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Politics : Ask Michael Burke

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To: Bonnie Bear who wrote (45181)	1/31/1999 11:43:00 PM
From: Lucretius	Read Replies (3) of 132070

they are all wrong (as is generally the case at a mkt top.. in this case, the bond mkt--- which of course leads to a top in the stock mkt as well). Deflation is about money flowing to the store of least risk. The US has a bubble economy and the largest debt on the planet. The interest on the debt alone consumes 25% of the Federal budget annually (and that's when things are boomin w/ lots of cap gains taxes). We have a record trade deficit.. ie- no real demand for dollars. I don't know where the final resting place of capital will be (my guess is Gold) but i know it will not be the dollar. The Japanese own the majority of our debt and as of this past Summer, they have seen a crash in their investments that are dollar denominated. IMO, they will continue to sell and take the yen higher against the dollar as they bring home da cash... just as they are doing tonight. -Lucretius

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