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Politics : Ask Michael Burke
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To: yard_man who wrote (36805)11/18/1998 9:43:00 PM
From: Ilaine  Read Replies (1) of 132070
 
Tip, let me preface my post by saying that I have no facts with which to respond to your question, but an idea, which I don't know how to test. You point out two facts, and suggest a conclusion, that

If 1) "M3 was growing into the runup of the markets prior to the Sept and Oct troughs" and

If 2) M3 "has ceased growing at the same rate"

Then "something else has changed -- foreign repatriation of funds -- into [do you mean 'out of'?] the stocks and/or treasuries and back to foreign destinations?"

Which would suggest that the current run-up in US stock market is caused by inflow of domestic funds, perhaps, as MB suggests, from money market. How could we test this?

And, if so, where did the foreign investments go? Eurobonds? Asian stocks? Retooling of foreign factories?

Interesting question.

CobaltBlue
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