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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="margin-left:5.4pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> Owen DeLong [mailto:owen@delong.com]
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<p class="MsoNormal">Transfers are not rationed by price…<span style="color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">MM: False. This is like saying white is black. Transfers involve a payment by the receiving party. They are, therefore, rationed by price. Not much room for debate
here. <o:p></o:p></span></p>
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<p class="MsoNormal">Price does not ensure that the purchaser has actual need for the resources, it merely insures that they have monetary resources that they are willing to trade for number resources.<span style="color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">MM: It means that they value the resources and thus have some kind of need for them. There are 1,000 other things they could spend that money on but the buyer
has determined that the value they will get out of the numbers is at least equal to the value of the money they spend.
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