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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Mark Adams who wrote (63761)	1/31/2001 7:12:38 PM
From: Andy Thomas	Respond to of 436258

those cfr guys really should have a .com instead of .org... what a bunch of phreakin' cheapskates. andy

To: Mark Adams who wrote (63761)	1/31/2001 9:54:44 PM
From: Mark Adams	Read Replies (2) \| Respond to of 436258

Global: New Economy Charades Consider the possibility that the New Economy is more hype than reality. That the impact of the Nasdaq bubble was so pervasive that it ended up infecting the broader real economy -- giving rise to a massive IT overhang and a highly unstable consumer wealth effect. Consider the related possibility that these excesses in the real economy had their counterparts in the financial system. That consumers and businesses, alike, went too far in levering their balance sheets to the promises of open-ended prosperity and wealth. If there’s even a shred of truth to this alternative explanation, then, I argued, there’s a dark side to the New Economy that the first recession of the Information Age is about to unmask. Global: Fear Not Competitive Devaluations So a "competitive devaluation" implies looser policy in the devaluing country, and therefore looser global monetary policy. That in turn helps reduce the severity of any global slowdown. ... a devaluation means expansionary policy in the devaluing country and no change in policy in other countries. The net result, an expansionary impulse for the global economy. My conclusion is that global investors -- particularly equity investors -- need not fear competitive devaluations. They imply a positive impulse to the global economy. United States: A Breach in the Fabric of Confidence With inflation headed for 2% to 2 1/2;% and a real Federal funds rate of 3% likely representing "neutrality," monetary policy is currently restrictive. Given the breach of the fabric of confidence under way, it likely will take a stimulative monetary stance to reverse that deterioration. msdw.com These are all extracts, and may not represent the actual tone of the articles.