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To: GST who wrote (135866)	12/16/2001 4:55:59 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

I agree with that. But the dollar doesn't have to be repatriated to maintain its value.

To: GST who wrote (135866)	12/16/2001 6:13:24 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

Right, my point is you're mixing the issues of dollar value and Americans' personal wealth. Read the conclusions here: ny.frb.org

To: GST who wrote (135866)	12/16/2001 8:10:06 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 164684

You can't argue both trade effects AND marketplace effects. They are two different dynamics. I say the dollar stays strong because of demand (for dollar-based assets). I've said it and you're not hearing it. So we don't disagree. The part where (I think) you say the dollar is going down a rathole someday because of the trade impalance is where we disagree...as long as the US remains a disciplined and productive economy. Read the conclusions in this Fed paper: ny.frb.org