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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: abuelita who wrote (8805)	11/5/2002 10:54:26 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

USdollar still weakening each day quotes.ino.com now under 106 parity with Euro is now stabilizing I saw a 100.4 this morning net fund outflow, Rosey but the trend is strengthening weekly now funds are shifting to bonds from stocks I believe they have gone too far in joining the bond bubble / jim

To: abuelita who wrote (8805)	11/5/2002 11:59:48 AM
From: nsumir81	Read Replies (1) \| Respond to of 89467

Folks pulling money out 'cause they need it imo-so it can not necessarily be interpreted as contrarian..since in the '90s the exits of Joe6P near lows were more out of fear of market downside than a NEED for liquidity.

To: abuelita who wrote (8805)	11/5/2002 4:37:08 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

Drudge reports that Berlin has gone bust, incredible (from Ido79) Berlin city admits bankruptcy - 46 billion euros debt 11/05/2002 Berlin (dpa) - The Berlin city government on Tuesday admitted de facto bankruptcy and announced it was taking legal action to force Germany's federal government to pay for a bail-out. Ruled by a leftist alliance of Chancellor Gerhard Schroeder's Social Democrats (SPD) and the former East German communists (PDS), the city is staggering with 46 billion euros (46 billion dollars) public debt, Finance Senator Thilo Sarrazin said. Sarrazin said this meant the city was paying 2.2 billion euros a year just to cover interest and he warned that the city's total debt would climb to 58 billion euros by 2006. Berlin has a population of 3.5 million but the city has lost much of its industrial base and unemployment is currently 17 per cent. Given the federal government's refusal to pay off Berlin's debts, Sarrazin said the city was taking legal action in Germany's Federal Constitutional Court to aimed at proving Berlin was incapable of shouldering the burden alone. Germany's Basic Law, the federal constitution, stipulates there should be ``equalization'' between financially strong and weak federal states, the Laender. Berlin, a city-state, is one of Germany's 16 Laender. Under this constitutional arrangement annual payments are made from wealthy states, such as Bavaria and Hesse, to poorer regions such as the Saarland, Berlin and Bremen. The lawsuit will be based on a clause in Article 107 of the Basic Law which provides for one-off emergency grants to states.