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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (35044)	6/15/2003 2:45:59 PM
From: smolejv@gmx.net	Respond to of 74559

>> A politically hamstrung Europe has failed to do the heavy lifting on structural reform that is required to unshackle domestic demand. << As long as there's a net flow of 10b€ per year from Germany to French farmers, we still got a problem. So (whatever the momentary reason for this needling) the suggestion by GW to get down the subsidies got my full approval. >>Instead, the European growth model has relied on an undervalued currency to provide support to external demand<< People forget so quickly: it was dollar that was overvalued. There was no artificial push to make the exports cheaper - but of course it was fun while it lasted. Now - what shall we do with all those dollars (g)? Spend them?! Maybe there's some interest for them in Russia... btw, I have always appreciated Roach. There's something in his prose, that makes me feel he's honest (note the wording;) Maybe it's time for another Plaza or Bretton Woods...