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To: dwight vickers who wrote (19433)	1/7/1998 3:33:00 PM
From: Paul Fiondella	Respond to of 42771

(Off topic) Yes its easy to forget what happens when money devalues I was in Russia when this process was happening. Real cash savings in rubles under the pillow were worth nothing unless you ran to convert them to $$$ quick. I'm sure that is happening and having a big effect on the $$$ value vs all other currencies in Asia. The other pillar of this is the debt. Here in the US that will be a problem in any deflationary experience. And I mean personal debt. People have leaveraged their incomes, their houses, and on TV you can find new debt instruemtns that let you use your stock holdings to borrow money to buy a house. There has never been a real penalty for going broke. It takes a couple of years and they start sending you credit cards again. We are if anything the one economy in the world driven by consumer purchasing. Our deflation crisis would really be something.