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To: BGR who wrote (66143)	10/4/1999 12:08:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

BRG, i have lived in southern Africa for ten years...so i'm well aware what it's like to be in a third world country. that doesn't mean i won't criticize the lax monetary policy of the Fed and the resulting misallocation of capital. it may have contributed to creating the roaring nineties,but it's a millstone hanging around the economy's neck going forward. as long as the economy continues to expand, the effects of this won't be felt, but an economic downturn would probably result in a most painful adjustment...which is why the Fed is trying everything in it's power to avoid one. alas, that means that the imbalances in the economy will continue to build, making the inevitable adjustment harder than it needs to be. hb