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To: ahhaha who wrote (13139)	6/14/1998 4:12:00 PM
From: PaulM	Read Replies (1) \| Respond to of 116798

Armstrong Likes The $, Bonds, not gold...... pei-intl.com Click Main, then Clikc the icon about the next Great Bull Rally in U.S. Bonds

To: ahhaha who wrote (13139)	6/14/1998 4:13:00 PM
From: philv	Read Replies (1) \| Respond to of 116798

ahhaha: You say Japan "squandered" 21 billion. My understanding differs, in that the loss is only that portion of the repurchased yen which has since devalued. They still have the $21 billion in yen. If their currency devalued say 10% since having bought their currency, the loss would then be $2.1 billion. But, even that figure is suspect, because such a large repatriation or purchase of their own currency would have had at least some effect to mitigate the decline in their currency. Don't mean to split hairs, but I believe it is important to understand this aspect. BTW, Japan could have put the $21 billion in Yen to work, thereby cutting the loss even further depending where such funds were placed. Appreciate reading your posts. If I am wrong in my understanding, please correct me. Thanks Phil