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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (1243)	3/4/2004 10:23:42 PM
From: gregor_us	Read Replies (1) \| Respond to of 116555

Brilliant Stuff from McCulley This Time Around. One of his earlier pieces in either DEC or JAN was much weaker--he admitted to only just having woken up, to the fact that Greenspan's Interest Rate Policy had in fact controlled monetary policy for every country with a currency peg, to the buck. But this article was absolutly brilliant. Very tight, very sharp stuff. My favorite: Voters who benefit from free trade – employed consumers – do not reward politicians with yea votes, but those whose jobs are creatively destructed do punish politicians with nay votes. Thus, politicians are rationally less enthusiastic about free trade than economists. A taut description of the political minefield to be waded through this Fall--and no doubt in the Western Nations, over the next several years.