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To: Abner Hosmer who wrote (4734)	12/24/1997 1:12:00 AM
From: PaulM	Read Replies (1) \| Respond to of 116741

Thomas thanks. Merry Christmas. Your thread is appreciated . EOM.

To: Abner Hosmer who wrote (4734)	12/24/1997 3:32:00 AM
From: philv	Respond to of 116741

Tom: Japan printing Money! Friedman was never my favorite economist, and this latest interview doesn't change my opionion with due respect to his "experience". His statement about the Japanese printing money and buying up government securities (foreign or domestic) and thereby driving interest rates to zero doesn't make any sense. Why inflate to deflate? The result is neutral. Countries inflate not to decrease the debt, or to buy up their own bonds, but rather to get money into circulation by increasing debt, resulting in increased interest rates, not lowered. It is akin to borrowing money from Peter to pay Paul. It also looks like the Euro is a done deal, and his problem with the assets seems to me is simply one of apportioning securities to the member countries. IMO Phil