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Biotech / Medical : The thread of life

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To: Mike McFarland who wrote (792)	9/11/2005 12:50:57 PM
From: Mike McFarland	Read Replies (1) of 1336

"breakage" morganstanley.com Stephen Roach commentary. " Japan and Germany -- the second and third largest economies in the world, which collectively account for 56% of the world’s surplus saving -- both seem to be on the cusp of sustainable recoveries in domestic demand. That would tend to draw down their current-account surpluses, which are running at 3.3% of GDP in Japan and 3.8 % in Germany -- thereby leaving less foreign capital available to fund America’s external deficit. That could lead to renewed downward pressure on the dollar and concomitant upward pressure on US interest rates -- increasingly problematic outcomes for overly indebted American consumers" The Japan Postal system has about three trillion worth of deposits--paying low rates. I wonder if any of that is in US dollars, and will now be redeployed in other ways, gradually, following the Prime Minister Junichiro Koizumi landslide? Whatever the myriad reasons, rates will start upward now and rise for years.

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