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To: smolejv@gmx.net who wrote (10862)	10/26/2001 8:15:07 AM
From: Louis V. Lambrecht	Read Replies (1) \| Respond to of 74559

dj - re bund future I must concede a complete ignorance on that field. I still don't understand the trading volume on the bund. Since 1999 Eurozone bourses quote in Euro. Parities have been set, and though you still can trade futures on the FRF and the DEM. Bubds are issued by the German Gvt. Germany has spoiled huge amount of monies (substantial part of GDP) with the reunification. Construction soared (some pedestrian zebra path made in marmor, money was not lost for everyone), friends got the money, East-Germany still has not the meeded industrial infrastructure (not the one if that money had been spent in a normal way). Hadn't it ben the making of the Euro, the DEM would have been sent back to the levels of 1960. Yes Germany is the largest economy of the Eurozone, thanks to the parity which was set before the somptuous expenses Germany made. I can't accept the BUND in reference to the Euro or the ECB. Rather, would compare the bund to a Californian energy bailout fund.<g> OTOH, when you speak with the German J6Ps, they all regret the splendor of the DEM and put the blame of their mismanagement on the Euro. Anyway, one field less for the ECB to act upon: no influence on Euro notes or bonds, they don't exist. National gvt. may issue debt, but they can't print money as would be the case if the countries were united the US way.