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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject12/4/2000 7:42:01 PM
From: Box-By-The-Riviera™  Read Replies (3) of 436258
 
To be, or not to be, a clown, that is the question:

To: tradermike_1999 who wrote (1190)
From: Ron Reece
Monday, Dec 4, 2000 7:37 PM ET
Reply # of 1221

Mike... did you catch the front page of the WSJ today where they were discussing how the US trade deficit is over-estimated due to the
inability(unwillingness?) to properly account for the sale of services overseas?

They claim that the US service industry (software, IT services) ran a $80 Billion surplus last year and that this trend is likely to expand rapidly over the
next 10 years.

Just something else to factor into your analysis when you hear the hula-baloo about the trade deficit.

But I would disagree with you... I don't think AG is trapped in a box, except with regard to this undecided election. He is seriously misunderstanding the
nature of the wage increases as our economy becomes more heavily dependent on skilled workers in the service sector, and less dependent on actual
commodities.

I'm more worried about deflation than I am about inflation. And I'm worried that AG is erroneously repeating the mistakes of the central bankers in
1929-30, by inducing a liquidity crisis because one economic indicator -labor cost- seems to be skewing his analysis.

Again, they need to open up immigration quotas for SKILLED WORKERS (not unskilled). American has a history of fueling its economic growth on the
backs of imported intellectual capital. Werner Von Braun and the space program is one example that immediately comes to mind.

Regards,

Ron
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