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Strategies & Market Trends : Asia Forum
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To: MikeM54321 who wrote (4427)6/12/1998 3:06:00 AM
From: Frodo Baxter  Read Replies (3) of 9980
 
All,

It looks like the near-term "fire" vs "ice" scenarios are working out towards "ice". Evidence:

- Oil. Cheap.
- Gold. Cheap.
- Yield curve. Flat and low.

The market is discounting significant deflation. All this despite labor tightness and flush liquidity. The market is telling God (i.e. Greenspan) that he needs to cut rates.

Now I know some of you of particularly ursine proclivities thinks is the beginning of some kind of 1929-style depressionary spiral. But you have yet to make a case for why the Fed doesn't have enough maneuvering room to avert this nonsensical and implausible nightmare.
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