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To: Haim R. Branisteanu who wrote (29344)	1/29/2002 4:54:15 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 209892

Haim, in the final analysis, politics should play no part in the ECB's decision making. the very fact that the Euro area is comprised of nation states that are to some extent competing with each other actually enhances the ECB's independence. i fully agree that the run to the dollar is hardly justifiable on fundamentals, not even prospective ones. as for China, i think it will find it increasingly difficult not to devalue. and yes, the growth in the monetary aggregates is just another bubble - fomented largely by the GSE's with their truly breath-taking balance sheet growth. a circumstance that looks increasingly dangerous, and not just for the US. recall btw. the Yen bubble that followed on the heels of the Nikkei bubble bursting - the dollar appears in a roughly similar position now as the Yen was then.