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To: PMG who wrote (179526)	7/12/2002 8:04:04 PM
From: Haim R. Branisteanu	Respond to of 436258

>>> , jealousy leaves place to incertainty. <<< that is one major problem for the EUR the Eurocrats in EUR are fighting hard to get the EUR at parity and hopefully be a reserve currency. Germany has the election problem including the Greens and loss of popularity of their leaders To EZ luck Duisenberg is honest and has brains ........ and that is the reason that the French, in their jealousy, want he should go............ and install instead a Frenchman to rule the world as the head of the ECB. Just think about the possibility that the French did not exist ........ what a great place EZ would be <GGG> no wonder they need perfumes to clear the air <GGG> .... as to EZ finance ministers policy they want to copycat Robert Rubin policy to fight stubborn inflation which hovers above 2% ....... even that they can not even afford that, due to the high unemployment at over 9.1%. The 12% rise in the EUR since April has the equivalent of around 1% rise in interest rates ......... and for the manufacturing segment they will be forced now to shed more jobs, as $ linked countries will buy less and sell more into EZ. ....... result ? ....... . less working less buying power ......... and economic activity slows. How can EZ industry be competitive after 12% currency appreciation on top of around 4% wage increase is beyond me. IMHO if they keep stable prices in USD they all lose money Exports fell to 50.2 billion euros in May from 55.7 billion euros in April and were down 7.8 percent on the year. .................... On a seasonally and calendar-adjusted basis May exports were 5.3 percent lower on the month and imports fell 8.0 percent from their April levels. Message 17714975 ...... strong currency policy is successful when you are at grips with your workforce in an 3.5% to 5% expanding economy at 6% or less unemployment, not at 9.1% unemployment and borderline recovery of 0.7% or so (which is prevalent in EZ now)......... but it seems those geeks do not even understand that ........... during the last recession in the US, one USD bought only 1.65 DM or 0.8 EUR ........ the US economy recovered unemployment fell below 5% the strong USD policy started and lately the 1 USD bought 2.2 to 2.4 DM or 1.1 to 1.2 EUR. Wonder when was the last time that the EZ witnessed 5% unemployment and 6% GDP growth ......... at 5% unemployment they can talk about a strong EUR. Message 17713666 Until last year I was thinking that those EZ bureaucrats have some brains but now I realize that between Solbes Message 17713144 and the French who are bickering for prominence and the rule of the ECB, they are just a bunch of ego maniacs who want to be a substitute to Robert Rubin, AG etc........... well IMHO they are so stupid that they are unable even to write an obfuscated AG speech not to mention that they do not even understand it <GGG>