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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (51385)	5/13/2002 8:27:15 PM
From: t2	Read Replies (3) \| Respond to of 65232

"We see the risk of a U.S. current account deficit “unwind” from near historic levels, which may be precipitated by a more than gradual decline in the dollar." We must be cognizant as well of the risk that a significant decline in the dollar leads to a withdrawal of foreign investment in Treasury and corporate holdings. JW, It is there now on www.pimco.com-----dated May/June 2002. He said other thing about a gradual decline in the dollar in the article but he has recognized the possibility of such a decline. A bubble has to burst, no way around it. Wonder what this passage means.<g> "This reflationary world of Luke Skywalker is by no means a safe and secure one economically, to say nothing of the increasing risk to life itself. It has morphed through the years from an economy primarily based on production, to one substantially reliant on growth via debt and new derivative life forms. We now live in an age of paper, and this paper maché facade is not a permanent nor lasting one." JW, Let me know what you think of his comments; obviously he can move markets.