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To: 4figureau who wrote (2816)	1/22/2003 9:09:53 AM
From: Frank Pembleton	Read Replies (1) \| Respond to of 5423

lol! excellent-- Russell certainly knows how to put those words together. Regards, Frank P.

To: 4figureau who wrote (2816)	1/22/2003 9:55:22 AM
From: Jim Willie CB	Read Replies (1) \| Respond to of 5423

we each have different Russell takeaways... here is mine: <"The declining dollar has to be striking fear in the hearts and pocketbooks of foreigners who are holding trillions in US assets. If foreigners start to sell heavily -- watch out!"> the TENS yield is largely unchanged since late summer so Europeans have seen a 7% decline in USTNote holdings in this short time, with supposedly safe Treasury debt, which will never be defaulted on right!!! never defaulted on!!! right but plenty of writedowns coming as the dollar careens downhill now add a little higher yield, which reduces principal value (from early foreign selling, from increased issuance supply, from anti-US war sentiment, from whatever) .... and you get even greater bond losses for the European friends now factor in how Europeans dont bathe often enough, and their portfolios really stink / jim