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To: Gary H who wrote (7525)	2/12/1998 8:38:00 PM
From: CIMA	Read Replies (1) \| Respond to of 117011

50% Swiss bank accounts and the like, 50% on the trickle down effect in case the natives get restless.

To: Gary H who wrote (7525)	2/12/1998 10:56:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 117011

Gary, the money never existed in the first place it is a confidence game and a ponzi scheme. The public believes this money will be there for retirement so they don't concern themselves with the issue of liquidity. I would say that the market must continue to deliver impressive returns (which is mathematically impossible) or people (at the margin) will begin to sell. Once the market stops going up some people will begin to listen to the gloom and doomers like myself and decide to lock in those gains. After the crash of 29 many stocks took 20 or more years to break even some never did nor never will. A good book to read is James Grant's "Money of the Mind" it details the inflationary effects of credit but there comes a point when credit becomes overextended resulting in defaults,deliquencies and bankruptcies which results in falling asset values( collateral for loans). This process can feed on itself for a while. Mike