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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Louis V. Lambrecht who wrote (635)	9/9/2003 3:26:55 PM
From: philv	Read Replies (1) \| Respond to of 110194

I get the distinct impression the guys in charge either don't know what they are doing or they have driven this too far. They loved the cheap imports from China because of the deflationary aspects while the Fed was inflating by printing money with abandon. As long as there were no consequences, they didn't care. But now the chickens are coming home to roost, and these guys are changing their tune. Just recently, Greenspan opined that theoretically, the US did not need a manufacturing industry, provided the world accepts the greenback. But now in the run-up for elections, suddenly jobs are getting attention, and they need a scapegoat. That's China. There's always a scapegoat. It's handy to have one so that you can blame the goat for all your problems. Don't blame deficit spending, printing money, exploding debt, malinvestments, corporate fraud, unfunded liabilities or military misadventures.....those can't matter! Blame a goat. China isn't the only one. There is Iraq, 911, Terrorists etc. The finger is pointing everywhere but inward. China is the goat du jour.