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To: mishedlo who wrote (251101)	7/21/2003 11:12:41 AM
From: Perspective	Respond to of 436258

Option #4 would be easiest domestically - it is a beggar-thy-neighbor approach that would stop the decay of our local economic base and fight the Chinese currency peg to the US$. However, it destroys the credibility of the monetary authority - too high a price to pay. Option #1 would be the most logical, but I'm not sure that the Chinese savings is distributed among those that would tend toward marginal consumption. What does their distribution of wealth look like? Option #2 is not feasible, but Option #3 would actually make a lot of sense. Some kind of direct, country specific levelling mechanism put in place until the Chinese quit artificially suppressing their currency. BC