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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (72295)	12/23/1999 5:22:00 PM
From: gnuman	Respond to of 132070

Skeeter, you should enjoy this one. <g> Clipped from the Washington Post Decades Gone By Thursday, December 23, 1999; Page A20 On the eve of the new millennium, I offer the following 10 statements that shaped the decades of the 20th century: 1900: "I will build a car for the great multitude." 1910: "The war to end all wars." 1920: "Wall Street lays an egg." 1930: "The only thing we have to fear is fear itself." 1940: "Yesterday, Dec. 7, 1941, a day which will live in infamy." 1950: "Lucy, I'm home." 1960: "I have a dream." 1970: "I'm not a crook." 1980: "Mr. Gorbachev, tear down this wall." 1990: "It's the economy, stupid." JAMES M. MATAYA Arlington ¸ Copyright 1999 The Washington Post Company

To: Skeeter Bug who wrote (72295)	12/24/1999 12:59:00 PM
From: Freedom Fighter	Respond to of 132070

Skeeter, I think an election year makes politics more of an issue for the Fed than usual. We can only hope that the bond market and/or foreigners keep the U.S. under control if the Fed won't do the job. On the role of foreigners, this is the one area I believe I disagree with some of the regular members of this thread. I believe there are political forces that drive foreign purchases of our treasuries. It's not only about economics. I suspect that some of the countries that are presently engaged in financing our excesses know full well that they may be throwing good money after bad. They do so partly to sustain their best customer, partly because some of the alternatives are worse, and partly because the U.S. has so much influence in both economic and non-economic matters that it may be the lesser of two evils. It's a game of cat and mouse. They hold the bond market axe over our head and we hold just about everything else. So I suspect that foreign central banks will step in whenever private money starts fleeing the dollar. They will continue to do so until the US becomes so reckless and abusive of its privileged position that they can't ignore it anymore. Personally I think we reached that point a couple of years ago. Wayne