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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (29179)	6/17/1998 6:15:00 PM
From: Joseph G.	Read Replies (1) \| Respond to of 132070

Seems, this was a major contributor today: <<A rally in oil stocks added to the cheer on Wall Street after crude prices spiked up on pledges from three major producers to cut output.>> They always pledge .... -g-

To: Knighty Tin who wrote (29179)	6/19/1998 3:39:00 PM
From: Monish Shelat	Read Replies (1) \| Respond to of 132070

Excerpts from an article in the latest "The Economist" ---------------------------------------------------------- So here is another monetary-policy dilemma. Again, it is best resolved by attending first to the needs of the domestic economy. Japan needs looser monetary policy, America needs tighter. Moves in either case would act to weaken the yen-which is a risk, but on balance one that is worth taking. Just as Asia's interests are better served by stronger demand in Japan than by a policy to defend the yen, so they are better served by economic stability in the United States than by a concern to keep American interest rates low. If inflation in America continues to rise, the Fed will have to raise rates abruptly, and by more than if it acts now. That would deal Asia a worse blow. A decade ago, Japan faced pressure from the United States to keep its interest rates down. America was worried about the tumbling dollar and slow growth. Japan obliged, despite signs that its economy was overheating and a financial bubble was developing. Japan's current mess has much to do with that mistake. It is a lesson worth pondering. --------------------------------------------------------- I would have loved to put the whole article out here, but that's probably illegal ... Monish