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Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: ahhaha who wrote (5559)	11/4/2002 12:05:33 PM
From: ahhaha	Read Replies (1) \| Respond to of 24758

Paul McCulley of PIMCO on CNBC was making the most air head remarks I've heard from a bond hound in decades: The time has come for the Fed and the U.S. Treasury to join forces, with Alan Greenspan cutting short rates and Paul O'Neill explicitly declaring that a strong dollar is not in America's interest. It is also time for America to announce to its G-3 partners that a weaker dollar is not a problem to be solved, but an opportunity to be seized by Euroland and Japan to aggressively ease monetary policy, using all available means, including non-sterilized currency intervention to temper the dollar's fall, and monetization of private sector assets. Yes, my friends, it is time for G-3 Keynesianism, in an all-out preemptive war against deflation. A strong dollar is not in America's interest? Monetization of private sector assets? Preemptive war against deflation? He's got a chart of the GNP price deflator and he thinks that means price deflation. He took Econ 101 and that's why he got the job. He looks around and everywhere he sees prices are falling. Such a clear view comes from his search for the truth inculcated at the university.