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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Terry Maloney who wrote (268452)	11/21/2003 11:07:37 PM
From: orkrious	Read Replies (2) \| Respond to of 436258

I get the feeling from Noland's piece this week that the plunge into the abyss is close prudentbear.com excerpt: It’s here. Or “until proven otherwise,” I will assume that Tuesday’s significant dollar decline marked the commencement of a more problematic stage for the unfolding dollar “problem.” ... For some time, Chairman Greenspan has been the leading cheerleader for the much touted “resilient” and flexible New Age U.S. economy. I have argued that a stubbornly over-zealous Credit system was in reality responsible for the seemingly irrepressible U.S. economy. I believe this dynamic will now haunt the dollar. Unfettered liquidity and Credit creation have worked miracles, but Bubbles have grown so large there’s no way out short of a great deal of pain. Pain is no option. Amazingly, instead of moving to rein in unprecedented imbalances, the Greenspan Fed has clearly opted to sustain them. He’s told the markets as much. It’s now up to the markets.