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To: Raymond Duray who wrote (27035)	1/7/2003 1:24:15 PM
From: Baldur Fjvlnisson	Respond to of 74559

Absolutely. Except we're in history's most severe debt liquidation cycle and Greenspan simply can't replace the bad paper being burned - fast enough. And of course China and Asia are busy importing deflation to the U.S. I doubt that a 25% devaluation of the dollar would have that much inflationary effect.

To: Raymond Duray who wrote (27035)	1/7/2003 4:56:18 PM
From: Maurice Winn	Read Replies (3) \| Respond to of 74559

<The U.S. is an nation of profligate spendthrifts> Ray, since the USA has formed more capital than all of human history combined [which might be a slight exaggeration], it's obviously untrue that, relatively, it is a nation of profligate spendthrifts. Compared with how much capital could have been formed, you are undoubtedly correct, but compared with any other country, the per capita capital is higher than anywhere. Some of it, such as the land, oil and resources was found capital, but that's a relatively small part of the capital formed. A large part has been recently formed by attracting the capital of people like me, [who have learned, worked, scrimped and saved], and using it to get richer still. The recent abuse of capital [Enron, Global Crossing, Dot.cons, Worldcon and others] will make we alien capitalists more circumspect about who we give our hard-earned shekels, kiwi, yen, pounds, euros, baht and real to. Which will make it harder for the USA to live in the manner to which they became accustomed on our money. Virtue is not a right. It's a moral, ethical way of life which attracts trust by other people, and their money. Like losing virginity, or reputation, it doesn't come back easily. Hard won, by a lifetime of goodness - lost in a few seconds of greed, venality, lust, stupidity or malice. Savers are an easily frightened endangered species. Savers are capitalists. The idea of big, swaggering, bullying, greedy capitalists is quite the opposite of the reality of timid creatures of virtue, looking for co-operation from those of virtue to help them in creating wealth. Those savers who are not really capitalists are easily sucked into the quick buck con artists. True capitalists are a noble breed. The likes of the leaders of Enron are not capitalists. They are crooks. The likes of capitalists like Irwin Jacobs are admirable people on the highest plane. They are not out to swindle. They are virtuous people. Mqurice