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To: Victor Lazlo who wrote (122026)	3/28/2001 11:29:40 PM
From: GST	Read Replies (1) \| Respond to of 164684

Victor: Of course we agree. Now where it is not 100% clear is whether or not I have been successful in showing you the connection between savings and the current account deficit (as well as the trade deficit), and the connection of these deficits to the long term ability of the US dollar to serve as an international "store of wealth". To use a slightly flawed analogy, we do not need nor want "bubble market" for the dollar itself. We can best avoid this by holding a bit more of our net worth as savings. This is not an off-hand remark -- it is likely to become a hallmark of the long-term policy of the Federal Reserve -- and it should be. Nor should it be considered a conceptual exercise -- it will determine interest rate and money supply decisions here and now.