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To: NOW who wrote (61298)	1/24/2001 3:57:45 PM
From: NOW	Respond to of 436258

"Mr. Greenspan's upcoming testimony is going to have to hint at a reverse course in monetary policy. He is going to have to reflect on the risks to inflation of engaging a monetary policy that is perceived to be the cure for our economic problems, when it is actually the cause. He will have to, sooner or later, admit that monetary policy, while effective under conditions in the past, is no longer effective. Of course he will. For, if every time that interest rates are lowered, the new liquidity increasingly fuels the prices of real things (read: accelerates the point of recognition), then it will also accelerate the rate of deterioration in the purchasing power of the dollar." safehaven.ca

To: NOW who wrote (61298)	1/24/2001 4:18:54 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<The dollar also got a lift against the euro from comments by William McDonough, president of the Federal Reserve (news - web sites) Bank of New York>> I was thinking about Jack Guynn's comments from earlier this week, proclaiming "all is well". The Fed has a habit of trotting out the underlings to trumpet the party line before they make their move. We saw the same thing before the panic rate cut when we were hearing how speedily the economy is slowing. Could it be that in light of the massive return of speculation in the markets, that BubbleBoy ISN'T going to step on the gas as hard as many would like come FOMC time (ie, 25 or NO basis points cut vs, the generally anticipated 50)? I wonder if that's what all the bland reassurance is about....(probably not, they're probably scared $hitless, but one must consider other possibilities)....