Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: JHP who wrote (3504)	5/8/2001 2:58:38 PM
From: smolejv@gmx.net	Read Replies (1) of 74559

...this is not the end of the story - I got the same thing to read in the plane today (Int. Herald Tribune). In Handelsblatt (some sort of WSJ of Germany) is a comment on this thesis - in a nutshell, that the euro weakness stems from liquidation of black-market and east-european DM hoardings. According to the Handelsblatt article there can not be more that cca 50 BDM (out of app 80 BDM of outside-Germany DM cash) hidden away this way because 30 BDM is over-the-table kind of liquidity - currency boards in Bulgaria, Bosnia, Estland or Montenegro even uses DM as an official legal tender. Compare these numbers with 740BDM that Euroland invested outside Europe since the start of the monetary union, either directly or as portfolio-investments. And, man, arent we buying on - somebody has to help US with the current account -. dj

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