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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Paul Berliner who wrote (2127)	9/29/1999 2:30:00 PM
From: Sam	Read Replies (1) of 3536

Paul, I can't buy your conspiracy notion. A recession here wouldn't just be a short term negative for Europe, and it wouldn't mean that "n the intermediate & long term, they would benefit from a worldwide re-allocation of assets out of the U.S. and into Europe and other countries that have been dissed by the U.S." Many of our (and their) assets are based on debt, they are acts of faith. These assets wouldn't be reallocated, they would go poof! they would disappear into bytesville. And other assets would be affected as well when credit and liquidity dried up. The US is still the market of last resort. If that stops happening, the rest of the world would be in even worse shape than we would be in.

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