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To: SOROS who wrote (130)	1/14/2003 10:32:25 AM
From: Jim Willie CB	Respond to of 1210

it doesnt bother me that JPM hasnt cratered with POG > 350 I believe JPM and the cartel have geared their risk program to 360 as the new line in the sand when it is broken, they will do the same at 380 if they successfully avoid the big bang, then we win something far more valuable A VERY LONG RUNUP WITH NO EXTREME VOLATILITY that means no big rollbacks to hurt us just steady eddy upward course I love that however, their New Adusted Risk Control Program wont work indefinitely sooner or later, damage will be done to their balance sheets we wont see an explosion in gold, but rather serious longterm debt issues raised for JPM which might combine with improperly booked SoAmerican debt or WCom debt or whatever, dunno THE ADJUSTMENTS WILL NOT GO WITHOUT DIRE CONSEQUENCE they will be acidic and slow, rather than explosive and rapid imagine you have a $180k MasterCard debt your issuer allows you to extend it to $200k then $220k that doesnt fix anything you eventually have trouble with other debts you start to have deep challenges in daily operations it all catches up in our financial system make sense, Pops? just guesses, mind you we also dont have the participation by USGovt officials in offloading some of JPM's debts and hedgebooks all for the greater good (of those involved) / jim

To: SOROS who wrote (130)	1/14/2003 10:45:49 AM
From: Jim Willie CB	Respond to of 1210

it doesnt bother me that JPM hasnt cratered with POG > 350 I believe JPM and the cartel have geared their risk program to 360 as the new line in the sand when it is broken, they will do the same at 380 if they successfully avoid the big bang, then we win something far more valuable A VERY LONG RUNUP WITH NO EXTREME VOLATILITY that means no big rollbacks to hurt us just steady eddy upward course I love that however, their New Adusted Risk Control Program wont work indefinitely sooner or later, damage will be done to their balance sheets we wont see an explosion in gold, but rather serious longterm debt issues raised for JPM which might combine with improperly booked SoAmerican debt or WCom debt or whatever, dunno THE ADJUSTMENTS WILL NOT GO WITHOUT DIRE CONSEQUENCE they will be acidic and slow, rather than explosive and rapid imagine you have a $180k MasterCard debt your issuer allows you to extend it to $200k then $220k that doesnt fix anything you eventually have trouble with other debts you start to have deep challenges in daily operations it all catches up in our financial system make sense, Pops? just guesses, mind you we also might have the participation by USGovt officials in offloading some of JPM's debts and hedgebooks all for the greater good (of those involved) / jim