From exite.com today, President Clinton signs the budget bill, including a provision to "allow the International Monetary Fund to revalue some gold reserves to fund $3.1 billion in debt relief for poor nations.

What does this mean? Will the price of gold go up or down?

Bob

-- Bob (janebob99@aol.com), November 29, 1999

Answers

The "revalation" is an accounting trick agreed to by the Congress,the Federal Reserve, and the Administration. Gold held will be valued at prevailing rates (somewhere around 225- 250 US$) for one day and will then revert back to the agreed upon standard of 35US$ area I believe it is. The one day "revaluation" difference will then be used for Third World debt forgivness/service. I believe this to be the case if I remember the gist of the article. All smoke and mirrors people.

-- (iop@hotmail.com), November 29, 1999.

Sorry, "revalation" was intended to be "revaluation" in my response.

-- (iop@hotmail.com), November 29, 1999.

How generous of Lord Him to take *our* money and use it for "third world debt relief" -- while fuming about how merely *reducing* OUR *taxes* would be a handout!

Ah, sweet sanity, where the flamin' %^$%*@# did we leave ya?

Just for feces and hilarity, what would happen if some congrefoole proposed lejisslayshun declaring a "revaluation" of gold in order to use it to pay off OUR debts?

(By "OUR", I mean the mice. You know, you, me, the next guy.)

OK, the comedy hour is over. I'll shut up now.

-- Ron Schwarz (rs@clubvb.com.delete.this), November 29, 1999.

You guys remember hearing last year that the pres donated our tax dollars to folks in China to own their own homes (NPR). I think he musta forgot to ask me first if I think I will EVER be able to own a home. So now we really can't be surprised by this news release, now can we?

-- Hokie (too@many.GSLs), November 29, 1999.

Lemme see if I got this right. A small country owes a buncha bucks, but can't pay it all back, even with all their gold. So, the IMF says, "That's okay, we'll just revalue your gold for this ONE day (please mark it on your calendars) so that, all of a sudden, your gold is now worth a LOT more than it was yesterday. But, this will only be true for THIS ONE DAY, so be sure to sell it to us at this new HIGH value, so you can pay us what you owe us, and all will be forgiven.

Tomorrow, the value (which we set, of course) will revert back to its previous low value, so DO IT TODAY!

Sure does sound like a marvie way to get all the gold from the little guys, and build up your already bloated stockpile. Remember the scene where Scrooge is scooping up coins from a BIG pile, and letting them fall back to the table, all the while laughing the laugh of the insatiably greedy?

Substitute the IMF, and, of course all those that use it to practice this form of international extortion (does WJC ring a bell?), and you have a good, modern version of Dickens' classic.

That goes on and on and on....

Hokie, I won't ever be able to own a home, either, so don't feel lonely.

-- hunter (way@up.north), November 29, 1999.

I wouldn't get too worked up over this. It's just an excuse for a bit of pragmatism, i.e. writing off bad debts gracefully. Full marks to Clinton for content, even if it's got some dodgy presentation on it.

-- Colin MacDonald (roborogerborg@yahoo.com), November 30, 1999.

"I wouldn't get too worked up over this. It's just an excuse for a bit of pragmatism, i.e. writing off bad debts gracefully. "

For a day or so maybe. Problem is, by not letting the loans go into default (and "trashing" their credit rating still further), it is much more likely now that they will get MORE "loans" which they again won't pay back! Except for people who like handing cash to the 3rd world (they are out there), this is not a good thing.

-- Anonymous999 (Anonymous999@Anonymous999.xxx), November 30, 1999.

Clinton also wants us to foot the bill in order to provide third world nations with cell phones and the internet. I actually heard him say it on the radio and still can't believe it.

(Let them eat cable?), (call me if you need anything?).

He's a sticky worm. Smoke and mirrors, sunshine up your ass, yankin' your chain, all of the above. Anyone think we could talk him into getting into his bunker a little early? He's doing his X'mas shopping online anyway! You have no idea how much I wanted to see that pardoned turkey just flap straight up his body and take out an eye or something. Maybe he'll zap himself as he lights the tree. My God, we have high school kids offing each other and yet, not so much as ONE attempt in two friggin' terms. What's wrong with this picture? Is there a sniper shortage? I'd settle for seeing someone ping him with a rotten egg furchrissakes. Trip him. ANYTHING.........

There is no justice left.

-- Will continue (farming@home.com), November 30, 1999.

Gold is down right now--see my post at:

http://greenspun.com/bboard/q-and-a-fetch-msg.tcl? msg_id=001t7G for a dynamic update.

-- Slobby Don (slobbydon@hotmail.com), November 30, 1999.

Will,

"What's wrong with this picture?"

Nothing that hasn't been wrong for over a decade...more like three.

"Is there a sniper shortage?"

Naw, they're just waiting for the right offer. Gotta remember, cowards are the most paranoid of all, and this one has the full resources of the richest nation in the western world to draw on for protection.

"I'd settle for seeing someone ping him with a rotten egg furchrissakes. Trip him. ANYTHING........."

Do you really think that it would get out if anything like that happened? That's small stuff...doesn't keep him from doin' what he wants...especially improving his golf game when he runs out of volunteers to help him test his supply of viagra.

Maybe if you asked Hillary...

"There is no justice left."

True, but since when was that a revelation? Even Niven came up with TANJ over a quarter century ago. It goes back even farther than that. Ask any Indian.....oops. Indigenous American, for all you PC-ers.

Just in case you may have forgotten, TANJ means "There Ain't No Justice."

Have a NICE day.

-- hunter (way@up.north), December 01, 1999.