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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (17164)	8/10/2002 2:03:39 AM
From: rails99	Respond to of 36161

Hi Roebear: You betcha as to the Montezuma revenge angle. Story today on Bloomberg: Indicated the money center banks pulled out of Brazil more than 50% of their typical capital outlays in July alone! No new private capital would be available and the banks indicated they would not be participating in the IMF give-a-way contest. If that is the case, I guess the tax man will collect some scratch from everybody to help old Brazil pay its interest debts. Either that or call Sir Printsalot. Saw this story on JPM news via Yahoo: Approximately as follows: As of Friday AM: Bank of New York will stop providing JPM New York accounting services. JPM to assume its own accounting services. Bank of New York will continue to provide the London investment services for JPM. What is all that supposed to imply? Geeze, all the bank news is not too cool for C and JPM today. Have a great weekend. Rails

To: Roebear who wrote (17164)	8/10/2002 10:43:20 AM
From: Jim Willie CB	Read Replies (1) \| Respond to of 36161

overlooked factor in Brazil is currency effect on debt since beginning of year, the Real has dropped 60% that means local values are now 2/5 of what they were that means dollar denominated debt is now 5/2 of what it was so Brazil debts rose 150% !!!!! this IMF $30B is nothing but a bucket of water on a bonfire nothing but a 3-6 month reprieve nothing but an opportunity for Americans to say "we helped" I find the Argentina contrast very interesting Arg bankers were stubborn in keeping their Peso constant so their economy went to shit, uncompetitive making their constant debt level unpayable (they are a fishbowl example of US troubles upcoming) but Brazil allowed their Real to devalue their economy has not gone to shit, as a result but their debt has skyrocketed to a level unpayable screwed on the left, or screwed on the right, but surely screwed imagine your home mortgage of $120k just went to $300k I could not swallow that economy or no economy, jobs or no jobs that cannot continue to float the currency turmoil is only beginning worldwide Asian bank troubles will be front & center in a few months JPMorgan and Citi are like two floating crippled ships about to be attacked by pirates under six flags Citi just saw a class action lawsuit for Enron nondisclosure / jim