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To: ild who wrote (253332)	7/31/2003 2:57:00 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Totally agree, I commented on the huge bump in defense spending as being the proximal cause of the GDP move (Haim also commented on it). Since we're running enormous deficits to produce that bump, it would be classic "malinvestment" from an Austrian's standpoint...of course, Trotsky being Austrian and all, I can see how he views it that way!<G> I also think we're close to a liquidity-driven event in reverse. The monetary components report tonight will be interesting (although there may be a lag of a couple of weeks there)....