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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: dwight vickers who wrote (22446)6/4/1998 12:04:00 PM
From: Paul Fiondella  Read Replies (1) of 42771
 
(OFF TOPIC) UK---I think they mean

that the pound is higher than it should be taking into account the size of the current accounts deficit as a % of GDP and the size of capital flows which are neutral but might be about to go negative. Since the capital flows determine what happens to the currency, you anticipate that the market will attack your currency by watching who is shorting it and cut them off at the pass by raising interest rates to sustain the capital inflow and force them to cover.

It looks dumb only if you fail or if you were wrong about a coming attack, in which case the currency goes up somemore until the fundamentals convince everyone to dump the currency again.

I think they have had it with hedge funds and making Soros rich. Moreover we are learning here that currency problems can spread from Asia to Europe and not just to Russia.
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