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To: Haim R. Branisteanu who wrote (75194)	3/4/2001 12:12:07 PM
From: Tom Smith	Respond to of 436258

Requiem for the IMF? Sounds like they will be marginalized by this administration.... iht.com

To: Haim R. Branisteanu who wrote (75194)	3/4/2001 12:26:42 PM
From: Tom Smith	Respond to of 436258

"but AG is on a ego trip and thinks he is the master of the universe, " just a bankster now....preserving the banking system.

To: Haim R. Branisteanu who wrote (75194)	3/4/2001 1:01:07 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Hi Haim, I am sorry to hear about your father, you have my empathy. I lost my father a few years ago and I will feel the pain as well as enjoy the fond memories until I say goodbye. Reference AG and interest rate cuts. Competitive currency CB's in Europe and even Japan have not reduced their interest rates relative to what he has done, i.e. the 100 bases points overnight. If I were in his shoes I would worry about the flight of money out of the states. He has no idea when the spigot will open and the world starts to seriously sell their US$'s. IMO, when this happens the country is in real trouble, and the crises begins, a.k.a. the last 10 years in Japan. I also believe he knows we are in a much more precarious position than Japan was during their bubble. Japan as a country had no debt and the people had savings to dampen the shock to the public. We are in a more serious situation, our working people are in debt up their ears and do not have a safety net, our corporations are laden with debt, and the country is not exactly debt free. Who else is there? If we blow up I see no reason for the rest of the world to come to our aid. The ugly American does not have the greatest reputation around the world. I don't have any answers but taking things slow to see where the cracks are in the dike may not be a bad strategy. Joan

To: Haim R. Branisteanu who wrote (75194)	3/4/2001 2:28:12 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

<<Tom you had the same situation 8 years ago with interest rates at 3% and the economy still in quasi recession>> Haim, I respectfully disagree that the solution to this is to lower interest rates and increase the money supply at an even more unsustainable rate. Since 1994, commercial, mortgage and individual indebtedness have been exploding: stls.frb.org prudentbear.com All this while GDP growth has been averaging less than 4% or less. The solution is to take the hit now, write off the bad loans, let the recession run its course and get on with it. Otherwise you're dooming the country to a Japan 1990-present scenario of prolonged debt trapping and ineffective monetary stimulation. No one has repealed the business cycle, despite BubbleBoy's New Era claims to the contrary. I agree that he is a raging egomaniac, however....otherwise he would have seen the demise of the bubble coming and got out in time, like Rubin did.