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To: Tom Smith who wrote (184)	1/30/2002 5:18:52 PM
From: Tommaso	Respond to of 329

If you are not right on the money, then both of us will be two of the wrong-headedest characters around. This is not as bad as when we had screwed up in Vietnam and had our first and only presidential resignation, but the U. S. dollar might as wll be labeled USdollardot.com We have a treasury secretary who is the financial equivalent of Nixon as a moral leader, and a Fed chairman who is the equivalent of a monetary Neville Chamberlain. Appeasement of the markets has gone about as far as it can go.

To: Tom Smith who wrote (184)	1/30/2002 8:06:24 PM
From: ild	Read Replies (1) \| Respond to of 329

Did you read today's piece from Steve Roach: morganstanley.com A dollar correction, therefore, depends on the possibility of an asymmetrical shock -- an unexpected development that singles out America or the other major currency blocs for special attention. There’s a long list of possibilities on either side of this ledger. A US-specific blow could show up in the form of any of the following: A double dip. A Greenspan resignation. Many more Enrons. The regulatory backlash that might follow from the "Enronization" of Corporate America. A popping of America’s housing bubble and the collateral damage that would ensue in the government sponsored agencies such as Fannie Mae and Freddie Mac. Or an unexpected fracture in the US financial system. I’m sure I’ve left something out, but you get the general drift. EDIT: I guess he's short FNM and long golds. I'd pay for a quick look at his own account. -g-