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

To: Broken_Clock who wrote (31371)	8/21/1998 4:37:00 PM
From: Tim McCormick	Read Replies (1) \| Respond to of 132070

Jim Grant is smiling. Tim

To: Broken_Clock who wrote (31371)	8/21/1998 5:41:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

PK, You have to read Mike Magner and his evil twin, William. He and I and all Austrian economics fans have been predicting this kind of meltdown for awhile in the debt markets. We know German banks have $35 billion in derivative exposure to Russia. But we don't know how much derivative exposure money center US banks have to German banks. After all, everyone was running to write contracts with the doobies after the Asian collapse. Now we are in danger of this entire house of cards tumbling down. MB