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

To: Skeeter Bug who wrote (75626)	2/11/2000 9:44:00 AM
From: BGR	Respond to of 132070

Skeeter Bug, I think that I largely agree with your post. 1. The Dollar has replaced gold as the world's reserve currency. Euro and Yen are distant choices. So, yes, the world needs the buck more than the buck needs the world, I am in complete agreement there. 2. I agree that there indeed is a wealth effect. However, given that it is limited in a small economic class (remember, bankruptcies are at record highs too), it is not yet inflationary IMO. So, I guess we are in partial agreement there. 3. Indeed, if there was not overcapacity around the world, the US economy could very well have faced inflationary pressures. Again, we are in agreement and I expect this trend to continue for many years to come. 4. As for manipulation, I disagree. We have discussed this many times, so I won't repeat those arguments. Finally, the market will fall to historic valuation levels when productivity growth falls to historic averages. Till then, it is onward and upward, IMO. -BGR.