Re: Re: Re: Re: Re: Re: beginning of the end?

[Jim Devine <jdevine@xxxxxxxxxxxxxxx>]

At 04:44 PM 10/14/2000 -0700, you wrote:
> Maybe, but there can also be a generalized flight to liquidity -- but what
> does
> that mean in today's global financial system?  I'm thinking back (OK,
> worst case
> scenario) to the opening years of the great depression, when there was a
> series of
> runs on national currencies.  Currencies that wealth-holders fled to were not
> secure; they were the targets of subsequent runs.

notable is the absence of an international lender of the last resort, or
even an international central banker concerned with the health of the world
economy but without l-o-l-r facility. The IMF acts instead as a creditors'
cartel, so the closest to playing this role is Alan the G and informal
contacts with other CBers.

Jim Devine jdevine@xxxxxxx & http://bellarmine.lmu.edu/~JDevine