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To: 4figureau who wrote (3939)	4/4/2003 1:48:50 PM
From: Jim Willie CB	Respond to of 5423

key takeaways from NYTimes article "The recent confrontation with Iraq may have convinced investors of a need to better diversify their investment portfolios away from dollar-denominated assets," John Lonski, chief economist at Moody's Investors Service Inc., said. ... "in view of the U.S.'s record-breaking current account deficit, it seems like some decline in the dollar appears to be overdue." Last month, according to a report by Morgan Stanley, foreign investors' demand for Treasury securities suddenly slackened. And well before the possibility of a war in Iraq began to concern investors, corporate scandals pushed foreigners to shift their portfolios away from American securities, said a senior executive of a major European bank. ... the pace of foreigners' direct investment in the United States has slowed. The euro zone has outpaced the United States as a target for foreign direct investment for six consecutive quarters, according to figures compiled by Morgan Stanley. All U.S. companies could suffer if foreign capital being pulled out is not replaced by domestic savings. The Treasury also needs foreigners to stay interested in dollar-denominated securities. / jim