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To: yard_man who wrote (248776)	7/7/2003 11:54:31 PM
From: Haim R. Branisteanu	Respond to of 436258

The BIS highlights the fact that, although devaluation of the dollar is a necessary part of the current adjustment process (ie, making American exports more competitive and lessening US dependence on foreign funds to finance its imports) 'about half of the US current account deficit today is concentrated in countries whose currencies have closely tracked the dollar'.................................. Implicit in the BIS's remarkably frank admission of its concerns is a historic acknowledgement by the kings of Central banking that the once-fashionable monetarist belief in price stability as the great economic panacea has proved seriously defective.