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To: Win-Lose-Draw who wrote (179458)	7/12/2002 2:21:15 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

the only real comparison that may help is the unemployment differential between the US and EZ, which is close to 50% or 6% v 9.1% or so. Taking into account that unemployed do not pay taxes but get social benefits will re- enforce the notion that the EZ budget deficit is substantially higher in the EZ region than in the US. therefore I can only assume that the budget deficit ratio holds. More interesting is the fact that France committed itself to balance the budget at a 3% GDP growth ..... and only today their industrial production fell by 0.7% in May from April at a time that the EUR appreciated from 0.87 to 0.915. ....... Message 17727044 Just wonder were the July industrial production is All I hear from my contacts from the real world the EZ industrial complex is slowing down fast ...... summer vacations are helping cover the coming slowdown .......... with Ireland strongest hit and next E. Germany and NW France followed by Italy ........ Spain and Portugal? .......... OH well they are waiting for Argentina and Brazil to recover in the meantime the UK is enjoying a tremendous RE bubble