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Politics : Ask Michael Burke

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To: Earlie who wrote (51164)	3/10/1999 12:47:00 PM
From: Mike M2	of 132070

Earlie, i would also add to the wobegone list that the US dollar has benefited from influences which have been eliminated or are under pressure. SEA central banks were net buyers of treasuries -now net sellers, carry trade, SEA and Brazil dollar pegs broken - the discontinuation of the peg reduces the necessity of holding dollar reserves. I think it was late august when the dollar fell about 10% against the yen- this illustrates the risks of the yen carry trade. One influence that has yet to be felt is what happens to the US dollar when the economy goes into recession and the stock market declines for an extended period of time. I don't think that the business cycle has been repealed nor have bear mkts been eliminated .Earlie i know this list is not news to you but I posted for the lurkers -your efforts are greatly appreciated . Mike

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