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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: maceng2 who wrote (203882)	11/11/2002 8:57:11 AM
From: Haim R. Branisteanu	Read Replies (1) of 436258

IMHO the USD may stop at present levels after a steep slide but in general the USD currency will weaken further after the ECB will lower rates. I think that the main difference in perception is that EZ budget deficits are being taking care of at a time that the US will increase their budget deficit to avoid deflation. It is more about half glass full , half glass empty syndrome than any other real reasons. In a nutshell neither Europe nor the US are in great shape. The inflexibility of the European social order hampers productivity there and the trade deficit in the US hampers real GDP growth in the US proper. Both sides of the "pound" are in debt over their ears US personal and corporate debt and Europe has corporate well over US corporate debt as a % of GDP It is true that Europe has a much bigger potential to recover if they will restructure their labor restriction on corporation and lower their social benefits at par with the US, but such scenario is almost impossible in Europe from a political point of view.

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