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To: Razorbak who wrote (51793)	9/24/1999 10:06:00 AM
From: ChanceIs	Respond to of 95453

Greenback dominates today but watch out for the Euro. Lester Thurow in "Building Wealth" (great book published this year) points out that Japanese insurance companies have committed to holding 20% of their foreign reserves in the Euro. Thurow goes on to explain that the countries hurt worst in the '97-'98 meltdown are all trying to export their way out of their difficulties (hence 25% drop in steel price here). He argues that the US is the only great country today capable of absorbing these exports. The ultimate effect will be deflation in the US, and a weakening of the dollar (which we are certainly seeing vis-a-vis the yen). It is scary. I think that Mr. Greenspan may be a little too concerned about inflation.