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To: Abner Hosmer who wrote (7042)	2/1/1998 9:10:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 116762

Hi I think perception comes before reality..ie confidence in dollar I truly respect A.J.Cohen also..she has been right on. your last paragraph seems to be right on target..an oversight? wonder why the issue of all the collapsing currencies wasn't addressed in the apparent belief for no need for currency anchors.. As to A.J.Cohen, wonder how she would answer the question about the ripple effect ie our neighbor Canada's currency dropping and what kind of affect will that have on US businesses or more importantly U.S. workers..ripple effect to Mexico? I wonder if US is that insulated... also wonder what she would say when asked about bankruptcy rate and consumer debt and our huge government debt? with the dollar so high, how will she answer about our competitiveness? wonder if she thinks we will have to pay the piper... time always tells...

To: Abner Hosmer who wrote (7042)	2/1/1998 1:30:00 PM
From: PaulM	Respond to of 116762

Thomas, Rubin is just trying to maintain confidence in Asia. What is happening does not happen because people wake up scared one morning or a speculator decides to attack a currency which is otherwise strong. It's systemic. Economies that grew at 10% a year for 15 years and then collapse are classic bubbles bursting. Japan calling in the chips as a result of its own bubble bursting was probably the trigger. Distinguishing Latin America is important because it's not the historical example they'd like to cite. Because much of the debt was never repaid, just forgiven.