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To: Jon Koplik who wrote (13631)	8/13/1998 12:20:00 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 152472

*more OT* John, no, I mean US$80. That is dollars after the Klugman printup by the Fed, so with the time dilation effects that should be close to the US$64 post results burst. Ramsey Su. Yes Clark, it does sound trite that the crises resulted from a mass stampede for the exits. He is saying that looking at the buildup before hand, it is quite predictable. And even self fulfilling occasionally even if, as in the case of the 1992 UK currency changes, when the Chancellor did a volte face and the "palindromic speculator Soros, who makes money whichever way he is going" unless it is into Globalstar, took a position, and was able, because of the pressures, to create a self-fulfilling prophecy which would probably not otherwise have occurred. Krugman said that despite Dr Mahathir's protestations to the contrary, there are no other self-fulfilling position takings resulting in a currency crisis. New Zealand has had a 1984 currency crisis of the built up pressure on foreign exchange type and a Korean/S&L type property lending banking crisis, in the late 1980s. Followed by an overvalued exchange rate recession, starting in 1996 and just being corrected now. Enough already. Oh yes, there was also a credit funded speculative share market boom and bust [October 1987 - same time as elsewhere, but this was a 60% drop and it stayed down]. Over all of that, there was a massive deregulation of financial and many other markets and privatisation of State owned businesses. We've seen it all! Mqurice Q.com US$80 31/8/98 in September dollars. = Krugman's joke!