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Year-end bounce for dollar is elusive
10:42p ET Sunday, December 26, 2004
Dear Friend of GATA and Gold:
Chris P. Dialynas, managing director of Pacific Investment
Management Co. (PIMCO), the big bond house, has just
written a comprehensive study of the international financial
situation, "Trouble Ahead, Trouble Behind." It purports to
outline a remedy to the explosive imbalances in the world
economy.
Dialynas' program includes:
1. Cut by 15 percent across the board all U.S. social
spending programs.
2. Increase U.S. tax rates.
3. Increase incentives to save in the United States:
consumption taxes.
4. Devise capital controls such that capital cannot be
exported out of the United States.
5. Debt renegotiation/forgiveness by countries with
cumulative high trade surplus with the United States.
6. Change the Federal Reserve Board's objective
function to include a constraint on the trade deficit.
7. Prohibit the sale of highly sensitive technology and
defense to all foreign countries.
8. Revalue China's currency to U.S. dollar by 40
percent.
9. Enact targeted protective tariffs if needed.
10. Renegotiate the World Trade Organization.
11. Prohibit the Fed from purchasing bonds from
foreign holders of U.S. debt.
Conscientious as Dialynas is, he may succeed mainly
in demonstrating the likely political impossibility
of any escape from disaster -- and in raising once
more the question of why Pimco, which repeatedly
generates analysis like this, arguing that U.S. debt
renegotiation/repudiation is inevitable, should be
so heavily invested in, of all things, U.S.
government bonds.
You can find Dialynas' study at the Pimco site here:
http://www.pimco.com/LeftNav/Latest+Publications/2004/Dialynas+Paper.h
tm
Or try this abbreviated link:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
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http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
Subscription sites:
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http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
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1-800-869-5115
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Michael Kosares, Proprietor
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222 South 5th St.
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www.ColoradoGold.com
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Gold@gwe.net
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Harvey Gordin, President
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Greg Westgaard, Sales Manager
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178 West Service Road
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Toll Free:1-877-775-4826
Fax: 518-298-3457
and
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Toll-free:1-800-363-7053
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Ed Lee, Proprietor
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leecoins@aol.com
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3015 Ottawa Ave. South
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Missouri Coin Co.
11742 Manchester Road
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info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
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6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
----------------------------------------------------
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