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To: Ken98 who wrote (83589)	1/18/2000 11:38:00 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

Ken, it doesn't make sense. it's the recipe for crisis as Asia has shown. at the moment there is approximately 10 trillion dollars in US dollar denominated short term debt outstanding that rolls over every six months or so. this is more than the entire cash contribution to the stock bull market since 1982. we haven't seen such a massive amount of short term debt relative to GDP that needs to be refinanced every half year to year since, you guessed it, 1929. it's a complete disaster-in-waiting.

To: Ken98 who wrote (83589)	1/18/2000 2:16:00 PM
From: Haim R. Branisteanu	Respond to of 86076

Ken98 it makes a lot of sense as the actual inflation is much higher than the one stated. Therefore buying back the long bond now is relatively cheap if compared to real inflation. By converting the outstanding debt into shorter term notes gives the treasury a "win win" situation. Further the scarcity of the 30 year bond will come handy in a recession wen the treasury will print new bonds at higher prices (lower yields) It is all a trick nothing more by this government. Just remember who runs this administration. Need I say more??? BWDIK Haim Huge rally in bonds now full 16bp from 6.753 to 6.737 <GG>