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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (4515)	8/29/2001 10:23:25 PM
From: Chip McVickar	Read Replies (1) of 33421

With this old flea bag at the controls...,you never know how fast the learning curve is....? Treasury Secretary Paul O'Neill, who came into office as an opponent of international bailouts, had a sudden change of heart -- when it became clear Argentina could not avoid default. Just 11 days ago, O'Neill said the U.S. was ``working to find a way to create a sustainable Argentina, not just one that continues to consume the money of the plumbers and carpenters in the United States who make $50,000 a year and wonder what in the world we're doing with their money.'' Lot'ta big players will lose some big payolla if Argentina plays dead. Don't believe it will happen. The whole issue of emerging debt is extremely important to the growth of poor countries. But with human nature as it is..., greed mostly wins and the money doesn't surface as it should in the counties populations. [ex. Indonesia, Russia] Some totally new way to administer these funds properly needs to be developed..., the fact that Mexico paid back their debt to the USA is very encouraging... Don't you think...? Argentina is a fascinating emerging economy because of the well educated population with strong ties to Europe. It appears to be a perfect place to work out emerging market debt structures, and has been followed by many brilliant individuals. IMO..., one has to ask why the USA works.... and add to the mix of any successful emerging economy a strong legal system. Like the one that's been in place here and is reasonably Independent of political massaging. [At least until the Bush election] So not only is the key financial responsibility required, but legal accountability. The USA seems to work because of the checks and balances that people recognize will eventually bring accountability. Japan may never regain it's domination as an economic powerhouse...!

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