vote to our
heart's content and it wouldn't matter if Bush Jr. Jr. is elected to the
Presidency.

Having said that, I will now run for cover as I'm sure to have ruffled some
feathers. But, be honest to yourselves, in whatever economic system you
profess, do you honestly believe that inequity will be non-existent?  Wealth
will accumulate to those who know how to accumulate it. Wealth does not stay
in a family for more than three generations. Wealth is a custodianship in
its most ideal. And, if we agree on all these, then it is not an
economic-political system we should be after but a sweeping change of a
moral and religious character. Excuse me now, I've somewhere to go...

Gary Santos


Gary

----- Original Message -----
From: "Sharefin" <sharefin@xxxxxxxxxxxxx>
To: "Long Waves Forum" <longwaves@xxxxxxxxxxxxxxxx>
Sent: Monday, February 10, 2003 6:44 PM
Subject: Re: Return to an old standard


Gary
You read behind the lines in that article & this one & one doesn't have to
wonder too much as to why America is getting so antsy.
 http://www.ratical.org/ratville/CAH/RRiraqWar.html

Financially they have an awful lot at stake.

Regards Nick

  ----- Original Message -----
  From: Gary Santos
  To: Sharefin ; Long Waves Forum
  Sent: Monday, February 10, 2003 8:31 PM
  Subject: Re: Return to an old standard


  A good article, Nick.


  ----- Original Message -----
  From: "Sharefin" <sharefin@xxxxxxxxxxxxx>
  To: "Long Waves Forum" <longwaves@xxxxxxxxxxxxxxxx>
  Sent: Monday, February 10, 2003 11:50 AM
  Subject: Return to an old standard


  The current ascent of gold has been driven by geopolitical worries. But
this
  year will see a whole new source of demand open up, and a partial return
to
  the Gold Standard. An audacious plan, pushed by Malaysia, seeks to
reassert
  the role of the precious metal in the international trading system through
  the minting of 'gold dinars'.
  For Malaysia, and its Prime Minister, Mahathir Mohamad, below, it marks a
  strike back, of sorts, against the inequities of the global financial
  system. Malaysia, despite having a prudent approach to economics, was
  unceremoniously dumped by world markets. Mahathir eschewed the
International
  Monetary Fund's medicine and instituted capital controls and a currency
peg.

  Most world trade is settled using international currencies, predominantly
  the dollar, followed by the pound, yen and euro. Malaysia says that the
  Middle Eastern and Asian countries are acutely vulnerable to the exchange
  rate with these major currencies. 'The gold dinar could be an important
  facilitating mechanism to help the smaller countries of the world move
away
  from an inherently unstable and ultimately unjust global monetary system,'
  Mahathir told a conference recently.

  The scheme, which is set to be launched in the next few months, has been
  coolly received by some central bankers, who point out that the gold price
  has its own supply and demand dynamics. But at least part of the
motivation
  for this mainly Muslim scheme is political - to provide an alternative to
  use of the US dollar. Mahathir believes that the scheme will provide
fertile
  conditions for stronger economic development in the underperforming Muslim
  world.

  But the dollar's current descent and the prospect of endless growing
budget
  deficits has served up an economic rationale for an alternative unit of
  account. Morocco, Bahrain, Iran and Saudi Arabia have entered bilateral
  discussions with Malaysia. There is a real possibility that the oil
markets
  could propel usage of the new coin. And there is a British connection too.

  The Bank of England holds the gold reserves of many Middle Eastern
nations.
  Member countries would settle dinar trade balances every quarter by
  transferring gold held at the Bank.

  But this move is only part of a generally more positive attitude towards
  gold emerging in the East. The Bank of China has increased its reserves by
  205 tonnes over the past two years. Mongolia, the Philippines and
Kazakhstan
  have also upped gold reserves.

  Some analysts believe new anti-money laundering laws have encouraged
  investors to shift assets from dollars into gold.

  But there may be a simpler explanation. In this time of uncertainty,
people
  are turning to the one asset that has symbolised a globally recognised
store
  of wealth since the Pharoahs.

  The three decades since President Nixon took the dollar off the Gold
  Standard is still the anomaly in three millennia of monetary history.


   http://www.observer.co.uk/business/story/0,6903,891682,00.html