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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 (15727)	6/22/2004 3:27:07 PM
From: ild	Read Replies (1) \| Respond to of 110194

Inflation's Corps of Discovery By Howard Simons thestreet.com

To: ild who wrote (15727)	6/22/2004 4:20:58 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 110194

Flexible exchange rates are important to correct trade imbalances. Inflation is a secondary effect. Hmmm ... I didn't read Friedman's letter and he may have too much faith in the Fed, but I'm sure he knows the basics <g>. Along those lines, here is an interesting article from The Economist and a related economics paper: How to slay America's monster trade gap? economist.com 'CHANNELS FOR NARROWING THE US CURRENT ACCOUNT DEFICIT AND IMPLICATIONS FOR OTHER ECONOMIES' olis.oecd.org