Clark , *OT*
Sorry for the delayed response. I have only just returned from Phuket, Patong Beach where I have been busy resisting (most) of the temptations of this seaside Sodom and Gemorrah after a somewhat failed attempt at catching fish on stormy seas. Bernie is still there, figuring that once you give in, you may as well immerse. <G>
While the trip was not especially successful from a fish poundage aspect I am happy to report that I thought very little of things economic while there, one goal well met. The interesting lone exception was to read a second hand copy of the Intl Herald Tribune which carried the article you reference from the WSJ. (Bernie found a little store owned by an old Chinese uncle that carried the paper in the midst of all the gaudy displays of t-shirts, hats, fake designer watches, and gewgaws of all sorts.) Just one more indicator that there is a liquidity crunch developing that is the inevitable hand maiden of the deflationary forces we have talked about for so long. This cycle is far from over but I note with interest that even Max Mosley is less inclined to attempt depth and breadth estimates now. He is quite right to do so, of course, as I believe no one can, least of all the Fed.
All is well here in Kuala Lumpur. I saw the first Christmas tree yesterday, in a shop display in the airport. Hard to believe the holidays are coming on so fast. What an incredible pace this year has been.
Best,
Stitch |
