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To: LLCF who wrote (51963)	4/26/2000 7:47:00 PM
From: Tom Byron	Read Replies (1) \| Respond to of 116759

martin armstrong latest news: boston.com

To: LLCF who wrote (51963)	4/26/2000 8:45:00 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 116759

Historically yes, and the market has always been priced that way, but if you've been paying attention especially in Germany, but elsewhere as well, labor unions have had to accept historic cutbacks in benefits and wages. Maybe the labor unions are being forced to accept concessions, but that does not assist the overall governmental welfare system. Unions can be forced to make concessions since the general level of unemployment puts their jobs at risk (or the corporation will relocate elsewhere). However, governmental benefits there, as here, are considered inalienable rights once granted. When we see some change on the political front with entitlements, then I may feel they are turning the corner. However, the fly in the ointment is that even if Germany does restructure, the WHOLE EEC must also restructure or the Germans will find themselves subsidizing the porkbarrel socialist policies of France and Italy. And the friction caused by such subsidization will tear the EEC apart. Asia is a different story as an historic recession in Japan produced little change. It isn't just Japan. It's China also. And I don't see how the economic malaise in those economies can be restructured without accepting some very harsh cultural and economic medicine. Merging banks ain't going to cut it. Regards, Ron