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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (68008)	9/22/1999 10:16:00 AM
From: Lymond	Read Replies (1) of 132070

Mike, re: when credit creation runs far beyond the savings rate, you have an unbalanced, dangerous, credit-weighted economy. I couldn't agree more. As for the BoJ, I applaud them for the spine they've shown in not caving to intense political pressure. They've already driven nominal and real short rates to virtually zero, providing a nice steep government yield curve for the banks to play until they reacquire the willingness and wherewithal to lend again to the private sector. I've never understood the notion that inflation is a necessary precondition for economic recovery. I suspect $/Yen will weaken further. However, IMO, $/Euro is the much more important rate to watch, as European net purchases of U.S. securities dwarf those of Japan. Regards, John

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