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To: Jim McMannis who wrote (86631)	8/5/1999 4:15:00 PM
From: John F. Dowd	Respond to of 186894

JMM: Foreign investors who fear a rise in US rates are kicking out their US positions and going back to offshore equities because they believe the current conventional wisdom that says inflation is looming over the US and Japan, Europe and Asia are recovering. They won't recover if we kill the US goose that lays the golden eggs. I will say that yes the foreign markets may be recovering but they are very fragile and their cloth will be very slow. Do you know how much bad paper from bankruptcies adorns the Japanese banks' books. Today,the Chinese are threatening to devalue the Yuan and on and on. Those who are walking away from US Treasuries above 6 are nuts- there is no inflation. Hence this downturn in equities is a result of a fear based on speculation of a maybe what if inflation scenario that will never happen. But if AG says the emperors not naked then I guess it must be so. JFD