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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 217.15

-2.5%

3:59 PM EST

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To: Sarmad Y. Hermiz who wrote (111455)	10/29/2000 10:41:59 PM
From: GST	Read Replies (1) of 164684

Sarmad: This is the current account deficit issue. Add oil to our already sky-high deficit. The issue with something like this is what do the oil producers do with the money? That depends a lot on their own balance sheets. The long and short of it is that we depend on foreigners to reinvest the difference between our imports and their exports plus debt service. This makes us doubly dependent: First on the oil and second on the willingness of our suppliers to reinvest their profits in US financial assets. So far, they have. If our markets are now seen as a "bad bet", then the same foreigners who have plowed money into our markets could ask for it back -- bad news for our financial markers and bad news for the dollar. But that is "if" at the moment. It has to happen sooner or later -- read Rubin's remarks posted over the weekend by Glenn. This is no secret. Good luck.

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