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To: Abner Hosmer who wrote (5600)	1/10/1998 7:50:00 PM
From: philv	Respond to of 116756

Thomas: Thanks for the FRB speaches link I read through AG's speach and the one by L.H. Meyer. It all seems so logical and plausible and inevitable and uncontroversial at first glance. But they are too modest. They take no credit for the mess we are now in. Yes, they make some oblique references to Asian loans backed by real estate, but they fail to mention that these countries all have Central Banks,(sing from the same song book) affiliated with the BIS and IMF, to which the FRB seems to be the leader. Seems to me, someone was either asleep at the switch or had the blinders on. No mention at at all about the debt which is the Achilles heal of their monetary policy. I hope their optimistic outlook for 1998 is realistic, but I wouldn't bet the farm on it. Phil