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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who wrote (551)	9/3/1998 12:22:00 PM
From: Chip McVickar	Read Replies (1) of 3536

Henry, Did you catch the New Yorker article Aug 17th "Pricking the Bubble" by John Cassidy In it he states a fairly compitent argument that Greenspan is struggling to avoid another 1929. It is a correlation of facts between 1929-32 and 1996-July 17, 1998. Cassidy even finds time to point out the agreements between Friedman and his long time advisary Samuelson.....in that this is a bubble and Greenspan should have raised interest rates a longtime ago. Samuelson believes that "He is now dealing with the physics of avalanches." The article does not discount that your assesment is correct, but that the recessionary field that is building world wide, maybe a lot more significant and prolonged then either of us expect. With Canada, Mexico, Austrialia, New Zeeland, perhaps Latin America, Hong Kong, Asia, Japan and at the salad-bar we have Russia influencing Germany and France.....the prospects for international systematic banking crisis is growing enormously. If Alan Greenspan and the ECU and Japan do not learn how to cool down the water, our soft boiled eggs will be hard-boiled....Quickly. Chip

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