1, Customers who trade futures are required to post margin deposits with a exchange member firm which , in turn , must deposit margin with exchange. Margins are not payment against the market value of the commodity representedby the futures contract ,but rather , are a performance bond ---- a good-faith -----to ensure the zbility of market participants to honor their financial commitments and cover any obligations, which might arise out of their trading activities.

2, Gold, precious stones,and gilt--edged securities , whose valueis high and transport cost low , are the international commodities par excellence.

3, Opportunities to reassure investors by moving aggressively to deal with the corporate accounting scandals that Alan Greenspan ,Fed chairman, ( and others )think have discouraged investment have been fumbled .

4, policies are supposedly made by political tacticians, not by cabinet secretaries. But that does not explain whta is going on . The most short-term and cynical of political operatives is at least as depressed as economists at the thought of starting a presidential re-election year with US employment 2m workers below its previous peak .

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