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To: yard_man who wrote (165262)	5/11/2002 10:29:13 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

tippet the FX rates are set by perception even more so than stock prices. Some one quoted recently that the USD is a growth currency based on productivity # and return on investments. As to the social benefits it does burden the EZ and lower the effects of technological advancements, by how much I do not know. The truth is than only in the US you can buy a real estate with 5% down payment and rent it out for a 15% return and also make 5% to 10% in capital gains year in year out for the last 10 years. As to your formula definitely EZ is behind the curve people employed are almost static there even during the economic downturn due to the strong Labor Unions