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

To: ild who wrote (4454)	1/6/2004 8:34:37 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 110194

Japanese cos appear to be selling the dollar in a mad panic... Dollar weakness shows no signs of abating news.ft.com "Exporters would prefer a stronger dollar before repatriating their dollar earnings into yen, but there are fears the dollar's steady decline has spooked corporate treasurers to begin selling their dollars for yen whenever the rate moves even slightly in their favour."

To: ild who wrote (4454)	1/6/2004 11:06:24 AM
From: mishedlo	Read Replies (1) \| Respond to of 110194

Rubin Gets Shrill nytimes.com The point made by Mr. Rubin now, and by Mr. Mankiw when he was a free agent, is that the traditional immunity of advanced countries like America to third-world-style financial crises isn't a birthright. Financial markets give us the benefit of the doubt only because they believe in our political maturity — in the willingness of our leaders to do what is necessary to rein in deficits, paying a political cost if necessary. And in the past that belief has been justified. Even Ronald Reagan raised taxes when the budget deficit soared. But do we still have that kind of maturity? Here's the opening sentence of a recent New York Times article on the administration's budget plans: "Facing a record budget deficit, Bush administration officials say they have drafted an election-year budget that will rein in the growth of domestic spending without alienating politically influential constituencies." Needless to say, the proposed spending cuts — focused only on the powerless — are both cruel and trivial. If this kind of fecklessness goes on, investors will eventually conclude that America has turned into a third world country, and start to treat it like one. And the results for the U.S. economy won't be pretty.