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To: Dave-in-MarinCa who wrote (5807)	7/25/2000 9:19:07 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Dave, private sector money flows are very unpredictable...the fact is that USD claims held by foreigners have swelled to gargantuan proportions, and you only need some at the margin to begin bailing to actually get a systemic event. simply put, at some point someone will get nervous over something...maybe the current account, maybe a slowdown, who knows. that's all it takes really, someone big blinking and it's curtains for the bubble. you are quite right, there was a time when the problem could still have been nipped in the bud...but as Greenspan said today, the Fed abandoned bubble targeting after '94. note, Greenpan knows very well what has happened and why...his protestations to the contrary notwithstanding.