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To: Lucretius who wrote (43490)	5/27/1999 10:52:00 AM
From: Defrocked	Read Replies (1) of 86076

(1) Luc, Luc, their currencies are not "imploding" a la the ruble, baht or rupiah last year. You gotta cut down on the hyperbole.<g> (2)Japan has not been "relentlessly printing" money. Their broad money number has grown YOY by only 4.2% while the US has been printing M3 at more than twice that annual pace. The Euro-in countries are also only printing at half the US rate. So Japan is not "flooding the world with liquidity" nor is Europe. More than likely its the US and apparently it hasn't been enough yet to create serious inflation concerns, as represented by dollar strength and low, albeit increasing, CPI rates. (3)A raising of rates by Japan and the ECB is not likely, IMHO, given their GDP and employment rates. Some economists blame currency protectionism in the 1930's for extending the GDep. I certainly hope the G7 has learned from that past experience and from more recent coordination to avoid such a mistake. (4)I agree that Japan is a buy sometime. But not IMHO till the US has more rational equity pricing. I'd rather wait for the fallout among trading partners before committing cash to equities elsewhere as here.

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