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To: gdichaz who wrote (42313)	9/23/1999 2:22:00 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 152472

on Summers and USdollar Summers is undergoing his first test... he is no Rubin... agreed US economy is in great shape generally... Summers does not hold a candle to Rubin for ability to reinforce the dollar secretly at specific support points like a currency trader does our US exports will benefit... our stock market treaded water marketwide since April as a result... he will not mention money supply (or else I missed it) and the enormity of its importance from last autumn LTCM bailout and illiquidity problem linking corporate and treasury bonds we need not do anything since we can afford to allow Japan and Asia to deal with it... the sequence next is for the Japanese stock markets to look forward and see their exporters in temporary hot water due to stronger yen... the Nikkei will give back a hefty portion of their 5000 point run from 13000 to 18000... I suspect they will give back 3/8 of the gain... that pullback will accompany a similar retracement of the JYen gains, from 120 $/y to 105 now... dont be surprised to see it test 100 parity, then give back 3/8 of the gain... perhaps Summers and Bank of Japan anticipate this test and have held off, hoping the market will react to that 100 mark 3/8 retracement is as common as farting after dinner in the currency markets the market will seek equilibrium... BoJ has blown $billions so far... they have a history of doing so... we should be stable in a month or so... by then Wall Street will be kicking ass and taking names... that will accompany the USdollar rebound my two yen worth / jim willie @sushi.son