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To: Sarmad Y. Hermiz who wrote (70093)	7/27/1999 5:38:00 PM
From: GST	Respond to of 164684

Sarmad -- leverage is a time honored aspect of the economy. What we have is speculative leverage. And this is being unwound because of the risks. At some point this will happen in the gold market as well -- who knows when. More generally, we have a leverage hangover from: 1) Japan's ten year economic mess. 2) Last October's bailout by AG. 3) Gold carry trade. 4) The pyramiding of derivatives. 5) A $300 billion dollar trade surplus. 6) The US as the worlds largest debtor nation ($5.5 trillion) 7) Net savings rate = zero. 8) Really 'savvy' small time traders mortgaged to the roof.