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To: NOW who wrote (60318)	11/24/2002 1:03:06 AM
From: Perspective	Read Replies (2) \| Respond to of 209892

I think they're doing everything they can to jam money out of safe places and into assets like RE and stocks. However, Bernanke seemed like the first serious talk that a dollar devaluation was on the table. That is significant because in all the talk about the problems and the fixes to our little pickle, Greenspan hasn't said squat about the single biggest problem in our economy - the current account deficit. He hasn't been saying it isn't a problem - it seems like he's been avoiding it. You can play as many games with credit creation as you want as long as the real economy stays in balance. A current account deficit at 5% of GDP is clearly NOT in balance. This is the first time they've seriously talked about devaluing the dollar as a solution to fixing the deflation - and the current account deficit. BC