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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Haim R. Branisteanu who wrote (75194)3/4/2001 1:01:07 PM
From: Joan Osland Graffius  Read Replies (1) of 436258
 
Hi Haim,

I am sorry to hear about your father, you have my empathy. I lost my father a few years ago and I will feel the pain as well as enjoy the fond memories until I say goodbye.

Reference AG and interest rate cuts. Competitive currency CB's in Europe and even Japan have not reduced their interest rates relative to what he has done, i.e. the 100 bases points overnight. If I were in his shoes I would worry about the flight of money out of the states. He has no idea when the spigot will open and the world starts to seriously sell their US$'s. IMO, when this happens the country is in real trouble, and the crises begins, a.k.a. the last 10 years in Japan. I also believe he knows we are in a much more precarious position than Japan was during their bubble. Japan as a country had no debt and the people had savings to dampen the shock to the public. We are in a more serious situation, our working people are in debt up their ears and do not have a safety net, our corporations are laden with debt, and the country is not exactly debt free. Who else is there? If we blow up I see no reason for the rest of the world to come to our aid. The ugly American does not have the greatest reputation around the world.

I don't have any answers but taking things slow to see where the cracks are in the dike may not be a bad strategy.

Joan
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